Democrats New Tax BACKFIRES, Wealthy ALREADY FLEE To Republican States
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Summary
Seattle has passed an income tax on the ultra wealthy, and already the wealthy are fleeing the state. Is this a good thing or a bad thing? Today's episode is all about the Laffer curve, and why progressive policies that tax the rich are actually hurting the economy.
Transcript
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Washington has passed their wealth tax and already the ultra wealthy are leaving.
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And it's funny to see the cope and the seethe from these progressives who have advocated
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for higher taxes on the assets of individuals, resulting in them leaving the state.
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Now, in this instance, this is an income tax actually on the money these people are bringing
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Apparently, it's one of the first times, if not the first time Washington has actually
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done this, and we are seeing it now in every major blue state. California, massive budget deficit,
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trying to tax the rich. New York, trying to pass a wealth tax, massive budget deficit.
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They have tried over and over again to explain to people that we must tax the rich,
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and it doesn't work. We are now experiencing what is called the wealth exodus from these big blue
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states. And what's happening? Well, the individuals who once backed these progressive causes are
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running away and refusing to get behind them. Why? Because they don't want to pay for other
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people's stuff. In response across social media, leftists are making excuses to why this will be
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totally fine, citing states like Massachusetts, where they taxed the rich and they actually made
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more millionaires because they don't seem to understand that that's called inflation.
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When you tax an individual who has no choice but to stick around,
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look, they raised taxes and now there's more millionaires.
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Wouldn't that be a problem for your progressive ideology
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because you want there to be less millionaires?
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or they're going to raise prices to accommodate
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and then everything gets expensive for everybody else
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In all of this is just our people of capability
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willing to do the work. And if the answer is no, ain't nobody's going to fix your air conditioner
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anymore. Then the Democrats come out and say, well, then we got to get someone who can do the
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jobs that people don't want to do. But what happens when the job that someone doesn't want
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to do is like mechanical engineering. And the reason they don't want to do it is because you're
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taxing them to oblivion. So they leave or just give up. Let's roll with it, baby. And break down
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exactly what's going on. The New York Times talking about how people are already starting
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to flee Washington and they just passed this bill. But hey, we don't got to look at this one state.
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We can look at all the other states where these bills have backfired. And if we take a look at
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the states that have done this in the past, you can see how it's going to negatively impact
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Washington. Ergo, my friends, by looking to the past, we can predict the future. And yes,
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these bills backfire every single time. There's something that these people don't know about. It's
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called the Laffer curve. When you increase taxes, you decrease tax revenue. Now that seems
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counterintuitive, but it's actually pretty obvious when you think about it. If you're taxing too much,
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economic activity slows down and the people who are actually trading stop trading, and then there's
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nothing to tax. Pretty obvious when you think about it. But let's start here, my friends. Before
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you all, but also subscribe, smash that like button, share the show as we always do. Let's
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start here with the Starbucks billionaire Howard Schultz leaving Seattle for Florida the same day
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Democrats passed the income tax bill. The departure of a local icon highlights the growing tension
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between fiscal policy and capital mobility. I love it. Howard Schultz, the billionaire architect of
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the Starbucks empire has officially ditched his 40-year Seattle residence for the tax-free
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sanctuary of Miami, joining a seismic migration of America's ultra-wealthy fleeing new state-level
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levies. Now, isn't that funny how they say it? The 72-year-old business icon confirmed his
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relocation on 10th of March 2026, the same day Washington State lawmakers advanced a landmark
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9.9% millionaire tax bill. By moving to Florida, Schultz joins a growing billionaire bunker in the
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Sunshine State, following tech titans Jeff Bezos, Mark Zuckerberg, and Google co-founders Larry
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Page and Sergey Brin. Is it Sergey? These moves come as California and Washington push aggressive
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tax reforms that critics warn are driving the nation's primary wealth creators into a high-speed
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exit. I welcome these people into Florida. You want to know why? Because now they're going to
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be on the Florida boot. And so when these people, these tech, Bezos, Zuckerberg, or otherwise,
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Google, and they're playing these dirty lefty games, well, they're under dirty lefty laws in
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California. Now that they're in Florida, if they want to reap the benefits, they're going to have
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to fall in line with what Florida says. And while Florida is far from perfect, it's pretty much the
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dang best, right? This means that there's going to be pressure exerted from Florida law onto the
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businesses held by these individuals if they want to receive these tax benefits. While the proposed
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California wealth tax is expected to raise $100 billion from 200 billionaires living in the golden
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state, that's a lot of billionaires, which would be used to fund public schools and food assistance
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programs, the Washington bill is expected to raise $4 billion annually and affect households
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earning $1 million annually. Proceeds will also be used to fund schools, health care, and child
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care. The proposal now heads to the Senate for confirmation before going to Governor Bob Ferguson's
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desk. The bill has to be signed by today to go into effect, and Ferguson has stated that he's
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looking forward to signing it. Schultz shared his decision to move to Florida on a LinkedIn post
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the same day Democrats passed the bill. So let's pull up our good friends on threads to see what
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they have to say. But first, let me read what this billionaire said about his state. Let's go quick.
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44 years ago, Sherry and I made the cross-country trip from New York City to Seattle in our 1979
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Audi, along with Jonas, our golden retriever. We were starting a new life. Sherry would be the
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breadwinner in the family, taking on career in design, and I started a new job on September 7th,
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1982 at a place called Starbucks. Back then, the Pike Place Starbucks was only sold whole bean
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coffee. Today, it's the most visited Starbucks in the world. The history of the company is bound up
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in the very foundation, walls, and floorboards of our first store in the city's historic market.
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The spirit of continuing forward has long underpinned our approach to life, etc., etc. He
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says, we built this set, blah, blah, blah. And we have moved to Miami for our next adventure
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together. We are enjoying the sunshine of South Florida and its allure to our kids on the East
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Coast as they raise families of their own. Like many other Seattle-based companies, Starbucks
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today stands on the shoulders of many Pacific Northwesterners who built the company. They
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help shape the culture, the benefits, the brand, contributing to the civic community and the public
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life of the city and the state. It is our hope that Washington will reign a place for business
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and entrepreneurship to thrive, creating essential opportunity for those in Seattle and the surrounding
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areas. Over the years, as Sherry and Guy grew our family and built Starbucks, we were witness
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astonishing development in Seattle, focusing on blah, blah, blah, blah, blah. We'll be forever
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grateful. We get it. We get it. We get it. Now, the argument is, of course, why does anyone go to
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Florida when they retire? No taxes. So you get a 401k, you pump it full of cash, you move to Florida,
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and when you take that money out, you don't got to pay income tax at the state level on it.
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So people like to retire to the sunshine state where it's warmer, you're less stressed out,
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and you can spend your money more freely. Thus, older wealthy guy is doing it. I love this.
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In this post from Ari Hoffman, he says, Starbucks founder Howard Schultz announces that his family
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is leaving Seattle for Florida the same day Democrats passed an income tax. The wealth
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exodus is underway. Democrats have killed Washington's economy. First response, he moved
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before the tax package was passed. You could have looked this up, but instead you decided to
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embarrass yourself in public. They've been talking about passing this for some time.
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Do you think that he didn't have to plan or prepare for his estate? Come on. I like this one.
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Their world headquarters remain in Seattle and Howard doesn't have an income that would be
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subject to this tax. It's on income, not assets. Massachusetts enacted a similar tax and brought
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in 5.7 billion in two years. The number of millionaires rose 39% in that time. I just love
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it. These people say that millionaires and billionaires should not exist. So why then
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have a policy with the inadvertent result of creating more millionaires? Now I know they
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might say, no, we're not saying that. What we're saying is that we still want to get rid of the
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millionaires and billionaires, but they are undeterred by this. I'm actually going to push
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back and say, the reality is if a guy owns a bunch of properties and he charges like a thousand
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bucks a month rent, we're just doing flat numbers, right? And then you say, we're going to tax you
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on 10% of your income, more money going away. He's going to say, okay, then I'm going to increase
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rent on all of my buildings to match the margins. What these people don't understand because they're
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financially illiterate is that for a lot of these wealthy individuals, they have loans.
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So for instance, if you're going to open a business, you don't usually, most of the time,
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just dump your own money into it. You'll find investors or you'll go to banks and get lenders.
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So let's say you want to buy a property to Airbnb, cost you a million dollars. You then Airbnb it,
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you now owe, you know, let's, let's, let's say you put 20% down. So you've got 800,000 remaining
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on the mortgage bill, but you go to the bank, you get a business plan. We're going to Airbnb it.
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We're going to make X amount of dollars. And then we're going to take that money and we're going to
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apply it to the mortgage. So we all make money from it. I don't got to put up a million dollars
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up front. You guys cover that cost. Then I'm going to pay you with interest. So you profit from this
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and I'm profiting at the same time. Sounds good, right? Well, then they come along and they come
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to the guy who started the business and say, you're making too much money off your network
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of Airbnb, so we're going to increase taxes on you. Well, this is what the financially illiterate
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don't understand. The bank sometimes could come and then say, hey, your disposable income has
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dropped, meaning your debt to income ratio is now putting us, we're kind of scared. They're taxing
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you more money, which means now instead of clearing half a million, you're clearing 400,000.
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I know it's not 20%, but let's just say this. The increased tax burden theoretically can put us in
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a position where we're uncomfortable with whether or not you're going to be able to pay back some
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of these loans because there is going to be a down season. And while I'm trying to be fairly
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simplistic in how I explain this, the point is this. Increasing a tax burden on an individual
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can shift the debt to income ratio, negatively impacting their ability to secure more loans
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to start more businesses. Long story short, there are a million and one reasons why the business
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owner may then say, I have to make up this lost revenue. I have prior contracts. And so
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they then go to the Airbnb and they say, it's no longer 400 bucks a night. It's now 475.
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Or, you know, they increase those costs because Airbnb is going to have its fees and they want
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to make back 10%. Then the individual who's coming to town, who's going to use that Airbnb
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because they have to work and it's cheaper than a hotel says all of the costs have just gone up.
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And once again, the person may be a millionaire, but his buying power may be the same.
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Now the New York times breaks it down. A state of wealthy entrepreneurs passes a millionaire's tax.
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It would be the first income tax in Washington affecting an estimated 20,000 households.
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Some of the wealthiest are leaving for Florida.
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Lawmakers in Washington state have agreed to create an income tax on high earners called
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a millionaire's tax by its supporters that could generate close to $4 billion annually
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if signed by the governor, a Democrat who said he backs the bill.
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Critics worry it could lead to a wealth exodus, a concern underlined this week when one of
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Seattle's wealthiest residents, Howard Schultz, said on social media that he was moving to
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followed by Bezos, who did in 2023. The measure to create the state's first income tax passed
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on Wednesday evening, one day before the end of the 26th season session, sorry. It would impose
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a 9.9% annual tax on personal earnings over a million dollars, which is projected to affect
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about 20,000 households. That is nuts. Let's play the game, baby. If you make a million dollars,
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congratulations, you're very comfortable, but you're going to be giving old uncle Sam something
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like 37% of that. So you're going to take home. Well, you're going to take home. Let's just call
00:12:19.680
about 650, right? Then they say they want 10% on your earnings over a million dollars. So they're
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going to rip away another hundred grand. You will make $1 million and you will take home half of
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that. Half. That's insane. You're not going to be wrong, but it's not really a 37%. Let me clarify
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because you're going to be paying something like 28 up to the first 70. Then you're going to be
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paying something like, you know, 31 up to the first like 250. And then after that, it's 37,
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making your effective rate somewhere. It's somewhere going to be around like 350 or like
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three or like a 330,000 from the million. So ultimately you're going to take, you're going
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to, you're going to get between 500 and 600 off of the million dollars you earned. Now I already
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hear all these lefties saying, you got 600 grand. What are you worried about? These are the posts
00:13:07.280
that they've made. No, you have a fair point. What are you worried about? Right? Sure. But
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if you're telling me that I got to give you $100,000 a year, and that's just for $1 million,
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do you want $200,000 if I do $2 million? Bro, if I make $2 million a year, I got $200,000.
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That means I can buy a house anywhere. Okay, I'm going to put 20% down in a million-dollar
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house in Florida. Done. Why give the money to the state when I can just go to the bank,
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and they're going to be like, what's your plan? I'm going to buy a million-dollar house,
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like on a waterfront property. It'll be real nice. 200,000 down on the million, 20%. You guys
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cover the 800 and they're going to say, and you can afford to pay this every month. Like, well,
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yeah, instead of giving 200 grand to the state, I'll just give it to you guys to pay down this
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loan in a couple of years. And they go, okay. Actually, the banks would prefer you didn't pay
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it down in a couple of years because they like those interest payments, but you could do that
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too. Washington is just one of nine states that does not have an income tax. There's not tax income
00:14:04.480
and economists have consistently ranked at the state's current model, which relies on sales and
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business tax is among the most regressive. The tax structure also has not kept up with spending
00:14:12.160
and state lawmakers are currently trying to close a budget gap estimated at $10 billion. And this
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will make it worse. Absolutely amazing. Because what we can expect to happen is a budget deficit
00:14:24.360
when the people who are generating most of the money are not going to be there to pay it. And
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we don't just see this in Washington. And I'm not just making this up. I'm just looking at history
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From CalMatters, California is still in the red with another big budget deficit projected for
00:14:39.700
next year. Congratulations, your policies don't work. Then we have this from Fox News. Proposed
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California wealth tax drives billionaire exodus to Florida real estate, locals confirm. And the
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funny thing is, this story is just from today. So it's not just Washington, but California's wealth
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tax is driving billionaires. And don't forget, New York is doing it too. Blue states are committing
00:15:02.400
tax suicide, their mania is contagious. I absolutely love it. Well, what does Fox News
00:15:07.580
say about all that jazz? Florida real estate managers and city officials are reporting an
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influx of California billionaires hoping to relocate due to concerns of potential wealth tax.
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A recent initiative proposed by the Service Employees International Union, the SEIU,
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United Healthcare Workers West would impose a one-time 5% tax on the net worth of California
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residents with assets exceeding $1 billion. The proposal does not yet qualify for the number
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2026 ballot. Its push is already motivating billionaires to flee the Sunshine State.
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Quote, the California guys, all billionaires are running away from the wealth tax. Brett Harris
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of Bespoke Real Estate in Miami told the Los Angeles Times Wednesday, I have three things
00:15:42.540
under contract north of 600 million. Oh boy, let's break it down. How do you determine net
00:15:48.780
worth and how do you tax it? Let's play a game, my friends. I run a company and this company
00:15:55.180
generates eight figures in revenue. Now to be, let me slow down. I run several companies. We do
00:16:00.200
about eight figures per year in revenue. We are well off. Everybody's doing pretty well. Most of
00:16:04.700
the money goes into the costs. Margins aren't super great, but they're not bad. And what is
00:16:10.200
the value of a business? If you own a company that's making, you know, 10 to 15 million bucks
00:16:15.020
per year, what is the estimated value of that business? Well, the problem is it ranges depending
00:16:20.620
on the sector. In the tech sector, people often got away with a 10x evaluation. It's massive.
00:16:25.740
And it was because people, well, technology is control and they believe that they'd make a lot
00:16:29.840
of money off of it. And many of them did. So you start a company, you make an app,
00:16:34.100
you generate 2 million in revenue, and then you were going somewhere and saying, I want 20 million
00:16:38.460
for it 10 times, or maybe even 15 times, which wasn't really typical, sometimes like four to five.
00:16:44.820
But it's an easy way to break down how we determine value of a company. And it's as simple as this.
00:16:53.820
After that, would you sell your company for, let's throw a ballpark.
00:17:00.100
So let's say there's a company that does a million dollars in profit every year.
00:17:18.020
but you do got to pay yourself a reasonable salary. That's an IRS thing. Okay. So then
00:17:23.080
someone comes to and says, you're making a million bucks profit per year. I'll give you $3 million
00:17:27.320
for your company. We'll buy it outright and take it over. What's the man going to say? What would
00:17:31.720
you say? Well, hold on. I already make 1.2 million per year. What's $3 million going to get me?
00:17:38.760
I get $3 million right now. So you're giving me three years of revenue upfront. But then after
00:17:43.460
that I'm left high and dry, not interested. Okay. Well, I want to buy this. So how do I get him to
00:17:48.720
let it go? I got to give him enough money. That's going to secure him for several years. And he's
00:17:53.700
not going to have to worry about it. What about $10 million? And then the guy says, look, I don't
00:18:00.460
have any immediate plans for $10 million. It would be nice, but I already make a million bucks profit
00:18:05.220
every year. My costs are covered. I'm putting 800,000 away into investments and savings.
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savings. I don't know what the 10 million is going to do for me. And so this is where negotiations
00:18:15.360
get a bit different. They say, we'll give you 5%. We'll buy a portion of it. We'll pay you 10
00:18:20.360
million upfront now. And then the point is this, how do you determine the value of a company to
00:18:25.520
tax an individual with a wealth tax? It's a privately owned company and they say you're
00:18:30.920
generating this much money, so it must be worth this. Well, here's a challenge for you. We've
00:18:36.500
talked about the wealth tax and its absurdities as it pertains to stock trading. Jeff Bezos' net
00:18:41.740
worth is tied up in Amazon stock. But let's say your net worth is tied up in a private company
00:18:46.000
based only on its hard assets. So let's say my company has, let's remove revenue from the picture
00:18:53.160
and base the value of the companies off of solely what it literally owns, the properties,
00:18:59.380
the computers, and all of that. Okay. For the business to operate, we need the property. People
00:19:04.080
have to work somewhere. For the business to operate, we need the computers. Based on all
00:19:07.640
the property and computers, let's just do a flat general number. It's not a real number.
00:19:11.560
And let's say your total assets within a company are $10 million. What does that mean? You don't
00:19:16.660
have cash. It means you have laptops people work on. Okay. Then the state says, we are going to
00:19:22.840
tax the CEO, the private owner of the business, 5% on all of his assets. But let's do this. They
00:19:29.080
say it a billion, right? Okay. So let's say that billionaire says, no, no, hold on. My company is
00:19:34.920
privately owned. It is not a publicly traded company. How do you determine it's worth a
00:19:39.840
billion dollars? Well, they say you've got a bunch of cars, trucks, properties. You've got
00:19:44.620
300 locations. All of those together equal a billion dollars. Okay. How do I get you 5%?
00:19:53.200
Right? So we're looking at $50 million and they say, you're going to have to sell stuff, right?
00:20:00.140
Which locations do I have to liquidate and how many people to get fired so that I can
00:20:10.160
Wealth tax has often been addressed by me and many others solely as it pertains to
00:20:15.540
But if someone's net worth is in private, private equity, and I don't mean the private
00:20:25.580
they open a bunch of locations and that's it. And he says, I own X percent of this. They say,
00:20:30.500
okay, well, your net worth now is a billion dollars and you owe us 50 million. He's going
00:20:34.080
to say, I don't have that. I get paid a million bucks a year. And they're going to say, well,
00:20:38.040
you're a billionaire. I'm a billionaire only because the company owns all of these things.
00:20:41.400
Okay. We'll sell them. Okay. Which business closes and who loses their job? That's what
00:20:45.680
they're arguing. It doesn't work. It doesn't make sense. And that's why it is tax suicide
00:20:50.740
and it's contagious. The New York Post says, it's not just New York and California. All across the
00:20:56.880
nation, blue states are committing political and economic suicide by targeting millionaires with
00:21:00.280
high taxes. Who will suffer the most from this ideology driven push to punish the wealthy?
00:21:05.880
Wage workers and the poor. Leftist Democrat polls demanding new state tax the rich measures are
00:21:11.380
ignoring economic reality. Wealthy residents can and do move in response to unreasonable taxes,
00:21:16.180
taking jobs, revenue, and even congressional representation with them. In Washington state
00:21:19.820
this week. A slim Democratic majority is on the verge of passing 9.9. Well, we know they did,
00:21:24.860
and we know it happened, and we know people are already leaving. The millionaire's tax will add
00:21:28.760
to the burden and drive out business. The exodus has already started. Starbucks, a Seattle icon,
00:21:32.740
is moving much of its corporate management to income-free Tennessee. Don't you just love it?
00:21:37.520
Let's go back to our friends over at Threads. The world headquarters remains in Seattle.
00:21:43.340
Oh, heavens to Betsy. Looks like they're already relocating because of high costs.
00:21:48.260
In-N-Out Burger left California, went to Tennessee. Daily Wire went to Tennessee,
00:21:52.000
but we kind of expected that they're much more political. I'm in West Virginia, which has its
00:21:56.920
problems, but we were looking at a bunch of states, Florida, maybe Texas. The problem with Texas is,
00:22:02.960
and I know this is a bit, I love the word esoteric, but let's just say niche. The raid on the lodge
00:22:09.480
poker club has like basically ended any, any potentiality that we will come here. And it's
00:22:14.860
not just about that I like poker. It's that my wife and I fear a state that will shut a business
00:22:21.240
down without just cause or any legal authority to do so. And so the presumption right now,
00:22:26.840
as we don't know, is that the state authorities raided a legitimate business, a social club and
00:22:31.300
restaurant and shut them down without, without giving real reason as to why, and no one knows
00:22:36.020
what happened. So yeah, I'm definitely not investing a state that's going to do that.
00:22:39.980
However, that being said, Texas kind of purple and a lot of people are arguing, you know,
00:22:42.780
you should go there. And a lot of people are coming here, but Florida seems to be the much
00:22:45.480
better place to be. Don't get me wrong. Government basically does this everywhere.
00:22:51.240
My friends, if history is any indication, these taxes are going to destroy these places.
00:22:57.520
It's happening in New York. They're already suffering a major budget deficit.
00:23:03.660
And now Zoran Mamdani is talking about taxing the poor. Once again, another, another story for me to
00:23:12.400
give you about how these regressive taxes are only going to hurt poor people. I ask you this,
00:23:19.360
Washington, when the millionaires and the billionaires leave, because they don't want
00:23:22.420
to pay this income tax, because if you're asking, give you a hundred thousand dollars or move,
00:23:27.860
I got to be honest, I got a lot more than a hundred grand. But if the state came to me and
00:23:33.160
said, we're going to take that from you, I'd say, you know, to be honest, that a hundred thousand
00:23:37.040
dollars can easily relocate me. I can use that to buy a $500,000 house, 20% down. And that's
00:23:43.900
going to cost only a couple of grand to move out of your state. So if that's the game you're going
00:23:47.840
to play, I don't need to be here. Now, some will argue, well, but you just one person. Yes, there
00:23:54.620
are very few wealthy individuals. So when I leave, who do you think they're going to tax to fix their
00:23:59.720
budget problems. Oh, that's right. The poor. I'll put it simply for all you lefties.
00:24:06.000
Which would you rather try to do? Convince one person to give you $1 million or convince
00:24:13.440
1 million people to give you $1? I'm going to, I'm going to level with you. Ain't no
00:24:19.720
way you're getting a million dollars out of somebody. Watch Shark Tank. So let's put it
00:24:24.900
like this. You will make more money walking around any city asking for a dollar than you will going
00:24:31.980
to the business district and asking a man to randomly give you a million. Not to mention it's
00:24:35.900
illegal. Not completely, but there's a ton of regulations and legalities against doing that.
00:24:40.820
But again, I'll say it like this. You go to one guy and you say, give me the million dollars,
00:24:45.880
and it's a long shot bet. It's not going to happen. It's like, why would I give it to you?
00:24:48.300
What are you going to get for me? Why would I lose that money? It's a million dollars. I could
00:24:50.880
do a lot of things with that. You go to one person, it's like, I have a dollar. You know,
00:24:55.680
most of the time they're going to be like, uh, sure, I guess like what's it for? And you might
00:24:58.720
be like, I'm trying to make a, I got to be honest. If you went around and said, I want to,
00:25:01.700
I want to be a millionaire by asking a million people for $1, people would laugh and be like,
00:25:05.160
yeah, sure. Here's a dollar. What do I care? So ultimately, if you're the government and you want
00:25:09.640
to make money, what's easier getting into a protracted legal battle with a bunch of wealthy
00:25:13.680
individuals who will just leave the state in the end. So there's no winning or taxing the poor
00:25:18.460
people who can't afford to move anyway. Good luck. Smash the like button, my friends. Share the show
00:25:23.720
with everyone you have ever met. More stories coming up today. We're back tonight with Alex
00:25:27.780
Jones at 8 p.m. YouTube.com slash Timcast IRL and Rumble.com slash Timcast IRL. Thanks for