Socalled wall street tax, placed on the sale of stocks and bonds. So will this appeal to voters even those who hold stocks in their Retirement Savings . Well, im not sure it is going to. It is all about how you brand it; right, david . Hes branding this or at least as they are mulling it over they are branding it as a tax on wall street, but it isnt. Think about how many people have equity and Bond Investments on main street. If you have a 401 k , if you have a pension, if you have any equity related investment, this is going to hit you. Now, it may seem a little bit less extreme than the wealth taxes that sanders and warren are proposing and hes in a tough spot because he needs to go a little bit more left, but he needs to make sure he wont cannibalize his base and this could very well do that. Well, okay, okay, lets just forget the notion of how weird it is that you will get your poll numbers to go up by proposing a new tax. David good point. Thats a little hard to grasp. I dont like any taxes related investing, but the reality is this a collectible tax as opposed to a wealth tax which is difficult . They do that in a lot of countries, granted we have a better stock market than most countries. We already have this, it is a very small fee, that goes to the sec. You are talking about radically increasing that to the levels that exist in other countries. I think it will help from a voting point of view. It sounds crazy, if you look at this way, we already pay wealth and transport taxes, your local authorities are causing high fees to transfer deeds, you can pay 1 to 2 percent a year to own property. Stock investors dont have these problems right now. I foresee in the future with rising socialism, they will have those problems. It is a question of how they will be implemented on jackies point, if you were to do a blanket tax, it could hurt the pensioners and savers, but if you were to say confine this to institutions that do more than ten trades a month, you create a threshold, this was mulled in 2009 and 2010 as a way of trying to offset programatic trading. The algorithm trades were perceiv perceived you could cast this as were not going to touch your 401 k if you want to trade ibm stock, but we are going to say if you do 500 trades a week, you will pay 2 cents a share and 10 cents a share. I think that would be popular and i dont think it would do a thing to dampen actual activity. Gary . From a political perspective, its very smart, i think because what biden is doing is like all the democrats are doing, they are picking on what is perceived to be the rich. Look, the fact of the matter is, per jackies point, most people dont do a lot of trading. They are in 401 k s, they are in mutual funds. They are invested. They dont trade a lot in and out. Zack made the good point, who does a lot of trading . Pension funds, hedge funds managers, day traders, people like me quite frankly we do a lot of trading, this would hit hard. This would cut down on liquidity because if you are like me and i have to rethink my whole Business Model of trading, most people arent like me. For better or worse, they are going to say yeah, lets stick it to the other guy. Is this a fair thing to do . I dont think so. But does this appeal to 90 of the population out there . It absolutely does. Unfortunately. Even if what you are saying is true, and it only affects wall street, right, you know, they may not notice it necessarily on individual statements, but overall, in terms of the aggregate, i dont think they are going to be very happy about it. And there are a large group of wall street people that are moderate democrats that would be very, you know, apt to vote for joe biden if he was a candidate. David just for the record, according to the federal reserve, and they do pretty good stats on this, 73 of stocks are owned by folks over 55. So i mean, if they Start Talking about this, even if its true, zack, what you said, that it will only affect the high volume traders, the case can be made to scare people, and i think the voters the voters elderly will say wait a minute, dont touch my stocks. I push back on garys thing if you do a schwab account and the trade is 495 if you had to pay 530 or 540, those trade five years ago were 9. 95 the amount of costs per trade are getting favorable because they do both trades through institutions, i dont know that would actually change any david you are talking about higher taxes, jonas, right, you talked about that. I would like to first of all, the Retail Commission heading to zero, we saw a broker launch that very recently. It is going to go to zero, then you will notice any cost because thats what it will be is a cost. I would like to note this mysterious 401 k doesnt have a burge of stocks you buy bunch of stocks you buy and hold it in, it has mutual funds and those are institutions and they trade stocks. They trade. Its not an index fund. Even an index fund has to buy and sell stocks with flows that go in and out of the fund which would be hit by this tax. It would be a drag on everybodys investment. Obviously a High Frequency trader would pay it more as a percentage of their profits than a buy and hold investor. You are not Warren Buffett with a handful of stocks where youre just owning them for 20 or 30 years and be no taxes to pay. Youre typically invested in actively or index institutional funds. Thats where everybodys 401 k s typically that are iras are invested, even with etfs, it is the same thing. David go ahead, gary. Let me make another point which i think is interesting. You know what i found fascinating by all this, biden never says what the tax is for. Why do we need it . There needs to be some argument im sure no democratic candidate maybe no republican candidate will ever have it, but the thing is why do we keep wanting to put more money in government . Is there anyone out there that said yes, you know, i had this dollar, but it was better spent by the government than me. I mean thats always to me the overriding argument. Well we just need more money and people are like yeah yeah yeah we need more money for the federal government. I never know why we need more. Why cant the federal government shrink in size . But maybe thats an argument we will never have. David im always remembering walter mondale, the last person i remember who ran for president im going to raise your taxes and he lost pretty handily. We will see what happens with this. Its been 12 days on the picket line for autoworkers Standing Firm with gm. It is having a ripple effect. An owner of a gm dealership in michigan says it is about to get real nasty. 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Yay. It fights traffic. No parking. I told you. Oh, a spot hold on. It fights tension. Seriously, did you take my phone . Passenger light on. It even fights. Fighting. Innovation that keeps people together. The 2020 glc. Lease the glc 300 suv for just 479 a month at your local mercedesbenz dealer. David gms longest nationwide strike since 1970 continues and the effects are beginning to affect gm dealers and customers who are facing severe shortages of replacement parts. One of those dealers tells the wall street journal quote were right on the edge of it getting really nasty. Weve got that dealer with us. Hes an owner of a gmc dealership in michigan. What did you mean by getting nasty . Well, i didnt really mean that we were fighting with each other or anything terrible was happening, but, you know, getting parts is getting more and more difficult. And the big engine parts, i cant get right now. The transmissions i cant get right now. Gms doing a pretty good job of mailing us some of the smaller parts and weve got a program right now where were buying directly from the you know, the some of the filter factories and that kind of stuff. So theres a delay. And cars are sitting. I just think the longer this strike goes, the bigger the delays and the more difficult it is to get the critical parts. Gary, a lot of the discussion around this has been over what kind of cars gm is going to make, big cars or small cars, electric cars. This has been a huge issue for 10, 15 years as Different Companies try to figure out what the American Consumer is going to buy and what the price of gasoline is going to be. On the ground, one, is it really that sensitive . People go from, you know, one year they are doing small and one year they are doing big, or is it, you know, near mine, more of a mix of things and that whole template is a bit overstated . Well, i think the you know, buick im a buick gmc dealer and we have some wonderful sedans but theyve just slowed so terribly. You know, they arent selling. And so i think gms had to shut some factories and that hasnt helped anything. I have i was at a buick gmc dealer meeting last thursday in detroit, and i walked out of the room more excited about gm than i have ever been in my life. I have been a dealer since 1980. I think we have some dynamite stuff going. Buick is going to be a really good suv premium franchise and our gmc truck is going to be a premium truck. Im excited about it. I think theres a bright future. Gary, gary smith here in florida. You know, im curious. Im going to put you on the spot. The labor cost per hour for gm is about 63 per hour, when you wake in for the average when you bake in benefits and healthcare and all that for the average worker. Heres my on the spot question, number one, do you think longterm, and i know you are a gm guy we can compete with the asian auto manufacturers which pay 50 an hour, and i know you have gm products in your line up, have you ever sought to acquire any of the Asian Companies as part of your dealership . Well, i started out as a pontiac dotson dealer in 1980. I was a nissan dealer until 1988. In my particular area, we do much bet we are the domestics. In my particular area, we do much better with the domestics. I dont know that. I dont have a foreign franchise in my town. Is that because you are in michigan . Because im in michigan. Im in adrian, michigan. Right. And certainly, you know, the asian manufacturers are strong competition and yeah, were going to have to be competitively priced, no question about it. No you are right. I would like to take that a step further, gary, part of the dispute will include also raising wages, increasing benefits as well. Gary smith laid out nicely what the disparity is between, you know, manufacturers in the United States and asian auto manufacturers. Im wondering when you look at this, you cant squeeze blood out of an onion, how do you solve these disputes . How do you resolve this . Well, i think they have to find a way to Work Together to make this thing all work. I mean, General Motors is spending a lot of time trying to make sure their dealers are profitable right now. They are working really hard. I cant expect a dealer to do a good job for me if he cant make any money. I think the same philosophy has to probably be with the employees, they have to have good packages and we have to make it. But gm has to make money too for this whole thing to work. It is complicated for sure. David jonas . Gary, jonas farris here, from ann arbor resident. You said you cant certain things transmissions etc. , i think other automakers and gm changed their supply chains to weaken unions so they cant strike and really shut down things. What percentage of your like things you really use every day like oil filters and stuff come from other countries now and arent really going to be interrupted by this strike, including what percentage of cars roughly at this point from mexico or wherever that would be, would you say, compared to way back when you were in the business 1980 first . Well, theres certainly a lot of parts coming from all over the world. I think the problem right now is we have these parts depots where all these parts are stored, and then i have a parts truck that comes to the dealership once a day loaded with all the stuff i dont have. And that parts truck has been really really stopped or slowed down i mean, we just arent getting parts right now. So were scrambling around. Were buying parts from other dealers. We are finding parts wherever we can find parts, you know. It is not just like one day we wake up and we cant buy any parts, but it is every day as, you know, it gets harder and harder to find these parts and other dealers are saying hey, im not giving up anything anymore. I think this is going to be, you know, a while before we settle this strike, and im going to keep my parts. David gary, weve got wrap, but i have to ask whether theres pushback in the neighborhood against uaw. A lot of people think they are just using this strike to take their corruption scandals off the headlines. Not really. You know, ive got ive got lots of good friends that are uaw, and i have a lot of good friends that are gm staff, and you know what . I just think we need to Work Together to make this thing go and continue on. David youve got a good attitude, gary. Thats why youre successful. Gary clift, thank you. I love the business. I like being a car dealer. David i could tell. You were ready to sell your sedans off the lot. We may come over and buy them from you. Appreciate it. David appreciate it. Best of luck. Thank you. David Bernie Sanders on the hot seat over medicare for all and how to pay for it. Stephen colbert asking him the same question Elizabeth Warren refused to answer. Is there an increase in taxes on the middle class to pay for medicare for all or rather where would the tax burden go to pay for that . David bernies response, coming next. All Money Managers might seem the same, but some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. Some only call when they have something to sell. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. 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We exempt the first 29,000 of a persons income above that in a progressive way with the wealthiest people in this country paying the largest percentage, people do pay more in taxes, but if i say to you, that right now youre paying 20,000 a year in a tax called a premium for the insurance companies, thats gone david so are americans willing to pay higher taxs if they think healthcare costs will go down . Well, you know, david, its an interesting and quite frankly complicated question because what people dont realize is there is zero doubt, as the government takes over more and more healthcare, its not just the cost equation. Its the quality of care. Its the wait times. It is all the things weve seen in places like canada, united kingdom, that people dont think about. And theres this i guess this willingness to suspend disbelief that again even though no one if they ask personally