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Means their taxes are lower than those making $40,000 a year. they're based on how well the fund performs. closing the loophole would make the wealthy managers pay 43.4% in taxes, on par with the top income bracket. we should point out, those who are saying close it are not saying, these guys make so much money, they shouldn't get it. it simply doesn't make sense. taking money on that interest, it's not carried interest. they're not using it to build something and hire people. it's just a hookup. people in that industry would agree with us. >> let's continue this conversation with the presiden...

There ain't no hedgefund managers carrying anything. the fund makes money, usually in the millions, a big chunk going to the investor. but like the old ship captains, 20% goes back to the fund manager. that 20% is carried interest. the fund manager pays 23.8% tax on the money, a 20% capital gains tax and 3.8% investment tax. that's how it should be according to those who view fund managers as entrepreneurs. the idea is that entrepreneurs should reap rewards from selling somebody something they built. others argue for closing the loophole, saying 20% is without a doubt income. in that case, the...

Should reap rewards from selling something they built with early capital and vision similar to a start-up. they put that capital in so they get a break on their taxes. but others, even those in the industry who think the loophole should be closed say that 20% is actually income. in that case the money would be taxed at a combined 43.4%. the reasoning behind that? these managers tend to be extremely wealthy. paying that 23.8% means their taxes are lower than the folks making 40 grand a year. they're usually paid based on how well a fund performs. closing the loophole would make these wealthy ma...

Here's the thing. these numbers with donald trump, we have to step back and ask the question do they mean what they used to mean, do they mean what we've conditioned to think they mean with the president. here's what i mean. this is when his approval and disapproval looked like during his presidency. his low point was back at the end of march. he fell down to 35%. that's the liest he has been. the highest is 45%. by any historical precedent we say wow a president can't get past 45. never mind 50%. has fallen into the 30s numerous times. that's a disaster. that's normally what we would say. and...

The highest he got was 43.4. he would occasionally collapse into the 30s. we would say it is a crisis. he would move back into the low 40s. and of course he had just enough support to win. when you compare these to things this is the range of candidate trump. 36 at the low end, 42 at the high end. this is the range of president trump, 35 at the low en, 45 at the high end. when push came to shove he had just enough support that came to him to win the election. has anything changed? does the overalls still apply? do they not apply to trump? a lot of questions. >> i knew he got a new title after ...