Biden, Democrats know this tax effort is garbage: Forbes

Steve for's with me this morning you know the 25% tax on billionaires that's a wealth tax by any other name isn't it absolutely and what Biden others Overlook is a distinction between actual income and wealth assets stocks bonds and the like so this is a tax on unrealized capital gains it would destroy Capital destroy productive investment give more money to the politicians while at the same time having people who are productive spending more time trying to avoid these idiot taxes than producing

better standard of living for all of us it's it's unconstitutional surely you cannot tax unrealized gains cuz it's not income it's just wealth you can't tax that right and now they'll say well what about local property taxes that's a state level and local level thing and so in terms of of the Constitution yeah that will be challenged in the courts and I think it'll be overthrown but they're not even going to pass it they know this is garbage they know it's never worked they're saying it because

they want to pull in voters who really hate the rich hate the billionaires that's what they're doing yes but that's not thankfully in America that's not the majority most people they don't care if Steve or Bill Gates says billions of dollars what they want to know is my income going up are my jobs prospects getting better are the kids getting a better chance to get ahead that's what they're concerned with not trying to tear people down this country as Lincoln pointed out wants to build not tear

down now in the February inflation report is due out tomorrow the Consumer Price Index for the month of February coming out tomorrow very important report it'll dictate maybe what the FED is going to do with interest rates what's your outlook uh it's not going to be that good and the index that the FED does look like look at has been stalled for a while so they believe the FED still you got to have a a depressed economy to bring down inflation which is preposterous what you need is a stable cur

rency but they don't realize that so they're going to keep rates unnecessarily High and the Takeaway on that is there's no reason why short-term interest rates should be higher than long-term interest r like they are now that hurts small businesses Bank lending to small businesses is now being restricted as happened last year happening this year so less money for inventories less money for new equipment not good for the future of the economy it's going to consign us to European style growth rate

s which is near zero stagnation oh don't do it to me I mean I'm a refugee from that you know Europe is essentially a NEOS socialist why this election is so important which way do we go very much so quick one for you the New York fed just came out with a survey a survey what people think inflation is going to be like down the road I don't put they say inflation's here to stay I'm not sure I trust that kind of survey I don't care what people think is going to happen well you saw the same kind of s

urveys in the 1970s when people thought inflation 8 10 12% was here to stay you change policies you change people's perceptions about the future that's very true Steve thank you very much indeed thank you