Before they get into this I Want my opinion very well understood. Taxing unrealized gains is one of the dumbest things any politician has ever, ever ever suggesting after income taxes and making sure that people are paying appropriate income taxes is one thing but this tax that was proposed on billionaires. And by the way, it's for anybody who has 100 million or more. Nobody wants to look like they're defending the very wealthiest of the wealthy.

But what you're talking about is a very different tax going after gains or unrealized gains on investments on stocks and other things. I mean that that is a that is a horse of a whole different color and it it would make a difference to people who are just average people who have money like that. If eventually it's changed, let's just have different taxation. This is not an income.

Let me respond to that. You gotta, that's not one percent. You know that and that sophistry. You know it is because you know that the top one.

It's the top 1 100th of the top one percent. Let me respond, you guys are talking two different things. You're talking about. the billionaire.

It doesn't pay less than what you said. It's not true. The top one. Sorry.

Wait a second. I Think you're conflating a number of issues. So so the uh, the billionaires tax only effect X People above 100 million And that's just made that statement. and that's the person that's the top 1 100th of the top one percent.

But look I Want to start Becky I Want to start Where you started. Yeah, the idea of funding the IRS so they can go after the wealthiest tax evaders just makes tremendous sense to us. Yeah, so you have no problem with that I don't have a problem with that I Don't have a problem. Hold on.

Hold on. Let me let me make this problem with. um, we'll get into next. We'll definitely get into that.

You think that you have no problem with that. One of the first bills the House Republicans passed when they got into office was repealing precisely that funding for the IRS. Now that adds 114 billion to the deficit according to the nonpartisan Congressional Budget Office. Why to allow wealthy tax evaders to cheat on their taxes? That's not okay with this.

President I'm glad that's not okay with you. Now let's talk about the billionaires tax. This is a tax. You called it a wealth tax on unrealized gains.

In fact, what it what it really is, or at least the way we see it, is a prepayment or a withholding tax on future Capital That's right In that sense. you might make down the road if the stock market doesn't turn around if you don't see a bubble burst. If you don't say anything that happens, that's my problem with it. It's not an income tax.

It's a a tax on gains that you may have at some point or you may not. That's that's right. If you achieve those gains, then you've paid, Then you. you make good on that prepayment.

If you don't, you don't have to. So uh, the the rules of the tax Uh, actually protect people with capital losses. But what they finally do is they get us to. And by the way, it is a minimum tax.

If you're if you earn over a hundred billion I'm sorry, over a hundred million dollars and you're not paying 20 on your taxes, this minimum taxes on your taxes. It's 20 on your on your wealth, on your assistance and wealth. It's not on Monday You've actually turned around if you don't sell your stock because or your investment because this is just something that's gone up and down with the markets and you I think we probably have. Look, I Think we probably have to agree to disagree that anyone who's making a hundred million or more and isn't paying 20 of their taxes ought to do so.

Now let's go. That's not what she said. That's not what they're saying at all. that is so stupid.

This guy's such a piece. That's not what she's saying. Could we all logically sit here and say hey, we should You know, fix some of these loopholes that the world's wealthy and Elite find because they have the legal teams to find him? Yeah, we should probably fix that. Obviously that's not what anyone's arguing.

We're saying you should not tax unrealized gains. Why? Because they're unrealize if anyone is watching this. If you guys are watching this and you think, yeah, no, no, no, we should be taxing unrealized gains, you need to get your head examined. No legitimate Economist in the entire world would ever support such a moronic, stupid idea taxing unrealized gains.

And I like how this dip loves to spin it. He loves to spend it. He's like, well, hang on if you're making over 100 million I Think you should pay at least 20. No one's arguing that point.

She's trying to keep the discussion centered around taxing unrealized gains as in not income. This is so stupid. This is. this guy's a dip.

Look I Think we probably have to agree to disagree that anyone who's making a hundred million or more and isn't paying 20 of their taxes ought to do so. Now she's saying pay taxes. She's just saying, don't tax unrealized gains, You spin it and you just sound like a dip 20 of your income tax. Yes.

So with the top one percent, pay 40 of all taxes, top five percent, sixty percent, top ten percent, pay 71 of all federal taxes. This is a progressive system Jared You shouldn't try to. It is a progressive system that they pay less than teachers. It's not true people in the world.

It is when the one percent pay a lot of taxes. A lot. So look I mean you guys irate. There's two of you there.

There's one of me here. Let me at least have equal time. Okay, look, yes, this is a progress. The Federal tax system is Progressive and that's a good thing.

But I Agree. There are way too many people of High incomes starting at 400k and going all the way up who pay as you heard the President say last night, as little as zero on their taxes. Now those who are paying 30 40, we have no problem with them. We don't go after them at all.

But if you're a wealthy uh, individual, or a corporate nation and you're paying a tax rate less than 15 percent on your corporate income or less than twenty percent on your uh on your income including as I talked to uh as as Becky and I were just discussing capital gains, Well, then we're going to change that. And that's injecting fairness into the tax code. It's disallowing. Uh, he's saying something completely against to evade the code.

And it helps to achieve the kind of fiscal responsibility that this President wants to build on in his his first term. Now look this. This is insane. I Like I Truly feel like this guy's trying to Gaslight Everyone they've even said it.

they're like fine. Tax them. If you have income, fairly tax the income. Let's clean up the loopholes.

Both of them even said that they're supportive of a progressive tax system. For those of you who don't know what that means, it means. the more money you make, you actually pay a higher percentage. They were supportive of that.

Their simple Point Becky and Joe's simple point is, you cannot tax on realize gains. That's so dumb. This guy is a dip. Who is he? Jared Bernstein.