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Kamala Harris looks to tax Wall Street to fund Medicare-for-all - YouTube
Channel: Fox Business
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all right the first of two debates
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kicking off today that's weird cuz you
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have the first of a two day Fed meeting
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at same time whatever shall we do a lot
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of things going on
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watching the candidates in how they take
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advantage of this situation is going to
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be very important and the money that
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comes with it
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they all have various ideas how they'll
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pay for their very generous spending
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plans Charlie gasps Reno has been
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dissecting a lot of that particularly
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Kamala Harris is made from Medicare for
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oil which is being paid for attacks on
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Wall Street and I've been speaking with
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traders and investors over the last
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couple days as this thing is taking
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shape and I'll tell you a tweet I put
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out yesterday really touched a nerve big
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because when you really come down to it
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you have to you know forget about
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whether you like Kamala Harris or
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dislike her but let's look at our tax
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plan it is essentially a transaction tax
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it is not saying JP Morgan bank of
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America Goldman Sachs you pay more money
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it is taxing individuals who trade
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buying or selling yeah who are those
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individuals who trade well there are a
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lot of retirees who trade there are a
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lot there are some average people who
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trade their our pension funds who trade
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right pension funds who hold the who
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invest the the savings of of teachers
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and retirement savings of teachers and
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firemen and cops there are mutual funds
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that trade okay
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average people my mother-in-law out in
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Queens is in him that owns a mutual fund
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trust me she's not rich okay what are
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you cheap you don't help okay
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high-frequency traders do trade a lot
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and maybe but numbers she says are small
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so what are you lining up you can't make
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you can't make your your your you can't
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make your your bones on just a HFT ky4
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is your trade so the real issue here is
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whether this is a tax on Wall Street or
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attacks on a phantom tax on the
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individual and I would say every listen
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just because you're in a mutual fund
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doesn't mean you don't pay expenses
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right if they market I think they're
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called 10 B 5 charges you pay for those
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charges smoothy's percentage are they
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they add up so so is it your sense that
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people you talk to be on Wall Street
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that
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it's it's going to be prohibitive that
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investors who were priya klein to sell a
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stock buy a stock mutual funds here's
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the american will think twice here's the
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impact it'll it could dry up liquidity
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horse trading into dark pools overseas
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whatever where you can hide the trades
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it does it is gonna have an impact on
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the average investor because that
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investor will in some ways pay for this
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it is and and and here's the other thing
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which most people which it's kind of
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burying the lede here no one knows how
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much money you're getting out of this
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this is a it starts out small tenth the
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person will just sort of like the
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value-added tax in europe start out
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small until you figure out you can't pay
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for this medicare for all for this which
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is a whole other story whether we should
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have medicare for for all which is i'm
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just saying that this is a slippery
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slope
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she's gonna come or was he doing it too
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it could be yeah he has a variation
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variation but their argument is it's
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pennies on the dollar not even and
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there's Charlie guess Breno to say it's
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more onerous you're great sell that to
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the American people and by the way when
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the stock market goes down 5,000 points
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because liquidity is starting to dry up
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people aren't trading you think that
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this would do that it could be it really
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well I mean listen the markets go down
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based on lots of reasons including
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corporate earnings at the top of the
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list if they're good they'll keep going
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up but the market will be lower you know
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at some degree because of this they will
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be lower than it should have been you
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know because of this because this is a
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tax on trading and liquidity and markets
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perform best when there's liquidity when
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you can anytime you want to sell your
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your your stock your IBM stock there's
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someone gonna buy it it's gonna buy it
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at a reasonable price
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it's not gonna be bought with massive
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spreads where there's trade relations
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and this sort of stuff impedes that and
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it's and here's the other thing I don't
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think she can get enough money from this
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I think it seems so small but again if
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you're dealing in the trillions of
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transactions over the course it may be
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well Southern people will trade alright
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listen what was the last time you tax
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something that they do more of it I
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remember the the the backhoe taxes right
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remember those bonds were based on
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tobacco eventually people just stopped
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buying tobacco product the bonds went
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into default are
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fair enough
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