00:03:20.740And let me go to a quick legal analysis.
00:03:27.380So 100% tax that singles out recipients of one specific federal fund
00:03:32.940looks less like a tax and more like a confiscation or a penalty.
00:03:37.360Under the Supremacy Clause, here we go,
00:03:41.580If a federal court concludes that a tax at the state level exists or was implemented to obstruct, nullify, or frustrate a federal settlement program or other federal program, it will likely be struck down in the appellate courts as interfering with the federal function.
00:04:46.220So I'm listening very carefully to how he uses his words.
00:04:50.260So California can try, but many legal scholars, a legal analysis I found, would say, listen, you're pointing your tax at the recipients of the federal on a one-to-one basis.
00:05:15.720So supremacy clause is a foundation, U.S. Constitution principle that the federal constitution, the federal laws are the supreme law of the land.
00:05:22.700Located in the article, I want to say that's six, clause two of the Constitution,
00:05:26.200it mandates that federal law takes precedence over any conflicting state or local laws, the hierarchy, U.S. Constitution, federal statutes,
00:05:33.060and the international treaties sit at the top of the legal pyramid.
00:05:36.740State constitution, state laws, and the local ordinance
00:06:51.480It beats them in homelessness, fraud, wasting $100 billion surplus.
00:06:56.080I think the number was $95 billion to be exact.
00:06:58.280Correct. Losing a trillion dollars of wealth twice in five years, negative net migration, illegal immigration, high gas price, highest gas prices, highest taxes, wildfires.
00:07:07.500And I said, listen, I gave him a shout out. Gavin Newsom is crushing it.
00:07:10.200So people need to realize this guy's fighting to be your president.
00:07:13.840And by the way, you know what else he said? Rob, if you want to play the clip about wealth taxes, this is the one that nobody said was with Professor Galloway, where he's sitting down with him.
00:07:22.260And he says, hey, this wealth tax idea may be so good. I may want to take it national.
00:07:27.720Go ahead, Rob. I absolutely believe nationally we need to tax billionaires more. We need to
00:07:35.620change the stepped-up basis. We need to address the issue of capital gains. We need to address
00:07:39.560the issue of corporate taxes. We need to address, and you've talked a lot about this, the $84.4
00:07:44.820trillion to up to, I've seen some estimates over $124 trillion of generational wealth over the
00:07:50.600next decade and a half, two decades that will pass and address the issue of inheritance dynasty
00:07:56.740trusts and going back to some tax brackets that are more, you know, analogous to the guy who used
00:08:04.340to reside here at the governor's mansion back in the 80s or at least in the 60s as governor and
00:08:11.000president in the 80s. And so we need to do all of those things. At the same time, at the state level,
00:08:17.800I'm proud of this. I don't defend it from a defensive posture. I spent a good 15 minutes
00:08:23.420at my state of the state earlier this year,
00:08:25.440making the case for California's progressive tax structure.
00:08:29.340We, yes, have the highest tax rate for the 1%,
00:08:34.280but by definition, 99% of people don't pay that rate.
00:08:38.780So people lazily refer to California as a high-tax state
00:08:41.800when, in fact, states like Texas and Florida
00:08:53.420Slimy comparison. Alert, alert, alert. So he's trying to say, by the way, there is no income tax in Texas. So he's saying they tax their low wage earners more than we tax our high wage earner. He is making a discontinuous comparison. This is what he's doing, Vinny. He's looking at sales tax. He's looking at tax on license plates. He's looking at property taxes. And he's trying to say that in Texas, that will be more than 13 percent because you do pay taxes on things.
00:09:23.420when you buy them. But he's saying they tax their low-wage earners more than we tax the 13% of our
00:09:29.240high-wage earners. That is an absolute salacious comparison. It's absolutely fake and false. Word
00:09:35.540talk, numbers scream, and those words talk, but those numbers scream false. That is absolutely
00:09:41.340wrong. Capital gains he's talking about. Vinny, you have $175,000 because you did well. You pay
00:09:48.66040 percent tax on that now you have a hundred thousand net has that hundred thousand been
00:09:53.240taxed yes it has one yes and you worked hard for it and it was 175 now it's 100 you take the
00:09:58.660hundred thousand you put it into a company you build it up and four years later you sell that
00:10:04.220little company to dry cleaners that you had for one million dollars so you turn the 100 000 into
00:10:10.520a million but the 100 000 you had already worked hard for that and been taxed that was in your
00:10:32.620So when he talks about capital gains, he's talking about higher taxes on money that's already been taxed, that was put to work building a company, establishing jobs.
00:10:43.180And the Republicans said, time out. There has been a growth in that. So the tax, but the capital gain tax should be less than the regular income tax of 40 percent. Come on, guys. Let's help the entrepreneurs do things. Let's help people. And by the way, the same thing applies to your house. You're doing your house over time and it's capital gains. You see that? And so this last little bit with Galloway, man, why isn't there a real time truth detector on a call out on this?
00:11:11.840Yeah, I didn't watch the whole thing, so I don't want to hold Galloway accountable
00:11:15.520because he may have asked the question.
00:13:05.920Zoran Mondani is the best poster child for moving to Miami.
00:13:10.360And then just flip it, because who's the governor that would be the antithesis or the antonym, as Pat said, to Gavin Newsom?
00:13:18.320Is our amazing governor in Florida, Governor Ron DeSantis, who's now saying we have such a budget surplus in the state that they're talking about eliminating the property tax in Florida.
00:13:29.420Because it goes to local or long-term residents, which would include the elderly.
00:13:32.980So at the end of the day, they just want to tax you and tax you and tax you.
00:13:36.560And one thing we know, you can't tax your way to prosperity.
00:13:39.280Well, after hearing Gavin Newsom, Pat, that right there is why somebody like Peter Thiel gets on a plane and flies there and moves his entire family.