1 00:00:00,160 --> 00:00:02,160 Speaker 1: Do you hate giving up a big chunk of your 2 00:00:02,160 --> 00:00:05,200 Speaker 1: paycheck for income taxes? Well, what if I told you 3 00:00:05,240 --> 00:00:08,719 Speaker 1: that income tax as we know it could disappear forever. Well, 4 00:00:08,760 --> 00:00:11,879 Speaker 1: that's exactly what the new incoming president, Donald Trump is 5 00:00:11,920 --> 00:00:15,400 Speaker 1: suggesting with the groundbreaking announcement of what he's called the 6 00:00:15,560 --> 00:00:19,720 Speaker 1: External Revenue Service. Now, the plan is to stop taxing 7 00:00:19,760 --> 00:00:23,639 Speaker 1: American citizens and to start collecting revenue from foreign trade instead. 8 00:00:23,880 --> 00:00:26,400 Speaker 1: Now this isn't just a small tweak. This would be 9 00:00:26,440 --> 00:00:30,320 Speaker 1: a complete rewrite of the entire US taxation system that 10 00:00:30,360 --> 00:00:33,199 Speaker 1: could be the solution to freeing Americans. Now, it's not 11 00:00:33,280 --> 00:00:36,640 Speaker 1: just some crazy idea, it's actually taking things back to 12 00:00:36,760 --> 00:00:39,000 Speaker 1: how things were in the past. So in this video, 13 00:00:39,040 --> 00:00:42,760 Speaker 1: I'm going to break down the details of Trump's ERS proposal, 14 00:00:43,040 --> 00:00:45,000 Speaker 1: what this would mean for the US, what it could 15 00:00:45,000 --> 00:00:47,600 Speaker 1: mean for the rest of the world, what the probability 16 00:00:47,760 --> 00:00:50,479 Speaker 1: of something like this even going through is, and of 17 00:00:50,520 --> 00:00:53,199 Speaker 1: course what to expect and what we can do regardless 18 00:00:53,280 --> 00:00:55,760 Speaker 1: of what happens. So make sure you stick around because 19 00:00:55,760 --> 00:00:58,520 Speaker 1: this could be one of the most important financial shifts 20 00:00:58,560 --> 00:01:03,400 Speaker 1: of our lifetime. So let's go. All right, we're jumping 21 00:01:03,440 --> 00:01:05,640 Speaker 1: right in. We're going to talk about this new proposal 22 00:01:05,680 --> 00:01:08,480 Speaker 1: by President Trump, and hang on before you may turn 23 00:01:08,520 --> 00:01:10,960 Speaker 1: this video off because maybe you're not from America, not 24 00:01:11,000 --> 00:01:13,960 Speaker 1: from the United States. This matters, right, This is going 25 00:01:14,000 --> 00:01:17,880 Speaker 1: to change the entire globes trade and how this works. 26 00:01:17,880 --> 00:01:19,640 Speaker 1: And so make sure you stick around to the end, 27 00:01:19,720 --> 00:01:22,560 Speaker 1: regardless if this affects you as an American citizen or not. 28 00:01:22,760 --> 00:01:25,080 Speaker 1: But you probably heard, whether you're an American or not, 29 00:01:25,160 --> 00:01:28,119 Speaker 1: of the IRS, which is the Internal Revenue Service, which 30 00:01:28,200 --> 00:01:30,720 Speaker 1: was started in nineteen thirteen. We'll talk about that in 31 00:01:30,720 --> 00:01:34,080 Speaker 1: a second. But he is now proposing the creation the 32 00:01:34,160 --> 00:01:38,160 Speaker 1: formation of the ERS, which is instead of internally revenue service, 33 00:01:38,240 --> 00:01:41,679 Speaker 1: is an external revenue service. Now, this is the I 34 00:01:41,880 --> 00:01:44,200 Speaker 1: for the E. Now this started with his tweet that 35 00:01:44,240 --> 00:01:46,319 Speaker 1: went out right here, and actually, you know it didn't 36 00:01:46,360 --> 00:01:49,040 Speaker 1: really start here, but let's let's start here. Okay. So 37 00:01:49,120 --> 00:01:51,960 Speaker 1: we put out a tweet. For far too long, make 38 00:01:52,000 --> 00:01:55,320 Speaker 1: America gradi and for far too long, we the American people, 39 00:01:55,360 --> 00:01:59,320 Speaker 1: have relied on taxing our great people, the very fine people. 40 00:01:59,360 --> 00:02:02,280 Speaker 1: They're so fine find people right, taxing are great people 41 00:02:02,480 --> 00:02:06,480 Speaker 1: using the Internal Revenue Service, the IRS. He says that 42 00:02:06,680 --> 00:02:10,320 Speaker 1: I will create Donald Trump will create the external all 43 00:02:10,360 --> 00:02:13,920 Speaker 1: in caps External Revenue Service to collect tariff's duties and 44 00:02:14,000 --> 00:02:18,560 Speaker 1: revenue from there. Starting January twentieth, twenty twenty five, will 45 00:02:18,600 --> 00:02:22,440 Speaker 1: be the birthdate of the ERS External Revenue Service to 46 00:02:22,880 --> 00:02:25,400 Speaker 1: make America great again. So this is happening. This is 47 00:02:25,440 --> 00:02:27,640 Speaker 1: gonna happen, at least is what he is saying is 48 00:02:27,639 --> 00:02:30,320 Speaker 1: going to happen. Now. Basically what he's proposing is instead 49 00:02:30,320 --> 00:02:32,640 Speaker 1: of taxing the great American people, as he said, let's 50 00:02:32,639 --> 00:02:36,760 Speaker 1: get money from external people, external people ers that are 51 00:02:36,840 --> 00:02:39,880 Speaker 1: shipping money in. So this is basically tariffs or taxes. 52 00:02:39,919 --> 00:02:41,639 Speaker 1: And the reason why I say this didn't just start 53 00:02:41,639 --> 00:02:44,520 Speaker 1: with his announcement is because during his first term he 54 00:02:44,639 --> 00:02:48,280 Speaker 1: started to increase tariffs on country shipping stuff in. I'll 55 00:02:48,320 --> 00:02:50,600 Speaker 1: break all this down for you what this means now, 56 00:02:50,800 --> 00:02:52,680 Speaker 1: just to say, like again, this didn't just start here, 57 00:02:52,760 --> 00:02:55,040 Speaker 1: started back when he started doing tariffs, and of course 58 00:02:55,120 --> 00:02:57,680 Speaker 1: as he was on the campaign trail running to become president, 59 00:02:57,880 --> 00:03:00,399 Speaker 1: he started talking about this as a man. Matter of fact, 60 00:03:00,440 --> 00:03:02,040 Speaker 1: if we go back to look at some of the stuff, 61 00:03:02,080 --> 00:03:05,560 Speaker 1: he pledged during the twenty twenty four campaign to impose 62 00:03:05,880 --> 00:03:11,400 Speaker 1: import taxes tariffs of ten percent to twenty percent on 63 00:03:11,680 --> 00:03:14,400 Speaker 1: all FOURG and goods, So ten and twenty percent across 64 00:03:14,440 --> 00:03:16,160 Speaker 1: the board. We'll come back and show you what twenty 65 00:03:16,200 --> 00:03:18,919 Speaker 1: percent means a little bit later, but basically across the 66 00:03:18,960 --> 00:03:22,280 Speaker 1: board taxing stuff ten and twenty percent with tariffs, and 67 00:03:22,480 --> 00:03:26,440 Speaker 1: up to sixty percent on Chinese goods. So he's like, hey, look, 68 00:03:26,680 --> 00:03:29,720 Speaker 1: these guys are taking American jobs. They're sending low price 69 00:03:29,760 --> 00:03:32,800 Speaker 1: stuff over here, subsidizing even their stuff maybe at some point, 70 00:03:32,919 --> 00:03:35,840 Speaker 1: and we're destroying an American economy. We're not getting any money 71 00:03:35,880 --> 00:03:37,800 Speaker 1: out of this, and so he wants to stop that. 72 00:03:37,880 --> 00:03:40,800 Speaker 1: He wants to increase tariffs and bring all of that back, 73 00:03:40,800 --> 00:03:43,800 Speaker 1: and I'll show you what the impact of all that means. Now, 74 00:03:44,360 --> 00:03:47,600 Speaker 1: tariffs or taxes. At some point, the government needs to 75 00:03:47,640 --> 00:03:50,200 Speaker 1: have money, right, so where are they going to get 76 00:03:50,200 --> 00:03:54,240 Speaker 1: it from? And I say right, because let's take a 77 00:03:54,240 --> 00:03:57,040 Speaker 1: look at that. Okay. So first of all, there has 78 00:03:57,160 --> 00:03:59,880 Speaker 1: some historical precedence for this, so it's not like this 79 00:04:00,160 --> 00:04:04,520 Speaker 1: some hair brained idea. He's pulling this back from historical precedence. 80 00:04:04,520 --> 00:04:08,960 Speaker 1: So before we had the i RS, which was formed 81 00:04:08,960 --> 00:04:12,560 Speaker 1: in nineteen thirteen, the United States funded itself in a 82 00:04:12,600 --> 00:04:14,760 Speaker 1: completely different way. As a matter of fact, other nations 83 00:04:14,800 --> 00:04:18,880 Speaker 1: today even do that as well. Let's hear from President 84 00:04:18,920 --> 00:04:22,240 Speaker 1: Trump on this exact thing as he was on Joe Rogan. 85 00:04:22,320 --> 00:04:22,839 Speaker 1: Let's play that. 86 00:04:22,839 --> 00:04:25,680 Speaker 2: Club unless they pay a big price, and the big 87 00:04:25,720 --> 00:04:29,360 Speaker 2: price is tariffs. And he'd speak like that, but he 88 00:04:29,480 --> 00:04:32,599 Speaker 2: was right. And then around in the early nineteen hundreds 89 00:04:32,600 --> 00:04:36,200 Speaker 2: they switched over stupidly to frankly an income text. And 90 00:04:36,279 --> 00:04:38,440 Speaker 2: you know why because countries were putting a lot of 91 00:04:38,440 --> 00:04:40,560 Speaker 2: pressure in America, we don't want to pay tariffs, please, 92 00:04:40,600 --> 00:04:41,200 Speaker 2: don't you You. 93 00:04:41,040 --> 00:04:42,240 Speaker 1: Know they believe me. 94 00:04:42,400 --> 00:04:47,200 Speaker 2: They control our politicians. We had a commission meeting in 95 00:04:47,320 --> 00:04:50,880 Speaker 2: the eight I think it was eighteen eighty seven, think 96 00:04:50,920 --> 00:04:54,240 Speaker 2: of this problem. We were so rich, we had so 97 00:04:54,839 --> 00:04:57,360 Speaker 2: much money. We didn't know what to do. So they 98 00:04:57,360 --> 00:05:01,480 Speaker 2: set up a Blue Ribbon Commission on te tariffs and 99 00:05:01,560 --> 00:05:04,120 Speaker 2: the sole purpose is what to do with all the 100 00:05:04,120 --> 00:05:07,680 Speaker 2: money we had. We were so rich because we were 101 00:05:07,720 --> 00:05:10,960 Speaker 2: taxing other people for coming in and taking our jobs. 102 00:05:11,920 --> 00:05:14,279 Speaker 2: And China does it does what China did. If you 103 00:05:14,320 --> 00:05:17,240 Speaker 2: want to open a factory and sell cars, if you 104 00:05:17,360 --> 00:05:19,479 Speaker 2: build a factory here or have a factory, they don't 105 00:05:19,480 --> 00:05:22,040 Speaker 2: take our cars. They wouldn't take our cars. But if 106 00:05:22,080 --> 00:05:26,080 Speaker 2: you build a plant in China, you can do. 107 00:05:25,920 --> 00:05:28,600 Speaker 1: That, all right. So you heard it directly from President 108 00:05:28,640 --> 00:05:31,720 Speaker 1: Trump's mouth that there used to be a different system. 109 00:05:32,000 --> 00:05:35,560 Speaker 1: We used to tax goods that came into the service 110 00:05:35,720 --> 00:05:37,480 Speaker 1: and that would pay for the government to run. As 111 00:05:37,480 --> 00:05:39,440 Speaker 1: a matter of fact, he said that there was such 112 00:05:39,440 --> 00:05:41,720 Speaker 1: a big account, there was so much money. A ninety 113 00:05:41,760 --> 00:05:44,760 Speaker 1: five percent of all income for the government came from 114 00:05:44,760 --> 00:05:48,120 Speaker 1: those tariffs at that time. Now again, you know, we 115 00:05:48,120 --> 00:05:50,400 Speaker 1: can see headlines that are saying like, well, how did 116 00:05:50,440 --> 00:05:52,400 Speaker 1: that happen. I'm going to break that down for you, 117 00:05:52,440 --> 00:05:54,080 Speaker 1: but just to kind of show you some of the numbers, 118 00:05:54,240 --> 00:05:56,560 Speaker 1: we can jump on Wikipedia. I don't really like the 119 00:05:56,560 --> 00:05:59,880 Speaker 1: framing of this, but we can see that tariffs has 120 00:06:00,040 --> 00:06:01,680 Speaker 1: played a key role in the trade policy of the 121 00:06:01,760 --> 00:06:05,000 Speaker 1: United States. Their purpose was to generate revenue for the 122 00:06:05,000 --> 00:06:08,360 Speaker 1: federal government. Obviously that's what Trump was just saying. Says 123 00:06:08,400 --> 00:06:10,719 Speaker 1: here it was aimed to reduce the trade deficit and 124 00:06:10,760 --> 00:06:14,040 Speaker 1: the pressure of foreign competition. So again, he doesn't want 125 00:06:14,080 --> 00:06:17,719 Speaker 1: the other countries subsidizing their goods, sending cheap goods into 126 00:06:17,720 --> 00:06:21,039 Speaker 1: the country, and then decimating our industrial base, our economy. 127 00:06:21,520 --> 00:06:24,880 Speaker 1: Between eighteen sixty one and nineteen thirty three, they had 128 00:06:25,000 --> 00:06:27,680 Speaker 1: one of the highest average tariff rates on manufacturing imports 129 00:06:27,680 --> 00:06:30,960 Speaker 1: in the world. So before the creation of the Federal Reserve, 130 00:06:31,839 --> 00:06:34,880 Speaker 1: that's how that was done. Now this sort of like 131 00:06:35,320 --> 00:06:38,720 Speaker 1: pay to play, not live. That's what Trump was saying. 132 00:06:38,880 --> 00:06:42,040 Speaker 1: So like instead of like people having to pay, Americans 133 00:06:42,040 --> 00:06:46,000 Speaker 1: having to pay to live. How about these countries or 134 00:06:46,160 --> 00:06:49,040 Speaker 1: companies pay to play. If they want to sell goods 135 00:06:49,080 --> 00:06:52,800 Speaker 1: in they should pay, not the American people. Is that 136 00:06:52,839 --> 00:06:55,839 Speaker 1: good or bad? Well, this thing is good bad. There's tradeoffs. 137 00:06:55,800 --> 00:06:57,479 Speaker 1: So I'm gonna show what those trade offs are. But 138 00:06:57,520 --> 00:06:59,200 Speaker 1: we can see her here and tell World War one 139 00:06:59,240 --> 00:07:02,119 Speaker 1: tariffs to around fifty percent. So up to the creation 140 00:07:02,160 --> 00:07:04,719 Speaker 1: of the Federal Reserve, they were or the irs and 141 00:07:04,720 --> 00:07:06,719 Speaker 1: the Fellers are at the same time ninety five percent. 142 00:07:06,920 --> 00:07:08,919 Speaker 1: By World War One they're down to fifty percent, and 143 00:07:08,960 --> 00:07:13,760 Speaker 1: then they went to zero zero. Today tariff revenues account 144 00:07:13,840 --> 00:07:18,440 Speaker 1: for very little US revenue, very little. However, they're double 145 00:07:18,560 --> 00:07:21,080 Speaker 1: what it was pre Trump. Because again Trump was the 146 00:07:21,120 --> 00:07:23,680 Speaker 1: one that kind of got this going, this whole ball 147 00:07:23,720 --> 00:07:25,480 Speaker 1: going again. Now I want to show you about the 148 00:07:25,480 --> 00:07:26,960 Speaker 1: trade offs, and I'm want to show you the probability 149 00:07:26,960 --> 00:07:28,720 Speaker 1: if this is even going to matter, and what it 150 00:07:28,760 --> 00:07:31,200 Speaker 1: means for us either way. But before we do, I 151 00:07:31,240 --> 00:07:33,280 Speaker 1: want to you show you that this is not just 152 00:07:33,680 --> 00:07:35,680 Speaker 1: old history. This is not just the way it was 153 00:07:35,720 --> 00:07:38,440 Speaker 1: done pre you know, creation of the Federal Reserve or 154 00:07:38,480 --> 00:07:41,000 Speaker 1: the irs. As a matter of fact, you might notice 155 00:07:41,040 --> 00:07:43,600 Speaker 1: that other countries, and if you're watching from another country, 156 00:07:43,840 --> 00:07:47,160 Speaker 1: you might be living in a no income tax area 157 00:07:47,440 --> 00:07:48,960 Speaker 1: as a matter of fact. Before I jump in to 158 00:07:49,080 --> 00:07:51,400 Speaker 1: break this down for you, let's hear from another president 159 00:07:51,440 --> 00:07:53,800 Speaker 1: of a nation, President of Ukley of El Salvador. Let's 160 00:07:53,800 --> 00:07:54,640 Speaker 1: see what he has to say. 161 00:07:55,200 --> 00:07:58,720 Speaker 3: When I talk to my conservative friends right here, they 162 00:07:58,760 --> 00:08:01,400 Speaker 3: always tell me that the problem is high taxes. 163 00:08:02,760 --> 00:08:03,360 Speaker 1: That they are wrong. 164 00:08:05,280 --> 00:08:07,920 Speaker 3: Of course, high taxes are extremely high here in the 165 00:08:08,040 --> 00:08:08,600 Speaker 3: United States. 166 00:08:09,000 --> 00:08:10,960 Speaker 2: I give you that you're right. 167 00:08:10,920 --> 00:08:16,680 Speaker 3: In that that's not the real problem. The real problem 168 00:08:16,840 --> 00:08:20,560 Speaker 3: is not the high taxes themselves, but the fact that 169 00:08:20,640 --> 00:08:22,760 Speaker 3: they are not even really funding the government. 170 00:08:23,920 --> 00:08:26,240 Speaker 1: So you heard it from President Mukaey there. He says that, 171 00:08:26,360 --> 00:08:28,800 Speaker 1: of course the taxes are very high in America, some 172 00:08:28,800 --> 00:08:31,040 Speaker 1: of the highest in the world, but that's not the problem. 173 00:08:31,240 --> 00:08:33,640 Speaker 1: The problem is that what are the taxes even being 174 00:08:33,760 --> 00:08:36,800 Speaker 1: used for We are under this illusion that we're paying 175 00:08:36,880 --> 00:08:39,960 Speaker 1: taxes to fund the government. But he said that that's 176 00:08:40,040 --> 00:08:42,040 Speaker 1: not even the case. So let's take a look at 177 00:08:42,040 --> 00:08:44,760 Speaker 1: that for example. Now, before we dig into the nittigrity 178 00:08:44,760 --> 00:08:47,920 Speaker 1: of the math again, there's other nations that are doing this, 179 00:08:48,320 --> 00:08:53,920 Speaker 1: the UAE, United Aram Rights, Dubai, Abu Dhabi, et cetera, Bahamas, Cayman's, Monaco, Qatar. 180 00:08:54,000 --> 00:08:56,680 Speaker 1: We could go on now. I was recently in Dubai 181 00:08:56,720 --> 00:08:58,960 Speaker 1: and Abu Dhabi. I was speaking at the big Bitcoin 182 00:08:59,000 --> 00:09:01,040 Speaker 1: conference that was going on over there, and I went 183 00:09:01,040 --> 00:09:03,960 Speaker 1: and I visited Dubai and I put up a tweet 184 00:09:04,000 --> 00:09:06,280 Speaker 1: on my Twitter account, which, by the way, if you're 185 00:09:06,280 --> 00:09:08,080 Speaker 1: not following me, check it out. I put more play 186 00:09:08,120 --> 00:09:10,280 Speaker 1: by a play on there and I said something just 187 00:09:10,360 --> 00:09:13,720 Speaker 1: like I said, Hey, coming from California, which is the 188 00:09:13,880 --> 00:09:17,040 Speaker 1: highest tax state in the nation of the United States, 189 00:09:17,760 --> 00:09:21,040 Speaker 1: a small business owner, are you buried in all types 190 00:09:21,080 --> 00:09:23,280 Speaker 1: of work keeping you from the real thing that makes 191 00:09:23,320 --> 00:09:25,920 Speaker 1: you money. Well, that's where Just Works comes in. They're 192 00:09:25,960 --> 00:09:28,760 Speaker 1: the all in one platform that supports small business growth. 193 00:09:28,960 --> 00:09:31,559 Speaker 1: You can get all their tools that help with benefits 194 00:09:31,600 --> 00:09:36,160 Speaker 1: like payroll and HR and compliance with transparent pricing. 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It's pretty interesting coming 204 00:10:10,800 --> 00:10:13,240 Speaker 1: from the highest tax state and looking at Los Angeles 205 00:10:13,320 --> 00:10:15,920 Speaker 1: with probably the worst infrastructure. The roads are falling apart, 206 00:10:15,960 --> 00:10:18,200 Speaker 1: the buildings are falling apart. You have the biggest homeless 207 00:10:18,240 --> 00:10:20,960 Speaker 1: problem that's there, and there's not one single crane up 208 00:10:20,960 --> 00:10:22,360 Speaker 1: in the sky. You can tell a lot about the 209 00:10:22,360 --> 00:10:25,040 Speaker 1: economy of a city by how many cranes are there, 210 00:10:25,080 --> 00:10:27,080 Speaker 1: how much development's going on. And I said over in 211 00:10:27,160 --> 00:10:31,440 Speaker 1: Dubai there's no income tax, and yet the city is 212 00:10:31,440 --> 00:10:34,079 Speaker 1: probably the cleanest city that I've ever seen in my life. 213 00:10:34,240 --> 00:10:38,040 Speaker 1: The infrastructure is amazing. I'd call it magnificent. That's only 214 00:10:38,120 --> 00:10:41,280 Speaker 1: word I could think of, and there's cranes everywhere. There's 215 00:10:41,320 --> 00:10:43,800 Speaker 1: no tax. So I was just saying, it's interesting to 216 00:10:43,880 --> 00:10:46,040 Speaker 1: understand that, and I got blown up. I didn't know 217 00:10:46,040 --> 00:10:48,559 Speaker 1: you could say I couldn't say good things about Dubai. 218 00:10:48,640 --> 00:10:51,600 Speaker 1: And everyone said, well, that's because they use slaves, that's 219 00:10:51,640 --> 00:10:53,960 Speaker 1: because they've stolen all the oil from the land, all 220 00:10:54,000 --> 00:10:57,280 Speaker 1: these different things, and none of that's true. Well, maybe 221 00:10:57,280 --> 00:11:00,720 Speaker 1: they did use oil at one point, but today Dubai 222 00:11:00,880 --> 00:11:05,040 Speaker 1: has no income tax and they have almost no less 223 00:11:05,080 --> 00:11:08,480 Speaker 1: than one percent of their GDP comes from oil. So 224 00:11:08,960 --> 00:11:13,360 Speaker 1: where do nations like Dubai or Bahamas or came into Monica. 225 00:11:13,400 --> 00:11:16,280 Speaker 1: Where do they or how do they fund the government 226 00:11:16,320 --> 00:11:20,240 Speaker 1: without tax without income taxes? Well, there's always going to 227 00:11:20,280 --> 00:11:22,880 Speaker 1: be taxes. The government has to receive money, but it 228 00:11:22,880 --> 00:11:24,680 Speaker 1: doesn't have to come from income. There's a lot of 229 00:11:24,720 --> 00:11:27,720 Speaker 1: tax that we pay. So for example, in Dubai, there's 230 00:11:27,760 --> 00:11:31,160 Speaker 1: the five percent vat tax. Okay, So that's sort of 231 00:11:31,200 --> 00:11:32,880 Speaker 1: like in the United States, we have a sales tax, 232 00:11:33,080 --> 00:11:36,439 Speaker 1: and so that tax happens every time there's a transaction happening. 233 00:11:36,800 --> 00:11:39,959 Speaker 1: And then businesses also pay nine percent, so a nine 234 00:11:39,960 --> 00:11:42,480 Speaker 1: percent corporate tax rate, which of course, is way less 235 00:11:42,480 --> 00:11:45,200 Speaker 1: than the United States as well. So that's how sort 236 00:11:45,200 --> 00:11:47,920 Speaker 1: of things like that happen. Now we can see in Dubai. 237 00:11:48,080 --> 00:11:49,599 Speaker 1: The reason why I which twenty es Dubai is, like 238 00:11:49,640 --> 00:11:52,480 Speaker 1: I said, I was recently there, twenty six percent comes 239 00:11:52,520 --> 00:11:56,559 Speaker 1: from wholesale and retail trade, twelve percent from logistics. They 240 00:11:56,559 --> 00:11:59,560 Speaker 1: have a big tourism industry here, this is only five percent. 241 00:11:59,600 --> 00:12:03,040 Speaker 1: That's much now real estate manufacturing, and so all of 242 00:12:03,080 --> 00:12:07,000 Speaker 1: these sectors pay in money through that nine percent corporate rate. 243 00:12:07,040 --> 00:12:10,120 Speaker 1: But the thing to understand here is that why are 244 00:12:10,120 --> 00:12:12,360 Speaker 1: all those businesses there. What Dubai did is that, hey, 245 00:12:12,600 --> 00:12:14,240 Speaker 1: we're going to compete with the rest of the world 246 00:12:14,280 --> 00:12:17,840 Speaker 1: and we'll attract capital. So by being very pro business 247 00:12:18,400 --> 00:12:21,640 Speaker 1: and very pro capitalism, all these companies have been coming 248 00:12:21,679 --> 00:12:24,280 Speaker 1: this set up there, and then they benefit from taxing 249 00:12:24,360 --> 00:12:27,280 Speaker 1: those companies, albeit at a very much lower rate than 250 00:12:27,320 --> 00:12:30,400 Speaker 1: what the United States does. And so we've seen that 251 00:12:30,480 --> 00:12:34,199 Speaker 1: it's not just a dream, it's not just history. It's 252 00:12:34,240 --> 00:12:38,240 Speaker 1: actually happening right now. Now back to President Bukayley's comments 253 00:12:38,559 --> 00:12:42,640 Speaker 1: about your taxes or American's taxes not really funding their government. 254 00:12:42,960 --> 00:12:45,400 Speaker 1: This is a chart from the government from the Congressional 255 00:12:45,440 --> 00:12:48,760 Speaker 1: Budget Office. And what this is showing is the deficit, 256 00:12:49,400 --> 00:12:52,400 Speaker 1: and the deficit is obviously the difference between what the 257 00:12:52,440 --> 00:12:55,240 Speaker 1: government's spending and what they're bringing in from taxes. And again, 258 00:12:55,600 --> 00:12:58,200 Speaker 1: income taxes is part of the taxes. There's all kinds 259 00:12:58,200 --> 00:13:01,000 Speaker 1: of other taxes, right, so business taxes and property taxes 260 00:13:01,040 --> 00:13:04,960 Speaker 1: and sales taxes and capital gains taxes, on and on. However, 261 00:13:05,240 --> 00:13:07,720 Speaker 1: the problem is that the government continues to spend more 262 00:13:07,800 --> 00:13:10,240 Speaker 1: and more and more and more and more than they collect. 263 00:13:10,440 --> 00:13:14,560 Speaker 1: We're spending about two trillion more than what they're bringing in, 264 00:13:14,880 --> 00:13:18,360 Speaker 1: and per the government's CBO, they project that gap, that 265 00:13:18,520 --> 00:13:22,160 Speaker 1: deficit gap to get bigger and bigger and bigger. So 266 00:13:22,480 --> 00:13:24,760 Speaker 1: two trillion more than they're spending, two trillion more than 267 00:13:24,760 --> 00:13:26,360 Speaker 1: they bring in, and then it will be two and 268 00:13:26,360 --> 00:13:28,480 Speaker 1: a half and then three and then four. And so 269 00:13:28,480 --> 00:13:32,160 Speaker 1: if they're spending an extra two trillion dollars, again back 270 00:13:32,160 --> 00:13:34,560 Speaker 1: to Bekayley's comment, what do they need our money for? 271 00:13:35,320 --> 00:13:38,280 Speaker 1: Where are they getting that money? And they show you, well, 272 00:13:38,360 --> 00:13:40,839 Speaker 1: it's debt. So this is the line of where we're 273 00:13:40,840 --> 00:13:43,240 Speaker 1: at today and this is what they project the debt 274 00:13:43,320 --> 00:13:45,200 Speaker 1: levels to go up to, And I just want to 275 00:13:45,240 --> 00:13:47,880 Speaker 1: bring out one point. I wrote a book called The 276 00:13:48,120 --> 00:13:51,679 Speaker 1: Uncommunist Manifesto, the best selling book on Amazon. I'll link 277 00:13:51,720 --> 00:13:53,120 Speaker 1: to it down below. You should check it out, The 278 00:13:53,160 --> 00:13:58,360 Speaker 1: Uncommunist Manifesto. But in Karl Marx's book, Marxist book called 279 00:13:58,400 --> 00:14:01,560 Speaker 1: the Communist Manifesto, he laid out ten points of communism. 280 00:14:01,920 --> 00:14:05,160 Speaker 1: And I'll just let you know that right here. Number 281 00:14:05,200 --> 00:14:10,200 Speaker 1: two a heavy progressive or graduated income tax. It's a 282 00:14:10,200 --> 00:14:13,040 Speaker 1: Marxist idea. I'd also let you know number five is 283 00:14:13,040 --> 00:14:16,560 Speaker 1: a central bank. So it wouldn't be a big surprise 284 00:14:16,640 --> 00:14:20,080 Speaker 1: that both the IRS, the taxation system, and the central bank, 285 00:14:20,200 --> 00:14:22,560 Speaker 1: the FED, we're both created at the same time in 286 00:14:22,680 --> 00:14:25,720 Speaker 1: nineteen thirteen. Both of them are Marxist ideas. So back 287 00:14:25,760 --> 00:14:28,600 Speaker 1: to Bukaya's comment, why does the government take your money? 288 00:14:28,640 --> 00:14:31,000 Speaker 1: You think you're funding the government, but you're not, So 289 00:14:31,080 --> 00:14:35,360 Speaker 1: then why are we paying such heavy income taxes? It's Marxism, 290 00:14:35,640 --> 00:14:39,200 Speaker 1: it's redistribution. That's a whole nother comment, a whole nother conversation. 291 00:14:39,240 --> 00:14:40,320 Speaker 1: If you want me to do a video on that, 292 00:14:40,600 --> 00:14:42,920 Speaker 1: let me know down in the comments down below. Otherwise, 293 00:14:43,000 --> 00:14:44,880 Speaker 1: go chack. Got that book. But let's talk about the 294 00:14:44,920 --> 00:14:47,480 Speaker 1: pros and cons of this, and then we'll talk about 295 00:14:47,520 --> 00:14:49,440 Speaker 1: could this really happen? And what I think is going 296 00:14:49,480 --> 00:14:51,880 Speaker 1: to happen? All right, so potential shock. So what a 297 00:14:51,880 --> 00:14:55,080 Speaker 1: lot of people are saying is obviously the pro would be, well, shoot, 298 00:14:55,800 --> 00:14:58,360 Speaker 1: if we got more revenue from trade, that's good for 299 00:14:58,400 --> 00:15:01,360 Speaker 1: the government. So there's more money coming in. All the 300 00:15:01,360 --> 00:15:04,720 Speaker 1: businesses and companies and countries that are sending stuff into 301 00:15:04,720 --> 00:15:06,880 Speaker 1: the US, they pay a little bit. The US has 302 00:15:06,920 --> 00:15:10,840 Speaker 1: more money. That's great. That might mean also less taxes 303 00:15:10,840 --> 00:15:12,960 Speaker 1: for citizens. I would love it if my income tax 304 00:15:13,000 --> 00:15:16,440 Speaker 1: were to go down or obviously completely go away altogether. 305 00:15:16,680 --> 00:15:19,480 Speaker 1: That'd be amazing. So pro more income for the government. 306 00:15:19,560 --> 00:15:21,680 Speaker 1: Pro more income for me. I could keep more of 307 00:15:21,720 --> 00:15:26,040 Speaker 1: my income. Now, it's important to understand Howser's law. I 308 00:15:26,080 --> 00:15:28,800 Speaker 1: talk about this quite often. And the interesting thing about 309 00:15:28,880 --> 00:15:31,840 Speaker 1: Houser's law is there's only so much money to go around. 310 00:15:31,880 --> 00:15:34,320 Speaker 1: There's only a pie. Now the pie could get bigger 311 00:15:34,400 --> 00:15:36,280 Speaker 1: or smaller, but we have to divide up that pie. 312 00:15:36,600 --> 00:15:39,400 Speaker 1: And so basically the way it works is kind of 313 00:15:39,400 --> 00:15:42,200 Speaker 1: common sense. If you were to keep one hundred percent 314 00:15:42,280 --> 00:15:44,600 Speaker 1: of your money, you would have more money to spend 315 00:15:44,600 --> 00:15:47,840 Speaker 1: and invest. If you keep zero of your money, if 316 00:15:47,880 --> 00:15:49,880 Speaker 1: they took all of it, you would have no money 317 00:15:49,880 --> 00:15:52,720 Speaker 1: to spend an invest. So everything else is just a spectrum. 318 00:15:52,960 --> 00:15:56,800 Speaker 1: You have to understand. The government cannot spend something it 319 00:15:56,920 --> 00:16:00,760 Speaker 1: has not taken from you. It just reaches. Now it 320 00:16:00,760 --> 00:16:03,760 Speaker 1: can take money, as in debt from the future. It 321 00:16:03,840 --> 00:16:07,360 Speaker 1: could do that. But Perhauser's law, it shows that regardless 322 00:16:07,400 --> 00:16:10,200 Speaker 1: of what the tax rate is ten percent or ninety percent, 323 00:16:10,880 --> 00:16:15,000 Speaker 1: the percentage of the pie of GDP stays about the same, 324 00:16:15,360 --> 00:16:19,920 Speaker 1: about nineteen percent. So when taxes go down, the pie 325 00:16:19,960 --> 00:16:22,560 Speaker 1: gets bigger. When taxes go up, the pie gets smaller, 326 00:16:22,560 --> 00:16:25,680 Speaker 1: but the percentage of revenue to the pie of GDP 327 00:16:26,040 --> 00:16:28,920 Speaker 1: stays about the same. All right, So that's Houser's lot. 328 00:16:29,000 --> 00:16:31,880 Speaker 1: But back to the potential shock. So the pros sound good, 329 00:16:32,480 --> 00:16:35,480 Speaker 1: less taxes for me, more revenue for the government. The 330 00:16:35,560 --> 00:16:39,320 Speaker 1: cons could be well. Higher costs for imported goods, so 331 00:16:39,360 --> 00:16:41,240 Speaker 1: we import a lot of goods, and so we can 332 00:16:41,320 --> 00:16:44,120 Speaker 1: see the prices of all those things go up. That's inflation. 333 00:16:44,360 --> 00:16:46,200 Speaker 1: That means your money doesn't buy as much as it 334 00:16:46,280 --> 00:16:48,800 Speaker 1: used to. That could be bad, bad for you. We 335 00:16:48,840 --> 00:16:52,960 Speaker 1: could also see potentially retaliatory tariffs. So if the US 336 00:16:53,000 --> 00:16:56,040 Speaker 1: were to slap tariffs on other nations, then another nations say, okay, fine, 337 00:16:56,080 --> 00:16:59,200 Speaker 1: then we'll slap tariffs on your stuff. But here's the 338 00:16:59,240 --> 00:17:02,600 Speaker 1: thing about this, I think this part's overblown in my opinion, 339 00:17:02,600 --> 00:17:05,760 Speaker 1: and the reason why is that most other nations already 340 00:17:05,880 --> 00:17:09,720 Speaker 1: have tariffs. They have all types of duties, import duties, 341 00:17:09,880 --> 00:17:12,480 Speaker 1: and vat taxes. Like I've been sendenced a bunch of 342 00:17:12,520 --> 00:17:14,800 Speaker 1: stuff down to Mexico for my house that I built 343 00:17:14,800 --> 00:17:18,040 Speaker 1: down there, but I'm paying this enormous rate every single 344 00:17:18,040 --> 00:17:20,480 Speaker 1: time I shift something down there, So we're already having 345 00:17:20,480 --> 00:17:22,960 Speaker 1: that on top of that. The US is a net importer. 346 00:17:23,280 --> 00:17:25,639 Speaker 1: We don't export much stuff, but number one thing we 347 00:17:25,680 --> 00:17:29,159 Speaker 1: export is our own financial services, our Internet services. You 348 00:17:29,240 --> 00:17:32,600 Speaker 1: might already say there's tariffs on those the EU. I 349 00:17:32,640 --> 00:17:35,119 Speaker 1: think Zuckerberg was on Rogan recently, and I think he 350 00:17:35,200 --> 00:17:38,000 Speaker 1: said that the tech companies have been fined like thirty 351 00:17:38,200 --> 00:17:41,600 Speaker 1: billion dollars in just the last five or ten years. 352 00:17:41,760 --> 00:17:44,680 Speaker 1: That's sort of like a tariff. So we export financial services, 353 00:17:44,680 --> 00:17:48,480 Speaker 1: internet services, and energy. So really, I don't think this 354 00:17:48,560 --> 00:17:51,760 Speaker 1: is a big risk. All right, Now, let's think about 355 00:17:52,040 --> 00:17:55,119 Speaker 1: the probability of something like this going through in one 356 00:17:55,160 --> 00:17:58,159 Speaker 1: hundred percent or partially, and what that means for us. So, 357 00:17:58,280 --> 00:18:00,760 Speaker 1: first of all, as you might imagine, they're going to 358 00:18:00,760 --> 00:18:04,000 Speaker 1: be massive hurdles in Congress, but not just Congress, Like 359 00:18:04,040 --> 00:18:07,480 Speaker 1: there's an entire irs you know, deep state operation. You 360 00:18:07,560 --> 00:18:10,400 Speaker 1: have all the attorneys that make money from tax attorneys 361 00:18:10,440 --> 00:18:12,600 Speaker 1: and all of that, that whole complex, if you will. 362 00:18:12,680 --> 00:18:14,520 Speaker 1: They're going to fight that. They don't want that to 363 00:18:14,520 --> 00:18:17,240 Speaker 1: go through. Obviously, they want to keep that in place. 364 00:18:17,800 --> 00:18:21,480 Speaker 1: The Marxist organization wants to stay there. Now, what's the 365 00:18:21,520 --> 00:18:25,480 Speaker 1: probability of it actually replacing the income tax? Well, if 366 00:18:25,480 --> 00:18:27,439 Speaker 1: you think that the income tax is still needed by 367 00:18:27,480 --> 00:18:30,280 Speaker 1: the government, then what's the probability of that. Let's look 368 00:18:30,280 --> 00:18:32,239 Speaker 1: at some of the let's look at some of the math. Now, 369 00:18:32,280 --> 00:18:34,760 Speaker 1: as I said, right, Trump pledged to do that. He's 370 00:18:34,760 --> 00:18:37,199 Speaker 1: also pledged to do a bunch of other things with taxes. So, 371 00:18:37,280 --> 00:18:40,120 Speaker 1: for example, he's vowed on the campaign tilt to up 372 00:18:40,119 --> 00:18:43,800 Speaker 1: in the tax structure by no taxes on tips, so 373 00:18:43,880 --> 00:18:46,640 Speaker 1: get rid of that. That's pretty good. Overtime, no tax 374 00:18:46,680 --> 00:18:49,720 Speaker 1: on overtime, no tax on social security. So a lot 375 00:18:49,760 --> 00:18:52,040 Speaker 1: of things like that, even floating the elimination of the 376 00:18:52,040 --> 00:18:55,840 Speaker 1: federal income tax altogether, which is this this Although, like 377 00:18:55,880 --> 00:18:58,240 Speaker 1: I said, there's going to be a lot of pushback. Now, 378 00:18:58,240 --> 00:19:00,199 Speaker 1: I do want to just point out again, and this 379 00:19:00,240 --> 00:19:03,399 Speaker 1: is Trump's second term. So in his first term, he 380 00:19:03,800 --> 00:19:06,000 Speaker 1: did a ton of tax reform. As a matter of fact, 381 00:19:06,359 --> 00:19:10,280 Speaker 1: President Trump achieved the biggest tax cuts and reforms in 382 00:19:10,359 --> 00:19:13,920 Speaker 1: American history, many of which I'm still loving and using today. 383 00:19:13,920 --> 00:19:18,480 Speaker 1: But they're dwindling down, like, for example, accelerated depreciation, bonus depreciation. 384 00:19:18,560 --> 00:19:21,040 Speaker 1: It's a big one. And so I just want to 385 00:19:21,040 --> 00:19:25,280 Speaker 1: point out in his first term he did enormous tax cuts. 386 00:19:25,520 --> 00:19:27,600 Speaker 1: And so you know he's a man of his order. 387 00:19:27,600 --> 00:19:28,720 Speaker 1: He said he's gonna do some of this stuff. I 388 00:19:28,720 --> 00:19:30,880 Speaker 1: would expect a lot of this to go through. At 389 00:19:30,880 --> 00:19:33,000 Speaker 1: what level, Well, let's look at some of the probability 390 00:19:33,000 --> 00:19:34,439 Speaker 1: of this. Let's look at some of the numbers. So 391 00:19:34,480 --> 00:19:37,600 Speaker 1: we can see here that if we were going to 392 00:19:37,800 --> 00:19:41,560 Speaker 1: put a twenty percent tariff on all imported goods, what 393 00:19:41,800 --> 00:19:44,399 Speaker 1: dent would that put into the income tax that he 394 00:19:44,400 --> 00:19:46,399 Speaker 1: wants to get rid of. Well, we can see total 395 00:19:46,400 --> 00:19:50,040 Speaker 1: imports last year twenty twenty four were three point eight 396 00:19:50,200 --> 00:19:54,440 Speaker 1: trillion dollars right now, the federal revenue. The federal government's 397 00:19:54,440 --> 00:19:57,800 Speaker 1: total revenue for the same year was five trillion dollars. 398 00:19:58,359 --> 00:20:01,119 Speaker 1: So if we were to take twenty percent of the 399 00:20:01,119 --> 00:20:04,439 Speaker 1: total imports three point eight trillion, that is about seven 400 00:20:04,560 --> 00:20:08,119 Speaker 1: hundred and sixty six billion dollars. That's the twenty percent 401 00:20:08,160 --> 00:20:10,760 Speaker 1: across the board. Now, if we do the math, that's 402 00:20:10,840 --> 00:20:15,880 Speaker 1: only about fifteen point six percent of the government's total revenue. 403 00:20:15,880 --> 00:20:17,760 Speaker 1: So it doesn't really make up for the whole thing. 404 00:20:18,000 --> 00:20:20,199 Speaker 1: That's assuming that they need that money from us and 405 00:20:20,240 --> 00:20:23,040 Speaker 1: they're just not going to spin it off now. I 406 00:20:23,080 --> 00:20:25,040 Speaker 1: also like to point out the betting markets. I look 407 00:20:25,080 --> 00:20:28,240 Speaker 1: at them regularly. Now. Currently there's not a betting market 408 00:20:28,280 --> 00:20:32,920 Speaker 1: opened for this. Specifically, if we'll have tariffs replace income taxes, 409 00:20:33,040 --> 00:20:35,320 Speaker 1: I'd love to see someone spin that up. But currently 410 00:20:35,320 --> 00:20:37,959 Speaker 1: we do have three different proposals that we're betting on 411 00:20:38,200 --> 00:20:41,919 Speaker 1: in regards to Trump and tax policies. So, will Trump 412 00:20:42,080 --> 00:20:44,439 Speaker 1: end taxes on tips as he sort of said he 413 00:20:44,440 --> 00:20:46,959 Speaker 1: would right now, the betting markets say there's a thirty 414 00:20:47,040 --> 00:20:50,320 Speaker 1: three percent chance of that going through. Will Trump cut 415 00:20:50,359 --> 00:20:53,719 Speaker 1: corporate taxes in twenty twenty five there's a sixty percent 416 00:20:53,840 --> 00:20:56,800 Speaker 1: chance of that going through. And will Trump cut taxes 417 00:20:56,800 --> 00:20:59,439 Speaker 1: on high earners in twenty twenty five, then there's a 418 00:20:59,520 --> 00:21:04,439 Speaker 1: twenty one chance. So corporate taxes sixty percent better than average. 419 00:21:04,560 --> 00:21:07,040 Speaker 1: The rest are below average on that point. So that's 420 00:21:07,040 --> 00:21:10,080 Speaker 1: what the sort of probabilities are of this going through. 421 00:21:10,160 --> 00:21:13,160 Speaker 1: Now what does this mean for us either way? Well, 422 00:21:13,200 --> 00:21:16,920 Speaker 1: a couple things. It means Number one, pretty much expect 423 00:21:17,000 --> 00:21:20,000 Speaker 1: higher prices, all right, So there's gonna be some tariffs. 424 00:21:20,040 --> 00:21:21,919 Speaker 1: Maybe they're not going to be across the board like 425 00:21:21,960 --> 00:21:23,840 Speaker 1: he said, maybe they won't be as high, but he's 426 00:21:23,840 --> 00:21:25,600 Speaker 1: going to increase them. We know that because he did before, 427 00:21:25,640 --> 00:21:27,199 Speaker 1: and he's gonna at least follow through some of that. 428 00:21:27,520 --> 00:21:30,000 Speaker 1: So that's going to be higher prices no matter what, 429 00:21:30,600 --> 00:21:35,240 Speaker 1: even if there's not this retaliatory you know, potential retaliatory 430 00:21:35,359 --> 00:21:38,280 Speaker 1: risk that people see, it's going to mean higher prices. 431 00:21:38,280 --> 00:21:42,639 Speaker 1: Expect for that. It's also going to mean lower taxes. 432 00:21:42,800 --> 00:21:44,480 Speaker 1: So we're gonna have some tariffs. It's going to bring 433 00:21:44,520 --> 00:21:47,159 Speaker 1: prices up. We're also going to have tax cuts, so 434 00:21:47,400 --> 00:21:49,479 Speaker 1: will bring taxes down. Now we don't know if it's 435 00:21:49,520 --> 00:21:51,080 Speaker 1: going to be one hundred percent but there's going to 436 00:21:51,160 --> 00:21:53,159 Speaker 1: be some blend of that, so be prepared for that. 437 00:21:53,640 --> 00:21:55,280 Speaker 1: I do want to just let you know one other 438 00:21:55,320 --> 00:21:59,040 Speaker 1: thing though, that regardless of what happens, we all have 439 00:21:59,119 --> 00:22:02,159 Speaker 1: the ability to bring down the amount of taxes that 440 00:22:02,200 --> 00:22:04,800 Speaker 1: we pay by using all types of incentives that the 441 00:22:04,840 --> 00:22:08,840 Speaker 1: government puts in place. So the tax code is complex 442 00:22:09,080 --> 00:22:13,000 Speaker 1: and it favors investors not consumers. So if you're just 443 00:22:13,040 --> 00:22:15,359 Speaker 1: a W two earner that just watches TV and sets 444 00:22:15,359 --> 00:22:17,639 Speaker 1: in your mom's basement, you don't get a lot of 445 00:22:17,760 --> 00:22:20,920 Speaker 1: breaks or incentives from the government. But if you buy 446 00:22:20,960 --> 00:22:23,320 Speaker 1: a house, or you build a business or things like that, 447 00:22:23,600 --> 00:22:26,200 Speaker 1: then you do get a lot of incentives to lower 448 00:22:26,440 --> 00:22:28,960 Speaker 1: your taxes this way. So if you want to learn 449 00:22:28,960 --> 00:22:31,160 Speaker 1: more about that, I have a whole video right here 450 00:22:31,160 --> 00:22:33,480 Speaker 1: that you can go watch on that. Otherwise, let me 451 00:22:33,560 --> 00:22:35,920 Speaker 1: know what you think. Do you think this goes through? 452 00:22:36,240 --> 00:22:38,439 Speaker 1: Leave it in the comments down below, and that's what 453 00:22:38,480 --> 00:22:40,960 Speaker 1: I got. All right, to your success. I'm out