Him in certain states that rich certain goods exported from vietnam raised more money. Very interesting jack thanks as always for your time weve been speaking to jack rosalys professor of political economy aunts and Marys College in california have a good evening time for a saturday night visits to the house report next mocks on stacy get going and moments to stay close goodbye for now. Max kaiser this is the kaiser report well weve got another scandal or is it a scandal im not sure sure it is a scandal could be a big nothing burger not sure people say that anymore but it deftly qualifies as a nothing burger i think stacy well once again kaiser report was right we were right 4 years ago on this whole tax story regarding trumps tax returns but i want to say you know this fits in this with the theme that weve been covering here and on orangeville pod cast every sunday which is that the the real world out in the real world outside of the beltway outside of california Silicon Valley washington d. C. New york manhattan like outside of those locations the world is actually pretty fine and people are not hysterical and it is not as hysterical as what you might see on the cable news where it is all entertainment this is gladiator style delivery of the news and its hyperventilating and screeching its not really like that if you look down deeper that there is a calm ockhams razor sort of natural explanation for most stories so back in 2016 everybody was like why is trump trying to hide his tax returns well this is what the Mainstream Media the cable news who since this point of 2016 have been empowered to determine for all these ordinary people out in the rest of america what is fake and what is real news is they they are on these boards they get to sit over facebook and determine what should be deleted from ordinary joe baggett donuts who somehow is like too stupid to know what the likes of Jeffrey Zucker the head of c. N. N. Knows. So heres what they said was going on back in 20161718 we have a few headlines here of what they said at the time why trump wanted to hide his tax returns. Could toms tax returns reveal the republican president ial nominee has ties to russia done. That was july 27th 2016 heres Chuck Schumer in july of 2018 hes the Senate Minority leader he says Chuck Schumer july 28th president inexplicable behavior has Many Americans asking what does putin have over him well thats why his tax weaker turns would be so important and then finally here is a resistance hero you know to the democratic resistance the lead the Hillary Clinton brigade of poor losers well he gets on c. N. N. And m s n b c all the time hes a professor and a lawyer his name is Seth Abramson and he said back in 2017 we know trump jr said a disproportionate amount of the trump fortune comes from russia then refused to release his tax returns oh right yeah this old shack story is a lot of fun because we get to comes into our wheel house other markets finance and scandals or lack thereof and thats right the vacuum that was caused by not releasing the tax return created this need to fill it with conspiracy theories coming at the highest levels of American Media yet these are like the highest levels the elite media they get to determine what the ordinary person is allowed now to hear now weve looked at that same story as journalist as opinion you know have an opinion show here where looking at the story and say why does donald trump not want to release his tax returns. Hes a new york Property Developer why would a new york Property Developer. Who is very thin skinned hes very narcissistic why would he want to hide these from the voter that he has to go before well as we show were going to turn back to august 11th 2016 this is a kaiser report episode where you talk to Francine Mccann and we laid out exactly as it turns out to be. Francine lets talk politics youve written about what Donald Trumps tax returns might show tell us about that well i wrote about it a while back before he started having to deny that he was going to release them every week seems like i think that based on his Real Estate Investments were going to see losses year after year and thats going to be really hard to explain to the less sophisticated reader why does a successful guy like donald trump have losses because tax losses are not regular losses and hes going to have a hard time explaining why theres always negative numbers in the real estate plus all of his overseas royalty and licensing stuff i think that all that income is being kept overseas thats why you have such a disparity between but showing in this Financial Disclosures and what people think you know in what hes saying are his his income in his assets its very hard to match it all up because i think that incomes not coming back to the United States and hes probably not paying taxes i mean so in terms of losses you have a company like jeff bezos over there amazon who manufactures losses for years to and then you have Apple Computer which is keeping cash offshore for years huge Tax Liability so what hes doing as a billionaire businessman is mimicked by other big corporations nothing unusual about it losses are a way not to pay taxes right corporations dont like to pay taxes amazon doesnt like to pay taxes jeff bezos says season against taxes you just like to pay taxes so this is simply a business is appraiser perception problem because this clearly its not unusual well real estate is something most people go in because they want to generate tax losses because they want to offset income from somewhere else he has income from other places that the real estate works really well probably to offset jeff bezos he only reports income when he has a tax loss carryforward that he needs to use because its going to expire and i. Good on that thats been whats happened so no its not unusual taxes is one thing what people report for for regular profits on their Financial Statements is Something Else the thing is its really hard to explain to the average reader what does this mean why does he have all the money of an enormous level of financial illiteracy in america so its hard to really explain how business is done. Right and we cover the story in france the mechanic did a great job but the tax return which oh hes not paying any taxes and thats very difficult for the average person to grasp what what thats all about and its completely. Normal you know you could say in that industry now i did a poll on my twitter and i asked people i said would you be willing to not pay taxes while simultaneously maintaining an enormous hugely leveraged. Properties portfolio speculating on property and take the risk that the property in that portfolio could crash at any moment like copan 1000 prices for example and 60 percent said no they wouldnt right so in other words youre exchanging you dont pay taxes but youre carrying this enormous debt attach this highly speculative portfolio of property that that is wildly spector you know its all tile so thats not that that thats the trade off and thats the Industry Private equity is a different issue hedge funds typically they defer taxes continuously under an exemption to hedge funds and they end up paying a very low low rate. In some industries and are tax intensive but its a different industry jeff bezos had to pay taxes for many years General Electric submitted 80000. 00 page tax returns they got a tax credit i think basis actually got a tax credit you get paid by the government so taxes theres not that thing illegal here its just like the industry of property speculation means youre carrying a huge debts which gobble up that the write offs are huge and so the tax net taxes are could be 0 and Francis Mccann it was correct and to put the perception is what needs to be managed right because people see that number 750. 00 and they dont 100 they you know most people are financially illiterate arent they dont those going on they just like say well i paid 5000 dollars last year geez was a little bit well i do think. The scam were going to go into this i think is totally totally 100 percent wrong that trump gets away with only paying 750. 00 and yeah give me a 35000000000. 00 Property Portfolio and i dont care if it defaults and goes away and crumbles i dont care as long as i dont have to pay taxes whats wrong with this system here is that you have Silicon Valley and hollywood on the west coast you have new york city and d. C. On the east coast and you have texas and chicago those 3 Power Centers those 3. 00 Money Centers have huge Tax Advantages over the rest of the economy and population the 99 percent have to pay taxes those people dont and they have their own special loopholes so donald trump is a Real Estate Developer from manhattan no Real Estate Developer in manhattan pays taxes none of them every single 1. 00 of the billionaires and Rachel Maddow chris Hayes Anderson cooper they live in manhattan they will be friends with these people they will also be beneficiaries of all the tax breaks that these people get they get to live in an amazing city highrises all this stuff because none of those people have to pay taxes because theyre writing it off the losses against another thing wall street so they have s. P. V. They have they have carried interest all these sort of laws and of course the fed underwriting all their debts and taking all their bad bets so every one has their special interests Property Developers have the depreciation thats the thing that most benefits the likes of manhattan Real Estate Developers so for 3040 years even while Interest Rates keep on going down and down and down and all your debts keep on being rolled over they get to claim that the value of their asset is going down and we all know right that property has been going up decade after decade after decade in manhattan but they get to claim otherwise d. C. All the you know the richest zip code in america is all around d. C. These are people that get to claim cost plus contracts with the taxpayer right so they get to. Right money basically print money for themselves Silicon Valley ip parts and netherlands ireland and the caribbean hollywood and were going to get into the hollywood accounting in the 2nd half but you know basically every all the elite and they are the elite the people making 203040 1000000 a year on c. N. N. And amazon b. C. And fox like theyre pointing finger is and like thats their entire elite start all their d. C. Friends all their manhattan friends all their hollywood friends all the valley friends are all getting the same thing you become a billionaire in america by not paying taxes like you cant give 50 percent over to the schmucks. Thats a huge part of it member Leona Helmsley but its back in 88. 00 i believe said the only Little People pay taxes right she was a Real Estate Developer but like commercial real estate america responsible last year for 9200000 jobs right so the entrepreneurs who are Developers Like trumps entrepreneur hes they take risk they know theyre risking that these properties could blow up and not be worth anything of value and thats what entrepreneurs do and they get taxed the government gives them tax incentives to be entrepreneurial to be Property Developers thats what those tax incentives are for to encourage entrepreneurs to go create millions of jobs by being Property Developers who dont get the whole picture here after this break and then we come back in the i was a stop to go away. As the u. S. Economy was booming growing numbers of people were made homeless. You can work 40 hours in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of the were not financial inequality and the lack of Affordable Housing for a living minimum wage give many people no choice though thats been a problem with the city will always turn a return and told me stay away almost. Half the food if there is no answer because yes that requires the source the most vulnerable or abandoned on the streets to become invisible comes. Right welcome back to the concert for a with max and stacey a were talking about taxes talking about the non scandal the trump tax reveal and lets continue stacey ok and again remember in that 2016 the august 26th report episode where we calmly predicted exactly what would what was the reason that trump was hiding his tax returns why he didnt want to show it it was the simple ockhams razor for Property Developer in new york city who want to who is running on a campaign of being a man of the people he knew the people would not understand massive losses and in particular he understood what Hillary Clinton and all the you know the Democratic Media b. C. What they would do and they did it and we predicted it they said trump is a loser trending trump is broke thats how they presented it again because they know that this tax system is so corrupt. Its thousands of pages long and they get to benefit from it so like the ordinary person and youll see this on twitter its like people are like well the ordinary person could also take advantage of these but you have to have like 2345000000. 02 pay to the tax lawyers who wrote this legislation on behalf of Property Developers or in the case of Silicon Valley the Silicon Valley tax lawyers that wrote the legislation on our tax code or hollywood accounting or any of that so you have to have that you have to be you have to have that cash upfront to pay them to get access to the loopholes to understand what it is because the ordinary person youd wouldnt get the access to lupos somebody like trump or bezos or you know bill gates their tax returns are thousands of pages long because just like the tax code the people they hire wrote the tax code right well real estate so its been a tax advantaged investment and the house flippers you know whether its in the u. S. Or the u. K. Have been doing this for many years and its a well established path toward accumulating wealth that some people enjoy doing as my poll suggested 60 percent of the people would rather pay the tax than go through the misery of working 247 and 100 hours a week to maintain a specter of residential and commercial real estate portfolio as an ally unwilling to put that much time into my bread and butter im essentially lasered i am not the entrepreneur that donald trump is i am a lazy guy who likes the passive stocks bonds and because and i like my free time. And again i just cant stress this enough is that we get vilified by the likes of m s n b c c. N. N. And all of these outfits New York TimesWashington Post they all have headlines this whole time and not once did any of their articles or any of their pieces and look through them not once did they suggest that this could be the reason why trump was being so cagey about releasing his his truck his tax returns and it would seem so obvious to me that that would be exact i mean i saw on twitter for example chris hayes was on the mess i mean being schooled by people saying you know what this is actually the way Real Estate Investment works chris theres a huge Tax Advantages to it hes like really i never do that so thats the problem again you dont have anyone except for lou dobbs you know of course is to hes a big wall street guy who knows a little bit about business but other than the everyones mode no idea well just consider that chris hayes lives and manhattan hes a creature of manhattan hes well grew up in elite schools in manhattan hes part of the elite of manhattan and yet he cant even do simple observation is what journalists do right you observe and report on that he doesnt observe like he asked on twitter is this what all Real Estate Developers do with this be normal for them youre like like how can you not know that like i dont live in manhattan i havent grown up in manhattan i dont present im. In show on c. N. N. Or m s n b c wherever he is on you know and surrounded by these people and yet he couldnt see it like he was in the fishbowl and thats the problem with a lot of our media now is we have these w w e sort of entertainment style wrestling people you know drange the wrestlers on cable news and they cant see the they cant see that they are the chaos they cause they call trump a chaos agent but they are also chaos a chance. They are part of the problem they dont see it well once again the big trump gotcha moment is backfiring because the tax side of the story is a nothing burger as i said at the top of the show but it does now firmly solidify and prove foreign influence was a nonstarter and propaganda by b. C. Of the New York Times strai