🚨FORMER SEC CHAIR ON CNBC TODAY AMC STOCK GME STOCK

we're pumping 40% more gas than we did when Trump took office so the former ACC chair Jay Clayton has said many things that usually people don't agree with on the stock market structure Short Selling hedge funds but guess what he just destroyed the new proposal for taxing capital gains that are unrealized he said that if I buy a stock and the stock goes up I'm going to be taxed on these gains but surprise surprise the stocks are going up when the inflation goes up so the government is incentivized to keep the inflation high so the Securities will go high and they will tax you even higher but he said you know what if the prices of the goods and services went from $100 to $200 from the inflation I didn't gain anything but I still got tax on this appreciation this is one of the worst tax ideas that's floating around and it's one of the worst tax ideas not in the abstract not not in the academic halls but you know in America where we have had a different dynamism the the the ability the flywheel of capital and talent and Technology going on that is driven by our tax system by by the willingness of Americans to take after tax dollars and invest them in Risky Ventures that may not pay off for years okay so I I happen as you know there's more we we don't disagree about this issue as it relates to unrealized think there's like a technology vary no but my question to you then is assuming we're not going to do that and by the way one of the reasons that that's even uh put forth is a view that if you don't put something on the table that's taxing those gains annually like this uh and if you were to put something out there that said you know you can capture the gains later that potentially a different party a Republican party or something else would get into Power later undo those undo whatever the policies were to capture the the gains properly in the future and therefore you'd actually never capture uh any taxes my question to you is how do you feel for example about that's such an ivory Tower no but it but there's no there's a practical reality to it which is we haven't dealt with those folks who take loans as you know uh against their unrealized gains and effectively have those gains should that be taxed for example you know what Andrew something like that where someone says okay I'm going to I'm going to take a loan of against and and I'm bringing forward my realization of those games I'm I'm very happy to look at that that's a very narrow issue I mean okay so I'm very happy to look that's a discussion how would you feel about dealing with step up at death if you no all of these things have a huge implication on the system which is to say if you dealt with step up at death right right if you dealt with this loan issue you take both the you take the incentive away for those things to happen and therefore those things would get taxed in a way that are somewhat considered proper if you deal with carried interest I'm saying there's loow hanging fruit here but we're talking carried interest we're talking about something that scores at $40 billion over 10 years or something something therefore you wouldn't do it no no I'm just saying that those discussions I'm happy to have this idea that we're going to take this fundamental America and uniquely American System the one that has lifted the entire world out of the co malaise because of Technology because of our investments in energy we're pumping 40% more gas than we did when Trump took off we're pumping a third more oil you know why because because we invest in the technology to make that happen but here's the here's the issue the reason why that proposal this unrealized gain proposal has any Oxygen at all I would argue to you and as you know I don't subscribe to that policy but the reason has any Oxygen is because the Republican party has not provided any Oxygen to the lwh hanging fruit issues the step up at at Bas at at at at death the the issues around taking those loans the issues around carried ins if those things were taken off the table we wouldn't even be having these conversations I I don't I don't believe that for a second this is all this is all about pandering to the idea that the wealthy don't pay their fair share that's what that's how this is cast Never Enough and it's and it's let me let me give you two other things that bother me about this that you're not hearing one is this incentivizes the government to create inflation if you're going to tax the gain in a price right prices go up when inflation goes up smart so the government is incented to increase prices and look if something goes from $100 to $200 because of inflation you haven't gained anything but you're going to pay the government the real viral nature of that discussion wasn't so much on the unrealized gains it was on price controls and and just the notion Jo that's that's my other point what are price controls they're the government setting prices when you're taxing unrealized gain who decides the price I mean we have a market price in the market but but but immediately the government does they because of the backlash from the right and left they immediately tacked to say that it's not about price controls it's it's an anti- gouging um oh that we that was nonsense I know there there's that that that's but what it really was was a way to try to deflect what caused the inflation and and you can say it was a pandemic and reopening you can say whatever you want um but there was definitely some some fire or some fuel some gasoline thrown on the the post pandemic environment from all the stimul and I heard your interview with Elizabeth Warren it was fantastic one of the things that she always fails to recognize is that markets are more competitive today than they ever have been because the ability to look at prices you know I can I can look at the internet the internet on my phone I'm driving down the highway I can look at the five gas stations that are within 30 miles and go to the lowest cost one so very interesting and I agree with you when it comes to gas stations mhm I don't agree in the same way about supermarkets I'm actually curious where you land on that because the supermarket space is becoming increasingly Consolidated there's a real question as to what the pricing that's happening at supermarkets really is I think there's by the way there's been a lot of idiosyncratic issues uh Joe brought up W with with Elizabeth Warr and uh the issues of the real issues around egg pricing and other things but having said that the consolidation of the stores themselves has made it pricing a more complicated topic I think for who for supermarkets still I looked I looked at this because you made this point last time I was on Walmart and Amazon now I mean cro Kroger and and Albertson's that's not where the problem is well that's the question and and and and the cost Co right I mean you go to the co we shop at the Costco in Brooklyn y it's an unbel I mean the the amount of volume that gets driven through there therefore driving prices lower and the amount of people who are there shopping you know it it it is is remarkable I looked at the the inflation around grocery stores pre pandemic the prices were coming down for the if you enforce monopoly laws and anti trust laws does doesn't the market take care of of someone trying to gouge immediately and the question is whether we are let me Industries where you can't see prices instead ofed completely demolish all the nonsense that was pit out trying to tax the unrealized gains remember guys people usually the rich ones are so so smart they can hire multiple different teams with implementation of the Tax Strategies no one wants to see the big tech companies going outside the US again poor and middle class people are the one who are usually affected you're going to see major sell offs on the stock market because well if I'm going to be taxed if I sell or if I hold well I better sell right then you're going to see a lot of these institutional investors essentially not being able to allocate capital or raise Capital as easy as they used to be in the past remember a lot of these CEOs are paid in the actual stock or options they're not paid in cash Elon Musk amazing example for this billions of dollars in tes stock it's a compensation package he can hold the stock think about all the big startups who essentially started from zero right 10 years past the stock became a billion dollar company from absolute zero and these people held their shares the co-founders the founders because they waited to capitalize on the maximize profits so you think these people are going to be paying 10 15 20 years until the IPO of the company unrealized gains unrealized appreciation of the prices of their Holdings I don't think so this is why guys you need to understand any method that tries to Cur down the most important engine of the county which are the investors which is the floing of the capital from one institution to another even though this might actually first reach only the rich people with over100 million portfolio I heard this many many times but if you really think that this not going to go all the way down and hurt the middle and the and the lower middle class you probably are up for a surprise remember everything that is happening it will be transferred to the lowest level of the economy of the chain that actually filters all the nonsense think about every price appreciation is essentially passed through to the end user when you go and buy groceries right not the not the company who produces the gross another company who does does the logistics another company who is establishing the grocery chain you know all these are not involved they don't pay the end cost of the price appreciation or inflation in other words you're the one who is going buying the bread the milk the food whatever right so everything will Circle back down to to the lower and middle class remember my words why is that well you most likely trade as individual and hold your stocks as individual how many tax write offs or Tax Strategies you could Implement as individual limited amount all L of this institutional investors are operating under a company so when you have an entity where you actually trade your securities or holding your securities in you can expand you can essentially create a special tax strategy where you don't really have have to hold the Securities to profit out of them right just think about it people could just be you know buying options left and right and they don't really care three months uh you know two months they don't have to hold the security at all because if they're forced to sell you know what what they going to go about it then the government will be incentivized to push the inflation Higher and Higher and they don't really care the price is going high and high why because they going to collect more taxes and it's it's a eill way of of trying to fix 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