WEBVTT - Great Wealth Transfer, Tax Free Tips

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. You're listening to Bloomberg

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<v Speaker 1>Business Week with Carol Masser and Tim Stenovek on Bloomberg Radio.

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<v Speaker 2>All right, everybody, Carol Masser along with Matthew Miller Matt

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<v Speaker 2>of course in for Tim here in our Bloomberg Interactive

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<v Speaker 2>Broker Studio.

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<v Speaker 1>What nothing, Okay, I'm excited with that we finally got

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<v Speaker 1>the correction. You know, Adam Johnson used to always say

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<v Speaker 1>the pause that refreshes and oh yeah, correction on the

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<v Speaker 1>S and P five hundred. Listen.

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<v Speaker 2>Markets don't just go up, up, up right like you

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<v Speaker 2>know that, And I would still argue, I'm not an expert,

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<v Speaker 2>but just watching markets and market cycles that markets go up,

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<v Speaker 2>markets go down, and there is a point where you

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<v Speaker 2>want to see some of the fluff taken out of

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<v Speaker 2>especially after.

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<v Speaker 1>A tremendous though. Yeah, stocks always go up.

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<v Speaker 2>I mean, yeah, go back right, five years, ten years,

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<v Speaker 2>I mean it's yeah.

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<v Speaker 1>Twenty years, fifty years.

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<v Speaker 2>Exactly, exactly. All right, folk, let's talk about about what's

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<v Speaker 2>going on in the market, because we have seen retail

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<v Speaker 2>investors pour about seven point three billion into equities in

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<v Speaker 2>the week through Wednesday.

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<v Speaker 1>I was thinking about that as well. See we you've

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<v Speaker 1>got all these on Wall Street, although I will say

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<v Speaker 1>they still have the strategists. If you type in SPX

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<v Speaker 1>index A n R you can see Lou Wang's survey

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<v Speaker 1>of the biggest Wall sreat strategists. It's fantastic work. And

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<v Speaker 1>we're still looking at an average year end price target

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<v Speaker 1>of sixty four seventy nine.

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<v Speaker 2>We're at fifty five twenty one on the SMP.

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<v Speaker 3>Yeah.

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<v Speaker 1>That's a move up, all right, fourteen percent move up?

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<v Speaker 2>Yeah, And I will say these retail investors, they were

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<v Speaker 2>boosting exposure to Tesla. This is coming from mlo A

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<v Speaker 2>Global Quantity, Quantitative and Derivative Strategies over JP Morgan. Let's

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<v Speaker 2>see if that's the case with the clients of our

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<v Speaker 2>next guest with us as Tina Hurley, head of Planning

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<v Speaker 2>an ultra high net worth solutions over at Citizens Wealth,

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<v Speaker 2>joining us from Johnston, Rhode Island. Tina, good to have

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<v Speaker 2>you here with Matt and myself. So I am curious

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<v Speaker 2>what's your client's mood right now and sentiment. Are they

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<v Speaker 2>looking to put more money to work or are they

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<v Speaker 2>in kind of a risk off type of mood?

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<v Speaker 4>Yeah?

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<v Speaker 3>Well, hey, thanks for having me appreciate the time today.

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<v Speaker 3>You know, I think you know, in general, when we're

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<v Speaker 3>working with our clients, we're really focused on their unique

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<v Speaker 3>goals and so some are and some are not right,

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<v Speaker 3>So it depends on what's going on with that particular client,

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<v Speaker 3>what's going on with their families, and our advisors are

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<v Speaker 3>really taking the lead from the client in terms of

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<v Speaker 3>their goals and creating a well strategy that's appropriate for them.

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<v Speaker 1>All right, So I guess there's you don't have an overview,

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<v Speaker 1>like an average what your clients are doing.

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<v Speaker 2>But you don't do you don't tell people like, hey, listen,

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<v Speaker 2>if you really like this name, which you have liked

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<v Speaker 2>for a year or two, this is an opportunity to

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<v Speaker 2>get it, you know, Like I am curious if you

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<v Speaker 2>know that in this environment, is is it opportunistic? I mean,

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<v Speaker 2>is it investible? Is it an investable market? In your view?

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<v Speaker 3>Well, here's what I would say. In our business, we're

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<v Speaker 3>investing for the long haul. So as I was listening

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<v Speaker 3>to you guys, you were talking about the market always

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<v Speaker 3>goes up, whether it's ten years, twenty years, one hundred years,

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<v Speaker 3>and so that's what we're looking at is really making

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<v Speaker 3>sure that we're doing what's best for our clients in

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<v Speaker 3>the long term.

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<v Speaker 1>Yeah, I mean that's exactly what I was thinking. If

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<v Speaker 1>you're in for another ten years, I probably won't retire

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<v Speaker 1>for twenty, right, So I guess it can't be a

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<v Speaker 1>bad point to buy when the market is dropped ten percent. Now,

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<v Speaker 1>if you have a shorter window, if you're looking at

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<v Speaker 1>a few years, or if you're retiring soon, what do

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<v Speaker 1>you think about rates at this level?

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<v Speaker 3>Well, you know, I think that's a variable. You know,

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<v Speaker 3>all of our advisors are really trying to balance. Again,

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<v Speaker 3>when we're leading with planning, we're thinking about the long

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<v Speaker 3>term goals and balancing rates of across the industry, whether

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<v Speaker 3>that's in the market or it's in a cash position.

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<v Speaker 3>So it's important for us, I think, to take a

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<v Speaker 3>step back and really spend the time necessary to understand

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<v Speaker 3>what those clients' long term goals are, whether it's you know,

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<v Speaker 3>an interest rate, interest that the client has, or it's

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<v Speaker 3>really just achieving that goal.

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<v Speaker 1>Let me ask it. Let me ask though about you know,

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<v Speaker 1>I get that everyone has different investment horizons, and everybody

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<v Speaker 1>has different risk aversion, and that you deal with really

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<v Speaker 1>a diverse clientele, but in general, right, if you look

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<v Speaker 1>at expectations going into this year, you know post November,

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<v Speaker 1>the rocket launch that we had when Trump won, and

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<v Speaker 1>what we're seeing develop now, how do you think that

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<v Speaker 1>turned out and where do you think it's going.

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<v Speaker 3>Well, Listen, I'm not going to predict markets, That's not

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<v Speaker 3>what I do. But I will tell you we're going

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<v Speaker 3>to stay in it for the long haul with our

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<v Speaker 3>clients over a period of time, make sure that they

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<v Speaker 3>are invested appropriately to achieve their goals.

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<v Speaker 2>So one thing I did want to ask you, because

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<v Speaker 2>I know you guys have done some research about women

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<v Speaker 2>in particular and the Great Wealth Transfer. But before I

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<v Speaker 2>ask you that, is there anything that you've noticed with

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<v Speaker 2>your clients when it comes to men versus women, how

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<v Speaker 2>they deal with volatility, how they deal with risk or

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<v Speaker 2>risk off in this kind of environment. I'm just curious

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<v Speaker 2>if there's any trends that you've noticed.

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<v Speaker 3>Yeah, you know, actually, yeah, thanks Carol for asking that,

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<v Speaker 3>because you know generally what we're seeing from women and

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<v Speaker 3>this is really you know, embedded within the survey that

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<v Speaker 3>we did, the risk aware and so they are thinking

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<v Speaker 3>about stability, They do think about prioritizing caring for their children,

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<v Speaker 3>and so as we're working with them and developing a

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<v Speaker 3>financial plan or an estate plan, we're really thinking about

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<v Speaker 3>the investments that match that priority for that unique individual.

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<v Speaker 3>But in general, women do lean more towards stability.

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<v Speaker 1>What kind of you know? I was talking about this

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<v Speaker 1>wealth transfer is Sally crawlcheck a couple months ago. I

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<v Speaker 1>thought it was fascinating because, I mean, how much money

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<v Speaker 1>are we talking about here? I've heard ed Yard Denny

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<v Speaker 1>estimate that the baby boomers have like seventy five trillion

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<v Speaker 1>dollars in assets. So how big is this, Tina, And

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<v Speaker 1>how much do you expect to end up? This is

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<v Speaker 1>something I thought was interesting from Sally's perspective. How much

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<v Speaker 1>do you think is going to end up in the

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<v Speaker 1>hands of women as opposed to men?

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<v Speaker 3>Yeah, great question, Matt. You know, overall, I think we're

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<v Speaker 3>seeing that one hundred and twenty four trillion dollars transitioning

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<v Speaker 3>now through twenty forty eight.

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<v Speaker 1>One hundred and twenty four trillion dollars.

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<v Speaker 3>Brillion trillion, Yeah, thirty four trillion is really transitioning to women.

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<v Speaker 3>And it's transitioning to women because you think about, first

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<v Speaker 3>of all, women outlive men. Right, So you've got this

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<v Speaker 3>this sort of predeceased situation where you've got a widow

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<v Speaker 3>that will receeve thirty four trillion dollars, and it's very

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<v Speaker 3>significant and it's a huge opportunity. You know, the way

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<v Speaker 3>we look at it is, this is our opportunity to

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<v Speaker 3>really dig deep. You know, when we lead with planning,

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<v Speaker 3>we're doing really deep discovery. We better educate those women

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<v Speaker 3>because they're not quite confident yet. We've really got to

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<v Speaker 3>work on making sure that we're empowering them. These are

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<v Speaker 3>going to be the recipients of thirty four trillion dollars,

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<v Speaker 3>by the way, in the next five years. So of

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<v Speaker 3>that one, twenty four, thirty four trillion is moving to

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<v Speaker 3>women in by twenty thirty. It's huge, and it's a

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<v Speaker 3>huge opportunity for us to empower these women to be

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<v Speaker 3>able to take control of their financial futures.

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<v Speaker 2>Tina, who are these women? Because I feel like this

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<v Speaker 2>is a conversation I had I think years ago. I

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<v Speaker 2>remember actually Don Strassheim, if you remember from I think

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<v Speaker 2>it was Meryl and he used to talk used to

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<v Speaker 2>talk about that he actually took his wife to an

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<v Speaker 2>investment advisor that she felt comfortable with. But this is

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<v Speaker 2>I'm going to date myself like thirty years ago. So

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<v Speaker 2>who are these women that you know.

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<v Speaker 1>Well, a lot of times they're picking new investment advisors.

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<v Speaker 1>This they are this is an issue, right, So you're

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<v Speaker 1>going to see a lot of that money, those huge numbers,

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<v Speaker 1>Tina that you're talking about, move right.

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<v Speaker 3>That's right, that's right, which is which is frankly, why

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<v Speaker 3>the advisor's role in this is so critical.

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<v Speaker 1>They have to be.

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<v Speaker 3>Engaged with both parties now, now more than ever. They

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<v Speaker 3>need to be making sure that these women are comfortable

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<v Speaker 3>and gain confidence. So it might mean that these advisors

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<v Speaker 3>really need to spart start spending time educating women on

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<v Speaker 3>basic financials or you know, when they are still married

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<v Speaker 3>and the husband hasn't passed yet, make sure both are

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<v Speaker 3>at the meeting so they're talking to both people and

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<v Speaker 3>they really understand the depth of that relationship, so that Matt,

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<v Speaker 3>they don't move when that husband deceases. You know, at

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<v Speaker 3>the end of the day, this is about making sure

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<v Speaker 3>that a woman feels confident at the table and comfortable

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<v Speaker 3>talk about our finances. You know, when we did that survey,

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<v Speaker 3>eighty four percent of the women who responded, are still

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<v Speaker 3>not confident about money matters, and so we really have

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<v Speaker 3>to embrace this moment and dig in and really make

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<v Speaker 3>sure that we are spending time not only with the

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<v Speaker 3>women but with their children, because that ends up being

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<v Speaker 3>one of the top three priorities of women when they're

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<v Speaker 3>thinking about financial future.

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<v Speaker 2>All right, well, good to spend some time with you,

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<v Speaker 2>Tina Hurley. She's head of planning an ultra high networth

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<v Speaker 2>solutions over at Citizen Wealth, joining us from Rhode.

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<v Speaker 1>I hope also that this younger generation of women, and

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<v Speaker 1>I think for sure is going to be much more confident,

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<v Speaker 1>you know, than previous generations.

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<v Speaker 2>I think so. I think women are in some way.

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<v Speaker 1>I'm more comfort than in my future because my wife

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<v Speaker 1>has taken over our finances.

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<v Speaker 4>She's going to take care of you.

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<v Speaker 2>I wanted to get to a story out from the

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<v Speaker 2>Business Week team. Donald Trump's promise to eliminate taxes on

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<v Speaker 2>tips and overtime pay has raised concerns among tax experts,

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<v Speaker 2>who warned that such a policy could have unint tended

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<v Speaker 2>consequences and create complexity in the tax code. With more

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<v Speaker 2>on what some say are the possibly crazy things that

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<v Speaker 2>could happen is Bloomberg News Wealth reporter Ben Steverman. He

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<v Speaker 2>joins us now in New York.

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<v Speaker 1>His Business Week story.

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<v Speaker 2>By the way, it's on the Bloomberg terminal, and you

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<v Speaker 2>can find it also at Bloomberg dot com slash BusinessWeek.

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<v Speaker 2>Ben bring this up, and I got to say, you

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<v Speaker 2>get a pretty good debate on this issue. Remind us

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<v Speaker 2>about the president's pledge and how this could ultimately work,

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<v Speaker 2>especially something like tips, which seemed to be kind of

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<v Speaker 2>a tough thing to track.

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<v Speaker 4>Yeah, so these promises came out of Donald Trump's stuff

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<v Speaker 4>speech last year, and he says the origin of the

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<v Speaker 4>no tax on tips was just a waitress at his

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<v Speaker 4>hotel in Las Vegas walked up to him and said,

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<v Speaker 4>you shouldn't have taxes on tips. And he liked the

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<v Speaker 4>way that sounded. And the pole suggests voters like it too.

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<v Speaker 4>But when I talked to experts about this, I really

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<v Speaker 4>hate the idea of exact emptying one kind of income,

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<v Speaker 4>whether that's tips or over time, from everything else because

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<v Speaker 4>it just kind of just opens up a ball of

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<v Speaker 4>big can of worms. It's because it just it incentivizes

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<v Speaker 4>people to shift their money income from one category to another,

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<v Speaker 4>and so it's then it just becomes really important how

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<v Speaker 4>you write the rules, how you draw those lines. And

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<v Speaker 4>then that drawing of the lines makes everything more complicated

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<v Speaker 4>for taxpayers, especially the ones who want to access the benefit.

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<v Speaker 1>I mean, on the one hand, I understand that because

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<v Speaker 1>then I guess the idea is I could go over

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<v Speaker 1>to my boss and say, listen, instead of paying me

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<v Speaker 1>a salary and a bonus, can you just give me

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<v Speaker 1>like a small penance and then it tip me at

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<v Speaker 1>the end of the year. It's not really going to happen, though,

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<v Speaker 1>is it. And let's be honest, those of us who

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<v Speaker 1>have worked in jobs for tips in the past, Carol,

0:11:56.679 --> 0:11:57.520
<v Speaker 1>do you ever wait tables?

0:11:57.960 --> 0:11:58.120
<v Speaker 2>No?

0:11:58.720 --> 0:12:01.160
<v Speaker 1>All right, well I waited take and I never paid

0:12:01.200 --> 0:12:06.160
<v Speaker 1>tax on those tips, like nobody did. Just what I mean,

0:12:06.240 --> 0:12:10.840
<v Speaker 1>how does do people pay taxes on tips? They do?

0:12:10.960 --> 0:12:12.800
<v Speaker 4>Now? I think this is one of the reasons this

0:12:12.880 --> 0:12:16.520
<v Speaker 4>is coming up is that credit because of credit cards

0:12:16.559 --> 0:12:20.400
<v Speaker 4>and debit cards, this has gotten a lot easier to track,

0:12:20.880 --> 0:12:25.040
<v Speaker 4>so far more of tip income. Back in the sixties,

0:12:25.280 --> 0:12:27.959
<v Speaker 4>the IRS estimated that only twenty percent of tips were

0:12:27.960 --> 0:12:31.679
<v Speaker 4>being reported. And I just looked at a study actually

0:12:31.760 --> 0:12:34.680
<v Speaker 4>several years old now, but it suggested more than two

0:12:34.679 --> 0:12:38.800
<v Speaker 4>thirds of restaurant tips are now being reported. One of

0:12:38.880 --> 0:12:43.920
<v Speaker 4>the issues with this is that the proposals that Republicans

0:12:43.920 --> 0:12:47.520
<v Speaker 4>and Trump would be talking about are exempting tips in

0:12:47.559 --> 0:12:54.160
<v Speaker 4>overtime from income taxes. But really the important tax that

0:12:54.800 --> 0:12:58.760
<v Speaker 4>tip people pay is payroll taxes. Two thirds of tip

0:12:58.840 --> 0:13:02.920
<v Speaker 4>workers pay never never pay income taxes, and most workers

0:13:02.960 --> 0:13:06.120
<v Speaker 4>pay more in payroll taxes and income taxes. So one

0:13:06.200 --> 0:13:09.200
<v Speaker 4>issue here is that they're going to be they could

0:13:09.240 --> 0:13:13.160
<v Speaker 4>be exempting this kind of income, but really it doesn't

0:13:13.280 --> 0:13:15.480
<v Speaker 4>really end up benefiting very many of the people who

0:13:15.520 --> 0:13:18.120
<v Speaker 4>are actually waiting tables or working at coffee shops or

0:13:18.160 --> 0:13:19.960
<v Speaker 4>all the other things that get tipped.

0:13:20.200 --> 0:13:23.280
<v Speaker 1>How did you avoid waiting tables, Carol, I had other jobs.

0:13:25.440 --> 0:13:28.280
<v Speaker 1>I love the you know, obviously people are going to

0:13:28.320 --> 0:13:30.520
<v Speaker 1>try and game the system, Ben, and I love the

0:13:30.640 --> 0:13:33.319
<v Speaker 1>example you bring up. I was thinking about this recently.

0:13:33.360 --> 0:13:34.920
<v Speaker 1>I don't know where I was looking at a building

0:13:34.960 --> 0:13:39.720
<v Speaker 1>with bricked windows and trying to remember I thought, I knew,

0:13:39.880 --> 0:13:43.240
<v Speaker 1>why did they do that? And you remind us that

0:13:44.559 --> 0:13:48.640
<v Speaker 1>some king in the sixteen hundreds in Britain started taxing

0:13:48.640 --> 0:13:50.880
<v Speaker 1>buildings based on the number of windows and of course

0:13:50.920 --> 0:13:53.400
<v Speaker 1>what happens is then all the landlords brick up as

0:13:53.440 --> 0:13:54.920
<v Speaker 1>many windows as they possibly can.

0:13:56.559 --> 0:13:59.720
<v Speaker 4>Yeah, And somehow that tax was on the books for

0:13:59.800 --> 0:14:02.080
<v Speaker 4>like one hundred and fifty years, and so you ended

0:14:02.200 --> 0:14:05.240
<v Speaker 4>up with all these tenements poor people were living in

0:14:05.640 --> 0:14:08.520
<v Speaker 4>that didn't have enough light, didn't have enough ventilation. And

0:14:08.520 --> 0:14:12.040
<v Speaker 4>it's just an example of these unintended consequences that tax

0:14:12.120 --> 0:14:15.040
<v Speaker 4>changes can have. It's often things you might not even

0:14:15.080 --> 0:14:16.680
<v Speaker 4>think about when you pass the bill.

0:14:17.040 --> 0:14:17.319
<v Speaker 1>You know.

0:14:17.679 --> 0:14:20.160
<v Speaker 4>Another example I bring up is the luxury tax that

0:14:20.360 --> 0:14:23.680
<v Speaker 4>was passed in nineteen ninety that was just seemed like

0:14:23.720 --> 0:14:26.960
<v Speaker 4>a good way to close the budget deficit poor people,

0:14:26.960 --> 0:14:29.640
<v Speaker 4>which wealthy people will pay, this tax will ended up

0:14:29.680 --> 0:14:34.080
<v Speaker 4>like devastating the yacht industry and in the United States,

0:14:34.080 --> 0:14:36.560
<v Speaker 4>and all these working class people lost their jobs and

0:14:37.080 --> 0:14:39.800
<v Speaker 4>it really didn't bring in much revenue, and it was

0:14:39.840 --> 0:14:42.800
<v Speaker 4>repealed in a couple of years in that case. So

0:14:44.360 --> 0:14:45.680
<v Speaker 4>what we were trying to do in the piece is

0:14:45.720 --> 0:14:47.720
<v Speaker 4>just kind of like, imagine how people are going to

0:14:47.800 --> 0:14:50.560
<v Speaker 4>use these because it really sometimes it can take a

0:14:50.600 --> 0:14:53.840
<v Speaker 4>few years before the effects can be really felt.

0:14:54.240 --> 0:14:57.320
<v Speaker 2>I mean, do people also think that, I don't know,

0:14:58.120 --> 0:15:00.600
<v Speaker 2>there's part of me. I feel bad because I feel

0:15:00.640 --> 0:15:04.080
<v Speaker 2>like people who get tips they often have a lower wage, right,

0:15:04.120 --> 0:15:05.440
<v Speaker 2>and so the whole idea is that they make it

0:15:05.520 --> 0:15:07.520
<v Speaker 2>up in their tips. But at the same time, I

0:15:07.560 --> 0:15:10.840
<v Speaker 2>pay taxes on everything I make, and so why, like

0:15:11.200 --> 0:15:15.440
<v Speaker 2>to how you started, like why should should you become.

0:15:15.280 --> 0:15:18.360
<v Speaker 1>Super rich people? You know, Well, that's much lower percentage

0:15:18.400 --> 0:15:19.720
<v Speaker 1>than because it's investment income.

0:15:19.760 --> 0:15:21.720
<v Speaker 2>It's like a whole right, there's a whole other thing.

0:15:21.800 --> 0:15:24.800
<v Speaker 2>But will people then maybe stop tipping because they're ticked

0:15:24.840 --> 0:15:26.880
<v Speaker 2>off and they're saying I pay taxes, but you don't

0:15:26.920 --> 0:15:29.080
<v Speaker 2>have to on your tips, Like could there be I

0:15:29.080 --> 0:15:30.120
<v Speaker 2>don't know what are you hearing?

0:15:31.240 --> 0:15:34.440
<v Speaker 4>Yeah, I mean only about two and a half percent

0:15:34.640 --> 0:15:38.440
<v Speaker 4>of people work of the workforce gets tips, and there

0:15:38.440 --> 0:15:41.360
<v Speaker 4>are a lot of working class people. So we think

0:15:41.360 --> 0:15:45.120
<v Speaker 4>about the cook in the kitchen isn't necessarily getting the tips.

0:15:45.160 --> 0:15:47.480
<v Speaker 4>Sometimes they sometimes restaurants pool tips. And you might know

0:15:47.800 --> 0:15:51.720
<v Speaker 4>Matt better than me, but yeah, like a convenience store

0:15:51.720 --> 0:15:54.880
<v Speaker 4>clerk making thirty thousand dollars a year and and a

0:15:54.920 --> 0:15:57.720
<v Speaker 4>waiter making thirty thousand dollars a year, one of them

0:15:57.800 --> 0:16:00.320
<v Speaker 4>would be getting a tax break under this plan. Then

0:16:00.320 --> 0:16:02.920
<v Speaker 4>the other would still be paying the normal amount. So

0:16:02.960 --> 0:16:05.680
<v Speaker 4>does that end up creating resent me when people get

0:16:05.720 --> 0:16:09.760
<v Speaker 4>around ask for those tips. We're being asked now everywhere

0:16:09.800 --> 0:16:13.400
<v Speaker 4>we go on those screens that they toward us, you

0:16:13.440 --> 0:16:18.600
<v Speaker 4>know twenty five thirty percent. Do people start saying no

0:16:19.320 --> 0:16:22.040
<v Speaker 4>more often that this could this could backfire in that

0:16:22.080 --> 0:16:22.760
<v Speaker 4>way as well?

0:16:22.880 --> 0:16:25.200
<v Speaker 1>Hang on a second, did you also never work as

0:16:25.240 --> 0:16:27.120
<v Speaker 1>a waiter? Ben?

0:16:27.480 --> 0:16:29.800
<v Speaker 4>So, I actually worked as a lifeguard. And we were

0:16:29.840 --> 0:16:34.360
<v Speaker 4>looking at some data on what occupations get tipped, and

0:16:34.960 --> 0:16:37.480
<v Speaker 4>some people said that they actually tipped lifeguard that I've

0:16:37.480 --> 0:16:40.000
<v Speaker 4>never I never got a tip doing lifeguarding.

0:16:40.320 --> 0:16:42.880
<v Speaker 1>I was a short ordered cook. I was a dishwasher.

0:16:43.480 --> 0:16:46.240
<v Speaker 1>I was a stick out a boy. I was a busboy.

0:16:47.320 --> 0:16:49.720
<v Speaker 2>I did clean houses or a house at once.

0:16:50.040 --> 0:16:53.040
<v Speaker 1>You cleaned the house once, Carol, No.

0:16:52.920 --> 0:16:54.480
<v Speaker 2>No, no, I don't mean just once, but I mean

0:16:54.480 --> 0:16:56.320
<v Speaker 2>I had a job that regularly I cleaned a house.

0:16:56.880 --> 0:16:58.160
<v Speaker 2>It was a gorgeous house, by the way.

0:16:59.320 --> 0:17:01.520
<v Speaker 1>All right, I think it's a great story, Ben, and

0:17:01.560 --> 0:17:04.160
<v Speaker 1>I recommend everyone. Obviously we didn't get to the other

0:17:04.200 --> 0:17:06.879
<v Speaker 1>things right. Over time, you could game the system with

0:17:07.080 --> 0:17:11.359
<v Speaker 1>that no tax on social Security. I was frankly surprised

0:17:11.359 --> 0:17:13.359
<v Speaker 1>when I learned that people have to pay taxes on

0:17:13.400 --> 0:17:14.040
<v Speaker 1>sales security.

0:17:14.119 --> 0:17:14.720
<v Speaker 2>Now I know, I know.

0:17:14.800 --> 0:17:16.400
<v Speaker 1>I'm against taxes in general.

0:17:16.640 --> 0:17:19.200
<v Speaker 2>So check out ben story. I also did inventory and

0:17:19.280 --> 0:17:21.720
<v Speaker 2>a factory. I've done that, all right.

0:17:21.800 --> 0:17:23.520
<v Speaker 1>So you you did a little bit it wor ARC.

0:17:23.800 --> 0:17:25.280
<v Speaker 2>Yeah, I just did different jobs.

0:17:25.440 --> 0:17:29.119
<v Speaker 1>That's good, all right. It's important teaches a little responsibility.