0:00 I like that she has a black and an Indian accent she she came out with a Hispanic one recently did you see her the new Hispanic one's pretty tight did you see that one she's like hey Master she go I love you guys I love you guys too no I made it [Laughter] [Music] worse our boy Mr Elon mus says that Warren Buffett is positioning for a KLA Harris win with his $277 billion cash pile wow as Pro Trumper John Paulson warns of an equity Market exit the ████ does that mean so what did you just say basically what what this goes down to is that is everybody familiar with the tax policy that Comm yeah the 25% unrealized unrealized gains tax and also Capital uh
0:51 capital gains tax in general just being increased yes my dream come true but I I heard it it's it's only for people with over 100 Mil so here's here's the misconception and feel free to correct me with whatever you might be familiar familiar with but the the problem is everybody's like oh well that's only applicable to people that have a net worth of over $100 million so it doesn't apply to me that's indirectly false because let's say you're even just a regular investor and you have like Roth IRAs or you invest in the stock market if somebody like burkot hathway and Warren Buffett suddenly has to get taxed on unrealized gains number one he's going to have to liquidate a fck ton of his Holdings in order to pay his unrealized gains taxes and whatever he sells off to pay that off he has to pay capital gains tax on you get affected cuz he's getting affected kind of so like no matter what markets are going to get exited like crazy everything the entire stock market is going to going to
1:41 crash yeah and and it's going to everyone's going to feel it everybody's positions wow from 401ks to retirements and I just don't understand how you can even figure out how to tax unrealized game like so for example right what portion of the year are they to do it at the end of December on December 31st they're going to look at take a snapshot and say this is what it is it's going to be the hardest thing cuz everybody will have to do it if cuz what if you had a pump during like July you know and then it everything dips by December 31st so now everybody needs to audit yeah like what's the what's the fiscal cycle I haven't read the plan like whatever it is so maybe they specify but it just sounds crazy like how do you tax a unrealized gain that just makes no sense you're you're
2:31 taxing speculation you're you're you're taxing like a yeah like something that hasn't been cashed but that's the point though most people are brushing it off because it's only for people at a certain wealth bracket so you think it's not going to but it can hurt yeah in the macro sense it could hurt everything it's potential to bankrupt a lot of different people companies and stuff like that because of like how how do you pay that off and then again to to liquidate in order to pay that off sell shares means that you have have to pay taxes on the shares that you sell just sold yeah B Dream Come True I ████ love it it's so sick why did you vote for that yeah well you know she's I love it when she can go between the Indian and then the black accent like it's my favorite she picks and choose what she wants it's so cool stupid can we ask you
3:21 how you feel about the feel about or understand the tax policy and how that might affect I I haven't read enough of about it to kind of understand how it will affect me I think I've also been looking at it though as like how it affects me personally and not necessarily what the trickle down effect would actually how that part would affect me that's fair um so I feel like I need to kind of understand more of it of like to really see like what what happens to me not you know what I mean versus like but I think what you're saying is real interesting cuz it starts to make total sense but then yeah from a a systematic kind of way like where does it actually start and stop and then the speculation it seems like it just like opens Pandora's Box to
4:13 like I don't know are they going to take the highest you made and what about the other side of like what if you dip a lot do you get to write that off too no you don't that's that was specifically I think so there's like no unreal unrealized losses that's that's kind of weird to me that weird yeah and to me I'm like what's then what's the point like what what are they trying to do the whole the whole well again I think if you're extremely critical of the tax policy then you're going to say that there's communist sentiment the the whole concept of ultra taxing the wealthy in order to create a much more Equity based economy and Community right or Society so uh which of course like disclaimer anything of the the idealisms of communis M are great idealisms technically but like if they don't work
5:04 in a capitalist Society or if they don't work well or they're not well thought out or like everybody's got questions like how are you going to make sure everyone self- audits in a way that doesn't like completely lead to a selloff that is disastrous for our economy it's like if if we don't have answers to those questions cuz there's no practicality then what the ████ going to happen that's true yeah and this is kind of like unprecedented right there hasn't really been policy like this in the past before I haven't read it so I I don't know specifics but um my whole thing is like a lot of These Guys these politicians they own stocks they have a ████ ton like this is going to affect them too yeah so is it one of those things where you have a headline that's kind of provocative or like this is what it's called It's called The whatever right and then so people get on board like yeah let's tax the rich that
5:55 sounds great but then when you look at it it's completely off you know like it's it's it's not what it's intended to do so cuz it could morph into something else too right yeah it could be something completely like not what we think it is or we follow the money and as the poll start like rolling in if moves start being made at like huge levels then you starting to understand that what's actually going to happen I mean this comes off the heels of hedge fund manager John Paulson founder of New York based investment firm pulson and Co he said in a media appearance that he would pull his money off the market in the eventuality of a Harris so is that what but Warren Buffett so I know he recently cashed out so so he's saying that it's it's because of the Harris win he's Cashing Out Paulson speculation on why Warren Buffett Warren Buffett's doing that is to make sure that there's a cash pile ready in the
6:46 eventuality or in the case that KLA wins I thought it was because he was getting ready for the uh major recession so that's what I thought too thought he was trying to be ready to yeah there was a major there was a big announcement that he cashed out he literally said if Harris was elected if Harris was elected I would pull my money from the market I'd go into cash I'd go into gold because I think the uncertainty regarding the plans they outlined would create a lot of uncertainty in the markets and likely lower markets don't you get unrealized gains in gold too if you bought gold it's way more consistent over the last like few decades gold as a rate has been fairly consistent you still got to pay the unrealized gains of the consistency you have to pay unrealized gains for I don't know if they'll see it as the same this that what unrealized gains is like across the board right real estate
7:37 crypto stocks I don't know what in this policy like what they like if it's stocks or like if it's real estate or like I don't know what they're specifying so like let's say you get unrealized gains on your home because of the equity you know like do they get 25% of that cuz how are people going to pay that if they have the liquid they're going to have to sell their home so they could pay the taxes and you got to pay the capital gains on selling the home yeah that's exactly but then we don't know if homes are in that bracket it might I think homes are in that bracket really cuz cuz the same thing if you're going to sell off your home then you're going to be paying a capital gains tax anything with a capital gains tax means that there's an unrealized gain as well but that's still a guy that's has a net worth of over 100 Mil if he sells his home not if you sell
8:27 your home right unless you're that guy I wish I'm not that guy pal I like acting offended by this to like make it look like I'm rich oh man this is going to really put me in a jail Jesus Christ man you're really ████ me over here I don't know like literally again I I'm not that guy either but the idea that same thing vice president has proposed a 25% tax on unrealized gains for people having a net worth of $100 million or more so Paulson says if implemented it would cause Mass selling of almost everything stocks bonds homes and art I think it would result in a crash in the markets and an immediate pretty quick recession you know I wonder what that audit is even going to look like cuz it's like how do you enforce and evaluate what your gains were I
9:18 think anybody who's at that level of like billionaire status is smarter at keeping their money than the government is at taking it and I think every time the government adjusts they just get greedier and they keep more of it and you suffer Yeah by their move that's the whole point right hedge fund manager means they're managing everybody else's money yeah I just don't believe that they go ah you changed the law here you go like no way no ████ way dude somebody loses well everyone in business knows like these laws right it's like to try and go after billionaires but what the IRS actually does is they go after guys like us that can't afford a lawyer so these laws are made to go after Amazon and then they pitch it to the general public and say this is to stick it to the men the ████ big corporations right but they have all the money in the
10:10 world to Offshore everything hide their ████ they'll ████ take the hit pay a little bit of taxes here but guys in our range they'll use the same laws and IRS will go these guys are they're mostly going to cough up the money I just don't think and they're not going to fight it so let's go after these guys and that's the racket yeah I just don't think any law has ever passed or even administered unless someone lobbied for it so I think like this happening is in someone else's plan to gain money from it I don't think it literally is like oh the government's going to get rich off these rich guys no I think the rich guys at the top want this to happen because they have a contingency where they benefit in a way that like looks like a loss that's my stupid conspiracy at least cuz like well none of those they all got like an Irish company like they're not I don't think it affects
11:01 yeah but I think it's meant to look like it's supposed to which is what rallies the support of like yeah let's get them and then those guys are like yeah get us you know it's like a big uh it's like theater you know but I think what it sets of Precedence for okay you do it to those guys and then you can move the needle to now guys with 10 mil now guys with 1 mil now guys with 100K and it just keeps them it you you a precent 1K too yep oh ████ hey by the way you talked about us this guy's 10 mil celebrity netor hey I paid 1K to get that I don't yeah I don't think any of that stuff is good cuz it's just I think it's for the voters mainly that's just what I think I I like that she has a
11:52 black and an Indian accent she came out with a Hispanic one recently did you see her the new Hispanic one's pretty tight did you see that one she's like hey ████ she go I love you guys I love you guys too no I made it worse
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