TIME IS LONG OVERDUE THAT WE
START PROTECTING THE MIDDLE
CLASS.
NEIL: ALL RIGHT.
THAT WAS BERNIE SANDERS, 2008.
HE WAS NOT RUNNING FOR PRESIDENT
THEN.
I MISSTATED.
HE RAN IN 2012 AND AGAIN IN
2020.
ONE OF THE THINGS I DO WANT TO
POINT OUT HERE IN THIS
DISCUSSION IS WHETHER THAT IS A
FAIR FIGURE, WHETHER THAT IS A
FAIR SHARE FIGURE.
AND THERE’S A RAGING DEBATE BACK
AND FORTH ON ALL OF THIS.
DICK GRASSO, FORMER NEW YORK
STOCK EXCHANGE CHAIRMAN, ON
THIS.
DICK, THE ARGUMENT IS THAT IT’S
ONLY THE VERY, VERY RICH WHO
HAVE TO BOTHER WITH THIS, A
THIRD OF THE TOP 1%.
BARELY PERCEPTIBLE, SO BARELY
ANY IMPACT AT ALL.
WHAT DO YOU SAY TO THAT?
>> WELL, NEIL, I THINK WHAT WAS
FLOATED YESTERDAY -- AND IT’S
GREAT TO BE WITH YOU.
WHAT WAS FLOATED YESTERDAY IS A
SERIES OF CONCEPTS THAT FLY JUST
ABOUT AS WELL AS A ROCK OFF THE
TOP OF THE EMPIRE STATE
BUILDING.
AND I THINK THE BIDEN
ADMINISTRATION IS GOING TO BE
SURPRISED THAT THEY WILL GET
ENORMOUS PUSHBACK FROM BLUE
STATE LEADERSHIP.
WHEN YOU LOOK AT CALIFORNIA, NEW
YORK, NEW JERSEY AND CONNECTICUT
AND ADD THOSE STATE TAXES, THE
TOP RATES FOR CAPITAL GAINS GO
TO CLOSE TO 60%.
NEIL, IF YOU WANT TO DESTROY
THIS ECONOMY AND DESTROY JOB
CREATION, THEY’VE FOUND, IF YOU
WILL, THE GOLDEN KITTY.
I BELIEVE, YOU KNOW, A FAIR
SHARE IS NOT GOING TO BE OPPOSED
BY THOSE IN THE CLASS OF
INVESTORS THAT WE’RE TALKING
ABOUT, BUT A CONFISCATORY RATE.
AND WHEN YOU ADD TO SOME OF THE
IDEAS THAT HAVE BEEN FLOATED
TODAY SUCH AS A STOCK TRANSFER
TAX, A FUTURES TRANSFER TAX, I
MEAN, ALL YOU’RE GOING TO DO IS
KILL JOB CREATION, PUSH
INVESTMENT OFFSHORE, AND YOU’LL
HURT THE PEOPLE THAT MOST
DESERVE TO BE HELPED, NEIL.
I MEAN, THIS IS, THIS IS REALLY
A FOOLISH SET OF IDEAS.
NEIL: SO WHY DO YOU THINK THAT
THE MARKETS AREN’T REACTING THAT
WAY?
THAT THEY’RE MORE THAN HOLDING
THEIR OWN?
BETWEEN YESTERDAY AND TODAY,
THEY’RE KIND OF BACK WHERE THEY
WERE BEFORE ALL OF THIS.
YOU THINK ABOUT IT, THE CAP
GAINS HIKE WAS WELL TELEGRAPHED
DURING THE CAMPAIGN.
MAYBE NOT THE WHOLE 43.4%, BUT
THAT 3.8% SURTAX TO PAY FOR
OBAMACARE THAT THE WEALTHY HAVE
BEEN PAYING, THAT’S NOT GOING
ANYWHERE.
MAYBE IT WAS THAT FIGURE
COMBINED THAT HIT THEM, BUT
THEY’RE STILL DOING OKAY TODAY.
WHAT DO WE MAKE OF THAT?
>> WELL, I DON’T THINK THE
MARKET IS REACTING, TO GARY’S
COMMENT EARLIER, BECAUSE THE
MARKET DOESN’T EXPECT THIS TO GO
VERY FAR.
YOU KNOW, I THINK EVERYONE
ANTICIPATED THAT IF JOE BIDEN
WAS ELECTED PRESIDENT, THERE
WOULD BE RAISING OF TAXES, AND
INCLUDED IN THAT WOULD BE A
CAPITAL GAINS RAISE.
BUT NOT TO, NOT TO BASICALLY
DOUBLE IT.
I MEAN, THAT’S WHAT HE’S TALKING
ABOUT.
YOU KNOW, PEOPLE ARE SAYING IT’S
A 20% MARGINAL INCREASE.
THAT’S WRONG.
IT IS A 100% INCREASE PLUS THAT
3.8%, PLUS THE STATE OVERLAY.
I MEAN, STATES LIKE CALIFORNIA,
NEW YORK, NEW JERSEY THAT ARE
NOW SEEING MIGRATIONS OF THE
TOP, IF YOU WILL, INVESTORS OUT
OF THOSE STATES, I MEAN, THEY’RE
GOING TO BE BOOKING THEIR
FLIGHTS RIGHT NOW.
I MEAN, IT’S JUST A FOOLISH
PROPOSAL.
PEOPLE DON’T MIND PAYING MORE
TAXES TO HELP THE ECONOMY GROW
AND PROSPER.
AND PARTICULARLY TO HELP THOSE
WHO NEED HELP THE MOST.
BUT THIS IS NOT THAT, NEIL.
S THIS IS ALMOST A
VENEZUELAN/CUBAN PROPOSAL.
THAT IS, LET’S MAKE THE RICH
POOR, AND LET’S ASSUME THAT THE
POOR WILL BECOME RICH.
I MEAN, THAT’S JUST FALLACY.
NEIL: WE’LL SEE WHAT HAPPENS.