Valuetainment - December 11, 2023


Tax The Rich Debunked - What Lawmakers Don’t Want You To know


Episode Stats


Length

18 minutes

Words per minute

222.43193

Word count

4,164

Sentence count

333

Harmful content

Misogyny

11

sentences flagged

Toxicity

18

sentences flagged

Hate speech

5

sentences flagged


Summary

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

The top 1% pay 42% of all taxes in America, while the bottom 50% pay only 2.3%. Who's getting shafted? Is it the rich or the middle class? In this video, we will show you why the rich pay so much less than the poor.

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 You know, it's one of the craziest campaigns I ever see in American politics is when millionaires
00:00:04.120 like AOC, Robert Reich, Bernie Sanders, Elizabeth Warren get up and they say, tax the rich constantly.
00:00:11.300 But when we show data, which I'm going to show you right now, you're going to be blown
00:00:14.200 away by this.
00:00:14.840 You ready?
00:00:15.240 The top 1%, the rich, the people that have all these exotic cars and houses, you know,
00:00:20.040 they make 22% of all the income in America.
00:00:23.720 But do you know what percentage of all the taxes they pay?
00:00:27.260 42%.
00:00:27.660 By the way, you know, the bottom 50%. 0.88
00:00:29.820 You know what percentage of the income they make in America today?
00:00:32.340 10.2%.
00:00:33.440 But do you know how much of the taxes that the government collects they pay?
00:00:36.700 2.3%.
00:00:37.800 So who's getting shafted?
00:00:39.400 I got a bunch of data to show you on what's going on with taxes.
00:00:42.140 And some tells me this is not going to be a video that AOC, Elizabeth Warren, Bernie Sanders,
00:00:47.840 or the great, the phenomenal Robert Reich are going to want to see.
00:00:51.920 So if you get value out of this video, give it a thumbs up and subscribe to the channel.
00:00:54.740 Let's get right into it.
00:00:55.420 Got a bunch of data to show you.
00:00:56.620 Here's one of them.
00:00:57.220 The top 1% share of income taxes has increased over time.
00:01:01.000 So if you look at this chart, you will notice the top 1% is that dark blue all the way at
00:01:06.140 the top.
00:01:06.580 Notice from 2001, they were less than 35%, around 33%.
00:01:10.820 And today they're at 43%.
00:01:12.840 So their taxes keep going higher and higher and higher.
00:01:16.760 Meanwhile, the bottom 50%, all the way at the bottom, the red, taxes keep getting lower and
00:01:22.240 lower and lower.
00:01:23.360 And even if you look at the green, which is between 25% and 50%, take a look at 01, they
00:01:28.300 were around 13%, 14%.
00:01:29.560 Take a look at where they're at today, around 8%.
00:01:31.480 It keeps getting lower.
00:01:32.400 So the reality, what they tell you from stage, the rich keep paying more taxes and middle
00:01:37.380 and poor keep paying lower taxes based on data, not based on some speech I'm giving to gain
00:01:42.720 some votes.
00:01:43.500 Now, having said that, you know, AOC and a lot of these guys love to come back and say,
00:01:47.080 well, the 50s, you know, what about the fact that we had our highest tax rate in America
00:01:50.800 around 91%, 94%.
00:01:52.420 We got to get back to that because that's what we got.
00:01:54.680 And everyone's like, oh my God, maybe, did we really do?
00:01:57.360 People paid, how did they pay 91%?
00:01:59.480 Isn't this the era when, you know, Ronald Reagan wouldn't take two or three movies because above
00:02:03.580 it, he would have to pay a certain amount of taxes?
00:02:05.220 Let's look at data.
00:02:05.900 This is what the number tells you, Statista, taxing the rich, how America's marginal tax
00:02:10.660 rate has evolved.
00:02:11.340 When you look at this, all you notice is World War II ends.
00:02:14.640 And at that time, the top marginal tax rate was 94%.
00:02:19.140 Then Reagan brings it to roughly 69.3%.
00:02:22.220 And a lot of people say, we should go back to 94%, but let's take a look at the people.
00:02:27.440 Imagine no one's going to be more qualified to investigate what is the actual taxes, the
00:02:33.060 actual effective tax rate, the top 1% paid in America, except from these people that wanted
00:02:38.920 to do the Green New Deal with AOC, the $30 trillion Green New Deal that they thought
00:02:43.320 it was a fantastic idea.
00:02:44.480 And the way we can do this by taxing the rich.
00:02:46.420 Look at what studies they found after doing the research.
00:02:48.920 Here's some data for you.
00:02:50.000 This shows taxes on the rich were not much higher in the 50s.
00:02:55.340 Notice the light blue mark right there, the bar.
00:02:58.140 That's the 50s.
00:02:59.340 Guess what?
00:02:59.940 Even though they claimed 94%, 91%, nobody paid it.
00:03:04.080 There was so many ways people were going to still only pay 40, 43, 44, 45% at that time.
00:03:10.540 So when these guys scream out the top of their lungs, they're able to convince millions of
00:03:14.020 people because most people don't go out there and do the research.
00:03:16.180 But when you do, you're like, wait a minute, why is she lying to us?
00:03:19.120 Nobody paid that anyway. 0.84
00:03:20.360 But it's a way to scare the crap out of billionaires. 0.94
00:03:22.520 And it's a way to get the poor to say, yes, let's punish the rich. 0.97
00:03:26.000 Let's punish the job creators. 1.00
00:03:27.700 These are very bad people and evil people in reality. 0.91
00:03:30.940 You punish them. 0.91
00:03:32.080 You know who the hell is going to create jobs? 0.98
00:03:33.640 Who?
00:03:34.040 AOC?
00:03:34.740 You think AOC is going to create jobs?
00:03:36.640 You think Elizabeth Warren is going to?
00:03:38.060 You think they would go start a business?
00:03:40.020 You know how hard it is to start a business.
00:03:41.760 You think they're going to do that or they would much rather get up there and talk trash
00:03:44.840 about the people who are actually willing to do the labor of risking their savings,
00:03:48.820 risking everything they have to build a business, to create jobs for others.
00:03:51.920 They don't want to do that. 1.00
00:03:52.800 They want to go out there and just talk to shit. 0.99
00:03:54.420 They want you to do the work, not them. 1.00
00:03:55.980 But they'll manipulate millions of people into believing how noble they are.
00:03:59.680 And by the way, you know how we talked about this year, 45%, 44%.
00:04:02.660 Remember, keep in mind, this is the top 1% of US households.
00:04:05.900 This is the top 1% households, right?
00:04:08.540 But what did these 94% of people pay on their income taxes?
00:04:12.900 According to taxfoundation.org, when looking at income taxes, specifically, the top 1% of
00:04:18.680 taxpayers paid an average effective rate of only 16.9% in income taxes during the 50s.
00:04:28.080 16.9%, not 94%.
00:04:31.040 The effective tax rate was 16.9% all in households based on the following names,
00:04:38.720 Piketty, Saez, Zuckman, all these names together who were part of the Green New Deal. 0.96
00:04:43.620 After they're doing this research, they're like, oh shit, we should have never done this. 0.80
00:04:47.220 I'm glad they did because they realize it's not as easy as getting up there saying, 0.98
00:04:51.020 let's tax the rich 94%, which in reality was only 16.9%.
00:04:55.220 So when you think about tax rates, there's a couple of things you got to know.
00:04:57.940 There's two different kinds.
00:04:58.660 One is the statutory tax rate.
00:05:00.820 The other one is the effective tax rate.
00:05:03.120 For example, you know how you hear, this is the interest rate.
00:05:05.720 Well, not necessarily, it's not the real interest rate because the real interest rate is what?
00:05:09.520 You first take interest rates that we have minus inflation equals real interest rates.
00:05:14.520 The same applies when you want to find out the difference between the statutory tax rate
00:05:18.480 and the effective tax rate.
00:05:20.240 You have to consider both.
00:05:21.940 Statutory tax rate is the rate imposed by law on taxable income
00:05:26.500 that falls within a given tax bracket.
00:05:28.820 The effective tax rate is the percentage of income actually paid by an individual or a company
00:05:35.280 after taking into account tax breaks, including loopholes, deductions, exemptions, credits,
00:05:41.740 and preferential rates.
00:05:42.840 Which by the way, this is the magical moment between Trump and Hillary Clinton where she says,
00:05:48.100 you know, all the money and the tax loopholes and he hasn't paid any taxes and all this other stuff.
00:05:52.620 And then Trump says, I'm sorry, you've been here for 30 something years and how come those
00:05:56.340 loopholes are still there?
00:05:57.800 He says, all your donors take advantage of the same loopholes I'm taking.
00:06:01.280 Why is it if you care so much about middle America, you haven't done anything about it
00:06:04.660 for 35 years?
00:06:05.800 Why?
00:06:06.340 Because that's what they do.
00:06:07.600 They get up and they talk and they know 80% of America is not going to go study it and
00:06:11.300 look at this kind of stuff.
00:06:12.300 And they're just going to vote and say, wow, she doesn't like rich people. 0.88
00:06:15.500 Most of her money is coming from rich people.
00:06:17.960 But she gives them loopholes that don't worry, you're not going to pay that kind of taxes.
00:06:20.700 This loophole and that loophole and this, it's going to save you all this money.
00:06:24.280 It's going to be okay.
00:06:25.320 But I'm going to get out there and trash the rich while taking all the super PAC money 0.77
00:06:28.800 from you.
00:06:29.560 Unfortunately, for many, many years, I was naive.
00:06:32.020 And I sat there and I said, all these people there until finally I realized I got to kind
00:06:35.560 of do a little bit of research to find out for myself.
00:06:37.360 And when you do, you realize this is all a show.
00:06:40.680 These are great showmen and showwomen that it would convince a bunch of different people.
00:06:44.660 And then they realized this was all fake.
00:06:46.800 It was.
00:06:47.500 So again, let me go back to 1950s when World War II, they're like, we got to figure out
00:06:52.140 a way to tax the rich people.
00:06:53.600 At the same time, here's what came out in 1954.
00:06:56.420 It was called the Internal Revenue Act of 1954.
00:06:59.260 A sweeping overhaul of the IRS that standardized and expanded the exemptions, deductions, and
00:07:04.220 tax shelters established.
00:07:05.700 The 501c3, which is what?
00:07:07.420 This is the nonprofit organizations where you're able to write off.
00:07:11.000 So IRA 1954 dropped 10 points off the effective tax rate off several of the top tax reporting.
00:07:17.780 Instantly, effective rates continued to drift downward as tax planners became more versed
00:07:22.500 at using these tools.
00:07:24.500 Hence, you get up there and you say, let's tax the rich.
00:07:27.300 Listen, we're going to come out with this one thing called this.
00:07:28.980 Don't worry about it.
00:07:29.460 You're not going to pay a lot of tax because you're going to be able to put it through
00:07:31.440 this.
00:07:31.680 It's going to be all right.
00:07:32.380 No problem.
00:07:32.620 You got it?
00:07:33.440 Fantastic.
00:07:33.880 Great job, guys.
00:07:34.620 Woo! 0.99
00:07:35.240 Let's go.
00:07:35.720 Now, if you're asking a question and saying, well, Pat, show us proof like this is going to make
00:07:39.600 the rich richer.
00:07:40.320 Come on, Pat.
00:07:41.000 What do you mean by this is going to be that effective?
00:07:43.620 It's going to do such and such, and the money is going to get back into the market.
00:07:46.220 The only way to show it to you is to show you some charts from Dow Jones.
00:07:48.740 Here's Dow Jones.
00:07:49.320 Take a look at this.
00:07:50.040 That's from 1920 to 1955.
00:07:52.280 Go all the way to the right, to 1954.
00:07:54.880 You're looking between August of 53, where Dow was around 270-ish, and look where it goes
00:08:00.500 to right after this Internal Revenue Act of 1954.
00:08:04.260 It skyrockets from 270 to 500.
00:08:08.060 In how long?
00:08:09.640 In 18-month-ish.
00:08:11.180 You know what that is?
00:08:11.880 That's almost a rate of return of 80% in a year and a half.
00:08:15.800 How awesome is that?
00:08:17.060 Do you see how politics works?
00:08:18.560 They give you whatever they want on the outside, and you fall for it behind closed doors.
00:08:22.500 No, no, no, no, no.
00:08:23.440 Don't worry about it.
00:08:24.320 You're going to be able to write this up.
00:08:25.460 That's how this works.
00:08:26.480 This next part, I'm sure you've heard of it.
00:08:28.900 Guess who doesn't like this concept called the Laffer Curve?
00:08:31.420 The people that want to tax the rich, they hate this.
00:08:33.400 Why?
00:08:33.900 Because they can't argue common sense and logic.
00:08:36.640 So think about it this way.
00:08:38.140 Incentive.
00:08:38.800 What incentive do you need for you to give your best?
00:08:41.260 So let's look at taxes.
00:08:42.540 If taxes are 100%, okay?
00:08:45.920 Meaning you make $10,000 a month, you're going to get taxed $10,000, okay?
00:08:50.340 What's the incentive to work?
00:08:51.780 For what?
00:08:52.380 What are you going to work for?
00:08:53.380 Now, if taxes are zero, you go work and make money.
00:08:56.840 The government maybe doesn't have any money to go build roads and military and all this
00:09:00.920 other stuff.
00:09:01.360 So you're kind of like, you know what?
00:09:02.060 I kind of want somebody else to do the cops and firefighters and all this other stuff.
00:09:05.180 I'm willing to give a little bit.
00:09:06.360 Perfect.
00:09:06.840 Arthur Lamper, I've had him on a couple of times, figured his number out to see at what
00:09:10.700 point do we lose incentive to want to give our best?
00:09:13.600 The number he came up with was roughly a third.
00:09:16.120 You make $50,000, 30%, $15,000, $35,000, still an incentive.
00:09:20.440 You make $100,000, IRS keeps 30%.
00:09:23.180 You don't like it, but it's not to the point where you're not willing to work.
00:09:26.160 You'll still go push.
00:09:26.900 I'll never forget in California when taxes, state and federal all together got to like
00:09:30.920 56%, 57%.
00:09:32.260 One of these top realtors, this woman, never forget, we're at this place called Wood Ranch.
00:09:36.320 She was all over the place. 1.00
00:09:37.900 All these buses and all these, you know, bus stops.
00:09:40.540 You saw her face everywhere.
00:09:41.760 She was a celebrity in the valley.
00:09:43.560 And I see her at the Wood Ranch with my wife and I'm like, hey, just out of curiosity, I
00:09:48.300 haven't seen your face a lot lately.
00:09:49.620 She says, yeah, you haven't.
00:09:50.640 I say, any reason why not?
00:09:51.680 She really want to know.
00:09:52.480 She's sitting with her husband.
00:09:53.340 I say, yeah, of course I really want to know.
00:09:54.740 She says, my husband and I one day sat down, I was making $300,000, $400,000 a year, but
00:09:58.460 half of it was going to taxes.
00:10:00.180 And we just sat there and said, is it even worth me doing this?
00:10:02.200 And we just decided, no, it's not worth it.
00:10:04.020 So I stopped working and I just stayed home with the kids.
00:10:06.260 Really?
00:10:06.720 Yeah.
00:10:07.180 Wow.
00:10:07.580 I walked away, sat down.
00:10:08.780 I'm like, the high taxes in California told us later, there's no incentive to want
00:10:13.120 to give your best.
00:10:14.460 So our community lost a fantastic realtor because of the incentives were not worth her giving 1.00
00:10:22.700 her best.
00:10:23.600 And she said, I'm done.
00:10:25.280 So now we always hear about the 1%, but we don't talk about the 0.01%.
00:10:29.300 But if we look at their incomes based on this chart, here's what you'll notice.
00:10:33.040 The green is the 1%. 0.92
00:10:34.860 Notice their income from 1950 till today, where it's at.
00:10:38.960 And then look at the pink, which is a top 0.01% from 1950 till today.
00:10:44.380 The pink's average income today, give or take, is between $30 to $40 million a year of annual
00:10:51.160 income, but 1% is between a half a million, $2 million.
00:10:54.480 There's a big difference.
00:10:55.540 The top 1% gets taxed more than any other group.
00:10:58.620 The top 0.01% pays less taxes than any other major group.
00:11:02.860 The analysis from OMBA and CA economists estimates that the wealthiest 400 billionaire families
00:11:07.780 in America pay an average 8.2% of their income.
00:11:10.580 Why their income?
00:11:11.860 Because people don't know how that works out.
00:11:13.860 Including income from their wealth that goes largely on tax.
00:11:17.760 In federal individual income tax between 2010 and 2018, wealthy households can finance themselves
00:11:23.960 without paying capital gain taxes on the occurring wealth by following a buy, borrow, die strategy.
00:11:29.520 They typically finance current spending with loans and use their wealth as collateral.
00:11:33.760 So if you break it down with this chart, this says a lot.
00:11:35.860 If you take a look at this, here's what you'll notice.
00:11:37.840 Sources of income by AGI percentile.
00:11:40.200 The blue represents actual wages.
00:11:43.200 Yellow represents investment.
00:11:45.140 Gray represents retirement.
00:11:46.920 And orange represents business and other.
00:11:49.060 Go to 0 to 80%.
00:11:50.800 Not all returns right below 0, 80%.
00:11:52.960 Where do most of them rely on their income? 0.55
00:11:55.320 It's wages.
00:11:55.980 You notice that roughly 80%, right?
00:11:57.620 Then some it's retirement, some it's investment.
00:12:00.320 Very small percentage is what?
00:12:01.580 Business and other.
00:12:02.160 Now go to 1%, which is the 98% to 99%. 0.87
00:12:06.340 Not much changes.
00:12:07.340 They're still relying on wages.
00:12:09.060 Then retirement.
00:12:10.340 Then it's investment.
00:12:11.620 Then it's business.
00:12:12.760 Now go to 0.1%.
00:12:14.160 Notice what happens with wages.
00:12:15.640 Gets lower and lower and lower while investment gets more and more and more.
00:12:21.500 And business actually decreases because eventually when you get to this level of wealth, you're
00:12:25.900 no longer operating all the time.
00:12:27.840 Businesses, you just have so much money that you're making investments in different companies
00:12:31.040 and that keeps getting bigger and bigger and bigger.
00:12:33.400 So as much as it's easy to say, well, the 0.01% doesn't pay that much taxes because they're 0.97
00:12:38.280 no longer taking income the way they do and they have better tax planning strategists behind
00:12:42.060 closed doors that use the same codes that all these politicians claim don't want the
00:12:47.620 rich to take advantage of.
00:12:49.160 You came up with these policies.
00:12:51.300 You, the politician.
00:12:52.900 They didn't come up with it.
00:12:53.800 You did.
00:12:54.520 You're like, well, it's just a favor I did to seven of them because they give all this
00:12:57.980 money to my super PAC.
00:12:58.900 Totally get it.
00:12:59.520 But that's you.
00:13:00.040 You did that.
00:13:00.940 Not the American people. 0.84
00:13:02.220 This is why many people would say flat tax would be the fairest thing to do with everybody.
00:13:05.740 Get rid of everything and just create a flat tax.
00:13:08.200 But no, no, no.
00:13:09.160 Nobody would do that.
00:13:10.260 Nobody would do that because then actually people would start having pay taxes and they're
00:13:13.760 not going to do that.
00:13:14.880 So try to get any politician from the left, right or the middle agree on a flat tax.
00:13:19.040 Some of the right would agree, but not the left.
00:13:20.700 They're not going to agree with it.
00:13:21.640 And there's a reason why.
00:13:22.760 Let me give you some more stats on this because it's pretty interesting.
00:13:25.620 158 million Americans or 61% of US adults own stock.
00:13:28.780 It's not everybody.
00:13:29.680 Top 1% holds.
00:13:30.960 Ready?
00:13:31.820 54% of stocks.
00:13:33.920 You know what it's worth?
00:13:34.740 Take a while, I guess.
00:13:35.600 A trillion?
00:13:36.380 Trillion and a half?
00:13:37.420 How about $19.16 trillion?
00:13:40.060 The top 1%.
00:13:41.020 The wealthiest 10% of American households own 89% of all US stocks.
00:13:47.140 The bottom 90% of Americans own roughly 11.
00:13:50.480 The bottom 50% of US adults own only 0.6% of stocks worth $21 billion.
00:13:55.880 That's bottom 50%.
00:13:57.560 I want to show you some things for the last 50 years.
00:13:59.440 It's important for us to take a look at this.
00:14:00.660 If you see this chart here, share of US aggregate income.
00:14:03.600 Look at the yellow, which represents the middle income.
00:14:05.980 That's 62% in 1970, and now in 2018, it's 43%.
00:14:10.300 But if you look at upper income, there used to be only 29%, went from 29% to 48% ahead
00:14:15.920 of middle income, and lower income went from 10% to 9%.
00:14:18.860 And if you go to the bottom, share of US aggregate wealth, look what the upper income does.
00:14:22.900 Keeps getting higher and higher from 60% to 79%.
00:14:25.540 Middle income goes from 32% to 17%, lower 7% to 4%.
00:14:28.940 A big part of this is because the lower and middle income, they don't think long term.
00:14:33.380 They don't invest.
00:14:34.140 They don't put money into 401ks, investments, stocks, bonds, mutual funds.
00:14:38.100 You know how I know this?
00:14:38.820 I'm in the army, and I'm getting out of the army.
00:14:40.660 I had a friend of mine, Jeff.
00:14:42.080 Every month, he would put $100, $200.
00:14:44.140 We had no money.
00:14:44.820 We're making $800 a month.
00:14:46.020 I'm partying, buying alcohol, liquor, going to the clubs.
00:14:48.880 Everything's on me.
00:14:49.680 This guy is always putting $200 a month into his Roth IRA.
00:14:53.260 I'm filled.
00:14:54.060 My fridge in my room was the best tequila.
00:14:56.760 Come on down, baby. 1.00
00:14:57.900 I'm stacked with Jose Cuevos.
00:14:59.620 He's like, I'll drink your Jose Cuevo, but I ain't buying it.
00:15:02.420 If you're offering, sure.
00:15:03.940 Brilliant.
00:15:04.600 Few years later, he's got $20,000 in the bank.
00:15:07.160 You know what I got in the bank?
00:15:08.460 Zero, baby.
00:15:09.400 You know why?
00:15:10.060 Because I was low and middle income thinking, oh, I'm not making enough money to save. 0.99
00:15:14.080 Bullshit excuse everybody wants to make. 0.98
00:15:15.860 If I was making more money, I would save money. 0.99
00:15:18.240 Here's what I've learned.
00:15:18.960 Guys, I know people making $5 million a year, and they're broke.
00:15:22.400 You know why?
00:15:23.020 Because when they were making $50K a year, they were not saving.
00:15:25.940 That habit didn't change.
00:15:26.940 And I know people that are making $80,000 a year, and they're millionaires because they
00:15:31.740 were saving money when they were only making $20,000 a year.
00:15:34.320 This is not about the richest fault and all this other stuff.
00:15:36.880 You watching this, you have to have a conversation with yourself and your family saying, how much
00:15:40.020 money do I need to make to start saving money?
00:15:41.800 Do it now.
00:15:42.760 No more barbecue.
00:15:43.800 No more this.
00:15:44.620 No more that.
00:15:45.180 I'm going to set some money aside no matter what happens.
00:15:47.160 That habit is going to be passed down to your kids, your family, everybody else.
00:15:50.840 And then eventually everybody's going to be doing well financially.
00:15:52.720 But at this point, this ain't looking good for lower and middle income families.
00:15:56.900 So look, if you're watching this, you know, whether you agree with me, disagree with me,
00:16:00.040 I'm totally fine.
00:16:00.660 You can leave your comments below, and I respect it.
00:16:02.380 You know I'm comfortable with that.
00:16:03.320 But I will tell you this.
00:16:04.200 There's a lot of different solutions we can look at and say, but Pat, do you not see the
00:16:07.600 fact that they're using debt to do this, this, this, this, that?
00:16:10.840 Why can't?
00:16:11.380 Well, that's not fair.
00:16:12.200 Again, these are laws politicians created.
00:16:15.480 Yes, if we get rid of the lobbyists, a lot of this wouldn't happen because these billionaires
00:16:19.920 and millionaires maybe are buying lobbyists.
00:16:21.700 Totally fine.
00:16:22.180 I'm with getting rid of lobbyists.
00:16:23.640 Yes, we can sit there and say, well, you know, I don't think this is cool.
00:16:27.400 Why don't we, you know, raise the taxes on these guys?
00:16:29.840 Fine.
00:16:30.380 Then why don't we go back to when the tax code was only six pages back in 1913?
00:16:35.020 Just a small couple pages, 100,000 pages today.
00:16:37.820 Let's rip the whole thing apart. 1.00
00:16:39.380 Let's start from the beginning. 1.00
00:16:40.300 Let's get rid of all these bullshit loopholes. 0.99
00:16:42.200 Well, no, no, no. 0.99
00:16:43.100 It's going to impact some of you, by the way, just so you know that as well.
00:16:45.600 No, that's not what I'm saying.
00:16:47.060 But you know what happens?
00:16:48.300 Almost everybody that starts talking about taxes, you know what's the hardest thing most
00:16:52.340 people can do? 0.87
00:16:53.280 To actually have a reasonable conversation knowing what's going to benefit the country
00:16:57.240 long-term, not just you.
00:16:58.920 I had a conversation with one of my sales leaders and the new comp I was presenting to
00:17:02.540 them.
00:17:02.980 He kept telling me, what about this?
00:17:04.660 And what about that?
00:17:05.120 I said, can you for one stop only thinking about your own commission and think about what we need
00:17:09.160 to do to grow the company to the next level?
00:17:10.860 That is the only thing I'm interested in.
00:17:12.440 I want to know how to grow the company to the next level.
00:17:14.680 And he's like, okay, okay, that's fair.
00:17:15.800 That's fair.
00:17:16.180 But what about this?
00:17:16.860 I'm like, again, three times you brought up three different issues.
00:17:19.680 You didn't think about other guys.
00:17:20.780 All you thought about is yourself.
00:17:21.900 If we can sit there and have a reasonable, fair conversation to not destroy job creators,
00:17:28.380 to give an opportunity for people to increase their lifestyle and call out the BS habits
00:17:32.860 that some people have.
00:17:33.840 If we can put that together, then we can work somewhere and start making some progress.
00:17:37.680 But if you start off with the first thing thinking about, maybe you're poor, you're like, we
00:17:40.680 should tax the rich.
00:17:41.620 If you're rich, we should da-da-da.
00:17:43.020 Then you can't have a reasonable conversation.
00:17:44.840 We're having this conversation because most of these politicians get up and start with
00:17:48.480 their tax-to-rich concept and they get able to manipulate the lower and middle-income
00:17:52.700 families into voting for them.
00:17:54.400 And then the people that are actually working hard, like many of you who watch this content,
00:17:58.600 you pay the price for it.
00:17:59.660 This is why we create content like this, to educate others.
00:18:02.480 If you got value out of this video, give it a thumbs up and subscribe to the channel.
00:18:05.620 By the way, and you know what's the one thing we don't teach in school that everybody should
00:18:08.340 study is taxes.
00:18:09.320 Now, I know taxes are so boring.
00:18:10.760 Who the hell wants to study taxes?
00:18:12.080 We should study biology and mitosis, not taxes.
00:18:15.000 But guess what?
00:18:15.820 Everybody going to school, you're going to be dealing with taxes for the rest of your
00:18:18.480 life.
00:18:18.900 So I made an episode.
00:18:20.080 It's one of the must-watch.
00:18:21.600 Doesn't get a lot of views, but it's something you got to study.
00:18:24.620 It's the history of taxes.
00:18:26.360 When you find out what Lincoln did with taxes back in the 1800s, I'm going to ask you a
00:18:32.360 question in this video, and you're going to give the wrong answer, because I give the
00:18:35.560 wrong answer as well.
00:18:36.400 And then you're going to say, what?
00:18:37.780 That's what Lincoln did?
00:18:38.820 That's what he did.
00:18:39.800 If you've never seen that video, click here to watch it.
00:18:42.020 Take care, everybody.
00:18:42.740 Bye-bye, bye-bye.