neil. a lot of people don t understand when a pass-through is. they hear pass-through and freak out and their eyes glaze over. it s a mom and pop. look from your left to your right, your neighbors. lawn care service, healthcare, little health and beauty shops and nail salons. pizza parlors. that s a mom and pop business. a pass-through. what we re doing, every pass-through in america, which is 29 million small businesses, every time we make a dollar, 39.6 cents goes into a bank account. we put it in the bank account to reserve it to pay our taxes at the end of the year or for estimated taxes. we re taking that money out of the economy instead of putting it to work and giving raises and focusing on sales. hearing an extra salesperson, making more revenue. it sucks. growing our business. that s what we should be focusing on rather than reserving money and putting it in a bank to pay our taxes. neil: what would you do with this extra money? you pour it into your operation, expand, hire
goods are behind the plexiglass. they exist in this neighborhood and they supply probably most of the food for the people in the neighborhoods here. it is it bears belief why anyone would want to burn the places where you shop, the places that you need, the places that you count on that are closest to you. we did drive by earlier, i think there was a laundry or a clothing store on the backside of this mom-and-pop business and that had been ransacked and looted. clearly at some point, they decided to light a fire here and destroy everything. but it has spread now from the market to the clothing store and then into the what seems to be apartments off to the right. you can see on the top floor, you can see the lights of the firefighters as they get in there looking for anybody who might be in those buildings to try to get any hot spots in that room put out. don?
maintained. and indeed, the risk for the ratings agencies is just how local governments might respond. they may impose rent control, they may impose all sorts of other there are a lot of uncertainties they impose for the investors who buy these bonds. so, you know, the risks of being a landlord are being spread across to investors without a lot of skin in the game by, you know, these investment groups like blackstone. david? well, congressman is exactly right. i ve been a landlord. there s a reason it s a mom and pop business in housing as opposed to josh mentioned managing big apartment complexes. maintaining these properties is not easy. and one of the things we re likely to see is deterioration in the quality of real estate. and blackstone has no skin in this game. they are borrowing the money to acquiring these buildings. that statement you put out that i m sure to a lot of people was gobbledygook, well, it s not the rental income that secures the property, it s a mortgage on
new york, it s everywhere, you still do like to see that local small business, the mom and pop business that gives you the personal service who you know and there is some thought this will help the brick and mortar stars run by mom and pop for lack of a better term. if you go down the street and you buy a couch from a small furniture store, you pay tax. if you buy it online from a big store, you re not paying tax. with a computer you can save $200 by ordering it online. whether it s an advantage to you or disadvantage depends on who your customers are and who you re competing against. all right. thank you so much. you can catch your business sunday mornings at 7:30 right here on msnbc. today s tweet of the day comes from nbc s luke russert about his flight being delayed an hour and a half due to the sequester. from talking to passengers on my flight, the general consensus is that congress is to blame but obama is unfairly using delays to prove a point.
that we keep the rules. thank you. mr. president, two minutes here, because we are then going do go to our last question. okay. we need to create jobs here. both governor romney and i agree actually we should lower our corporate tax rate. it s too high. but there s a difference in terms of how we would do it. i want to close loopholes that allow companies to duct expenses when they move to china, that allow them to profit offshore, and not have to get taxed so they have tax advantages offshore. all those changes in our tax code would make a difference. governor romney actually wants to expand those tax breaks. one of his big ideas when it comes to corporate tax reform would be to say, if you invest overseas, you make profits overseas, you don t have to pay u.s. taxes, but of course if you re a will small business or a mom and pop business, or a big business starting up here,