August 26, 2024 • 33 mins
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Speaker 1 (00:04):
It's that time, time, time, luck and load.
Speaker 2 (00:10):
So Michael Arry Show is on the air.
Speaker 3 (00:24):
The policy issue that has received the most coverage during
this campaign season, especially since Kamala Harris and the coup
to kick out Joe Biden, was President Trump's no tax
on tips, and the Democrats went from saying that was
(00:46):
dangerous to oh, yeah.
Speaker 1 (00:47):
That's our plan too. We've decided that's our plan too.
And what's important about that is and I didn't realize
I spent some time on this this weekend. The number
of individuals who live primarily off of tips are estimated
(01:10):
to be about seventy five percent women, a lot of
them single women. Single women is the category that President
trumbles Trump.
Speaker 4 (01:25):
Struggles with the most.
Speaker 1 (01:28):
This is a big deal because it turns out when
you don't have to pay taxes on all or some
of your income.
Speaker 4 (01:38):
It's a pay raise. It makes a big difference.
Speaker 1 (01:42):
You think about the single mom shouldn't have to be
a mom, But you think about the single mom who's
a bartender or a waitress. If she's making a couple
thousand a month, if she's lucky and is not being
taxed on those tips, that's a big pay raise and
we'll get into how much that is in a moment.
(02:04):
That's cash in her pocket, that's groceries for kids, that's gas,
money to get back and.
Speaker 4 (02:09):
Forth to work.
Speaker 1 (02:11):
That's getting to go to the dentist when you have
it in ten years. That's getting to go to the
doctor when you don't feel well and otherwise couldn't because
you don't have insurance. That is significant because, as it
turns out, taxes are a problem and not having to
pay them is a huge benefit, a huge boost. And
(02:34):
it's not just single women. For every person relying on tips,
that is not a sign of great wealth. These are
typically service providers. That's why we tip them.
Speaker 2 (02:45):
Now.
Speaker 4 (02:45):
I know what you're thinking, Michael.
Speaker 1 (02:47):
I go in these fast casual places now and a
guy punches my order into the computer and they got
a tip jar there and he's glaring at me. Everybody
wants to tip now, But by and large, those who
receive tips are.
Speaker 4 (03:04):
At the lowest end of the economic room.
Speaker 1 (03:06):
They're providing services, they're working, and God bless them for it.
They provide the services that we need, whether that's carrying
luggage in a hotel, bringing your food to you, washing
your car, or any number of other things and whether
you can afford it or not. There are, for instance,
elderly people who cannot do those things for themselves, but
(03:29):
maybe they do have a little money and they want
to reward that. Tax policy is critically important. We have
a show sponsor called Deroached Partners, and the managing partner,
Harvin Lawhan I have asked to join us because with
Kamala Harris's five trillion dollar tax plan, we can set
aside all the other demographics that who's nice, who's not.
(03:52):
This is going to affect every single American, every American.
If you are a charity recipient, it's going to affect
how much people have left to contribute to charities. If
you are the lowest paid person in the company, you're
also likely the first out when the company pulls back.
(04:13):
You increase the corporate tax rate from twenty one to
twenty eight percent. Corporations are going to lose money off
of that money that they were earning before, money that
they distribute to shareholders, money that they distribute to employees, money.
Speaker 4 (04:29):
That they use to give pay raises.
Speaker 1 (04:32):
You're going to feel that unrealized capital gains a minimum
tax of twenty and now she wants twenty five percent.
All of this desperate need to claw more money that
people have earned. And you know what's amazing about this.
It's not on the basis of balancing the budget, because
(04:55):
that's not what they say. It's never, the government needs
more mone to do more great things for you people.
I could live with that. That's a socialist tendency campaign
promise until you get complete power. I could live with that,
though I could understand it. It's never, we've got to
raise more money so we can do more handouts.
Speaker 4 (05:18):
Do you know what it is? Punishment.
Speaker 1 (05:23):
We've got to punish people who buy the sweat of
their brow, putting their money at risk making good decisions.
Speaker 4 (05:34):
Have made money because you haven't.
Speaker 1 (05:38):
Because you drank it all, because you don't go to work,
because you put it up your nose, because you buy
things you can't afford. People don't take responsibility for their
own decisions. Oh but Michael, yes, you're right. Some people
end up in that situation through no or little fault
(06:01):
of their own. That is true. But many people, most
people don't have as much as they'd like, and everybody
wants more because of decisions that they make. And Kamala
can't give them more money.
Speaker 4 (06:17):
It's not there.
Speaker 1 (06:18):
The bell curve doesn't work that way. There are too
many people you'd have to give money to. But at
least she can take it from somebody else. Harvid Lohan,
Welcome to the program, Managing partner to Roach Partners.
Speaker 2 (06:33):
Morning, Michael, thank you for having me.
Speaker 1 (06:35):
On, Harvin. This five trillion dollar tax plan. Once you
break it down, you represent your firm represents medium to
large businesses and high net worth individuals. When folks start
planning for a world like this, we'll get more.
Speaker 4 (06:56):
Granular in a moment.
Speaker 1 (06:58):
But what kind of decisions do people start making off
the top when they have a kind of a general
idea that we're going to be taxed very heavily in
a Harris campaign, what are the first things they start
looking to do.
Speaker 5 (07:14):
I mean a lot of it just depends on you know,
for example, with the capital gains tax, if people are
having to sell, you know, if you're having to sell
your property, then you know, there are different strategies that
you can be doing.
Speaker 2 (07:29):
You know, for example, you.
Speaker 5 (07:32):
Can sell off you know, property that's a loss to
offset that capital gain. You know, generally you're able to
you know, offset capital losses gets capital gains. So for
that perspective, you know, if you're gonna have to sell property,
let's say that's lost its value that you cannot recover
the you know the basis, then you have to sell
(07:52):
off that.
Speaker 1 (07:53):
But in the immediate term, companies are not looking optimistically
a greater burden that the government is going to impose
upon them. Because the people I know was at a
dinner last night, the first thing people start talking about is, well,
this means we can't hire. There are positions we'd like
(08:15):
to hire that maybe we have to hold off on.
So that means job seekers, whether they're coming out of
school or coming out of the military or looking to change,
you're not giving pay raises, you're not doing the things
that the working and middle class need a business to do.
(08:35):
Because now I got another mouth to feed, and that's
the government hold on just a moment.
Speaker 4 (08:41):
This is the Michael bry Show.
Speaker 1 (08:48):
Kamala Harris's economic plan is a five trillion dollar tax plan.
She refers to it as opportunity economy. But there is
no opportunity when businesses can't hire because they pay everything
(09:08):
they make into a corporate tax rate. Harvin Lawhan is
the managing partner of Deroched Partners. They are a strategic
planning company. I say strategic planning because yes, they are CPAs,
but there's so much more. They help you plan your
business and more than just preparing taxes. They are advisors
(09:29):
on business and tax matters. Harvin, let's talk about the
corporate tax rate of twenty one percent up to twenty
eight percent, which the Harris campaign says they will do
without mentioning a company's name. When you scan through your
(09:49):
clients who have a lot of employees and a lot
of families that they provide for, what does that do
to that company? How does that change that company? And
I ask it in light of the fact that, uh,
some industries are a very low profit margin industry. The
(10:10):
grocery store business now is widely known to be an
average of one point six percent. That's a very very
lean business. That's why they have to close when they're staffed.
But when when companies have to increase their corporate tax
rate or it is increased on them seven percent, how
does that affect the company? How many companies go under?
(10:32):
How many companies struggle with that?
Speaker 2 (10:37):
I mean as a dramatic effect. I mean.
Speaker 5 (10:41):
If you're increasing your taxes, I mean, then you know
you have less capital money to you know, for to
pay your employees, or for expansion or do all the
things that you were planning on doing. Increasing the taxes,
I mean you know. Sorry, when you at impacts.
Speaker 1 (11:05):
Witness, right when you are, I know you're on the
audit side, or y'all call it assurance, because nobody likes
the thought of being audited, but you companies do want
to be audited. But when you look at the payments
they make, I guess the point I'm asking you to
make because I see this starting life as a corporate
securities lawyer, I was shocked to go into a business
(11:27):
and you think they may all this money.
Speaker 4 (11:29):
They don't.
Speaker 1 (11:31):
By the time you pay people in a competitive wage market,
by the time you repay investors, by the time you
do those sorts of things, a seven percent hike, that's
a thirty three percent increase in the taxes they're already paying.
When you're looking at returns and when you're looking at
the tax strategy of companies. They don't just have this
(11:52):
money laying around, right, No, they don't, And so you
got to find ways. You've got to find ways to
make up that money. And that's what I want people
to understand. That's not an opportunity economy. Taxing the rich
is not a strategy for growth for people who draw
(12:14):
a paycheck. And most people I know, that's not your client.
Your client is the company that pays the paycheck. But
that's going to be that's going to cause a lot
of pain for workers. I mean, it's just it's when
you when you look at at a at a company's
tax returns, what percentage of what they're of their expenses
(12:37):
generally of the expenses that they lay out are going
toward employees and.
Speaker 2 (12:42):
Salaries depends on the industry.
Speaker 5 (12:49):
I mean, it could be anywhere from you know, sixty
to eighty percent you know, of your total company expenses
are your employees.
Speaker 2 (13:00):
I mean it's a big deal.
Speaker 5 (13:01):
I mean for even us, missus, for you and I
that's a large number. I mean, I would say it's
generally in the sixty to eighty percent, depending on you
know where what industry here is.
Speaker 4 (13:13):
I wonder how many people it was.
Speaker 1 (13:18):
We celebrated Russell Lebarro's birthday last night, who owns Green
Goes and Jimmy Chonga's dear friend, and there were some
folks there that are business owners and investors, and we
were talking about a guy that owns a used to
own car dealerships and then got into the leasing business.
(13:40):
But he's a business owner and a very successful business owner.
And they were saying how surprising and disappointing it was
that there was a Kamala Harris sign out front. You know,
I would love to see the tax return on that
guy before and after that the Harris Economic Plan goes
into effect, because I think it would be staggering and
(14:02):
and and maybe he can't see that, maybe he doesn't care,
but then that hurts all the other people along the
way that he supports.
Speaker 4 (14:12):
Yes, that's true, one of the go ahead.
Speaker 5 (14:15):
I'm sorry, No, I was just gonna say, yes, that's true.
I mean that all the taxes that she's trying to implement,
you know, even the unrealized game tax. You know, it's
it's completely ridiculous, you know, taxing unrealized games and are.
Speaker 2 (14:33):
What level wealth?
Speaker 5 (14:34):
You know, you're going to drive assets, jobs, companies out
of the United States. I mean, you know me if
if they're able to do that, you know, now, to
be clear, the taxes on the unrealized games.
Speaker 2 (14:49):
You know, it's best The way that it's.
Speaker 5 (14:51):
Drawn up currently is that the twenty five percent proposals
for people with the net worth of over one hundred
million dollars, if they're able to start there, you know,
it's only going to expand and proximately hit millions of
Americans every time, you know, And so.
Speaker 2 (15:07):
That's a big you know, some people that can't afford
that tax.
Speaker 5 (15:11):
So let's talk about the un getting tax real quick.
So if you have a piece of property that's a
million dollars, and let's say it appreciates some value to
a million, five that appreciation under this new plan would
now be taxable at twenty five percent. To the extent
that the person was unable to afford that tax, you know,
you're probably going to have to sell the asset or
(15:32):
or sell some other asset, you know, to afford sale
in order to pay that tax.
Speaker 1 (15:41):
It's funny, you yeah, of course, Harvid Lawhan is our guest.
He is the managing partner of de Roach Partners. It's
funny you brought that up because that was my next question.
Kamala Harris's tax on unrealized capital gains that's in the
language of their policy. They started with a minimum tax
(16:03):
of twenty percent, and I guess that didn't seem mean enough.
That didn't feel like you were hitting the rich folks.
Because only rich people make capital gains. That's the belief.
They bumped that from twenty percent to twenty five percent.
But explain to folks what an unrealized capital gain is.
(16:23):
Vivek Ramaswami spent the weekend tweeting about this, and I
thought he did a fantastic job. But explain that to
folks so that they understand it, because I think that
is what is That is what is frightening. That's before
the bread is baked. You're taking it out of the
oven and redistributing it. It has no value at that point.
(16:45):
It's not cookies, reminiencent.
Speaker 4 (16:46):
You're right. If it was cookies, it's not. No.
Speaker 1 (16:49):
But yes, I'm sorry, Harvid. This is my whole day.
This is my whole day.
Speaker 2 (16:53):
No, No, you're good.
Speaker 5 (16:55):
So if you buy an asset, let's let's say let's
say you buy Hyeah ten thousand shares of some stock
for ten dollars. If the stock goes up to thirty
dollars a share, you know let's say that goes from
one hundred initial one hundred thousand dollars purchase to worth
three hundred thousand. That initial increase to two hundred thousand,
(17:16):
regardless of whether it's going to go up or down
in the future, would now be taxed at twenty five percent,
So that two hundred thousand dollars gain that difference in
the fair market value appreciation would be now taxable. And
let's say let's say that's the case, and then the
stock then plummets to down. You know, let's say book
plummets to you know where it's almost worthless. You know,
(17:39):
you paid the tax on that gain, and you don't
get any benefit for the law. I mean, you get
to carry your loss you to k for But I
mean the fact of the matter is it's a paperwork nightmare.
Speaker 2 (17:50):
I mean, I don't I don't mean know how they're
gonna do the document.
Speaker 1 (17:53):
This, you know, just is the managing partner of the
Road Partners, the Kamala Hair Economic policy. If folks will
focus on this, wow, it's a non starter.
Speaker 2 (18:08):
With them.
Speaker 3 (18:09):
Michael Berry.
Speaker 1 (18:12):
Probably good news. President Trump is at a relaying ceremony
for the thirteen service members who were killed three years
ago today in Afghanistan, prayers for their families. They deserved better. Meanwhile,
(18:33):
Kamala Harris is attacking financially successful people. It is a
crazy notion that your problems are caused by rich people.
Crazy notion. Indeed, they're not taking anything that is yours.
But this phenomenon is from the beginning of time. Blame
(18:56):
other people. The problem is when you alter our system
so dramatically that you make it such that people do
not invest their capital, that is the money that they
have available to them. When people do not invest their
capital in other companies, in startups because they don't have
(19:22):
as much. You ever try to start a business, you
start with friends and family money.
Speaker 4 (19:29):
It's a well known fact.
Speaker 1 (19:31):
You know, number one source fromone the number one source,
the number one financial source of business startup capital.
Speaker 4 (19:38):
I think it's ninety eight percent. Now, a visa card.
Speaker 1 (19:43):
People go get a credit card, or people use their
credit card and they file their little DBA and they
file their little LLC or whatever corporate entity.
Speaker 4 (19:52):
What's that Mafiaya mafia?
Speaker 1 (19:55):
Number two, yes, of course, yeah, absolutely, But number one
is visa cards. People start their little business car wash business.
They go buy the supplies on their credit card and
then the first money they make is just paying back
the card. That's how business works. But if you don't
have capital, because private equity is not available, and you
(20:18):
can't start businesses. And ask anybody who's ever started a business,
the hardest part to starting that business is raising the
capital to get started. In any industry, when government takes
that capital away, the money will dry up to start businesses.
Harvid Lahan is the managing partner of The Road Partners
(20:40):
armand we were talking about taxes on unrealized capital gains
and Kamala Harris going from a twenty percent to a
twenty five percent, and I wanted to read something that
Vivek Ramaswami wrote this weekend that I thought was very
well put. I'm very glad you brought this up, and
I can't get to it now.
Speaker 4 (21:01):
Let me see here we go.
Speaker 1 (21:03):
He said, Kamala Harris supports a tax on unrealized capital gains.
And here's how that will trigger an economic calamity. Currently,
if you own an asset a stock, a house as
you pointed out, or land as you pointed out earlier,
and it goes up in value, you don't pay taxes
on that appreciation until you sell it, or, as Harvin
would say, you realize it makes sense, you haven't actually
(21:26):
made any money yet. Biden and Harris want to change that.
In twenty twenty two, they proposed a minimum tax of
twenty percent on total income generally inclusive of unrealized capital gains.
In twenty twenty three and twenty twenty four, they bumped
it up to twenty five percent. It never became law
because they couldn't get it through the House and send
(21:47):
it yet, but the Harris campaign has shown that she
supports it. Harvin, I know this is more of a
policy question, and your job is to advise clients. But
I can't imagine what that looks like when someone, as
you said, they've got an asset. You were talking about
paying higher corporate taxes, but a company that has You've
(22:08):
got home builders, a home builder that has has locked
up land so they can buy land, and now that
land has gone up in value, and he has to
pay taxes on the unrealized capital gain and he doesn't
have any cash coming in that was his investment that
he's planning for the future. I mean, this is this
is catastrophic results.
Speaker 5 (22:32):
Yes, I mean it, you know, it will force businesses
to possibly close if they don't have the cash or
have the ability to sell the assets. Then you know
it will cause businesses to close their doors.
Speaker 1 (22:45):
Well, and you know better than I do, because you're
you're dealing with businesses every day, advising them. But a
lot of businesses are cash poor. Uh, In the same
way a lot of households are cash poor. They're house poor.
They you know, everything you may goes to your car
note and your house note and and keeping your kids fed.
You don't have a lot of extra cash laying around.
(23:07):
There are businesses that operate this way. They may be
sitting on a piece of property that one day their
exit strategy is to sell when they close the thing down.
But to have to pay taxes on that, now, that
would be devastating. As you said, it would cause them
to close.
Speaker 2 (23:23):
Yes, it would.
Speaker 5 (23:25):
I mean most businesses don't Yeah, like you said, they
don't have liquid assets.
Speaker 2 (23:28):
You know, they have hard assets, you.
Speaker 5 (23:31):
Know, whether that's equipment, land, building, you know, and if
they have to sell that, you know, then it will
probably force.
Speaker 2 (23:40):
Them to close.
Speaker 5 (23:41):
And I mean even just you know, going back, taking
a step back, I mean if I have to sell
let's say, a piece.
Speaker 2 (23:49):
Of land or a building. You know, how does that
valuation work?
Speaker 5 (23:52):
And so most companies are going to now have to
go out and get a probably a valuation done to
determine what is the value of this piece of property.
And then you know there's gonna be paperwork and God
only knows how long that's going to take.
Speaker 2 (24:06):
And you know, the thought process is that you can
see the cycle of this.
Speaker 5 (24:12):
I mean, it's just a a sorry, it's a you know,
snowball going downhill. I mean, I don't even know how
you can.
Speaker 2 (24:18):
Track all of this.
Speaker 5 (24:19):
It's sorry, I'm just stating the audience, which is no,
it's going to be a big deal for people, and
I think in people, I think need to understand what's
coming and need to be prepared for that.
Speaker 4 (24:34):
Well, it doesn't have to come.
Speaker 1 (24:36):
You know, if someone chooses to cut off their their
nose to spite their face, I can't stop them from
doing that. But I do want people to understand. This
is why the media is not discussing economic policy, because
when you see the effects this is going to have
on your business, are the business you work for, There
(24:56):
will be layoffs, there will be layoffs. That's just a act.
There will be fewer charitable dollars. There will be all
the things that you advise. Businesses and high net worth
individuals will be cutting back and people don't understand that's
going that trickles down, all right. Uh, the rising tide
lifts all boats. Well, when when you hit ground, it's
(25:17):
it's it's gonna. Oh, it's gonna, it's gonna be bad dogs.
Harvin Lawhn the Roach Partner's managing partner.
Speaker 4 (25:25):
Thank you, sir, stuff man.
Speaker 1 (25:31):
Kevin Wrights Otilsino.
Speaker 4 (25:35):
I'm fifty nine. I just retired.
Speaker 1 (25:38):
I worked my ass off from age sixteen till now,
never more than middle management in corporate America. I started
saving at age sixteen. I always increased my savings on
every pay race. I never had a car payment. My
(25:59):
wife currently drives a twenty year old car. Lived in
the same house for the last thirty years. At any time,
we could have driven brand new cars. We could have
moved into a home four times the value of our
current house anytime in the last twenty years.
Speaker 4 (26:17):
Now, my family is very comfortable.
Speaker 1 (26:22):
Increase taxes on unrealized gains value added gains.
Speaker 4 (26:28):
To pay for what as a young man.
Speaker 1 (26:31):
Seeing what I see now, there is no incentive at
all to save a dime. And that's what people are
going to see. Two incomes, large house, two new one
hundred thousand dollars or a year one hundred thousand dollars
cars one hundred thousand plus cars. You know, I'm not
(26:55):
trying to be your financial advisor, your accountant, you're a lawyer,
or anything else. But take this advice. If you are
beholden to debt, you are not free, You are not complete,
you are not whole. When people believe that they need
(27:27):
it all and they need it now, they end up
with nothing. Ever, I wish I had been the saver
my dad was, wow, so impressive.
Speaker 4 (27:46):
A couple of years ago.
Speaker 1 (27:47):
I took over their finances and the marvels of modern technology.
I do all their bills online and it's still with
the credit union from Upont.
Speaker 4 (28:00):
Where he worked for forty years.
Speaker 1 (28:03):
But the first thing I noticed, and I'd forgotten this
from when I was young, is he has a checking account,
is a savings account, and he has a Christmas account
and a few dollars from every paycheck through the course
of the year went into that Christmas account.
Speaker 4 (28:25):
Now it wasn't the stock market.
Speaker 1 (28:27):
It didn't rise over the years, but he planned ahead
year round with just a few dollars out of every
paycheck so that come Christmas they could handle Christmas without
And now he still worked overtime at Christmas. He worked
(28:48):
overtime before we would go on vacation in the summer,
which was usually the Houston, we'd go to Astra World
and we'd go to an Astros game and we'd steal
the holiday intells.
Speaker 4 (29:00):
This was kind of return on investment.
Speaker 1 (29:03):
He would do that before we went on vacation in
the summer, and do that before we started school in
the fall.
Speaker 4 (29:10):
So we could have school clothes. We go school close shopping.
Speaker 1 (29:14):
And that would be at Bell's, but there'd be a
couple of items, one maybe two, and we go down
to the other end of the shopping center on MacArthur
Drive for those of you who know Orange and next
to the Seers which jutted out the Seeries was an
isthmus coming out of the shopping center at the end.
Speaker 4 (29:31):
You know how they do that.
Speaker 1 (29:33):
But in that vortex right there was the very fancy
and highly air conditioned because when you pushed open that door,
you woo you high.
Speaker 4 (29:40):
Dollar now was the Palais Royal.
Speaker 1 (29:44):
I met Rodney Margolis through his brother Barry Margolis years ago,
and he was he was having a meal, and I
told him that I used to shop at the Palais Royal,
and we went into about a ten minute conversation on
pro He was so happy. Here my childhood memories of
this store that he had owned. It was stage stores.
(30:05):
And as luck would have it, my wife's law firm
when she was still practicing, lock Lord and Bissel, they
represented uh stage stores and and I don't know if
you remember, but we went to it's not bells. It
starts with a bee. Dad comment, hey, when I can't
remember something anyway, the it's like a Cavender's competitor starts
(30:32):
with a bee, and I can they got I can't remember,
but we got crocodile dutted up because we were riding
in on the rodeo. But anyway, my dad, we didn't
buy new cars, just didn't happen.
Speaker 4 (30:46):
He built our house.
Speaker 1 (30:48):
He took it was it was thirteen percent interest rate,
and he paid it off in just a few years
because very little of it was borrowed. The land was
what he had to pay and I grew up watching that.
And there's a book called The Billionaire that's sorry the
Millionaire next Door, And the point of the cliff notes
are that the millionaire next door doesn't look like it.
(31:12):
He drives a modest car that's paid off. He doesn't
buy new things, he doesn't get a bunch of Amazon packages,
he doesn't take louviage vacations, he doesn't.
Speaker 4 (31:22):
Go on cruises.
Speaker 1 (31:26):
But what I mean to say with the election before
us is how much you spend and how you spend
your life should be determined by you, and how much
money you have and are able to make, and how
you've spent it, what your earnings are and what your
returns on investment are.
Speaker 4 (31:49):
It should not be the case.
Speaker 1 (31:52):
That how you live is determined by the government, for
better or for worse. And it's about to be. People
ask me, you know what happens if Kamala wins. We
don't not have a country. The next day they don't
(32:14):
walk outside and it's all pavement. It begins a very
accelerated decline from which you don't recover, and you lose
the checks and balances within the system you've already seen
that try to post something on Facebook that is a
(32:35):
fact that criticizes Kamala Harris.
Speaker 4 (32:39):
You'll be blocked. Trust me. I know.
Speaker 1 (32:42):
I went from eighteen million, a reach of eighteen million
last month to a reach of five or six million
right now. Is declining by the day because it's a
violation for everything.
Speaker 4 (32:53):
Everything I do is a violation.
Speaker 1 (32:55):
And they're preparing because they're going to yank me off
by September fifth, ether or nothing or so no, not,
They're going to take me off, Ramona.
Speaker 4 (33:06):
But this is real.
Speaker 1 (33:08):
We don't talk about finances, economics, tax policy. We talk
about skin color and who feels good and who postmean tweets.
Your life is going to change dramatically.
It's that time, time, time, luck and load.
Speaker 2 (00:10):
So Michael Arry Show is on the air.
Speaker 3 (00:24):
The policy issue that has received the most coverage during
this campaign season, especially since Kamala Harris and the coup
to kick out Joe Biden, was President Trump's no tax
on tips, and the Democrats went from saying that was
(00:46):
dangerous to oh, yeah.
Speaker 1 (00:47):
That's our plan too. We've decided that's our plan too.
And what's important about that is and I didn't realize
I spent some time on this this weekend. The number
of individuals who live primarily off of tips are estimated
(01:10):
to be about seventy five percent women, a lot of
them single women. Single women is the category that President
trumbles Trump.
Speaker 4 (01:25):
Struggles with the most.
Speaker 1 (01:28):
This is a big deal because it turns out when
you don't have to pay taxes on all or some
of your income.
Speaker 4 (01:38):
It's a pay raise. It makes a big difference.
Speaker 1 (01:42):
You think about the single mom shouldn't have to be
a mom, But you think about the single mom who's
a bartender or a waitress. If she's making a couple
thousand a month, if she's lucky and is not being
taxed on those tips, that's a big pay raise and
we'll get into how much that is in a moment.
(02:04):
That's cash in her pocket, that's groceries for kids, that's gas,
money to get back and.
Speaker 4 (02:09):
Forth to work.
Speaker 1 (02:11):
That's getting to go to the dentist when you have
it in ten years. That's getting to go to the
doctor when you don't feel well and otherwise couldn't because
you don't have insurance. That is significant because, as it
turns out, taxes are a problem and not having to
pay them is a huge benefit, a huge boost. And
(02:34):
it's not just single women. For every person relying on tips,
that is not a sign of great wealth. These are
typically service providers. That's why we tip them.
Speaker 2 (02:45):
Now.
Speaker 4 (02:45):
I know what you're thinking, Michael.
Speaker 1 (02:47):
I go in these fast casual places now and a
guy punches my order into the computer and they got
a tip jar there and he's glaring at me. Everybody
wants to tip now, But by and large, those who
receive tips are.
Speaker 4 (03:04):
At the lowest end of the economic room.
Speaker 1 (03:06):
They're providing services, they're working, and God bless them for it.
They provide the services that we need, whether that's carrying
luggage in a hotel, bringing your food to you, washing
your car, or any number of other things and whether
you can afford it or not. There are, for instance,
elderly people who cannot do those things for themselves, but
(03:29):
maybe they do have a little money and they want
to reward that. Tax policy is critically important. We have
a show sponsor called Deroached Partners, and the managing partner,
Harvin Lawhan I have asked to join us because with
Kamala Harris's five trillion dollar tax plan, we can set
aside all the other demographics that who's nice, who's not.
(03:52):
This is going to affect every single American, every American.
If you are a charity recipient, it's going to affect
how much people have left to contribute to charities. If
you are the lowest paid person in the company, you're
also likely the first out when the company pulls back.
(04:13):
You increase the corporate tax rate from twenty one to
twenty eight percent. Corporations are going to lose money off
of that money that they were earning before, money that
they distribute to shareholders, money that they distribute to employees, money.
Speaker 4 (04:29):
That they use to give pay raises.
Speaker 1 (04:32):
You're going to feel that unrealized capital gains a minimum
tax of twenty and now she wants twenty five percent.
All of this desperate need to claw more money that
people have earned. And you know what's amazing about this.
It's not on the basis of balancing the budget, because
(04:55):
that's not what they say. It's never, the government needs
more mone to do more great things for you people.
I could live with that. That's a socialist tendency campaign
promise until you get complete power. I could live with that,
though I could understand it. It's never, we've got to
raise more money so we can do more handouts.
Speaker 4 (05:18):
Do you know what it is? Punishment.
Speaker 1 (05:23):
We've got to punish people who buy the sweat of
their brow, putting their money at risk making good decisions.
Speaker 4 (05:34):
Have made money because you haven't.
Speaker 1 (05:38):
Because you drank it all, because you don't go to work,
because you put it up your nose, because you buy
things you can't afford. People don't take responsibility for their
own decisions. Oh but Michael, yes, you're right. Some people
end up in that situation through no or little fault
(06:01):
of their own. That is true. But many people, most
people don't have as much as they'd like, and everybody
wants more because of decisions that they make. And Kamala
can't give them more money.
Speaker 4 (06:17):
It's not there.
Speaker 1 (06:18):
The bell curve doesn't work that way. There are too
many people you'd have to give money to. But at
least she can take it from somebody else. Harvid Lohan,
Welcome to the program, Managing partner to Roach Partners.
Speaker 2 (06:33):
Morning, Michael, thank you for having me.
Speaker 1 (06:35):
On, Harvin. This five trillion dollar tax plan. Once you
break it down, you represent your firm represents medium to
large businesses and high net worth individuals. When folks start
planning for a world like this, we'll get more.
Speaker 4 (06:56):
Granular in a moment.
Speaker 1 (06:58):
But what kind of decisions do people start making off
the top when they have a kind of a general
idea that we're going to be taxed very heavily in
a Harris campaign, what are the first things they start
looking to do.
Speaker 5 (07:14):
I mean a lot of it just depends on you know,
for example, with the capital gains tax, if people are
having to sell, you know, if you're having to sell
your property, then you know, there are different strategies that
you can be doing.
Speaker 2 (07:29):
You know, for example, you.
Speaker 5 (07:32):
Can sell off you know, property that's a loss to
offset that capital gain. You know, generally you're able to
you know, offset capital losses gets capital gains. So for
that perspective, you know, if you're gonna have to sell property,
let's say that's lost its value that you cannot recover
the you know the basis, then you have to sell
(07:52):
off that.
Speaker 1 (07:53):
But in the immediate term, companies are not looking optimistically
a greater burden that the government is going to impose
upon them. Because the people I know was at a
dinner last night, the first thing people start talking about is, well,
this means we can't hire. There are positions we'd like
(08:15):
to hire that maybe we have to hold off on.
So that means job seekers, whether they're coming out of
school or coming out of the military or looking to change,
you're not giving pay raises, you're not doing the things
that the working and middle class need a business to do.
(08:35):
Because now I got another mouth to feed, and that's
the government hold on just a moment.
Speaker 4 (08:41):
This is the Michael bry Show.
Speaker 1 (08:48):
Kamala Harris's economic plan is a five trillion dollar tax plan.
She refers to it as opportunity economy. But there is
no opportunity when businesses can't hire because they pay everything
(09:08):
they make into a corporate tax rate. Harvin Lawhan is
the managing partner of Deroched Partners. They are a strategic
planning company. I say strategic planning because yes, they are CPAs,
but there's so much more. They help you plan your
business and more than just preparing taxes. They are advisors
(09:29):
on business and tax matters. Harvin, let's talk about the
corporate tax rate of twenty one percent up to twenty
eight percent, which the Harris campaign says they will do
without mentioning a company's name. When you scan through your
(09:49):
clients who have a lot of employees and a lot
of families that they provide for, what does that do
to that company? How does that change that company? And
I ask it in light of the fact that, uh,
some industries are a very low profit margin industry. The
(10:10):
grocery store business now is widely known to be an
average of one point six percent. That's a very very
lean business. That's why they have to close when they're staffed.
But when when companies have to increase their corporate tax
rate or it is increased on them seven percent, how
does that affect the company? How many companies go under?
(10:32):
How many companies struggle with that?
Speaker 2 (10:37):
I mean as a dramatic effect. I mean.
Speaker 5 (10:41):
If you're increasing your taxes, I mean, then you know
you have less capital money to you know, for to
pay your employees, or for expansion or do all the
things that you were planning on doing. Increasing the taxes,
I mean you know. Sorry, when you at impacts.
Speaker 1 (11:05):
Witness, right when you are, I know you're on the
audit side, or y'all call it assurance, because nobody likes
the thought of being audited, but you companies do want
to be audited. But when you look at the payments
they make, I guess the point I'm asking you to
make because I see this starting life as a corporate
securities lawyer, I was shocked to go into a business
(11:27):
and you think they may all this money.
Speaker 4 (11:29):
They don't.
Speaker 1 (11:31):
By the time you pay people in a competitive wage market,
by the time you repay investors, by the time you
do those sorts of things, a seven percent hike, that's
a thirty three percent increase in the taxes they're already paying.
When you're looking at returns and when you're looking at
the tax strategy of companies. They don't just have this
(11:52):
money laying around, right, No, they don't, And so you
got to find ways. You've got to find ways to
make up that money. And that's what I want people
to understand. That's not an opportunity economy. Taxing the rich
is not a strategy for growth for people who draw
(12:14):
a paycheck. And most people I know, that's not your client.
Your client is the company that pays the paycheck. But
that's going to be that's going to cause a lot
of pain for workers. I mean, it's just it's when
you when you look at at a at a company's
tax returns, what percentage of what they're of their expenses
(12:37):
generally of the expenses that they lay out are going
toward employees and.
Speaker 2 (12:42):
Salaries depends on the industry.
Speaker 5 (12:49):
I mean, it could be anywhere from you know, sixty
to eighty percent you know, of your total company expenses
are your employees.
Speaker 2 (13:00):
I mean it's a big deal.
Speaker 5 (13:01):
I mean for even us, missus, for you and I
that's a large number. I mean, I would say it's
generally in the sixty to eighty percent, depending on you
know where what industry here is.
Speaker 4 (13:13):
I wonder how many people it was.
Speaker 1 (13:18):
We celebrated Russell Lebarro's birthday last night, who owns Green
Goes and Jimmy Chonga's dear friend, and there were some
folks there that are business owners and investors, and we
were talking about a guy that owns a used to
own car dealerships and then got into the leasing business.
(13:40):
But he's a business owner and a very successful business owner.
And they were saying how surprising and disappointing it was
that there was a Kamala Harris sign out front. You know,
I would love to see the tax return on that
guy before and after that the Harris Economic Plan goes
into effect, because I think it would be staggering and
(14:02):
and and maybe he can't see that, maybe he doesn't care,
but then that hurts all the other people along the
way that he supports.
Speaker 4 (14:12):
Yes, that's true, one of the go ahead.
Speaker 5 (14:15):
I'm sorry, No, I was just gonna say, yes, that's true.
I mean that all the taxes that she's trying to implement,
you know, even the unrealized game tax. You know, it's
it's completely ridiculous, you know, taxing unrealized games and are.
Speaker 2 (14:33):
What level wealth?
Speaker 5 (14:34):
You know, you're going to drive assets, jobs, companies out
of the United States. I mean, you know me if
if they're able to do that, you know, now, to
be clear, the taxes on the unrealized games.
Speaker 2 (14:49):
You know, it's best The way that it's.
Speaker 5 (14:51):
Drawn up currently is that the twenty five percent proposals
for people with the net worth of over one hundred
million dollars, if they're able to start there, you know,
it's only going to expand and proximately hit millions of
Americans every time, you know, And so.
Speaker 2 (15:07):
That's a big you know, some people that can't afford
that tax.
Speaker 5 (15:11):
So let's talk about the un getting tax real quick.
So if you have a piece of property that's a
million dollars, and let's say it appreciates some value to
a million, five that appreciation under this new plan would
now be taxable at twenty five percent. To the extent
that the person was unable to afford that tax, you know,
you're probably going to have to sell the asset or
(15:32):
or sell some other asset, you know, to afford sale
in order to pay that tax.
Speaker 1 (15:41):
It's funny, you yeah, of course, Harvid Lawhan is our guest.
He is the managing partner of de Roach Partners. It's
funny you brought that up because that was my next question.
Kamala Harris's tax on unrealized capital gains that's in the
language of their policy. They started with a minimum tax
(16:03):
of twenty percent, and I guess that didn't seem mean enough.
That didn't feel like you were hitting the rich folks.
Because only rich people make capital gains. That's the belief.
They bumped that from twenty percent to twenty five percent.
But explain to folks what an unrealized capital gain is.
(16:23):
Vivek Ramaswami spent the weekend tweeting about this, and I
thought he did a fantastic job. But explain that to
folks so that they understand it, because I think that
is what is That is what is frightening. That's before
the bread is baked. You're taking it out of the
oven and redistributing it. It has no value at that point.
(16:45):
It's not cookies, reminiencent.
Speaker 4 (16:46):
You're right. If it was cookies, it's not. No.
Speaker 1 (16:49):
But yes, I'm sorry, Harvid. This is my whole day.
This is my whole day.
Speaker 2 (16:53):
No, No, you're good.
Speaker 5 (16:55):
So if you buy an asset, let's let's say let's
say you buy Hyeah ten thousand shares of some stock
for ten dollars. If the stock goes up to thirty
dollars a share, you know let's say that goes from
one hundred initial one hundred thousand dollars purchase to worth
three hundred thousand. That initial increase to two hundred thousand,
(17:16):
regardless of whether it's going to go up or down
in the future, would now be taxed at twenty five percent,
So that two hundred thousand dollars gain that difference in
the fair market value appreciation would be now taxable. And
let's say let's say that's the case, and then the
stock then plummets to down. You know, let's say book
plummets to you know where it's almost worthless. You know,
(17:39):
you paid the tax on that gain, and you don't
get any benefit for the law. I mean, you get
to carry your loss you to k for But I
mean the fact of the matter is it's a paperwork nightmare.
Speaker 2 (17:50):
I mean, I don't I don't mean know how they're
gonna do the document.
Speaker 1 (17:53):
This, you know, just is the managing partner of the
Road Partners, the Kamala Hair Economic policy. If folks will
focus on this, wow, it's a non starter.
Speaker 2 (18:08):
With them.
Speaker 3 (18:09):
Michael Berry.
Speaker 1 (18:12):
Probably good news. President Trump is at a relaying ceremony
for the thirteen service members who were killed three years
ago today in Afghanistan, prayers for their families. They deserved better. Meanwhile,
(18:33):
Kamala Harris is attacking financially successful people. It is a
crazy notion that your problems are caused by rich people.
Crazy notion. Indeed, they're not taking anything that is yours.
But this phenomenon is from the beginning of time. Blame
(18:56):
other people. The problem is when you alter our system
so dramatically that you make it such that people do
not invest their capital, that is the money that they
have available to them. When people do not invest their
capital in other companies, in startups because they don't have
(19:22):
as much. You ever try to start a business, you
start with friends and family money.
Speaker 4 (19:29):
It's a well known fact.
Speaker 1 (19:31):
You know, number one source fromone the number one source,
the number one financial source of business startup capital.
Speaker 4 (19:38):
I think it's ninety eight percent. Now, a visa card.
Speaker 1 (19:43):
People go get a credit card, or people use their
credit card and they file their little DBA and they
file their little LLC or whatever corporate entity.
Speaker 4 (19:52):
What's that Mafiaya mafia?
Speaker 1 (19:55):
Number two, yes, of course, yeah, absolutely, But number one
is visa cards. People start their little business car wash business.
They go buy the supplies on their credit card and
then the first money they make is just paying back
the card. That's how business works. But if you don't
have capital, because private equity is not available, and you
(20:18):
can't start businesses. And ask anybody who's ever started a business,
the hardest part to starting that business is raising the
capital to get started. In any industry, when government takes
that capital away, the money will dry up to start businesses.
Harvid Lahan is the managing partner of The Road Partners
(20:40):
armand we were talking about taxes on unrealized capital gains
and Kamala Harris going from a twenty percent to a
twenty five percent, and I wanted to read something that
Vivek Ramaswami wrote this weekend that I thought was very
well put. I'm very glad you brought this up, and
I can't get to it now.
Speaker 4 (21:01):
Let me see here we go.
Speaker 1 (21:03):
He said, Kamala Harris supports a tax on unrealized capital gains.
And here's how that will trigger an economic calamity. Currently,
if you own an asset a stock, a house as
you pointed out, or land as you pointed out earlier,
and it goes up in value, you don't pay taxes
on that appreciation until you sell it, or, as Harvin
would say, you realize it makes sense, you haven't actually
(21:26):
made any money yet. Biden and Harris want to change that.
In twenty twenty two, they proposed a minimum tax of
twenty percent on total income generally inclusive of unrealized capital gains.
In twenty twenty three and twenty twenty four, they bumped
it up to twenty five percent. It never became law
because they couldn't get it through the House and send
(21:47):
it yet, but the Harris campaign has shown that she
supports it. Harvin, I know this is more of a
policy question, and your job is to advise clients. But
I can't imagine what that looks like when someone, as
you said, they've got an asset. You were talking about
paying higher corporate taxes, but a company that has You've
(22:08):
got home builders, a home builder that has has locked
up land so they can buy land, and now that
land has gone up in value, and he has to
pay taxes on the unrealized capital gain and he doesn't
have any cash coming in that was his investment that
he's planning for the future. I mean, this is this
is catastrophic results.
Speaker 5 (22:32):
Yes, I mean it, you know, it will force businesses
to possibly close if they don't have the cash or
have the ability to sell the assets. Then you know
it will cause businesses to close their doors.
Speaker 1 (22:45):
Well, and you know better than I do, because you're
you're dealing with businesses every day, advising them. But a
lot of businesses are cash poor. Uh, In the same
way a lot of households are cash poor. They're house poor.
They you know, everything you may goes to your car
note and your house note and and keeping your kids fed.
You don't have a lot of extra cash laying around.
(23:07):
There are businesses that operate this way. They may be
sitting on a piece of property that one day their
exit strategy is to sell when they close the thing down.
But to have to pay taxes on that, now, that
would be devastating. As you said, it would cause them
to close.
Speaker 2 (23:23):
Yes, it would.
Speaker 5 (23:25):
I mean most businesses don't Yeah, like you said, they
don't have liquid assets.
Speaker 2 (23:28):
You know, they have hard assets, you.
Speaker 5 (23:31):
Know, whether that's equipment, land, building, you know, and if
they have to sell that, you know, then it will
probably force.
Speaker 2 (23:40):
Them to close.
Speaker 5 (23:41):
And I mean even just you know, going back, taking
a step back, I mean if I have to sell
let's say, a piece.
Speaker 2 (23:49):
Of land or a building. You know, how does that
valuation work?
Speaker 5 (23:52):
And so most companies are going to now have to
go out and get a probably a valuation done to
determine what is the value of this piece of property.
And then you know there's gonna be paperwork and God
only knows how long that's going to take.
Speaker 2 (24:06):
And you know, the thought process is that you can
see the cycle of this.
Speaker 5 (24:12):
I mean, it's just a a sorry, it's a you know,
snowball going downhill. I mean, I don't even know how
you can.
Speaker 2 (24:18):
Track all of this.
Speaker 5 (24:19):
It's sorry, I'm just stating the audience, which is no,
it's going to be a big deal for people, and
I think in people, I think need to understand what's
coming and need to be prepared for that.
Speaker 4 (24:34):
Well, it doesn't have to come.
Speaker 1 (24:36):
You know, if someone chooses to cut off their their
nose to spite their face, I can't stop them from
doing that. But I do want people to understand. This
is why the media is not discussing economic policy, because
when you see the effects this is going to have
on your business, are the business you work for, There
(24:56):
will be layoffs, there will be layoffs. That's just a act.
There will be fewer charitable dollars. There will be all
the things that you advise. Businesses and high net worth
individuals will be cutting back and people don't understand that's
going that trickles down, all right. Uh, the rising tide
lifts all boats. Well, when when you hit ground, it's
(25:17):
it's it's gonna. Oh, it's gonna, it's gonna be bad dogs.
Harvin Lawhn the Roach Partner's managing partner.
Speaker 4 (25:25):
Thank you, sir, stuff man.
Speaker 1 (25:31):
Kevin Wrights Otilsino.
Speaker 4 (25:35):
I'm fifty nine. I just retired.
Speaker 1 (25:38):
I worked my ass off from age sixteen till now,
never more than middle management in corporate America. I started
saving at age sixteen. I always increased my savings on
every pay race. I never had a car payment. My
(25:59):
wife currently drives a twenty year old car. Lived in
the same house for the last thirty years. At any time,
we could have driven brand new cars. We could have
moved into a home four times the value of our
current house anytime in the last twenty years.
Speaker 4 (26:17):
Now, my family is very comfortable.
Speaker 1 (26:22):
Increase taxes on unrealized gains value added gains.
Speaker 4 (26:28):
To pay for what as a young man.
Speaker 1 (26:31):
Seeing what I see now, there is no incentive at
all to save a dime. And that's what people are
going to see. Two incomes, large house, two new one
hundred thousand dollars or a year one hundred thousand dollars
cars one hundred thousand plus cars. You know, I'm not
(26:55):
trying to be your financial advisor, your accountant, you're a lawyer,
or anything else. But take this advice. If you are
beholden to debt, you are not free, You are not complete,
you are not whole. When people believe that they need
(27:27):
it all and they need it now, they end up
with nothing. Ever, I wish I had been the saver
my dad was, wow, so impressive.
Speaker 4 (27:46):
A couple of years ago.
Speaker 1 (27:47):
I took over their finances and the marvels of modern technology.
I do all their bills online and it's still with
the credit union from Upont.
Speaker 4 (28:00):
Where he worked for forty years.
Speaker 1 (28:03):
But the first thing I noticed, and I'd forgotten this
from when I was young, is he has a checking account,
is a savings account, and he has a Christmas account
and a few dollars from every paycheck through the course
of the year went into that Christmas account.
Speaker 4 (28:25):
Now it wasn't the stock market.
Speaker 1 (28:27):
It didn't rise over the years, but he planned ahead
year round with just a few dollars out of every
paycheck so that come Christmas they could handle Christmas without
And now he still worked overtime at Christmas. He worked
(28:48):
overtime before we would go on vacation in the summer,
which was usually the Houston, we'd go to Astra World
and we'd go to an Astros game and we'd steal
the holiday intells.
Speaker 4 (29:00):
This was kind of return on investment.
Speaker 1 (29:03):
He would do that before we went on vacation in
the summer, and do that before we started school in
the fall.
Speaker 4 (29:10):
So we could have school clothes. We go school close shopping.
Speaker 1 (29:14):
And that would be at Bell's, but there'd be a
couple of items, one maybe two, and we go down
to the other end of the shopping center on MacArthur
Drive for those of you who know Orange and next
to the Seers which jutted out the Seeries was an
isthmus coming out of the shopping center at the end.
Speaker 4 (29:31):
You know how they do that.
Speaker 1 (29:33):
But in that vortex right there was the very fancy
and highly air conditioned because when you pushed open that door,
you woo you high.
Speaker 4 (29:40):
Dollar now was the Palais Royal.
Speaker 1 (29:44):
I met Rodney Margolis through his brother Barry Margolis years ago,
and he was he was having a meal, and I
told him that I used to shop at the Palais Royal,
and we went into about a ten minute conversation on
pro He was so happy. Here my childhood memories of
this store that he had owned. It was stage stores.
(30:05):
And as luck would have it, my wife's law firm
when she was still practicing, lock Lord and Bissel, they
represented uh stage stores and and I don't know if
you remember, but we went to it's not bells. It
starts with a bee. Dad comment, hey, when I can't
remember something anyway, the it's like a Cavender's competitor starts
(30:32):
with a bee, and I can they got I can't remember,
but we got crocodile dutted up because we were riding
in on the rodeo. But anyway, my dad, we didn't
buy new cars, just didn't happen.
Speaker 4 (30:46):
He built our house.
Speaker 1 (30:48):
He took it was it was thirteen percent interest rate,
and he paid it off in just a few years
because very little of it was borrowed. The land was
what he had to pay and I grew up watching that.
And there's a book called The Billionaire that's sorry the
Millionaire next Door, And the point of the cliff notes
are that the millionaire next door doesn't look like it.
(31:12):
He drives a modest car that's paid off. He doesn't
buy new things, he doesn't get a bunch of Amazon packages,
he doesn't take louviage vacations, he doesn't.
Speaker 4 (31:22):
Go on cruises.
Speaker 1 (31:26):
But what I mean to say with the election before
us is how much you spend and how you spend
your life should be determined by you, and how much
money you have and are able to make, and how
you've spent it, what your earnings are and what your
returns on investment are.
Speaker 4 (31:49):
It should not be the case.
Speaker 1 (31:52):
That how you live is determined by the government, for
better or for worse. And it's about to be. People
ask me, you know what happens if Kamala wins. We
don't not have a country. The next day they don't
(32:14):
walk outside and it's all pavement. It begins a very
accelerated decline from which you don't recover, and you lose
the checks and balances within the system you've already seen
that try to post something on Facebook that is a
(32:35):
fact that criticizes Kamala Harris.
Speaker 4 (32:39):
You'll be blocked. Trust me. I know.
Speaker 1 (32:42):
I went from eighteen million, a reach of eighteen million
last month to a reach of five or six million
right now. Is declining by the day because it's a
violation for everything.
Speaker 4 (32:53):
Everything I do is a violation.
Speaker 1 (32:55):
And they're preparing because they're going to yank me off
by September fifth, ether or nothing or so no, not,
They're going to take me off, Ramona.
Speaker 4 (33:06):
But this is real.
Speaker 1 (33:08):
We don't talk about finances, economics, tax policy. We talk
about skin color and who feels good and who postmean tweets.
Your life is going to change dramatically.
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