RUSH TRANSCRIPT Very good ░░░░░░░░ that went on to ░░░░░░░░ think the good stuff ░░░░░░░░ get turned back on ░░░░░░░░ there s a lot ░░░░░░░░ needs to be turned ░░░░░░░░ first Just related thing ░░░░░░░░ you think just in ░░░░░░░░ whole process that there ░░░░░░░░ that there should be ░░░░░░░░ lot more sensitivity but ░░░░░░░░ be more careful We ░░░░░░░░ talking earlier about this ░░░░░░░░ that that Elon had ░░░░░░░░ out about the you ░░░░░░░░ the 50 million of ░░░░░░░░ that was originally sent ░░░░░░░░ There s a Gaza ░░░░░░░░ another part of Africa ░░░░░░░░ Reason I the reason ░░░░░░░░ mention this though is ░░░░░░░░ know I remember when ░░░░░░░░ tweet went out it ░░░░░░░░ out everywhere I remember ░░░░░░░░ about it Everyone was ░░░░░░░░ about it talking about ░░░░░░░░ saying this is crazy ░░░░░░░░ were people talking about ░░░░░░░░ this an effort to ░░░░░░░░ population growth in among ░░░░░░░░ I mean right it ░░░░░░░░ into this sort of ░░░░░░░░ conversation And then we ░░░░░░░░ after the fact that ░░░░░░░░ s not accurate And ░░░░░░░░ course most people are ░░░░░░░░ going to realize it ░░░░░░░░ t accurate I mean ░░░░░░░░ they will now because ░░░░░░░░ re talking about it ░░░░░░░░ it was in the ░░░░░░░░ Office The question Health ░░░░░░░░ going to Gaza That ░░░░░░░░ ridiculous This is obviously ░░░░░░░░ Suggesting that that that ░░░░░░░░ m not suggesting the ░░░░░░░░ question about whether we ░░░░░░░░ be spending 50 million ░░░░░░░░ condoms in in mozambique ░░░░░░░░ in in Gaza Gaza ░░░░░░░░ the right thing That ░░░░░░░░ not Why worry about ░░░░░░░░ the edges that that ░░░░░░░░ not the worry Yeah ░░░░░░░░ thing I think of ░░░░░░░░ is ridiculous Shouldn t ░░░░░░░░ happening And there will ░░░░░░░░ some mistakes as Elon ░░░░░░░░ yesterday But that s ░░░░░░░░ what I focus on ░░░░░░░░ just Out with the ░░░░░░░░ That s what you ░░░░░░░░ away with that it ░░░░░░░░ It was Question about ░░░░░░░░ careful either Elon or ░░░░░░░░ need to be given ░░░░░░░░ Stuff 0 years Right ░░░░░░░░ ve been we ve ░░░░░░░░ you have a bunch ░░░░░░░░ white flag Republicans You ░░░░░░░░ a bunch of people ░░░░░░░░ the left making money ░░░░░░░░ of people right Making ░░░░░░░░ off of it to ░░░░░░░░ wants to be careful ░░░░░░░░ keep it going that ░░░░░░░░ re not going to ░░░░░░░░ perfect answers in life ░░░░░░░░ think this is by ░░░░░░░░ the best thing for ░░░░░░░░ civilization is to very ░░░░░░░░ confront this And this ░░░░░░░░ more I guess of ░░░░░░░░ tech world way than ░░░░░░░░ D C way You ░░░░░░░░ probably right that there ░░░░░░░░ going to be some ░░░░░░░░ need to be turned ░░░░░░░░ on There s going ░░░░░░░░ be some things that ░░░░░░░░ mislabeled that no one ░░░░░░░░ what they were But ░░░░░░░░ s a mess And ░░░░░░░░ so it s a ░░░░░░░░ And it s such ░░░░░░░░ mess that I think ░░░░░░░░ bold is the right ░░░░░░░░ I I get it ░░░░░░░░ going to have a ░░░░░░░░ mistakes but I d ░░░░░░░░ have those few mistakes ░░░░░░░░ fix it This this ░░░░░░░░ be very deliberate because ░░░░░░░░ of the Washington grinding ░░░░░░░░ is don t worry ░░░░░░░░ will survive this too ░░░░░░░░ know we ll we ░░░░░░░░ live through this because ░░░░░░░░ Washington grinding machine always ░░░░░░░░ Gets done I think ░░░░░░░░ my guess is that ░░░░░░░░ was a pretty deliberate ░░░░░░░░ or a pretty deliberate ░░░░░░░░ to do it this ░░░░░░░░ just to make sure ░░░░░░░░ you actually How we ░░░░░░░░ to mars so you ░░░░░░░░ it is State is ░░░░░░░░ going to win no ░░░░░░░░ how Don t you ░░░░░░░░ Joe I mean it ░░░░░░░░ I think they ve ░░░░░░░░ their match Don t ░░░░░░░░ you can possibly Joe ░░░░░░░░ too hard Still I ░░░░░░░░ want to talk about ░░░░░░░░ interest That s why ░░░░░░░░ originally had this debate ░░░░░░░░ most a lot of ░░░░░░░░ and you said it ░░░░░░░░ even in your business ░░░░░░░░ t like to come ░░░░░░░░ publicly in favor of ░░░░░░░░ interest or at least ░░░░░░░░ speak you know vociferously ░░░░░░░░ it You think it ░░░░░░░░ a very important tax ░░░░░░░░ for your industry So ░░░░░░░░ floor is yours Make ░░░░░░░░ case and we can ░░░░░░░░ about it President Trump ░░░░░░░░ winning every day right ░░░░░░░░ I m a huge ░░░░░░░░ Tax policy is a ░░░░░░░░ way to use like ░░░░░░░░ said to everyone off ░░░░░░░░ me But listen there ░░░░░░░░ a couple of things ░░░░░░░░ re thinking of changing ░░░░░░░░ biggest one is the ░░░░░░░░ and local tax deduction ░░░░░░░░ s 1 trillion question ░░░░░░░░ carried interest one is ░░░░░░░░ a 10 billion question ░░░░░░░░ 1 trillion question So ░░░░░░░░ s a very small ░░░░░░░░ of tax And what ░░░░░░░░ are saying is that ░░░░░░░░ s unfair that we ░░░░░░░░ long term capital gains ░░░░░░░░ Now I ll tell ░░░░░░░░ the reason America has ░░░░░░░░ term capital gains treatment ░░░░░░░░ general is not because ░░░░░░░░ a fairness issue It ░░░░░░░░ about fairness Let s ░░░░░░░░ more money to middle ░░░░░░░░ and working class I ░░░░░░░░ 100 aligned President Trump ░░░░░░░░ going to do that ░░░░░░░░ chips And et cetera ░░░░░░░░ reason we have long ░░░░░░░░ capital gains as a ░░░░░░░░ is it is it ░░░░░░░░ capital frees problems And ░░░░░░░░ when you are you ░░░░░░░░ I m going to ░░░░░░░░ fine no matter what ░░░░░░░░ when other people who ░░░░░░░░ managing money like in ░░░░░░░░ capital or in long ░░░░░░░░ private equity when they ░░░░░░░░ they have a win ░░░░░░░░ they ve been building ░░░░░░░░ company over multiple years ░░░░░░░░ they get the share ░░░░░░░░ a percentage of their ░░░░░░░░ So just like the ░░░░░░░░ just like the employees ░░░░░░░░ like the investors they ░░░░░░░░ those shares And if ░░░░░░░░ have a 23 rate ░░░░░░░░ s a much more ░░░░░░░░ they ll reallocate the ░░░░░░░░ than if you give ░░░░░░░░ 60 tax hike and ░░░░░░░░ a 37 rate which ░░░░░░░░ what some people are ░░░░░░░░ about And that s ░░░░░░░░ same reason we have ░░░░░░░░ term capital gains in ░░░░░░░░ You don t want ░░░░░░░░ do capital frees It ░░░░░░░░ be it d be ░░░░░░░░ to do a 60 ░░░░░░░░ gains effectively tax hike ░░░░░░░░ these people who own ░░░░░░░░ who are the innovators ░░░░░░░░ our economy right When ░░░░░░░░ jd is talking about ░░░░░░░░ is going to make ░░░░░░░░ more prosperous it s ░░░░░░░░ to be really good ░░░░░░░░ our country We want ░░░░░░░░ reallocate to new projects ░░░░░░░░ to I m going ░░░░░░░░ come on the other ░░░░░░░░ of this Capital gains ░░░░░░░░ built to incentivize as ░░░░░░░░ think it should more ░░░░░░░░ in America We are ░░░░░░░░ to get Americans to ░░░░░░░░ their own capital not ░░░░░░░░ people s capital but ░░░░░░░░ own capital And we ░░░░░░░░ a better tax treatment ░░░░░░░░ that Ordinary income is ░░░░░░░░ your labor Everybody s ░░░░░░░░ I believe is the ░░░░░░░░ I don t believe ░░░░░░░░ s a special form ░░░░░░░░ labor for one particular ░░░░░░░░ over somebody else which ░░░░░░░░ by the way what ░░░░░░░░ interest This particular moment ░░░░░░░░ As for incentives to ░░░░░░░░ assuming that you and ░░░░░░░░ in the private equity ░░░░░░░░ venture capital business actually ░░░░░░░░ committed to your own ░░░░░░░░ duty for your investors ░░░░░░░░ capital you re allocating ░░░░░░░░ shouldn t matter what ░░░░░░░░ tax rate is for ░░░░░░░░ personally because the argument ░░░░░░░░ be that you would ░░░░░░░░ making those investments buying ░░░░░░░░ selling assets based on ░░░░░░░░ fiduciary duty to those ░░░░░░░░ you represent Missing You ░░░░░░░░ missing something there Andrew ░░░░░░░░ we when we have ░░░░░░░░ big win what happens ░░░░░░░░ you distribute the shares ░░░░░░░░ almost always in the ░░░░░░░░ wins And so you ░░░░░░░░ up with shares actually ░░░░░░░░ it s not even ░░░░░░░░ what you re both ░░░░░░░░ new tax the tax ░░░░░░░░ don t get taxing ░░░░░░░░ the shares right away ░░░░░░░░ end up with those ░░░░░░░░ Now the question is ░░░░░░░░ you sell those shares ░░░░░░░░ you going to get ░░░░░░░░ 23 or the 37 ░░░░░░░░ reason it s 23 ░░░░░░░░ because you might own ░░░░░░░░ shares another five years ░░░░░░░░ then you pay it ░░░░░░░░ you sell That s ░░░░░░░░ it always works Now ░░░░░░░░ s how it s ░░░░░░░░ to work even under ░░░░░░░░ new code And so ░░░░░░░░ s really important It ░░░░░░░░ like you re owning ░░░░░░░░ thing you ve been ░░░░░░░░ on You want to ░░░░░░░░ the capital gains tax ░░░░░░░░ be the same reallocation ░░░░░░░░ I m talking about ░░░░░░░░ incentives here Now Totally ░░░░░░░░ with you tax tax ░░░░░░░░ people more Stop letting ░░░░░░░░ take money offshore for ░░░░░░░░ scams and hedge funds ░░░░░░░░ s so many ways ░░░░░░░░ we should tax rich ░░░░░░░░ more But the incentives ░░░░░░░░ long term When we ░░░░░░░░ shares for having built ░░░░░░░░ Founder shares I was ░░░░░░░░ to say most employees ░░░░░░░░ t even get this ░░░░░░░░ which is to say ░░░░░░░░ know if you have ░░░░░░░░ or in most cases ░░░░░░░░ most options there are ░░░░░░░░ kinds of options but ░░░░░░░░ s limited at 100 ░░░░░░░░ Even those folks are ░░░░░░░░ getting the benefits So ░░░░░░░░ the extent that the ░░░░░░░░ community or the private ░░░░░░░░ community says well look ░░░░░░░░ s like we re ░░░░░░░░ employee of the company ░░░░░░░░ re giving our sweat ░░░░░░░░ You know every employee ░░░░░░░░ America is giving their ░░░░░░░░ equity to all sorts ░░░░░░░░ businesses That s what ░░░░░░░░ re doing And they ░░░░░░░░ ordinary income on their ░░░░░░░░ equity If you put ░░░░░░░░ into the company and ░░░░░░░░ you do which I ░░░░░░░░ you do that portion ░░░░░░░░ your of the capital ░░░░░░░░ should get paid at ░░░░░░░░ capital gains rate but ░░░░░░░░ m not sure why ░░░░░░░░ particular construct is the ░░░░░░░░ construct in the entire ░░░░░░░░ where effectively the sweat ░░░░░░░░ should be paid at ░░░░░░░░ different rate Employees who ░░░░░░░░ for me buying their ░░░░░░░░ and get long term ░░░░░░░░ gains And so there ░░░░░░░░ are there are there ░░░░░░░░ thousands to do that ░░░░░░░░ re right Later stage ░░░░░░░░ the company it s ░░░░░░░░ But this this this ░░░░░░░░ this you know look ░░░░░░░░ the system incentives We ░░░░░░░░ arguing about 10 billion ░░░░░░░░ at most over 10 ░░░░░░░░ You know I think ░░░░░░░░ bigger thing that will ░░░░░░░░ your viewers off is ░░░░░░░░ state and local tax ░░░░░░░░ It s at 1 ░░░░░░░░ trillion I don t ░░░░░░░░ they should get that ░░░░░░░░ in New York and ░░░░░░░░ but not now My ░░░░░░░░ in California will be ░░░░░░░░ at me Conversation always ░░░░░░░░ deeply appreciate it and ░░░░░░░░ love doing it here ░░░░░░░░ TV. And I enjoy doing