reserve personal paul
in the taxpayer
and though this particular loophole
is called carried interest
and the basically if you earn their living
let me put it back up let me give you the big picture here the historical
perspective s
because this is where i think the republicans are starting to wake up and
proof of this is what happened to the manchester union leader
up until nineteen twenty one
whether it was the income tax that abe lincoln put in a place to pay for the
civil war
url weather was the income tax that came into place
and and nineteen thirty nineteen sixteen or there abouts
whenever we had taxes
in this country
income tax
regardless of how you are in jury income you paid the same factory
and the top tax rate in nineteen twenty one
on people who earn
their income by the sweater brawl or the sweat of their arm
you know whether they were out
you know
did you not street serve or building railroads
or whether they set an office in the bookkeeping
however they are in their living
or if they are in their living as a capitalist
in other words by
loaning people money reinvesting in businesses
and then getting a return from their investment
capitalists earn their living with capital rather than with labor
most people think that small business people are capitalist they're not
typically their they're actually entrepreneurs there's a difference
i've started and built up
over my lifetime seven
businesses five of them quite successful
i'm not a capitalist and never have been because i don't make my living off
capitol every single one of those businesses we basically started from
scratch either with their own money here we've been in one case with the ten
thousand allowed credit from american express
they were the capitalists arguably
so any old habit in nineteen twenty one was president harding was elected in in
the election nineteen twenty
republican
the friend and the first of
three republican presidents over the next twelve years harding in nineteen
twenty
twenty invented the election twenty-two
election twenty
for i guess it would have been
and in coolidge
twenty four twenty eight and then hoover twenty twenty eight to thirty two
is three republicans and harding's campaign slogan was
lasts government in business
more business in government
i'm not making this up
the banking in google
who will party
than it did this is this was his campaign slowed less government business
more business and government
there was a little on the bizarre what's from the government like a bit here this
siri fort
and one of things that he wanted inclusions he came to was that while he
was fired at a sixty eight percent as i recall uh... tax rate for people who are
in their living
you know after they've made
money it takes a hella lot incumbent at the point where you're actually starting
to pay that tax rate
any of their tax return the first
actually burn but yet after why then usurping the tax rate that was ok
for people who actually work for a living
but if you are in your living as a capitalist
imax on lincoln tax richard twenty five percent
so he invented this capitalist jeans tax
rate
that basically didn't exist before then
where he said you know
people who who our wage earners
they're gonna pay a higher tax rate
the people who are capitalists
it was a largely fund republican campaigns like our teens
they'll pay a much lower tax rate in connection
and we have had that capitalist gains tax rate with us
ever since ever since nineteen twenty one
and ironically the only time that it's been equal to the income tax rate was
for about a year during the reagan administration
when the capitalist gain tax rate was a twenty eight percent and reagan dropped
the labor income tax rate from seventy four percent out of twenty eight persons
they're both the twenty-eight percent i didn't last very long
reagan realize you've made a huge mistake you raise the labor tax-rate
backup and during clinton's reshma capitalist gain acceptable as income tax
rate get dropped out of fifteen percent which is where it is right now
and carried interest is considered one of those capitalist gains forms of
interest
so there's this guy seamstress even schwartzman
is worth about five billion dollars
four point seven billion
whose sponsoring a fundraiser for met romney
because he says raising his tax-rate raising the tax rate on carried interest
from fifteen percent up to the thirty six percent of people people who work
for him have to pay his book keeper has to be is generously
is the same thing as the nazis invading paul
another get us up
and this guy's is holding a fundraiser for his fellow venture capitalist
miranda