WEBVTT - 8/18/26: Tariff Refunds Boost Corporations, MAGA Sheriffs Revolt On Border Wall, Screens Ruining Education 0:00:00.080 --> 0:00:01.599 Hey, guys, Saga and Crystal here. 0:00:01.680 --> 0:00:05.240 Independent media just played a truly massive role in this election, 0:00:05.360 --> 0:00:07.840 and we are so excited about what that means for 0:00:07.880 --> 0:00:08.720 the future of this show. 0:00:08.880 --> 0:00:10.760 This is the only place where you can find honest 0:00:10.760 --> 0:00:13.280 perspectives from the left and the right that simply does 0:00:13.320 --> 0:00:14.680 not exist anywhere else. 0:00:14.760 --> 0:00:17.080 So if that is something that's important to you, please 0:00:17.120 --> 0:00:19.599 go to Breakingpoints dot com. Become a member today and 0:00:19.640 --> 0:00:22.800 you'll get access to our full shows, unedited, ad free, 0:00:22.800 --> 0:00:25.600 and all put together for you every morning in your inbox. 0:00:25.680 --> 0:00:27.560 We need your help to build the future of independent 0:00:27.560 --> 0:00:29.920 news media and we hope to see you at Breakingpoints 0:00:29.960 --> 0:00:33.400 dot com. 0:00:33.920 --> 0:00:37.920 Everybody here remember a Liberation Day and Trump randomly announced 0:00:38.000 --> 0:00:39.960 this whole chart of tariffs that we're going to be 0:00:40.040 --> 0:00:42.760 charged on, including some island that only had penguins on 0:00:42.800 --> 0:00:45.520 and it was the whole thing was ultimately struck down 0:00:45.640 --> 0:00:48.000 by the Supreme Court. And so now all of the 0:00:48.040 --> 0:00:51.440 companies that pay those tariffs are coming to the government 0:00:51.560 --> 0:00:54.080 at hand saying, hey, pay us back to put this 0:00:54.240 --> 0:00:57.000 up on the screen wall. Street Journal reports that tariff 0:00:57.000 --> 0:01:02.040 refunds are here and they are turbo charging earning earnings Apple, Nike, 0:01:02.080 --> 0:01:05.200 and FedEx. Are just a few companies recovering big sums 0:01:05.319 --> 0:01:09.679 relatively quickly. Some are passing at least a share on 0:01:10.000 --> 0:01:12.319 to customers. Well that's rather interesting, isn't it. So we've 0:01:12.360 --> 0:01:15.360 got billions of dollars that are changing hands here. Apple 0:01:15.440 --> 0:01:18.720 alone is getting two point two billion dollar tariff refund, 0:01:18.959 --> 0:01:22.199 Nike is getting nine hundred eighty six million FedEx, about 0:01:22.240 --> 0:01:25.240 eight hundred million, Amazon six hundred and forty million, GM 0:01:25.480 --> 0:01:30.720 five hundred million. Have you received any tariff refunds for 0:01:30.920 --> 0:01:33.600 the additional prices that you paid, because, of course, the 0:01:33.640 --> 0:01:35.679 way this worked is yes, the companies paid the tariffs, 0:01:35.800 --> 0:01:37.640 they then passed on much of them. There's been a 0:01:37.680 --> 0:01:40.280 lot of analysis of this. Much of that price Sike 0:01:40.400 --> 0:01:44.000 went straight to you, the consumer. So you do have 0:01:44.120 --> 0:01:46.320 a handful of companies that are saying that they're going 0:01:46.360 --> 0:01:49.480 to provide their customers with refunds. Most of them are 0:01:49.480 --> 0:01:53.200 not consumer facing companies. They're companies that sell to other businesses, 0:01:53.280 --> 0:01:56.600 or it'll be the businesses that get those refunds. 0:01:56.080 --> 0:01:56.960 Down the line. 0:01:57.720 --> 0:02:02.480 But meanwhile, this is really hadding quarterly earnings for these 0:02:02.600 --> 0:02:06.000 large businesses, so as if they weren't already reaching record 0:02:06.040 --> 0:02:10.639 profits in many instances, they're getting even more profitable, profitable 0:02:10.680 --> 0:02:12.120 because of this whole tariff situation. 0:02:12.880 --> 0:02:13.760 Apple said it's. 0:02:13.600 --> 0:02:17.200 Tariff refunds contributed eleven cents to per share earnings in 0:02:17.240 --> 0:02:19.639 the most recent quarter. That's about five percent of the 0:02:19.720 --> 0:02:24.480 quarter's total. Ge Healthcare Tech said tariff refunds had contributed 0:02:24.520 --> 0:02:27.440 eighteen cents of their dollar twenty four share it reported 0:02:27.480 --> 0:02:29.880 in earnings for the quarter end of June thirtieth. Companies 0:02:29.880 --> 0:02:31.960 said it had received one hundred and seven million in 0:02:32.080 --> 0:02:36.359 refunds and expected thirty eight million more. So got to 0:02:36.440 --> 0:02:39.520 love the way that just once again consumers left here 0:02:39.680 --> 0:02:41.360 holding the bag for all of this. 0:02:41.560 --> 0:02:44.840 Right, and by the way, the thing is, have you 0:02:44.880 --> 0:02:47.440 ever needed money from the government. It's right like, if 0:02:47.480 --> 0:02:49.680 you ever overpay your taxes, they. 0:02:49.560 --> 0:02:52.720 Owe you some money. I think I once waited ten months. 0:02:53.440 --> 0:02:56.440 This was rolled out in a matter of months to 0:02:56.480 --> 0:02:59.640 get as much cash from the government's hands back into 0:03:00.080 --> 0:03:02.440 the S and P five hundred fortune five hundred companies 0:03:02.600 --> 0:03:05.280 as quickly as humanly possible. It's kind of like when 0:03:05.320 --> 0:03:07.440 you pay your taxes, they take that money the day 0:03:07.560 --> 0:03:10.000 that you submit it. But if you ever need anything back, 0:03:10.200 --> 0:03:12.960 good luck to you, and it's amazing that whenever it's 0:03:12.960 --> 0:03:15.120 a big company and they need a bunch of money, 0:03:15.240 --> 0:03:18.200 they get it instantaneously. The top line is that forty 0:03:18.240 --> 0:03:20.679 s and p five hundred companies have reported nine point 0:03:20.760 --> 0:03:24.640 six billion in terra free funds over ten billion dollars. 0:03:24.639 --> 0:03:27.080 By the way, that's not even the most amount that 0:03:27.240 --> 0:03:30.200 is left to be doled out. As of now, one 0:03:30.320 --> 0:03:34.760 hundred and twenty eight billion in refunds being processed and 0:03:34.800 --> 0:03:37.480 a total of one hundred and sixty six billion in 0:03:37.520 --> 0:03:42.680 tariffs have been invalidated under the IEPA Emergence International Emergency 0:03:42.680 --> 0:03:45.840 Economic Powers Act, So there's still billions more dollars that 0:03:45.880 --> 0:03:49.000 are left to flow into the economy. Almost none of 0:03:49.000 --> 0:03:52.040 that is coming back. What's even crazier is how it 0:03:52.080 --> 0:03:55.320 shows that these companies, it's all financial engineering. It's all 0:03:55.360 --> 0:03:57.480 literally based on a tari free fund that they're boosting 0:03:57.640 --> 0:04:00.480 in terms of their bottom line, and we're getting nothing 0:04:00.720 --> 0:04:02.840 from it. I mean, many of these firms, they say 0:04:03.520 --> 0:04:05.760 refunds are dwarfed by the tariffs that they still pay 0:04:06.000 --> 0:04:09.280 is what they claim in some cases. But in general, 0:04:09.400 --> 0:04:12.040 especially for a lot of these technology companies, they are 0:04:12.120 --> 0:04:16.520 not lowering their prices whatsoever. Will actually will really know 0:04:16.880 --> 0:04:19.719 when iPhone. I think iPhone comes out. The new iPhone 0:04:19.760 --> 0:04:22.000 is going to come out next month at the Worldwide 0:04:22.000 --> 0:04:23.080 Developer Conference. 0:04:23.360 --> 0:04:25.440 Let's see what the price is. Yeah, at retail, if 0:04:25.440 --> 0:04:28.800 it's still higher, bullshit? Okay, because you got your refund. 0:04:28.960 --> 0:04:29.159 Yeah. 0:04:29.160 --> 0:04:32.839 That's the other thing is they raise prices to reflect 0:04:32.839 --> 0:04:36.520 the tariffs. When the tariffs go away, do they bring 0:04:36.520 --> 0:04:37.600 the prices back down? 0:04:38.320 --> 0:04:38.719 Maybe? 0:04:38.800 --> 0:04:40.960 I haven't seen any evidence of that. I would like 0:04:41.000 --> 0:04:43.599 to see some statistical analysis of whether or not that 0:04:43.720 --> 0:04:46.680 is happening. But we know when it came to inflation, 0:04:46.880 --> 0:04:50.479 especially the COVID era inflation, they would raise prices not 0:04:50.520 --> 0:04:53.320 only to deal with the inflation of their inputs, they 0:04:53.360 --> 0:04:56.640 would raise it beyond that. And then once inflation goes down, 0:04:56.720 --> 0:04:59.159 they don't lower the prices for you. The prices only 0:04:59.200 --> 0:05:02.080 go one way. And then they're getting their refunds and 0:05:02.160 --> 0:05:04.599 they're still not bringing the prices down, and they're certainly 0:05:04.640 --> 0:05:06.840 not sending, you know, a little kick back to all 0:05:06.839 --> 0:05:09.880 of their customers who help them float this thing up front. 0:05:10.240 --> 0:05:13.360 So it is very illustrative of. 0:05:13.240 --> 0:05:17.280 How our economy seems to work, and also really important 0:05:17.279 --> 0:05:20.240 now because Trump is still holding on to some there's 0:05:20.279 --> 0:05:22.320 some terror regime in place, so it continues to be 0:05:22.360 --> 0:05:25.599 relevant there. But also as we head into another period 0:05:25.640 --> 0:05:28.760 of increased inflation due to the Iran War. You know 0:05:28.800 --> 0:05:30.919 how all of these companies will operate. They will do 0:05:30.960 --> 0:05:33.200 the exact same thing. And that's why if you look 0:05:33.240 --> 0:05:37.520 at trends historical trends, corporate profits as a percent of 0:05:37.600 --> 0:05:40.160 GDP are at an old time high. That means they 0:05:40.160 --> 0:05:42.960 are eating more of the economy and there is less 0:05:43.240 --> 0:05:46.280 left for you. So this is just one more example 0:05:46.320 --> 0:05:49.560 of how even though initially they were you know, pitching 0:05:49.560 --> 0:05:51.080 fit and they're suffering, et cetera, at the end of 0:05:51.080 --> 0:05:53.560 the day, now they're getting these TERRF refund checks and 0:05:53.600 --> 0:05:55.960 they're using it to pad their earnings, and you still 0:05:55.960 --> 0:05:57.599 were able to charge you higher price. 0:05:57.720 --> 0:05:58.480 And I just checked. 0:05:58.480 --> 0:06:01.960 So for example, remember because at the time Baby Year 0:06:02.080 --> 0:06:04.640 went sky high with tariff, so I just checked, the 0:06:04.680 --> 0:06:07.880 price of the stroller that I bought is still well 0:06:07.880 --> 0:06:10.719 over one hundred and fifty dollars more today than it 0:06:10.800 --> 0:06:11.680 was at the time I bought it. 0:06:11.720 --> 0:06:12.960 This is fourteen months ago. 0:06:13.120 --> 0:06:16.240 That's so Razoicly, it's not that long ago that I 0:06:16.240 --> 0:06:18.520 bought the stroller. The car seat is also one hundred 0:06:18.520 --> 0:06:20.720 and twenty dollars more than what I bought it for, 0:06:20.800 --> 0:06:23.800 so same thing. They incorporated it in the tariff, but 0:06:24.040 --> 0:06:26.800 the teriff price they just never lowered. So I mean, 0:06:27.000 --> 0:06:29.240 and I've talked about this before, you can't buy a 0:06:29.320 --> 0:06:32.080 used car. I mean, you can if it's on secondhand 0:06:32.080 --> 0:06:34.800 market like in terms of Facebook, Marketplace or something. 0:06:34.920 --> 0:06:36.000 You're not supposed to. 0:06:35.920 --> 0:06:37.800 Buy a used car seat. It's one of the few 0:06:37.839 --> 0:06:40.440 things that you can't recycle in terms of baby gear. 0:06:40.480 --> 0:06:43.080 So new stroller, new cars, a lot of new parents 0:06:43.320 --> 0:06:46.200 these days. You're getting slammed because over ninety percent of 0:06:46.200 --> 0:06:48.919 this stuff is all made in China, and all of 0:06:48.920 --> 0:06:51.400 it was hit initially by tariff. They increased the price. 0:06:51.640 --> 0:06:54.320 Now they're getting the refund. I just checked their website. 0:06:54.320 --> 0:06:56.520 There isn't shit shown up on the website of the stroller. 0:06:56.560 --> 0:06:58.320 And these are all the stroller companies from what I 0:06:58.320 --> 0:07:01.279 can see, there's a website which actually put them side 0:07:01.320 --> 0:07:04.200 by side for where they are. Many of them are 0:07:04.240 --> 0:07:07.000 either one to two to three hundred dollars more than 0:07:07.040 --> 0:07:08.839 they worry. I mean, back in the nineties, that's the 0:07:09.040 --> 0:07:12.000 entire cost of a stroller, not just surprise increase. 0:07:12.280 --> 0:07:14.600 Right, We're there, that's exactly right now, not even then, 0:07:14.640 --> 0:07:17.680 I mean it's not that long ago then maybe're right. Yeah, 0:07:17.920 --> 0:07:20.360 there's a term for they call it taking price, and 0:07:20.480 --> 0:07:22.320 it just means like what they can get away with. 0:07:22.520 --> 0:07:24.360 And so they found they could get away with this. 0:07:24.760 --> 0:07:27.400 People accepted the prices because they had no other alternative, 0:07:27.440 --> 0:07:30.560 and so they're going to continue paying forcing you to 0:07:30.560 --> 0:07:32.880 pay those prices even though they no longer have to 0:07:33.040 --> 0:07:35.840 pay the tariff. There are a couple other economic stories that 0:07:35.880 --> 0:07:38.840 we wanted to get in here as well. So as 0:07:39.000 --> 0:07:42.560 prices go up for you and consumer budgets continue to 0:07:42.600 --> 0:07:47.440 be stretched, debt, personal debt reaches new all time high levels, 0:07:47.760 --> 0:07:51.280 let's see what our president is doing to help alleviate 0:07:51.560 --> 0:07:57.840 the burden. He's thinking about reducing capital gains tax. Of course, 0:07:57.880 --> 0:08:01.520 this would be overwhelmingly if it would go to who 0:08:01.600 --> 0:08:05.000 the rich, So he's literally this is how out of 0:08:05.040 --> 0:08:05.640 touch this guys. 0:08:05.680 --> 0:08:06.680 It really is incredible. 0:08:06.800 --> 0:08:09.280 He's seeing this as a way to boost his position 0:08:09.360 --> 0:08:14.160 in the midterms by calling for cutting the capital cutting 0:08:14.160 --> 0:08:16.800 the taxes of the rich. He thinks that is going 0:08:16.840 --> 0:08:19.200 to be a winning midterm strategy. 0:08:19.280 --> 0:08:22.160 Country club boomers around the world celebrate. 0:08:22.400 --> 0:08:25.440 Your working class billionaire at work here, guys, congratulations. 0:08:25.480 --> 0:08:31.480 Country club men across the United States celebrate this potential. 0:08:31.880 --> 0:08:34.800 So I'll explain it, because it's actually even crazier. Trump 0:08:34.800 --> 0:08:40.200 has expressed interest in indexing capital gains and exemptions for 0:08:40.320 --> 0:08:45.360 homes of sale worth two million dollars or less. So 0:08:45.840 --> 0:08:47.920 you know this is the great This would be the 0:08:48.000 --> 0:08:51.440 greatest boomer tax cut in the history of the United 0:08:51.440 --> 0:08:53.960 States to extend and increase. 0:08:53.520 --> 0:08:56.360 Cap gains up to two million for these people. 0:08:56.200 --> 0:08:58.840 Who probably bought it like a couple hundred thousand, and 0:08:58.920 --> 0:09:02.240 make them pay nothing. In addition to making it, Remember 0:09:02.320 --> 0:09:04.559 who owns the vast majority of these stocks, and who 0:09:04.559 --> 0:09:08.000 are these people doing capital gains sales up to fund 0:09:08.040 --> 0:09:11.960 their lifestyle On the it's all the retired people, rich retirees, 0:09:12.080 --> 0:09:14.120 So those are the people who it would be a 0:09:14.240 --> 0:09:16.360 dramatic cut for. Also, I think it would have a 0:09:16.400 --> 0:09:21.160 cyclical effect where some idiot, your idiot nephew who's a 0:09:21.360 --> 0:09:23.680 day trader on his way to going broke, well, I 0:09:23.720 --> 0:09:25.760 got to do it because capital gains are going down, 0:09:26.040 --> 0:09:28.040 and so he would be even more encouraged to lose 0:09:28.200 --> 0:09:30.439 all of his money. I just saw a steady yesterday 0:09:30.440 --> 0:09:33.680 that it's quote. Day trading is directly correlated with IQ 0:09:34.080 --> 0:09:36.760 and education. So if you are a modern day day 0:09:36.800 --> 0:09:40.559 trader and you do not work for Susquehanna Partners are 0:09:40.600 --> 0:09:42.480 one of these, you're probably an idiot and you should 0:09:42.520 --> 0:09:43.240 probably stop. 0:09:43.480 --> 0:09:46.160 Okay, Wait, the more likely you are to day trade, 0:09:46.200 --> 0:09:47.280 the lower your IQ is. 0:09:47.400 --> 0:09:50.360 Lower your IQ and lower your education level. So it is. 0:09:50.520 --> 0:09:53.200 It is a direct correlation of education and IQ. 0:09:53.600 --> 0:09:55.720 It makes ten because because it's quick, riginal. 0:09:55.920 --> 0:09:58.480 Yeah, it's like it is gambling, exactly. 0:09:58.040 --> 0:09:58.440 What it is. 0:09:59.040 --> 0:10:03.600 Yeah, well, so okay. The Steelman argument for the capital 0:10:03.600 --> 0:10:06.800 gains reduction for the two million dollar houses is that 0:10:06.960 --> 0:10:11.560 this would help encourage boomers to sell those homes and 0:10:11.679 --> 0:10:14.600 move and downsize and move. And I'm just thinking, like, 0:10:14.880 --> 0:10:16.920 you can't think of any other way to accomplish this 0:10:16.960 --> 0:10:20.200 goal than giving them another tax cut, than giving rich 0:10:20.240 --> 0:10:23.719 people even more money. Look at the taxes, like they 0:10:23.760 --> 0:10:27.320 have broken the progressive taxes. It does not exist, especially 0:10:27.320 --> 0:10:30.720 for the actual like ultra wealthy, it does not exist 0:10:30.800 --> 0:10:33.560 for them. But yeah, if you are homeowner, you're already 0:10:33.559 --> 0:10:37.079 getting a much sweeter deal than renters from the tax code. 0:10:37.240 --> 0:10:39.360 And so the only way you can think of to 0:10:39.520 --> 0:10:42.840 try to gently encourage people to downsize and move on 0:10:42.920 --> 0:10:45.640 to these homes is to give them yet another tax cut. 0:10:45.840 --> 0:10:48.720 Like there's got to be another way that's going to 0:10:48.720 --> 0:10:50.280 be more effective than what we're talking about. 0:10:50.160 --> 0:10:53.040 Right, And again, I might be some CPA might come 0:10:53.080 --> 0:10:55.440 after me, but I'm pretty sure that if you're married 0:10:55.480 --> 0:10:58.800 filing jointly, yeah, you're right around. So that's what you're 0:10:58.840 --> 0:11:01.600 married filing jointly, and if all of your long term 0:11:01.640 --> 0:11:05.040 gains are if you make less than let's say, withdraw 0:11:05.440 --> 0:11:08.240 ninety eight thousand dollars from the market, if you're married 0:11:08.280 --> 0:11:11.720 filing jointly and that's your income, you pay zero dollars 0:11:11.760 --> 0:11:15.280 in capital gains, you pay nothing. And then even in 0:11:15.360 --> 0:11:17.719 terms of the capital gain, I don't know if he 0:11:17.840 --> 0:11:20.600 mentioned short term and long term, because obviously that's a difference, 0:11:20.640 --> 0:11:22.760 but dropping it down to seven, I mean that would 0:11:22.760 --> 0:11:25.640 be a massive win. Like these are for people who 0:11:25.720 --> 0:11:30.880 are extraordinarily wealthy, Like we really can't comprehend how much 0:11:30.920 --> 0:11:32.880 wealth these people are sitting on. I was reading a 0:11:32.920 --> 0:11:35.480 story about the number of people with five million dollars 0:11:35.520 --> 0:11:39.120 in their vanguard accounts. Is like millions of people now, 0:11:39.160 --> 0:11:42.160 like millions of Americans are in the five and the 0:11:42.160 --> 0:11:45.320 ten million range. More power to I'm happy for you, you saved, 0:11:45.400 --> 0:11:47.600 he retired. I'm not saying we're going to take it, 0:11:47.679 --> 0:11:50.640 but it's like, fifteen percent ain't all that much to 0:11:50.679 --> 0:11:53.080 ask for whenever we're talking about a cow long term 0:11:53.200 --> 0:11:55.559 capital gain, especially when you and I are sitting here 0:11:55.600 --> 0:11:58.679 paying i don't know, after tax income rate of something 0:11:58.760 --> 0:12:02.320 like twenty thirty whatever percent just W two income. And 0:12:02.400 --> 0:12:06.200 then for average Joe, I mean, especially if you're a 0:12:06.200 --> 0:12:10.440 normal middle class guy between FIICA and but yeah, between 0:12:10.440 --> 0:12:14.200 FIKA health insurance and the progressive income tax rate and 0:12:14.240 --> 0:12:16.160 you get your paycheck, especially if you live in New 0:12:16.240 --> 0:12:18.160 York or something like that, you're looking at look sixty 0:12:18.160 --> 0:12:20.680 percent of your money. That's crazy, Yeah, it's crazy. 0:12:20.760 --> 0:12:20.920 Yeah. 0:12:21.040 --> 0:12:21.120 No. 0:12:21.280 --> 0:12:23.520 And and these are the people, by and large, you know, 0:12:23.559 --> 0:12:26.360 when we're talking about older people with these multimillion dollar 0:12:26.480 --> 0:12:29.000 homes who benefit the most from the most prosperous for 0:12:29.040 --> 0:12:32.640 the middle class exactly like time period in American history, 0:12:33.000 --> 0:12:35.120 so to you know, to pay the capital gains, the 0:12:35.200 --> 0:12:37.920 launch term capital gains, tax on your multimillion dollar residence. 0:12:37.920 --> 0:12:39.080 Doesn't seem too much to ask. 0:12:39.280 --> 0:12:39.840 But don't worry. 0:12:39.880 --> 0:12:42.440 It's not only rich people that this administration is looking 0:12:42.440 --> 0:12:45.040 out for. They're also looking out for money launderers and 0:12:45.120 --> 0:12:48.559 other variety of con artists. Let's put this last piece 0:12:48.679 --> 0:12:52.520 up on the screen. This is very significant. So it 0:12:52.600 --> 0:12:56.240 sounds very technical, it's pretty straightforward. Actually, finn Sen is 0:12:56.240 --> 0:13:01.160 permanently ending beneficial ownership reporting requirement for the frame it 0:13:01.240 --> 0:13:05.000 of millions of small business owners. So previously, when you 0:13:05.080 --> 0:13:08.560 were setting up a business and LLC something of the sort, 0:13:08.760 --> 0:13:11.640 you had to report out who actually was the owner 0:13:11.679 --> 0:13:14.120 of this business. So you couldn't and this is a 0:13:14.160 --> 0:13:17.040 relatively new regulations passed by Congress bipartisan way. 0:13:17.080 --> 0:13:18.480 They wanted more transparency here. 0:13:18.559 --> 0:13:22.640 Why because LLCs tend to be used extensively for money 0:13:22.679 --> 0:13:25.960 laundering and financial fraud. So you would have all of 0:13:25.960 --> 0:13:29.680 these series of shell companies of various LLCs that would 0:13:29.760 --> 0:13:32.960 hide the true owner, which would end up being some 0:13:33.200 --> 0:13:37.240 like Russian mobster or something of that nature. Okay, So 0:13:37.640 --> 0:13:39.439 they put this in place to try to crack down 0:13:39.480 --> 0:13:42.480 on that, and by all accounts, it was somewhat successful, 0:13:42.480 --> 0:13:44.360 and there was a whole registry of who are the 0:13:44.440 --> 0:13:47.240 actual beneficial owners of these companies, so who actually owns them, 0:13:47.280 --> 0:13:50.079 who's actually benefiting them. It also comes into play in 0:13:50.160 --> 0:13:53.520 terms of real estate transactions and major cities that become 0:13:54.480 --> 0:13:57.040 the playgrounds not only for global elite, but ways of 0:13:57.080 --> 0:14:02.040 them laundering money from illicit crimes they're committing around the world. So, anyway, 0:14:02.080 --> 0:14:04.600 Trump decided we're not doing that anymore, at least not 0:14:04.720 --> 0:14:05.920 for domestic businesses. 0:14:05.960 --> 0:14:07.319 Foreign businesses still have to do it. 0:14:07.440 --> 0:14:09.640 And not only are we not doing that anymore, we 0:14:09.679 --> 0:14:13.400 are going to delete the entire previous registry that existed, 0:14:13.679 --> 0:14:16.319 so that all of the information that was already collected 0:14:16.720 --> 0:14:20.840 is now going to be disappeared and impossible for law enforcement, 0:14:20.880 --> 0:14:23.520 for example, to use to try to crack down on 0:14:23.720 --> 0:14:25.680 various money laundering and other fraud schemes. 0:14:25.760 --> 0:14:28.400 Yeah, and look, small business guys, I get it. You 0:14:28.440 --> 0:14:30.080 and I had to fill this out. It took me 0:14:30.120 --> 0:14:30.480 an hour. 0:14:30.600 --> 0:14:31.480 It was a pain in the ass. 0:14:31.880 --> 0:14:33.680 It's an hour, all right, It's not that big a deal. 0:14:33.800 --> 0:14:34.520 Let's be honest. 0:14:34.560 --> 0:14:36.760 It's still annoying. It was annoying. You know, why why 0:14:36.760 --> 0:14:38.080 do they need all this information for me? 0:14:38.160 --> 0:14:38.840 I get it. 0:14:38.960 --> 0:14:41.680 I hear you, I'm with you, the paperwork, all the taxtics, 0:14:41.800 --> 0:14:46.120 it's super annoying. That said, that said, we should consider 0:14:46.160 --> 0:14:49.440 that as small business people, that it's actually us who 0:14:49.480 --> 0:14:52.080 are the most screwed by this type of system because 0:14:52.520 --> 0:14:56.440 predominantly we're mostly the people who actually comply, whereas a 0:14:56.440 --> 0:14:59.840 lot of these loopholes are being used by the old 0:15:00.320 --> 0:15:03.960 rich or shady vehicles to hide around and to move 0:15:04.000 --> 0:15:08.200 money for beneficial ownership status, specifically to evade the taxes 0:15:08.280 --> 0:15:10.840 which again most of us law abiding small. 0:15:10.600 --> 0:15:12.120 As most people actually pay. 0:15:12.360 --> 0:15:15.160 And so in the long run, it's actually to our benefit, 0:15:15.400 --> 0:15:17.600 you know, the more of the the more that I 0:15:17.600 --> 0:15:20.360 looked into it, because you're like, well, by not capturing that, 0:15:20.560 --> 0:15:22.520 you know, you're actually giving them much more. 0:15:22.800 --> 0:15:24.200 You're basically giving them the. 0:15:24.160 --> 0:15:27.440 Free pass while you go through all the regulatory compliance, 0:15:27.640 --> 0:15:30.480 which most of us do. And I think that's why 0:15:30.560 --> 0:15:33.200 it really pissed me off, is because looking into it, 0:15:33.480 --> 0:15:36.840 this was quote sold as a victory for common sense 0:15:37.120 --> 0:15:40.320 and for American small business. Like they said, this CTA 0:15:40.480 --> 0:15:43.840 was to unmask domestic shell companies. The problem, though, is 0:15:43.880 --> 0:15:46.520 that the shell company problem was very real. Part of 0:15:46.560 --> 0:15:50.000 the reason why Congress passed this law in the first place. So, yeah, 0:15:50.000 --> 0:15:52.000 it is ridiculous. And I know that this has been 0:15:52.000 --> 0:15:55.680 a bugaboo for the ultra rich in particular and some 0:15:55.720 --> 0:15:57.400 small business guys who just don't want to fill out 0:15:57.440 --> 0:16:00.960 any paperwork, but just generally like the cap gains thing. 0:16:01.080 --> 0:16:03.640 And this to me, I was just like, how you've 0:16:03.680 --> 0:16:08.120 got even the Ken Paxton is out there being like 0:16:08.440 --> 0:16:11.560 twenty five thousand dollars tax deduction for health insurance. You know, 0:16:11.720 --> 0:16:14.520 all these crazy doubling the child tax crit and Trump 0:16:14.560 --> 0:16:16.800 is like, let's have the cap gains rate for boomers. 0:16:16.920 --> 0:16:17.160 Yeah. 0:16:17.360 --> 0:16:19.880 Well, and last thing on the fraud part, right, this 0:16:19.920 --> 0:16:22.360 is administration that talks a lot about fraud when it's 0:16:22.360 --> 0:16:24.440 convenient for them, when the targets are convenient for them. 0:16:24.480 --> 0:16:27.720 For example, in Minneapolis, right, Jade Vance is the czar 0:16:27.880 --> 0:16:31.080 of rooting out fraud or whatever DOGE was supposed to 0:16:31.120 --> 0:16:34.040 be about rooting out fraud. They found literally there were 0:16:34.120 --> 0:16:38.680 no prosecutions that came out of their gutting the federal government. 0:16:38.720 --> 0:16:41.320 It's supposedly to try to root out this kind of fraud. 0:16:41.760 --> 0:16:44.400 The reality is number one, Trump has gone on a 0:16:44.560 --> 0:16:49.680 pardon spree. Of many high level fraudsters who have ripped 0:16:49.680 --> 0:16:52.600 off Americans to the tune of millions of dollars. And 0:16:52.600 --> 0:16:54.360 not only are they're not having to serve their prison time, 0:16:54.360 --> 0:16:55.960 they're not having to pay back. 0:16:56.160 --> 0:16:57.720 The people that they defraud. 0:16:57.720 --> 0:16:59.800 It is just reading a story about a guy who 0:17:00.200 --> 0:17:04.280 was ripped off by some pyramid scheme. That fraudster was pardon, 0:17:04.320 --> 0:17:06.440 No longer is he going to get that restitution. 0:17:06.560 --> 0:17:08.359 And this is a guy who voted for Trump. Was like, 0:17:08.440 --> 0:17:09.040 what the hell? 0:17:09.960 --> 0:17:14.280 Federal white collar prosecutions are at a forty year low, 0:17:14.760 --> 0:17:16.879 So if you're a white collar criminal you can just 0:17:16.920 --> 0:17:19.320 basically get away with it at this point, especially if 0:17:19.320 --> 0:17:22.119 you know, slip some money to Magar, to the Trump 0:17:22.160 --> 0:17:25.280 campaign or the ballroom or whatever particular thing he's raising 0:17:25.320 --> 0:17:28.520 money for now and now you have this action which 0:17:28.880 --> 0:17:33.800 blatantly makes it easier to commit fraud and financial crimes. 0:17:33.960 --> 0:17:37.879 So this is not just this isn't a standalone action. 0:17:38.080 --> 0:17:42.440 This is very consistent with a widespread pattern of enabling 0:17:42.480 --> 0:17:46.040 and encouraging frankly white collar crime from this administration. 0:17:46.359 --> 0:17:49.560 Yeah, all right, let's get to big bend. Sorry, we 0:17:49.600 --> 0:17:50.320 film out of order. 0:17:50.359 --> 0:17:52.520 Sometimes Isaac standing. 0:17:52.200 --> 0:17:58.280 By he definitely didn't just record it. Very excited now 0:17:58.320 --> 0:18:00.240 to be joined by friend of the show. Isaac's all. 0:18:00.240 --> 0:18:02.440 He's the founder of tangle News. Great friend of the show. 0:18:02.480 --> 0:18:03.879 Good to see you man, Thanks for joining us. 0:18:04.000 --> 0:18:06.159 Yeah, thanks for having me. Always glad to be here, Siger. 0:18:06.320 --> 0:18:09.080 So, Isaac, you I've been at the forefront of highlighting 0:18:09.119 --> 0:18:12.160 the construction of a border wall, or at least that's 0:18:12.160 --> 0:18:14.679 what they're saying that it is that's going down in 0:18:14.720 --> 0:18:17.280 Big Bend National Park. Let's go and put this up 0:18:17.320 --> 0:18:20.480 here on the screen, some of the video of the 0:18:20.560 --> 0:18:25.880 destruction in the national Park. This is particularly drawn scrutiny because, 0:18:26.000 --> 0:18:28.280 as you have pointed out, this is a very low 0:18:28.320 --> 0:18:33.679 traffic area, significant amount of destruction to the park is happening. 0:18:34.000 --> 0:18:38.320 In addition, it appears that some Trump contractors are involved. 0:18:38.359 --> 0:18:42.800 So before we get to the Trump administration pausing construction, 0:18:43.000 --> 0:18:45.720 it appears at the request of the governor of Texas, 0:18:45.800 --> 0:18:48.920 give us the background about what led to this national outcry. 0:18:50.080 --> 0:18:52.159 Yeah sure, so, I mean, as you probably know in 0:18:52.200 --> 0:18:55.159 your audience find knows, President Trump has promised to build 0:18:55.200 --> 0:18:59.359 a contiguous wall across the southwestern border, and they have 0:18:59.440 --> 0:19:01.880 made some prime rest in California and Arizona and parts 0:19:01.880 --> 0:19:05.960 of Texas, and now they're moving down into southwest Texas, 0:19:06.000 --> 0:19:09.240 which is the Big Bend region. So there are plans 0:19:09.359 --> 0:19:12.560 right now for these thirty foot steel ballard walls actually 0:19:12.600 --> 0:19:14.200 outside the National Park. 0:19:14.280 --> 0:19:16.360 In some of the counties that run into the National 0:19:16.400 --> 0:19:16.960