00:00I think fundamentally we ought to eliminate the notion of capital gains.
00:04All income is ordinary income, everybody pays the same tax and the next presidential campaign
00:11I hope gets behind nobody pays income tax below $100,000 a year starting 2030.
00:20That shortfall is made up by an increase in the capital gains tax to be the same as ordinary income.
00:29So there's ways and that's why I think policy, which will be driven by politics,
00:35will drive where we end up on this equation short term.
00:39And I think it'll start in the early 2030s, this massive drive for structural change.
00:45Something structural has to happen. It could be universal basic income,
00:49it should be a wealth fund, it could be services that are near free, any of these things.
00:54So I don't want to go too far into areas that are still in process in my thinking.
01:02No, I think it's the right innovative thinking and approach.
01:04And I think a lot of people who are making under $100,000 would really support a lot of that.
01:09And they're the voters, they will vote for a candidate who says no taxes if you make less
01:15than $100,000. Let's tilt the equation towards labor and not capital.
01:20Go to $200,000.
01:20Take a step.
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