RUSH TRANSCRIPT Gains tax ░░░░░░░░ s money I want ░░░░░░░░ bring in CNN economics ░░░░░░░░ political commentator Catherine Rampell ░░░░░░░░ shark tank judge Kevin ░░░░░░░░ leary the chairman of ░░░░░░░░ leary ventures Good to ░░░░░░░░ you both today I ░░░░░░░░ good In little bit ░░░░░░░░ a laugh Some memes ░░░░░░░░ me know the internet ░░░░░░░░ unbeatable Kevin let me ░░░░░░░░ with you for a ░░░░░░░░ because this capital gains ░░░░░░░░ what you may pay ░░░░░░░░ course on investments we ░░░░░░░░ you sell them for ░░░░░░░░ profit it Harris is ░░░░░░░░ pairing back from what ░░░░░░░░ proposed a 39 6 ░░░░░░░░ to 28 what are ░░░░░░░░ thoughts on this pullback ░░░░░░░░ too high because capital ░░░░░░░░ tax are not just ░░░░░░░░ mistake there internationally competitive ░░░░░░░░ you have to look ░░░░░░░░ where you stand in ░░░░░░░░ of attracting capital fall ░░░░░░░░ the world you want ░░░░░░░░ be kind of in ░░░░░░░░ middle where we are ░░░░░░░░ that proposal would bring ░░░░░░░░ to the bottom fourth ░░░░░░░░ we re child and ░░░░░░░░ time we did that ░░░░░░░░ companies moved to Ireland ░░░░░░░░ the pharma companies And ░░░░░░░░ it makes companies can ░░░░░░░░ to get to where ░░░░░░░░ s more competitive Not ░░░░░░░░ good proposal but I ░░░░░░░░ not sure any of ░░░░░░░░ stuff is getting through ░░░░░░░░ mean these are both ░░░░░░░░ cvs just throwing stuff ░░░░░░░░ the wall I get ░░░░░░░░ But this kind of ░░░░░░░░ it would really probably ░░░░░░░░ capital coming into America ░░░░░░░░ do wonder just the ░░░░░░░░ speaking when it really ░░░░░░░░ you to consider moving ░░░░░░░░ businesses if that was ░░░░░░░░ level and your investments ░░░░░░░░ of the country And ░░░░░░░░ couldn t really do ░░░░░░░░ at this point Yeah ░░░░░░░░ would do that I ░░░░░░░░ remember capital gains is ░░░░░░░░ but how you make ░░░░░░░░ And so it s ░░░░░░░░ long term thing You ░░░░░░░░ set up your headquarters ░░░░░░░░ on earth It s ░░░░░░░░ about the people you ░░░░░░░░ move your headquarters to ░░░░░░░░ which is where all ░░░░░░░░ American companies moved last ░░░░░░░░ we had 28 capital ░░░░░░░░ and you still make ░░░░░░░░ lot more money and ░░░░░░░░ keep your employees in ░░░░░░░░ but your headquarters or ░░░░░░░░ reported income it s ░░░░░░░░ bad idea that look ░░░░░░░░ don t blame her ░░░░░░░░ doing it she s ░░░░░░░░ answering any questions on ░░░░░░░░ stuff She s just ░░░░░░░░ it out there It ░░░░░░░░ great Will never happen ░░░░░░░░ me bring you into ░░░░░░░░ because there s this ░░░░░░░░ one of whether unrealized ░░░░░░░░ should even be taxed ░░░░░░░░ not That s the ░░░░░░░░ in value of an ░░░░░░░░ you haven t even ░░░░░░░░ yet A Harris campaign ░░░░░░░░ congressman Ro Khanna is ░░░░░░░░ Harris against actually pursuing ░░░░░░░░ particular policy listen I ░░░░░░░░ why but this is ░░░░░░░░ the right way to ░░░░░░░░ it And ulta 90 ░░░░░░░░ of investments in startups ░░░░░░░░ And so you re ░░░░░░░░ to disincentivize investments in ░░░░░░░░ startups is the proposal ░░░░░░░░ reasonable there are two ░░░░░░░░ that we re talking ░░░░░░░░ here right One that ░░░░░░░░ were just asking Kevin ░░░░░░░░ has to do with ░░░░░░░░ tax rate is paid ░░░░░░░░ capital gains presumably when ░░░░░░░░ s a realization event ░░░░░░░░ Like I buy a ░░░░░░░░ I sell the stock ░░░░░░░░ much did it go ░░░░░░░░ I ve realized those ░░░░░░░░ or the other question ░░░░░░░░ do you do about ░░░░░░░░ that essentially go on ░░░░░░░░ forever because there s ░░░░░░░░ a realization event If ░░░░░░░░ re really rich person ░░░░░░░░ can leave your assets ░░░░░░░░ your errors and whatever ░░░░░░░░ you saw over the ░░░░░░░░ of your lifetime will ░░░░░░░░ wiped doubt and everything ░░░░░░░░ reset when that stuff ░░░░░░░░ inherited it s something ░░░░░░░░ the step up basis ░░░░░░░░ as a result you ░░░░░░░░ end up with a ░░░░░░░░ of appreciated ask whether ░░░░░░░░ s a stock portfolio ░░░░░░░░ an art collection or ░░░░░░░░ else where the games ░░░░░░░░ get task I do ░░░░░░░░ that s a problem ░░░░░░░░ specific proposal that we ░░░░░░░░ referring to about taxing ░░░░░░░░ unrealized gains today is ░░░░░░░░ something that the Biden ░░░░░░░░ has come up with ░░░░░░░░ s not new to ░░░░░░░░ Harris as a presidential ░░░░░░░░ per say And I ░░░░░░░░ it would probably be ░░░░░░░░ and it s unworkable ░░░░░░░░ idea that you like ░░░░░░░░ the games as they ░░░░░░░░ as they are being ░░░░░░░░ even if the stuff ░░░░░░░░ gets sold or the ░░░░░░░░ who owns them never ░░░░░░░░ and passes them onto ░░░░░░░░ heirs I think there ░░░░░░░░ better ways to get ░░░░░░░░ this sort of unfairness ░░░░░░░░ the system like get ░░░░░░░░ of the step up ░░░░░░░░ like when somebody dies ░░░░░░░░ that as a realization ░░░░░░░░ It s all technical ░░░░░░░░ I do think it ░░░░░░░░ unfair that there are ░░░░░░░░ lot of rich people ░░░░░░░░ there who can kind ░░░░░░░░ legally game the tax ░░░░░░░░ and ever see taxes ░░░░░░░░ all of the money ░░░░░░░░ ve made over the ░░░░░░░░ I mean imagine that ░░░░░░░░ ultra wealthy getting a ░░░░░░░░ in and gaming a ░░░░░░░░ Kevin let me ask ░░░░░░░░ this I mean you ░░░░░░░░ entrepreneurs jumpstart They re ░░░░░░░░ business There s also ░░░░░░░░ proposal about a 50 ░░░░░░░░ tax deduction for for ░░░░░░░░ How does that sound ░░░░░░░░ you Do you think ░░░░░░░░ is viable and a ░░░░░░░░ in the right direction ░░░░░░░░ I m very happy ░░░░░░░░ she talked about small ░░░░░░░░ because you got to ░░░░░░░░ her administration for the ░░░░░░░░ 3 5 years brought ░░░░░░░░ where trillions of dollars ░░░░░░░░ spent Inflation Reduction Act ░░░░░░░░ and science infrastructure Not ░░░░░░░░ single dime for small ░░░░░░░░ two and a half ░░░░░░░░ dollars zero And she ░░░░░░░░ it was 50 of ░░░░░░░░ created It s actually ░░░░░░░░ And I m glad ░░░░░░░░ woke up this morning ░░░░░░░░ discovered small business But ░░░░░░░░ 000 the dollar is ░░░░░░░░ nothing burger for small ░░░░░░░░ because the majority of ░░░░░░░░ today our state based ░░░░░░░░ costs So California for ░░░░░░░░ the reason you don ░░░░░░░░ get new startups in ░░░░░░░░ minimum wage and all ░░░░░░░░ regulatory environment had chasing ░░░░░░░░ out of there All ░░░░░░░░ the smaller businesses are ░░░░░░░░ bankrupt because they can ░░░░░░░░ it So she can ░░░░░░░░ off 24 million jobs ░░░░░░░░ s not a federal ░░░░░░░░ it s a state ░░░░░░░░ small business is based ░░░░░░░░ geography I applauded for ░░░░░░░░ about it Where was ░░░░░░░░ for the last three ░░░░░░░░ a half years on ░░░░░░░░ 6 trillion of spending ░░░░░░░░ read all those acts ░░░░░░░░ not a dime for ░░░░░░░░ business thank you for ░░░░░░░░ about us today I ░░░░░░░░ small business so I ░░░░░░░░ those acts you are ░░░░░░░░ business Kevin o leary ░░░░░░░░ never thought you d ░░░░░░░░ to it Catherine Rampell ░░░░░░░░ well Nice to talk ░░░░░░░░ both. 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