Valuetainment


＂An ATTACK On YOUR Assets＂ - Washington's Wealth Tax EXPOSED As SOCIALIST Seizure


Episode Stats


Harmful content

Misogyny

3

sentences flagged

Toxicity

27

sentences flagged

Hate speech

8

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Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, we talk about the new proposed wealth tax in California and why it's a bad idea. We also talk about why entrepreneurs should be worried about it and why they should be fighting it. We also discuss why it s a good idea to have a 1% tax on financial assets for the ultra-wealthy.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Wealth tax, okay, let's go to the wealth tax, because there's something nobody is talking about with the wealth tax that you have to be thinking about, okay?
00:00:09.420 Seattle AI startup founder says he's leaving over new millionaire tax that's out there.
00:00:16.440 Rob, if you got the clip here, go for it.
00:00:18.680 Does it get right into it, Rob, or?
00:00:20.540 Go ahead.
00:00:21.300 You can manifest that.
00:00:22.680 That was the culture here.
00:00:24.600 We had a vibrant startup community.
00:00:26.560 we had a very supportive startup community, and the ecosystem worked. It helped build the companies.
00:00:34.880 And then for whatever reason, sort of over the last four or five years, we've seen this shift
00:00:40.720 where entrepreneurship is now villainized. And it's an unfortunate and sad shift. It's probably
00:00:47.600 the least friendly place to do business I can imagine. I'm Jesse Proudman, founder and CTO at
00:00:53.520 venice.ai we don't want to be out of washington state we love it here right like we want to stay
00:00:58.240 but they're forcing the hands of many people based on how they're they're changing the
00:01:02.480 climate you've got moderates in the middle and conservatives on the right and liberals on the
00:01:08.320 left and over time that liberal perspective has gone farther and farther left and the blame for
00:01:17.040 in the city has become
00:01:19.620 focused on sort of
00:01:21.580 lack of funding
00:01:22.800 and the reality is
00:01:24.780 let me just give you some numbers here
00:01:26.620 Tom, core rule, 7% tax on
00:01:29.620 long term capital gains is the current
00:01:31.640 law, it's what they have
00:01:33.060 applies to people
00:01:35.600 with $700,000 plus per year
00:01:37.640 in gains, the 7%
00:01:39.740 on gains up to a million, the higher tier
00:01:41.680 is 9.9% on gains
00:01:43.860 above a million dollars Vinny
00:01:45.440 9.9%, and then they're proposing this.
00:01:49.820 It's going to be expected to begin around 2028 is what the date is.
00:01:53.620 Then the new thing they're proposing is the 1% annual tax on financial assets,
00:01:57.700 which is stocks, bonds, ETFs, mutual funds, applies to the ultra-wealthy,
00:02:02.560 over $100 million, every year 1% the tax that you pay on it.
00:02:06.340 So, Tom, why is this so important for people to think about,
00:02:10.320 and what is the blind spot that they're not looking at?
00:02:13.060 what people when they say tax the rich as soon as you hear the word tax always say in your head
00:02:20.080 everybody ultimately whenever you hear a politician talk about taxes everybody ultimately and what's
00:02:26.400 in washington there's open and they had an official in washington say beginning with the millionaires
00:02:31.420 because that's an easier place to sell it it's obviously the intent is to tax everybody quote
00:02:37.500 unquote. And why are we so surprised? And we've seen people on social media that took to the fine
00:02:44.040 print of the California tax. We covered it on this podcast a week ago. We showed you the areas
00:02:49.380 that were being called out by many people that were there. And so now you've got a guy leaving
00:02:55.080 Washington. He likes Washington. He's got family that are in Washington. He's got employees that
00:03:00.440 are in Washington. And he's saying, listen, this has become more and more toxic environment here.
00:03:04.860 And now we're looking at other things. We're looking at Nevada. We're looking at Austin. Wow, what a surprise. And it's, you know what? These decisions have consequences. But what it also tells you is we're in the middle of a wave. And the wave that is coming is socialism driven by Marxism. And it's an attack on assets. And it's seizure of assets. These are not taxes. These are seizing assets that have already been taxed that were used to build.
00:03:34.520 So, Vinny, you and I get together.
00:03:36.920 We took some of our money in a savings account.
00:03:38.680 It's already been taxed.
00:03:39.600 My money's been taxed.
00:03:40.500 It's in my savings account.
00:03:41.720 Your money, you'd pay taxes on.
00:03:43.280 You put it in a savings account.
00:03:44.260 We took that and started a business.
00:03:45.900 And then we go up, and now they're saying, well, wow, your business is successful.
00:03:49.600 Yeah, when we sell it, we're going to pay taxes fair and square.
00:03:51.840 And the profits we make, we pay taxes fair and square.
00:03:54.220 Yeah, but it's not fair that you're rich.
00:03:55.760 What do you mean I'm rich?
00:03:57.120 I don't have this money is now built to visit.
00:03:59.600 That business is worth millions of dollars.
00:04:01.260 well you better go get some loans or go figure out how to give us a percent of it they want you
00:04:05.580 to pay that that business hasn't even been sold it just represents value and so this is asset
00:04:10.920 seizure pat this is asset seizure on a socialist marxist way and you're seeing people such as a
00:04:17.460 small startup like this looking at it and going oh my gosh it's not just the billionaires it's 1.00
00:04:23.060 everybody adam uh stupid stupid stupid these people just just do not learn from what social 1.00
00:04:29.580 of what happens. You remember when Europe tried this and France and Sweden and they kicked out 1.00
00:04:32.980 all their capitalists and entrepreneurs and they go, oh my God, we lost all our revenue generation
00:04:37.700 and they quickly reverse course. You cannot tax your way to prosperity because what rich people
00:04:44.460 have are assets, cars, planes, boats, and you know what they're going to do with them? They're going
00:04:50.560 to get the hell out of town. This whole concept that we're villainizing and demonizing entrepreneurs,
00:04:56.580 business owners capitalists where do we think this is going to end up we already have a progressive
00:05:00.900 tax in the country that already uh the richest people already pay the most taxes now you want
00:05:06.180 to tax them more at some point you know there's the whole concept with ben ben brend then they're
00:05:10.780 going to break they're just going to leave i'll give you one quick story i remember there was a
00:05:13.900 nightlife club in miami i know you're going to be shocked that i'm bringing up nightlife in miami
00:05:18.000 yeah here we go and the owner goes you know what i'm sick of uh doing the bottle service and
00:05:22.620 catering to like the richest people i want to make this bar about everybody and we're going to give
00:05:27.460 five dollar well drinks and we're basically not going to be doing bottle service anymore
00:05:31.660 and basically we're just going to cater to the everyman you know what happened all the rich
00:05:36.780 ballers the people that are popping bottles the people that got money the people that are
00:05:41.180 buying bottles in the club with the sparklers they go yeah we're just going to go to a different club
00:05:46.240 that's more fun that likes us that appreciates our money we're dropping five thousand ten thousand 1.00
00:05:52.140 you want to bring the riffraffs in
00:05:54.360 one year later 1.00
00:05:56.620 the club is ghetto 0.99
00:05:57.860 it's basically shut down, it's on its last leg
00:06:00.680 and I remember thinking
00:06:01.800 this is what happens, we don't value
00:06:04.160 the customers, because they will go someplace else
00:06:06.640 I know there's other clubs
00:06:08.040 or states in this analogy
00:06:10.200 that they're going to go to, like Florida
00:06:12.220 like Texas, like Nevada 1.00
00:06:13.980 and they're going to get out of this big blue dumb city 0.99
00:06:16.420 Vinny, this is the biggest 0.98
00:06:18.600 thing why this is a bad idea
00:06:19.940 this idea could have worked in the 70's
00:06:22.140 not today, and here's why.
00:06:25.440 Do you know in the 70s, when you think about S&P 500,
00:06:28.120 our money was tied to S&P 500, okay?
00:06:30.660 So the people who ran these companies in the 70s,
00:06:35.120 what percentage of it do you think was physical assets?
00:06:39.920 Okay?
00:06:40.460 Tom knows the answer to this question.
00:06:42.200 Of all the companies that you own, physical that you have a hard time leaving,
00:06:46.840 so real estate or physical assets, what percentage was tied to physical assets?
00:06:52.140 Tom, what do you think it was?
00:06:53.700 In the 70s?
00:06:54.880 In the 70s.
00:06:55.720 It was in excess of 80%.
00:06:57.840 Exactly.
00:06:58.420 Oil companies, auto companies, factories.
00:07:00.600 You can't leave.
00:07:01.700 Steel.
00:07:02.340 You cannot leave.
00:07:03.460 It's like, I can't leave.
00:07:05.000 Do you know what the number is today?
00:07:06.500 Do you know what the number is today?
00:07:07.960 10%.
00:07:09.000 Wow.
00:07:10.060 And where is it?
00:07:10.580 It's 10% to 15% today.
00:07:12.020 Meaning just real estate or hard assets.
00:07:13.060 So, no, it's all non-tangible assets.
00:07:16.720 So, it means it's all digital.
00:07:17.980 I can move anywhere.
00:07:19.480 So, wait, you don't want me?
00:07:20.340 No problem.
00:07:20.680 I'll move.
00:07:21.440 The days of me being like, come on, please, because it's real estate.
00:07:25.600 Because it's, oh, no, I'm at it.
00:07:26.860 Can you verify this, Rob, to see what percentage of.
00:07:29.340 So this is the one thing everybody is missing.
00:07:32.580 There's only one thing there is left for them to do.
00:07:34.920 Only one thing left for them to do, and they haven't done it yet.
00:07:37.440 And they're going to.
00:07:38.420 This is my prediction.
00:07:39.420 They're going to go into this because their accountants are going to sit there and.
00:07:45.280 Okay, right there.
00:07:46.040 Look at that.
00:07:46.500 Go a little bit lower, Rob.
00:07:47.580 Go a little bit lower.
00:07:48.320 Right there.
00:07:48.660 Look at that.
00:07:49.640 1975.
00:07:50.440 83% was tangible assets.
00:07:52.680 17% is intangible.
00:07:54.500 Look at it today.
00:07:55.940 8% is tangible. 0.99
00:07:57.480 You can't do shit today. 0.99
00:07:59.840 Go ahead. 1.00
00:08:00.380 Tax me.
00:08:01.500 Go.
00:08:01.900 Make me leave.
00:08:02.760 What are you going to send me?
00:08:04.100 Do you understand what this means?
00:08:05.620 1,000%.
00:08:05.920 I'll take my wealth to Florida.
00:08:07.600 And it's happening.
00:08:08.320 Of course, Sergey Brin's like, I'm going to take my wealth anywhere.
00:08:10.880 You can push you.
00:08:11.860 So you know how scary or even this is?
00:08:14.160 I can take my wealth to any country if I wanted to leave.
00:08:18.640 Right?
00:08:18.820 Because it's what?
00:08:19.480 It is intangible versus tangible.
00:08:23.320 So what is the only thing they have left that they're going to do, that they can do,
00:08:27.620 that they're going to eventually end up doing?
00:08:29.100 You know what's the only thing, Tom?
00:08:30.600 It's the only thing is the exit tax, and they're not fully there yet.
00:08:35.280 No state in America fully has an exit tax.
00:08:38.100 Rob, can you check this?
00:08:39.640 What states in America have a full-on exit tax?
00:08:42.500 California, kind of.
00:08:44.100 And New York was trying.
00:08:45.080 New York said he's trying.
00:08:46.120 Those are the two states that they're trying to do.
00:08:47.460 It's like a clawback tax?
00:08:47.960 It is.
00:08:48.260 It's kind of like what Canada has.
00:08:49.660 Like when you leave, no state currently has an exit tax. 1.00
00:08:52.620 So you know what these idiots are going to learn? 1.00
00:08:54.500 They're going to say, let me get this straight. 1.00
00:08:56.120 As of 2026, the state is considering a billion dollars.
00:08:58.400 It's over down 5% of a billion dollars.
00:09:00.360 You see what that says, right?
00:09:01.260 Additionally, a proposed wealth tax could apply to residents with a net worth of 30 million plus
00:09:04.640 with a potential liability of what?
00:09:06.460 Up to 10 years.
00:09:07.540 They're going to realize in an era where only 8% of the wealth is tied to tangible,
00:09:13.660 92% is tied to intangible.
00:09:16.300 they're going to say the only thing we can do now is an exit tax.
00:09:18.920 You leave, 5% exit tax.
00:09:21.660 Walk me through the mechanics.
00:09:22.600 This is mind-blowing because just follow the money here.
00:09:25.920 90% of assets in the 70s were tangible.
00:09:29.120 You have to work with politicians.
00:09:31.020 Politicians owned you in the 70s.
00:09:32.980 They don't today because of technology.
00:09:34.980 So what would an exit tax essentially do?
00:09:36.980 Here's what an exit tax would.
00:09:38.400 And I'm telling you, I'm giving them the playbook,
00:09:40.260 but I'm telling you they're going to come to your city
00:09:42.000 and it's going to be on the ballot
00:09:43.220 because you know what they're going to say?
00:09:45.160 I don't even know why they did this.
00:09:46.760 They just have to go.
00:09:48.500 In a movie, Hangover says, you never go full.
00:09:51.300 Not Hangover.
00:09:53.220 Tropic Thunder.
00:09:54.500 So they're going to go full exit tax.
00:09:57.440 Never go full exit tax.
00:09:58.440 And they're going to.
00:09:59.460 Never go full well tax.
00:10:00.260 And you know what happens when they do full exit tax?
00:10:02.720 Here's what happens.
00:10:03.760 Hey, you were $250.
00:10:05.780 If you really want to get a communistic idea or socialistic idea,
00:10:10.400 you had a 5% exit tax for anybody that's worth over a billion dollars.
00:10:14.700 It will go through in every blue state.
00:10:17.980 They'll do this in New York.
00:10:19.340 They'll do this in California.
00:10:20.580 They'll do this in Illinois.
00:10:22.000 They'll do this in all these states like Washington, thinking, oh, we got them.
00:10:26.520 We got them. 1.00
00:10:27.620 You morons. 1.00
00:10:29.660 8% is tangible. 1.00
00:10:32.660 I'm leaving to all the socialist communists that are thinking they're going to get these guys. 0.99
00:10:38.600 They're going to get their asses handed to them. 0.99
00:10:40.540 and I think the one that's going to break the back, the camel's back, 0.99
00:10:45.520 this is bad, but it's going to be the 5% exit tax that they do.
00:10:50.260 Once they do that, it's not going to be,
00:10:52.580 I don't think anybody's going to leave.
00:10:54.280 Oh, really?
00:10:55.100 Okay, I dare you, Newsom. 1.00
00:10:57.500 I dare you, Hochul.
00:10:59.120 Go ahead and put an exit tax, see what happens to your state.
00:11:01.620 I dare to everybody that's trying to put this billionaire tax that stays there,
00:11:06.860 these people are going to leave.
00:11:08.460 But what they're going to want to do long term, you'll see in the next 5, 10, 15 years, just like right now, ruling came out.
00:11:15.000 Rob, can you pull this up?
00:11:15.800 They're talking about we need to raise the minimum wage from $7.25 to $25 an hour.
00:11:20.040 It just went to Congress.
00:11:21.600 It just went to Congress.
00:11:22.580 Rob, if I'm not mistaken, am I saying it correctly or no?
00:11:24.820 Yeah.
00:11:25.140 Is this the story?
00:11:26.080 Yes, sir.
00:11:26.400 Go ahead, Rob.
00:11:26.860 30 seconds.
00:11:27.560 Watch this, folks.
00:11:29.000 Legislation being introduced in Congress to raise the federal minimum wage for the first time since the year 2009.
00:11:35.900 The bill looks to raise the minimum wage to $25 an hour from the current $7.25.
00:11:43.520 The bill would work in steps for large employees to pay that rate by 2031.
00:11:49.020 Okay, so check this out.
00:11:49.740 Smaller employees.
00:11:50.540 So check this out.
00:11:52.000 Who do you think doesn't care about this bill? 0.99
00:11:55.040 Amazon. 0.62
00:11:56.020 Who do you think doesn't care about this bill? 0.81
00:11:57.800 Walmart.
00:11:58.840 Who else?
00:11:59.760 Apple.
00:12:00.580 NVIDIA.
00:12:01.640 I don't know.
00:12:02.300 Name them.
00:12:03.100 IBM.
00:12:03.740 Keep going.
00:12:04.660 They don't care about this bill.
00:12:06.460 You know who does?
00:12:07.800 Mary and John's Liquor Store that's been in the family for 58 years in Toledo, okay,
00:12:14.340 in Hope, Arkansas.
00:12:15.780 How the hell is somebody that's running a small lot of market in Hope, Arkansas,
00:12:19.100 going to afford to pay all their employees $25 an hour?
00:12:22.720 How?
00:12:23.560 That's $50,000 a year salary. 0.97
00:12:25.580 These are the dumb ideas that they come up with thinking they're helping the 0.94
00:12:30.060 average person, and all they're doing is helping the big business out. 0.99
00:12:33.400 because a big business owner can't afford it.
00:12:35.920 You ever wonder, we used to have 14,000 banks in America, give or take.
00:12:39.200 You know what we got right now?
00:12:40.340 4,000.
00:12:41.220 One by one by one, they're getting picked up.
00:12:43.160 We used to have 50-something military contractors
00:12:46.460 outside of just Boeing, General Dynamics.
00:12:48.540 We had 50-something plus.
00:12:50.140 What do we got right now?
00:12:51.040 Five to seven?
00:12:53.140 Nationalize the hell out of it.
00:12:54.140 We had all these places that we used to go to, pharmaceutical.
00:12:57.980 Now, buy them out, buy them out.
00:12:59.640 How? 0.97
00:13:00.480 Dumb regulation like this. 0.98
00:13:02.300 So I predict they're going to come out with exit tax, 0.98
00:13:06.280 and that would be the way to control them
00:13:08.300 because what they truly want to do to these billionaires is if you leave,
00:13:11.620 you owe us the money.
00:13:12.440 Without us, you would have never made this money.
00:13:14.580 That's coming to a blue state near you.
00:13:17.880 But this intangible, tangible part that no one thinks about changes the game.
00:13:22.260 It's not going to work because anybody can move today.
00:13:24.820 It's not a big deal.
00:13:25.380 For people to move in 2026, it's not like for people to move in 1976.
00:13:29.260 Of course.
00:13:30.040 Especially if you have digital, you have crypto.
00:13:31.540 Move.
00:13:32.300 about this minimum wage thing this really pisses me off because if you do it state by state which
00:13:40.100 is basically how this works every state has their minimum wage you go federal do you know what this
00:13:44.760 is going to do to the average red state out there look about alabama look at mississippi
00:13:48.220 look at tennessee where they're paying the kid making pizza the kid scooping ice cream
00:13:52.400 10 bucks 12 bucks 15 bucks now you're going to universally condemn everybody and say
00:13:57.020 everyone in america has to pay the prices because you big blue cities can't get it together so you
00:14:02.260 know what's going to happen is it's almost like they don't even know the next move uh your your
00:14:07.440 your happy meal uh is uh 29.95 pizza pizza 38 for a pizza pie sushi 99 everything is going to go up
00:14:18.460 supply and demand here you raise the prices you raise the cost of labor then people are going to 0.91
00:14:24.180 end up exactly by the way so stupid i'm going to give a quick show i we rarely do this and we should 0.92
00:14:28.140 do it more often why frost 13 has been a member with us for 47 months he says tacos and pupusas 0.94
00:14:34.360 will be 995 three tacos for 30 he's right exactly that's where i don't know pupusas are but sign me
00:14:40.420 up the pupusas are great you had a smile on your face every three to four years we find ways to
00:14:50.160 improve value attainment and i'm talking about with the public so i want to hear commentary from
00:14:54.360 the public we want to get feedback on what things can happen better with pbd podcast what content
00:15:00.500 you want to see improving business how to whatever it is that we cover we want to get your feedback
00:15:05.980 and your input so here's what we're doing we are creating a survey anybody that text the word pbd
00:15:12.440 to 310-340-1132 again text the word pbd to 310-340-1132 you will automatically get a survey
00:15:23.320 to do, and I think the survey
00:15:25.540 is, you know, a couple basic questions
00:15:27.660 to ask about everybody here,
00:15:29.460 about what things can happen better, all the things
00:15:31.460 that we can improve in, and for anybody
00:15:33.600 that completes the survey, beginning to
00:15:35.480 the end, all of it answers,
00:15:37.360 we're giving a $25 gift card to the store.
00:15:39.800 It doesn't matter if it's
00:15:41.240 50,000 people that take it,
00:15:43.420 or 5,000 people that take it, everyone
00:15:45.440 gets a $25 gift card to
00:15:47.180 vtmerch.com. Go purchase whatever
00:15:49.520 you want. You have a $25 gift card
00:15:51.220 for completing the survey because we want to hear from you.
00:15:54.680 This thing started off, Valuetainment started off with me doing a couple basic videos with Mario,
00:15:59.120 two minutes with Pat, with me and Pink Sox, the first episode we ever did.
00:16:02.640 Till today, it haunts me every time I see those Pink Sox.
00:16:05.160 You know, and the way I'm sitting on that couch, Rob, 0.96
00:16:07.500 if you want to show the first clip we ever did on Valuetainment,
00:16:10.320 it really inspires me to know how far along we've come
00:16:13.840 and all the board videos we used to do to then starting the podcast.
00:16:17.560 yeah if you go there go to videos and go to the oldest oldest right there and go to that one
00:16:23.520 right there no go to the second one go to the second one rob look at those things go a little
00:16:26.920 bit right there the second one look at the way i'm sitting go to 40 seconds we want look at look
00:16:31.580 at the way i'm sitting just right there's fine rob okay you have chinese outside of rob i mean 0.79
00:16:36.280 it's like horrible right what is that that's the first video ever that's woodland hills i mean
00:16:40.740 imagine 2013 go look it up i think it's 2013 whatever it is when i wrote a blog out there
00:16:46.000 So now, PBD Podcast is where it's at, so it wouldn't happen without you.
00:16:50.700 Everywhere I go and I run into people and we talk
00:16:52.900 and we have different stories that we discuss, it's always great,
00:16:56.080 the relationship that we have together for those guys that tune in.
00:16:59.120 So it would mean a lot to us if you can go do the survey.
00:17:02.040 Again, text the word PBD to 310-340-1132,
00:17:05.940 and we'll send the link for you to do the survey.
00:17:08.300 Or, Rob, what is the link that they can go to?
00:17:10.740 Do you have the link?
00:17:11.600 I do. It is survey.vt.com.
00:17:15.200 Can you also put that in the comments section, in the chat, in the description, everywhere so people can go do it?
00:17:21.360 Yep.
00:17:22.520 We're going to – thank you, Jake, for that as well, the voice of God.
00:17:25.940 Thank you.
00:17:26.840 We will make sure to read every single one of the piece of feedback you put because we want to hear from you.
00:17:32.500 And by the way, you may say, who am I?
00:17:34.100 You guys don't need to hear from – we want to hear from everybody.
00:17:36.200 From the guy that is a CEO of a Fortune 100 company that watches a podcast regularly and messages me,
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