TODAY IS TAXABLE DAY AND THE GOP HAS ALREADY PASSED THE HOUSE
BECAUSE IT TURNS OUT ABOUT AN
HOUR AND HALF AGO THEY DECIDED THEY WERE SEVERAL PROBLEMS
WITH THE BILL.
ITS NAME WAS INACCURATE AS BERNIE SANDERS POINTED OUT,
THEY'RE GOING TO HAVE TO CHANGE IT.
THERE'S ALSO ISSUES WITH COMPONENTS OF THE BILL THAT
DON'T HAVE ANYTHING TO DO WITH THE BUDGET RECONCILIATION
PROCESS THEY ARE USING TO MOVE THIS THROUGH WITH ONLY 51
VOTES RATHER THAN 60.
THERE ARE A COUPLE OF SMALL TECHNICAL CHANGES.
THE BILL WOULD BE REVOTE ON TOMORROW, BUT IT IS EXPECTED
TO PASS.
TONIGHT WE HAVE THE SENATE
VOTING ON IT THAT IS WHAT PEOPLE'S
HOPES TO STOP THE BILL REMAIN.
THE ENTIRE THING IS STILL
SHROUDED IN ALL THIS CONTROVERSY, ESPECIALLY THE
CORKER AMENDMENT FACT THAT MANY INDIVIDUALS LIKE CORKER AND OF
COURSE PRES.
TRUMP ARE GOING TO MAKE A TON OF MONEY BECAUSE THIS
NEW ADDITION OF THE BILL SPECIFICALLY AIDS PEOPLE WHO
HAVE LARGE REAL ESTATE HOLDINGS BUT VERY FEW EMPLOYEES WHICH IS
SUPPOSED TO BE THE EXACT OPPOSITE OF HOW TAX INCENTIVES
WORK, IT IS SUPPOSED TO BENEFIT ECONOMIC ACTIVITY.
>> CAN I JUST SAY HOW PROUD I AM OF DAVID SIROTA WHO IS A TYT
CONTRIBUTOR.
HE WROTE IT FOR THE IB TIMES AND THEN TALKED ABOUT IT ON THE
YOUNG TURKS.
HE BROKE THAT STORY.
AND NOW EVERYONE IS CALLING OUT REPUBLICANS FOR WHAT IS A CLEAR
GIVEAWAY TO NOT ONLY CORKER BUT TO TRUMP, CORKER.
IN THE OLD DAYS WITH JUST TV THEY WOULD'VE EASILY GOTTEN
AWAY WITH IT BUT WITH THE INTERNET AND WITH ALL THESE
GREAT REPORTERS OUT THERE THEY WERE CAUGHT RED-HANDED.
>>WE WILL HAVE A SIMILAR ONE THE FACT THAT ONE OF THE THINGS IN
THIS BILL IT THAT REMAINS IS THE
CARRIED INTEREST TAX LOOPHOLE WHICH THEY HAVE BEEN TALKING
ABOUT FOR SO LONG.
I THINK WE TALKED ABOUT ON THE SHOW BEFORE.
THE BASIC IDEA IS THAT IF YOU ARE MANAGING INVESTMENT MONEY
YOU GET A CERTAIN FEE BASED ON THE SIZE OF THE FUND AND YOU
ALSO GET A PERCENTAGE OF THE PROFITS THAT ARE EARNED ON THAT
FUND.
THE WAY THE LAW IS RIGHT NOW YOU'RE TAXED AT A HIGHER
PERCENTAGE ON THE FIRST PART THAN THE SECOND PART AND THE
REASON HISTORICALLY THAT THE CARRIED INTEREST IS TAXED AT A
LOWER RATE IS BECAUSE IT SHOULD ENCOURAGE PEOPLE TO BE WILLING
TO INVEST MORE OF THEIR OWN MONEY.
BUT THE PEOPLE MANAGING THE FUNDS, IT IS NOT THEIR MONEY,
THERE IS NO RISK TO THE CAPITAL
WHATSOEVER SO IT MAKES NO SENSE.
THAT IS WHY IT IS ONE OF THE ICONIC TAX LOOPHOLES THEY BEEN
TALKING ABOUT CLOSING FOR A LONG TIME.
ALTHOUGH WE HAVE OTHER ELEMENTS OF THIS BILL WE WANT TO TALK
ABOUT I WANT TO SHOW YOU VIDEO WITH REPRESENTATIVE BRADY, A
REPUBLICAN, WHO WILL ATTEMPT TO DO SOME MENTAL JUJITSU TO GET
YOU TO MOVE ON FROM THE FACT THAT THIS UNNECESSARY TAX
LOOPHOLE REMAINS.
>> WE CAN TALK ABOUT THAT FOR THE NEXT HOUR IF YOU WOULD LIKE,
BUT FOR MOST AMERICANS THEY CAN CARE LESS ABOUT THAT, THEY CARE
ABOUT THEIR PAYCHECKS AND GETTING THE ECONOMY GOING AND
FRANKLY I HAVE A COLLEGE SON AS WELL, ABOUT MAKING SURE THEY
HAVE A GOOD PAYING JOB WHEN THEY ARE DONE WITH SCHOOL.
>>WE CAN HOLD PUT BOTH OF THESE THOUGHTS IN HER HEAD THE SAME
TIME.
WHAT ABOUT CARRIED INTEREST HERE BECAUSE AS YOU KNOW THIS GOES TO
VERY WEALTHY PEOPLE HERE IN NEW YORK AND MAKE A LOT OF MONEY.
WHY IS IT STILL IN THE BILL?
>> THREE-YEAR HOLDING PERIOD TO MAKE SURE THOSE FUNDS ARE NOT
USING AND FLIPPING ñ MAKING SURE YOU HAVE CAPITAL AT RISK, THAT
YOU HOLD IT FOR A LONG PERIOD OF TIME AND THEN HE WORKED TO GROW
IT, ALL THAT IS A REASON BEHIND
IT BUT AGAIN PERFECT EXAMPLE I THINK OF WHY WASHINGTON AND
NEW YORK GET CAUGHT UP IN ALL THESE ANCILLARY ISSUES AND
FORGET THE BIG PICTURE HERE.
>> SOME NOTHING IN WHAT SLEEPY LEX LUTHER EXPLAINS IT.
IT IS STILL NOT YOUR MONEY.
>> LET ME GO INTO MORE DETAIL.
I KIND OF LIKE HIS ANSWER BECAUSE HE'S BASICALLY SAYING
LOOK REGULAR PEOPLE DON'T KNOW ABOUT THIS SO HUSH UP.
HE SAYING BASICALLY WHAT DOES A GIVEAWAY TO OUR DONORS AND WE
DON'T THINK THE AVERAGE AMERICAN
UNDERSTANDS IT SO WE ARE JUST GOING TO SNEAK IT IN.
YOU CAN'T DEFEND IT ALL YOU CAN SAY AS REGULAR AMERICANS DON'T
KNOW ABOUT IT SO PLEASE BE QUIET AND THAT IS WHY THEY DON'T
CARE ABOUT IT.
I'M JUST GOING TO FILL IN WHAT JOHN SAID A LITTLE BIT MORE.
IF I GIVE MY MONEY FOR A HEDGE FUND TO INVEST AND THEY MAKE ME
20 BUCKS TO THEIR INVESTORS,
NICE JOB.
THE GOVERNMENT WANTS TO INCENTIVIZE FOR ME TO INVEST
THEY WILL LET ME PAY A LOWER TAX ON THE $20.
THE REALITY IS RICH PEOPLE DON'T NEED AN INCENTIVE TO INVEST,
YOU MAKE MONEY BY INVESTING.
WARREN BUFFETT HAS SAID THIS SO MANY TIMES, IT IS PREPOSTEROUS
TO CLAIM THAT IF YOU DON'T GIVE TAX INCENTIVES WHICH PEOPLE
WILL JUST SIT ON THEIR MONEY AND DO NOTHING.
THAT IS NOT HOW IT WORKS.
THIS IS AN EXTRA LAYER OF OBSERVANT SURGERY.
THE HEDGE FUND WHO DID NOT RISK ANY MONEY, THEY MADE 20% OF THE
PROFIT BECAUSE THAT IS THEIR JOB TO INVEST.
AND HOW I AM GOING TO GET COMPENSATED IS TAKING 20% OF
WHAT I MADE.
IT INCENTIVIZES THEM, BUT THAT IS THEIR JOB.
IT IS IN ESSENCE A SALARY FOR THEM, A WAGE FOR THEM.
THEY ARE NOT RISKING ANY OF THEIR OWN MONEY AS AN
INVESTMENT.
IT DOES NOT SPUR ANY INVESTMENT, ALL IT DOES IS HAVE A TAX BREAK
FOR HEDGE FUND GUYS AND SOME OF THEM DO A GREAT JOB, SOME A BAD
JOB BUT THEY GET COMPENSATED RICHLY FOR IT.
THEY DON'T NEED AN EXTRA TAX BREAK AND ONE THAT HAS NOTHING
TO DO WITH THE STATED PURPOSE OF CREATING MORE INVESTMENTS.
THAT IS WHY KEVIN BRADY CANNOT DEFEND IT.
THE HEDGE FUND ONE, REMEMBER TRUMP PROMISED VERY CLEARLY ON
THE CAMPAIGN TRAIL BUT HE WOULD TAKE THIS AWAY.
HE WAS LYING AND NOW THEY ARE NOT TAKING IT AWAY AND IT IS
STRICTLY FOR THE BENEFIT OF THEIR DONORS.
>>I ONLY MENTION THIS BECAUSE IN THE END OF THE LAST HOUR YOU
PLAYED A PREDICTION.
I WILL MAKE A PREDICTION.
AFTER A DEBATE WHEN HE SAID HE WOULD GET RID OF THAT AND HE WAS
GETTING ALL THIS CREDIT AS BEING DIFFERENT AS OTHER REPUBLICANS
ON TAXES I SAID IT WOULD NOT
HAPPEN, BUT I DON'T WANT TO GO
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