RUSH TRANSCRIPT You too ░░░░░░░░ meanwhile President Biden looking ░░░░░░░░ double the size of ░░░░░░░░ IRS as the White ░░░░░░░░ looks to raise taxes ░░░░░░░░ the rich our own ░░░░░░░░ Kudlow sounding off saying ░░░░░░░░ the IRS targeting rich ░░░░░░░░ won t work watch ░░░░░░░░ Larry they are going ░░░░░░░░ give the IRS another ░░░░░░░░ billion to hire tens ░░░░░░░░ thousands of agents and ░░░░░░░░ so called rich people ░░░░░░░░ around the country and ░░░░░░░░ globe It s not ░░░░░░░░ to work Its been ░░░░░░░░ before They know by ░░░░░░░░ way rich people live ░░░░░░░░ yachts off the south ░░░░░░░░ France These IRS guys ░░░░░░░░ they know how to ░░░░░░░░ It s kind of ░░░░░░░░ but actually it s ░░░░░░░░ serious and very stupid ░░░░░░░░ Larry is right it ░░░░░░░░ kind of funny but ░░░░░░░░ s not let s ░░░░░░░░ in George sea and ░░░░░░░░ capital director of strategy ░░░░░░░░ newton Stacey George let ░░░░░░░░ go ahead and start ░░░░░░░░ you because the approach ░░░░░░░░ the administration is taking ░░░░░░░░ is saying okay we ░░░░░░░░ there s a lot ░░░░░░░░ corruption and fraud and ░░░░░░░░ re going to pour ░░░░░░░░ of dollars to try ░░░░░░░░ go after people but ░░░░░░░░ you ve got a ░░░░░░░░ of thought that says ░░░░░░░░ s actually not that ░░░░░░░░ corruption in the system ░░░░░░░░ you can t go ░░░░░░░░ really what s out ░░░░░░░░ Why don t you ░░░░░░░░ try to if you ░░░░░░░░ so unhappy with the ░░░░░░░░ code why don t ░░░░░░░░ try to reform it ░░░░░░░░ a reasonable way where ░░░░░░░░ re just taxing the ░░░░░░░░ more but not in ░░░░░░░░ way that drives them ░░░░░░░░ right Hi jackie I ░░░░░░░░ this is a really ░░░░░░░░ indication that we re ░░░░░░░░ in our own narratives ░░░░░░░░ society today The ride ░░░░░░░░ trapped in its chamber ░░░░░░░░ and the left is ░░░░░░░░ in its and this ░░░░░░░░ that there s 800 ░░░░░░░░ to 1 trillion of ░░░░░░░░ revenue out there that ░░░░░░░░ be gathered if they ░░░░░░░░ hire thousands of more ░░░░░░░░ agents to go after ░░░░░░░░ I think it s ░░░░░░░░ thinking in an urban ░░░░░░░░ it s kind of ░░░░░░░░ It s hard to ░░░░░░░░ why they are pursuing ░░░░░░░░ Jackie let me put ░░░░░░░░ this way francis I ░░░░░░░░ had a lot of ░░░░░░░░ with high net worth ░░░░░░░░ as we were heading ░░░░░░░░ the start of this ░░░░░░░░ and these are people ░░░░░░░░ voted for Joe Biden ░░░░░░░░ they also knew that ░░░░░░░░ taxes were probably going ░░░░░░░░ go up and you ░░░░░░░░ to know what the ░░░░░░░░ net worth individuals did ░░░░░░░░ went out and they ░░░░░░░░ the estate attorneys and ░░░░░░░░ estate planners and they ░░░░░░░░ people that they pay ░░░░░░░░ go through the tax ░░░░░░░░ to find the loopholes ░░░░░░░░ try to protect them ░░░░░░░░ s the problem with ░░░░░░░░ system I say if ░░░░░░░░ want to get more ░░░░░░░░ the rich people reform ░░░░░░░░ tax code try to ░░░░░░░░ them that way and ░░░░░░░░ it bypassing it through ░░░░░░░░ I absolutely agree with ░░░░░░░░ there jackie I mean ░░░░░░░░ thing is that the ░░░░░░░░ complex any system is ░░░░░░░░ more you know opportunity ░░░░░░░░ is to leverage those ░░░░░░░░ in your favor and ░░░░░░░░ course if you can ░░░░░░░░ for the talent to ░░░░░░░░ that Now if you ░░░░░░░░ on your taxes funding ░░░░░░░░ technological advancement is going ░░░░░░░░ increase the size and ░░░░░░░░ scope of the microscope ░░░░░░░░ that s part of ░░░░░░░░ risk that you take ░░░░░░░░ being a cheat in ░░░░░░░░ first place and of ░░░░░░░░ if you are wrong ░░░░░░░░ sooner that you settle ░░░░░░░░ cheaper it is but ░░░░░░░░ will just say that ░░░░░░░░ timing of this is ░░░░░░░░ interesting If we step ░░░░░░░░ from the political argument ░░░░░░░░ s a mechanical factor ░░░░░░░░ we have to do ░░░░░░░░ think about in Congress ░░░░░░░░ unwinding ourselves from this ░░░░░░░░ monetary and fiscal stimulus ░░░░░░░░ that is no easy ░░░░░░░░ because if you cut ░░░░░░░░ spending at an incorrect ░░░░░░░░ it be the same ░░░░░░░░ mechanically as if the ░░░░░░░░ were to cut its ░░░░░░░░ purchases too quickly You ░░░░░░░░ tighten too quickly and ░░░░░░░░ thing about raising taxes ░░░░░░░░ corporations or individuals is ░░░░░░░░ has to also be ░░░░░░░░ around this unwinding because ░░░░░░░░ you re doing is ░░░░░░░░ re taking money in ░░░░░░░░ system and you re ░░░░░░░░ it away from private ░░░░░░░░ and consumerism and all ░░░░░░░░ that in the midst ░░░░░░░░ a recovery so you ░░░░░░░░ also make the tax ░░░░░░░░ simpler I totally agree ░░░░░░░░ you get less cheating ░░░░░░░░ of less complexity but ░░░░░░░░ timing of this is ░░░░░░░░ crucial coming out of ░░░░░░░░ pandemic Jackie it really ░░░░░░░░ you bring up an ░░░░░░░░ point there I want ░░░░░░░░ talk to you guys ░░░░░░░░ about Bitcoin because the ░░░░░░░░ is sinking again we ░░░░░░░░ this volatile wild week ░░░░░░░░ trading and it s ░░░░░░░░ as the Federal Reserve ░░░░░░░░ the U S treasury ░░░░░░░░ a new crackdown on ░░░░░░░░ and what s so ░░░░░░░░ here is part of ░░░░░░░░ conversation this week was ░░░░░░░░ China right and China ░░░░░░░░ was saying look we ░░░░░░░░ got our own digital ░░░░░░░░ so we re going ░░░░░░░░ regulate we don t ░░░░░░░░ Bitcoin or any of ░░░░░░░░ We want you in ░░░░░░░░ to use our digital ░░░░░░░░ and when this story ░░░░░░░░ I thought about it ░░░░░░░░ I thought well maybe ░░░░░░░░ ll do that here ░░░░░░░░ the United States but ░░░░░░░░ was sort of too ░░░░░░░░ to say it on ░░░░░░░░ air and that s ░░░░░░░░ conversation happening today that ░░░░░░░░ Powell is thinking about ░░░░░░░░ George Yeah I think ░░░░░░░░ is going to trap ░░░░░░░░ lot of innocent investors ░░░░░░░░ want to gamble and ░░░░░░░░ it goes to 500 ░░░░░░░░ a coin and they ░░░░░░░░ panic at the worst ░░░░░░░░ time and take incredibly ░░░░░░░░ losses and I think ░░░░░░░░ s kind of an ░░░░░░░░ of where we are ░░░░░░░░ this stock market right ░░░░░░░░ It s very symptomatic ░░░░░░░░ 1999 and 2000 There ░░░░░░░░ a lot of speculation ░░░░░░░░ a lot of gambling ░░░░░░░░ it s eventually not ░░░░░░░░ to end very well ░░░░░░░░ actually think Bitcoin will ░░░░░░░░ over a long period ░░░░░░░░ time but it s ░░░░░░░░ an investment It s ░░░░░░░░ gamble Jackie all right ░░░░░░░░ reaction Stacey just quick ░░░░░░░░ crypto Quick on crypto ░░░░░░░░ problem Regulation was always ░░░░░░░░ that s very predictable ░░░░░░░░ could go back and ░░░░░░░░ at the legal precedence ░░░░░░░░ 1873 about currency competition ░░░░░░░░ gold and silver and ░░░░░░░░ can see what the ░░░░░░░░ does with that and ░░░░░░░░ reasons that it does ░░░░░░░░ As far as Bitcoin ░░░░░░░░ no intrinsic value it ░░░░░░░░ to be correlated with ░░░░░░░░ inflationary trade so if ░░░░░░░░ is indeed transitory I ░░░░░░░░ we re going to ░░░░░░░░ a sell off in ░░░░░░░░ Jackie and that is ░░░░░░░░ they are predicting that ░░░░░░░░ got to level off ░░░░░░░░ little bit more to ░░░░░░░░ in lockstep with the ░░░░░░░░ George francis thank you ░░░░░░░░ much for your time ░░░░░░░░ good to see you ░░░░░░░░ Thanks jackie Appreciate it ░░░░░░░░ meanwhile northeast Arkansas is ░░░░░░░░ people 10 000 to ░░░░░░░░ there It s another ░░░░░░░░ to go Now the ░░░░░░░░ of living there nearly ░░░░░░░░ cheaper than here in ░░░░░░░░ Connell McShane is live ░░░░░░░░ bent onville Arkansas