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

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.

Valuetainment - December 11, 2023

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

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