The news and its hyperventilating and screeching its not really like that if you look down deeper that there is a calm ockhams razor sort of natural explanation for most stories so back in 2016 everybody was like why is trump trying to hide his tax returns well this is what the Mainstream Media the cable news who since this point of 2016 have been empowered to determine for all these ordinary people out in the rest of america what is fake and what is real news is they they are on these boards they get to sit over facebook and determine what should be deleted from ordinary joe baggett donuts who somehow is like too stupid to know what the likes of Jeffrey Zucker the head of c. N. N. Knows so heres what they said was going on back in 20161718 we have. Few headlines here of what they said at the time why trump wanted to hide his tax returns. Could toms tax returns reveal the republican president ial nominee has ties to russia done. That was july 27th 2016 heres Chuck Schumer in july of 2018 hes the Senate Minority leader he says Chuck Schumer july 28th president inexplicable behavior has Many Americans asking what does putin have over him well thats why his tax weaker turns would be so important and then finally here is a resistance hero you know to the democratic resistance the lead the Hillary Clinton brigade of poor losers well he gets on c. N. N. And m s n b c all the time hes a professor and a lawyer his name is Seth Abramson and he said back in 2017 we know trump jr said a disproportionate amount of the trump fortune comes from russia then refused to release his tax returns oh right yeah this old shack story is a lot of fun because we get to comes into our wheel house other markets finance and scandals or lack thereof and thats right the vacuum that was caused by not releasing the tax return created this need to fill it with conspiracy theories coming at the highest levels of American Media yet these are like the highest levels the elite media they get to determine what the ordinary person is allowed now to hear now we look at that same story as journalist as opinion you know have an opinion show here were looking at the story and say why does donald trump not want to release his tax returns. Hes a new york Property Developer why would a new york Property Developer who is very thin skins hes very narcissistic why would. He wants to hide these from the voter that he has to go before well as we show were going to turn back to august 11th 2016 this is a kaiser report episode where you talk to Francine Mckenna and we laid out exactly as it turns out to be. Francine lets talk politics youve written about what Donald Trumps tax returns might show tell us about that well i wrote about it a while back before he started having to deny that he was going to release them every week seems like i think that based on his Real Estate Investments were going to see losses year after year and thats going to be really hard to explain to the less sophisticated reader why does a successful guy like donald trump have losses because tax losses are not regular losses and hes going to have a hard time explaining why theres always negative numbers in the real estate plus all of his overseas royalty and licensing stuff i think that all that income is being kept overseas thats why you have such a disparity between whats showing in this Financial Disclosures and what people think you know in what hes saying are his his income in his assets its very hard to match it all up because i think that incomes not coming back to the United States and hes probably not paying taxes i mean so in terms of losses you have a company like jeff bezos over there amazon who manufactures losses for years too and then you have Apple Computer which is keeping cash offshore for years huge Tax Liability so what hes doing as a billionaire businessman is mimicked by other big corporations nothing unusual about it losses are a way not to pay taxes right corporations dont like to pay taxes amazon does like to pay taxes jeff bezos says season against taxes just like to pay taxes so this is simply a business is a prisoner perception problem because this clearly its not unusual well real estate is something most people go in because they want to generate tax losses because they want to offset income from somewhere else he has income from other places that the real estate works really well probably to offset jeff bezos he only reports income when he has a tax loss carryforward that he needs to use because its going to expire and i report. But on that thats been whats happened so no its not unusual taxes is one thing what people report for for regular profits on their Financial Statements is Something Else the thing is its really hard to explain to the average reader what does this mean why does he have all the writing of an enormous level of financial illiteracy in america so its hard to really explain how business is done right and we cover the story in france the mechanic did a great job but the tax return which oh hes not paying any taxes and thats very difficult for the average person to grasp what what thats all about and its completely. Normal you know you could say in that industry now i did a poll on my twitter and i asked people i said would you be willing to not pay taxes while simultaneously maintaining an enormous hugely leveraged. Properties portfolio speculating on property and take the risk that the property in that portfolio could crash at any moment like copan 1000 crisis for example and 60 percent said no they wouldnt right so in other words youre exchanging you dont pay taxes but youre carrying this enormous debt attach this highly speculative portfolio of property that that is wildly spec and you know if volatile so thats not there thats the trade off. And thats the Industry Private equity is a different issue hits funds typically they defer taxes continuously under an exemption to hedge funds and they end up paying a very low low rate. In some industries and or tax intensive but its a different industry jeff bezos did pay taxes for many years General Electric submitter of 80000. 00 page tax returns they got a tax credit i think basis actually got a tax credit you get paid by the government so taxes theres not that thing illegal here its just like the industry of property speculation means youre carrying a huge debts which gobble up that the write offs are huge and so the tax that taxes are could be 0 and Francis Mckenna was correct and to put the perception is what needs to be managed right because people see that number 750. 00 and they dont you know most people are financially illiterate and they dont the is going on they just like say well i pay 5000 dollars last year jews will settle well i do think its a scam and were going to go into this i think is totally totally 100 percent wrong that trump gets away with only paying 750. 00 and yeah give me a 35000000000. 00 Property Portfolio and i now i dont care if it defaults and goes away crumbles i dont care as long as i dont have to pay taxes whats wrong with this system here is that you have Silicon Valley and hollywood on the west coast you have new york city and d. C. On the east coast and you have texas and chicago those 3 Power Centers those 3. 00 Money Centers have huge Tax Advantages over the rest of the economy and population the 99 percent have to pay taxes those people dont and they have their own special loopholes so donald trump is a Real Estate Developer from manhattan no Real Estate Developer in manhattan pays taxes none of them every single one of the billionaires and Rachel Maddow chris Hayes Anderson cooper they live in manhattan they will. Friends with these people they will also be beneficiaries of all the tax breaks that these people get they get to live in an amazing city high rises all this stuff because none of those people have to pay taxes because theyre writing it off the losses against another thing wall street so they have s. P. V. They have they have carried interest all these sort of laws and of course the fed underwriting all their debts and taking all their bad bets so every one has their special interests Property Developers have the depreciation thats the thing that most benefits the likes of manhattan Real Estate Developers so for 3040 years even while Interest Rates keep on going down and down and down and all your debts keep on being rolled over they get to claim that the value of their asset is going down and we all know right that property has been going up decade after decade after decade in manhattan but they get to claim otherwise d. C. All the you know the richest zip code in america is all around d. C. These are people that get to claim cost plus contracts with the taxpayer right so they get to write money basically print money for themselves Silicon Valley ip parks and netherlands ireland and the caribbean hollywood and were going to get into the hollywood accounting and the 2nd half but you know basically every all the elite and they are the elite the people making 203040 1000000 a year on c. N. N. And m. S. M. Be sam fox like theyre pointing fingers and like thats their entire elite circle all their d. C. Friends all their manhattan friends all their hollywood friends all their socalled valley friends are all getting the same thing you become a billionaire and america by not paying taxes like you cant give 50 percent over to the schmucks. Thats the heres part of it member Leona Helmsley but have back and believe the only Little People pay taxes right she was a Real Estate Developer but look commercial real estate america responsible last year for 9200000 jobs right so. The entrepreneurs who are Developers Like trumpets launch but over here they take risk they know theyre risking that these properties could blow up and not be worth anything of value and thats what entrepreneurs do and they get taxed the government gives them tax incentives to be entrepreneurial to be Property Developers thats what those tax incentives are for to encourage entrepreneurs to go create millions of jobs by being Property Developers reality the whole picture here after this break and then we come back in the business up to go away. Its sort of amazing country with so many friends in russia and im very excited to be here. I love that idea i think i can do that. Every night i make a lot of money with his name with millions and hundreds of me. He has a nice well theres a nice job a great wall and nobody builds a lot better than me believe and ill build a very inexpensive like a great great wall. d and just in case youre worried about whos going to pay for it mexico will pay for. It well see what happens who knows i always say who knows what will seattle feel will be success. As the u. S. Economy was booming growing numbers of people were made homeless. You can work 40 hours in a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of it is were not financially equality and the lack of Affordable Housing or living minimum wage give many people no choice. Thats been a problem with the city and always turn their backs on and told me stay away o. Miss. The food if there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become the invisible cops. Right welcome back to the concert for a with max and stacey a were talking about taxes talking about the non scandal the trump tax reveal and lets continue stacey ok and again remember in that 2016 the august 26th scene cries report episode where we calmly predicted exactly what would what was the reason that trump was hiding his tax returns why he didnt want to show it it was the simple ockhams razor for Property Developer in new york city who want to who is running on a campaign of being a man of the people he knew the people would not understand massive losses and in particular he understood what Hillary Clinton and all the you know the Democratic Media b. C. What they would do and they did it and we predicted it they said trump is a loser trending trump is broke thats how they presented it again because they know that this tax system is so corrupt. Its thousands of pages long and they get to benefit from it so like the ordinary person and youll see this on twitter its like people are like well the ordinary person could also take advantage of these but you have to have like 2345000000. 02 pay to the tax lawyers who wrote this legislation on behalf of Property Developers or in the case of Silicon Valley the Silicon Valley tax lawyers that wrote the legislation on our tax code or hollywood accounting or any of that so you have to have that you have to be you have to have that cash upfront to pay them to get access to the loopholes to understand what it is because the ordinary person youd wouldnt get the access to lupos somebody like trump or bezos or you know bill gates their tax returns are thousands of pages long because just like the tax code the people they hire wrote the tax code right well real estate so its been a tax advantaged investment and the house flippers you know whether its in the u. S. Or the u. K. Have been doing this for many years and its a well established path toward accumulating wealth that some people enjoy doing as my poll suggested 60 percent of the people would rather pay the tax than go through the misery of working 247 and 100 hours a week to maintain a specter of residential and commercial real estate portfolio as an ally unwilling to put that much time into my bread and butter im essentially lasered i am not the entrepreneur that donald trump is i am a lazy guy who likes the passive stocks bonds and because and i like my free time. And again i just cant stress this enough is that we get vilified by the likes of m s n b c c. N. N. And all of these outfits New York Times Washington Post they all have headlines this whole time and not once did any of their articles or any of their pieces and you look through them not once did they suggest that this could be the reason why trump was being so cagey about releasing his his truck his tax returns and it would seem so obvious to me that that would be exact i mean i saw on twitter for example chris hayes was on the mess i mean being schooled by people saying we know what this is actually the way Real Estate Investment works chris theres a huge Tax Advantages to it hes like really i never do that so thats the problem again you dont have anyone except for lou dobbs you know of course he is to hes a big wall street guy who knows a little bit about business but other than the everyones mode no idea well just consider that chris hayes lives and manhattan hes a creature of manhattan hes well grew up in elite schools in manhattan hes part of the elite of manhattan and yet he cant even do simple observation is what journalists do right you observe and report on that he doesnt observe like he asked on twitter is this what all Real Estate Developers do with this be normal for them youre like like how can you not know that like i dont live in manhattan i havent grown up in manhattan i dont present im. In show on c. N. N. Or m s n b c wherever he is on you know and surrounded by these people and yet he couldnt see it like he was in the fishbowl and thats the problem with a lot of our media now is we have these w w e sort of entertainment style wrestling people you know drained wrestlers on cable news and they cant see the they cant see that they are the chaos they cause they call trump a chaos agent but they are also chaos a chance. They are part of the problem they dont see it well once again the big trump gotcha moment is backfiring because the tax side of the story is a nothing burger as i said at the top of the show but it does now firmly solidify and prove foreign influence was a nonstarter and propaganda by b. C. Of the New York Times straight out propaganda and thats now been proven that said well following up on that theme of propaganda david frum who was a speechwriter for george w. Bush he came up with that axis of evil sort of thing never he was he paved the way for the invasion of iraq and the decline of our moral superiority because you know we lost our moral high road by invading and killing all those people but you know hes now become a resistance hero so hes a hero to the chris hayes is and Rachel Maddow is of the world because he doesnt like trump and here he brings up another very important topic because ultimately it leads me to hollywood accounting the most corrupt of all and i worked in hollywood for many years and i was involved with Film Distribution as well so i know how hollywood accounting works and it defrauds a lot of potential voile t. Holders but it also enables these you know Rachel Maddow and chris hayes are paid tens of millions of dollars a year because hollywood accounting theyre the corporate owners of these of n. B. C. Universal they basically dont pay taxes because of hollywood accounting so from had said score 1. 00 point for the people who defended trump against russia charges many of us guessed that trump covered the losses on his courses his taxes i suppose by laundering russian money and looks instead like thats where the poor shmendrik squandered almost half a 1000000000. 00 from the apprentice so he you know he brings up as you predicted back in 2016 with Francine Mccann that you know he does have income from appearances celebrity appearances on. The apprentice and he gets to write it off against those losses well thats hollywood accounting ok and the reason why comcast n. B. C. Universal have so much money and to pay Rachel Maddow is because they dont pay taxes because of hollywood accounting and ill be the 1st paragraph of what wikipedia says hollywood accounting also known as hollywood bookkeeping the 1st the opaque or creative accounting methods used by film video and Television Industry to budget and record profits for film projects expenditures can be inflated to reduce or eliminate the reported profit of the project thereby reducing the amount which the corporation must pay in taxes and royalties or other Profit Sharing agreements as these are based on the net profits and theres a famous case of art buchwald and i believe the movie was coming to america to america and so in this case he never got any royalties and never got any pay for his contribution as a writer and he went to court and they were able to get rid of some of the abuses of hollywood accounting but the idea is that you never show a profit these movies the biggest money makers in the world that make billions of dollars in the box office wont show to their accounting to the i. R. S. Theyre still still in a loss because every single thing is is used as an expense against that budget it also leads to the budget bloating because people are paid in hollywood by the size of the budget and so theres an incentive to increase the budget and then to offset that youve got to engage in more hollywood accounting so it becomes thats why the Film Industry is as horrible as it is with sequel after sequel after sequel theres no room for creativity really as such because its driven by this hollywood accounting model yes and ok coming to america made no profit they lost money they say batman spiderman none of the Marvel Comics stan lee who wrote them are Marvel Comics he got ripped off he didnt get paid because he had net profits no films hes net profits none of that and yet they keep doing all these marvel comic. Movies some for some reason because theyre doing it for the art if they keep losing money millions and millions of dollars they say but thats what they say forrest gump made no money the writers of that got paid less than a 1000000. 00 they did they had 3 percent of the net profit they were so is to get but theres no net profit in which project the creators of that didnt make any money men in black and this is the biggest of Warner Brothers the biggest grossing box office of all time is the Harry Potter Series no profit oh just losses and the only guy whos ever bucked that is Jack Nicholson he has the nicholson deal going its 20 percent of gross not net other than that if you have a deal based on that that means you get nothing but like as we said is like the fact that you look across the entire industry you look across the Lagoon Valley and none of their businesses make money and you think well only in a Money Laundering business does that happen right so all those the the biggest losers are the richest wealthiest most powerful people theyre all loser so when trump is called a loser because hes an elite all the elite are losers on paper because thats the only way to avoid paying taxes you know that in 86 Ronald Reagan introduced a tax act that got rid of all these tax shelters i was on wall street at the time to give an idea of how bad it used to be we were selling shares of chinchilla farms and for every 10000. 00 you put into this chinchilla farm you could write 90000. 00 off on your taxes but you got rid of all those yeah you used to sell just random like just make up tax losses right to sell to. Corporations they would call up brokers like myself and say were reporting earnings in 3 days and we need to reduce our taxes we need a loss so their firm park losses in their in their accounts own report of the council are just trading losses and so you sell a loss to a corporation to us that. Again to make it and actually the guy who wrote the book the number mark cuban is a book called the number where he goes into this how the reporting on wall street every quarter is completely. Close call fraudulent to be nice so jeff bezos of course owns the Washington Post hes worth over 200000000000. 00 but amazon received a federal tax refund of 129000000 and 2018 and they received a refund of 137000000 so the fact is what im saying is that that we tune into the cable news ice i understand you might have you know they might make your personal bias feel good and you like a good guy and that you like the characters they present as the good guy bad guy and that makes you feel good and thats a happy story for you let me jump in you know these cable t. V. Channels are part of conglomerates that own studios thats how its made you know not only are the losses of the film cooked into the hollywood accounting but they bleed over losses from their Cable Networks as well like lets say somebody whos on a Cable Network bang 30000000. 00 you know at the end of the year you say how did that end up as an expense on batman part 9 yeah its all one thats where they borrowed money losing studios is because for the whole conglomerate theyre not paying taxes and they these people on cable news are just being used for their tax losses yet they actually dont add any value except you create tax losses for the current climate how you like that Rachel Maddow youre for a tax loss and thats the only reason you serve. Yet and of course the Washington Post is for jeff bezos by the last few seconds here i want to say that this when theyre shouting at you and say. Something to lose out there. Theyre convincing you that you know they dont want you to look at that like dont you the ordinary person and go seek losses on your taxes because then the government will have to end it if everybody plunderers the tax code then it. We always like the elite lose that access to it so they they push the propaganda that hes a loser look at all these so thats part of the game thats part of this whole bread and circuses gladiator games and just so you know you might enjoy and want to stay in that bubble and you would like to pretend the the me is real but whatever i always pay more than an apple bloodstone tax i feel sorry for those people in washington here watching on t. V. They look pretty pathetic us a few extra bucks. Hey we got to go if you joined our Telegram Group its arms pill pot are still pot Telegram Groups like 2000 people and theyre having a great time what about you well say next time but you know. My name is such. As to see it see its a. Bit harder if. Im out. To cause. The movie. Night skits and i use down 6 to make it a very easy no food to me school on drugs used to people. Whove been forced to close because clubs do really hes trying to fit life music. I. Mean copy i love she dies because he meets me copy playing beautiful. And wonderful to. Me. Because its backed off my. Love. I doubt. First president ial debate exhibited lots of like not much one could argue neither candidate last night there was a perfect reflection of the nations politics could the campaign coming to an end do the debates have any meaningful impact is there such a thing as an undecided vote. Armenia and azerbaijan conflict over the disputed region. Will continue to bring you. All the latest events over the weekend. U. S. President moves to a military hospital. The white house says it is a precautionary move. Fails a plan to. Throw a new law. Those are your headlines and. Well be here with a full and fresh look at. Programming right here