Ties to russia done. That was july 27th 2016 heres Chuck Schumer and july of 2018 hes a 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 all. Old sack 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 looked 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 scans hes very narcissistic why would he want 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 Mccann 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 what 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 to us 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 doesnt 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 Carry Forward that he needs to use because its going to expire and i report. It on that thats been whats happened so no 7 its not unusual taxes this 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 spector you know its 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 submitted 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 and i think its 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 be. 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 in 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. M. S. N. 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 but thats a 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. Entrepreneurs to our Developers Like trumpets entrepreneur he 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. Everybodys reaching for that you have. And i mean its a rush and i think the resolution of this is theres going to be a nasty war thats going to go on for maybe months as you can in an already rejected. Must because of its media is the fighting is too early on that people are now battling to see what territory they can get and i think when the fighting settles down and the lines are drawn and people realize that theyre not going to move forward or backwards then theyre going to. The other thing is. The u. S. Economy was booming growing numbers of people were made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of it were not financially equality and the lack of Affordable Housing for a living minimum wage gave many people no choice you know thats been a problem with the city knows turn premature and told me stay away i dont miss. The food that there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become the invisible comes. Always be polite never engage with a negative aided or confrontational. Dont get into any conversation or start answering questions just ask for an attorney. To survive and charities. Definitely dont want to be going to trial and a jump shot on cops. Youre more likely to walk free if youre rich and guilty or if youre poor. Youve got 2 eyes 2 ears and one mouth. So you should be seen in here and a whole lot more than youre saying if you dont take that advice easy going to dig yourself a hole. L look forward to talking to you all that technology should work for people. I robot must obey the orders given by human beings except where such orders would conflict with the 1st law show your identification or should be very careful about Artificial Intelligence and the point is to create trust i rather than fear. Right there hes saying with Artificial Intelligence well summon the demon. A robot must protect its own existence as. Right welcome back to the kaiser report 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 in kais 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 a 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 TimesWashington Post they all have headlines this whole time and not once did any of their articles or any other pieces if 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 them as 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 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 racist and 0 so hes a hero to the chris hayes is Rachel Maddow so the world because he doesnt like trump and here he brings up another very important topic because ultimately it leads me to hollywood accounting t