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In this short clip, Patrick Bet-David, Kyle Kulinski, and Adam Sosnick discuss whether Paris Hilton should inherit $2.2 Billion. PBD Podcast Ep.219.
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You said something else earlier with Mitt Romney yeah I want everybody to Start at the same level when they get Started right versus it's not fair that Mitt Romney's kid or Mitt Romney is a Bad example we can use anybody's kids Paris Hilton Paris Hilton exactly that's A great example that's the better Example actually to say you know it's Not fair who is she who all of a sudden Hey I'm doing a documentary people want To watch me look how cool I am Etc et cetera okay so what should it be So let's just say I am uh uh the Hilton Family and we got two and a half billion Dollars right money how much of that end up going to Paris well that's a That's a good question I think that Needs to be debated by the people and Determined by the people but if you're Asking my personal opinion I want to Know you yeah my personal opinion uh I Think I wouldn't go as far as some of The revolutionaries to say like she Should literally start with nothing and Inherit nothing I think that's far too Extreme yeah uh but I wouldn't lose a Wink of sleep if she went from having 2.2 billion dollars to let's say having 50 million dollars I think Paris 99 I I And honestly I think if you this exact Example I think is a good example where A lot of people would see where I'm Coming from whereas there's others where
It might be a little more go until you Say what give your argument I got a Follow-up today no I mean because uh People okay because the way we think of The economy we we think of it some People do I should be clear as like it's A very it's a merit-based thing it's a Meritocracy yeah I don't buy that at all I think your human value versus your Market value are totally separate things And we judge everything based on market Value so somebody like Paris Hilton you Know what has she contributed to the World she's contributed nothing and We're gonna feel bad if she inherits 50 Million dollars and that's just because People would look at it on paper and say Well her dad had 2.2 billion or whatever The and it's like I think she's Going to be okay with 50 million I think The people that I'm concerned about are The people who are busting their ass and Getting absolutely nowhere people who Work two or three full-time jobs and They don't make enough money to survive And I think one of the best groups that You can tax in a society is Rich dead People to give everybody else a chance They do tax Rich dead people it's called The estate true but it's very it's like Point zero zero one percent it's a very Very tiny number I think it kicks in Fact check me on this I think it kicks In over 5 million or 11 million 20
Million is Well it goes back and forth between uh Different administrations uh Bush pumped It up but it's very hot right yeah but Still you know what the tax when you Said point one percent that's not what They're paying in tax no no oh I know That no I'm saying it'll be a prize to The top what percentage of people are Worth 20 million but do you know what Yeah the estate tax actual amount is do You know the number 50 70 exactly Something like that yeah so if you're Worth 50 million dollars right there's a 20 Uh threshold so that's tax exempt and Now you're paying that 30 additional 30 Million additional you have to pay 50 to The government the death tax number one You've already been taxed prior to Receiving that money so it's a double Taxation which we can go on for days on Right and how that works so you already Paid the income tax ordinary income tax Or whether it's capital games what have You and now speaking of dead people now You need to pay an additional 50 upon Death but would you say Paris Hilton Earned it that's my question but that's Something I I don't Paris Hilton she Came up with the word that's hot that Went viral good for her awesome but Should the regardless Paris Hilton is The perfect poster child for someone who
Has just lucked out and got the money Correct when I say we stay on the story Okay this is good and that's fine yeah Yeah but should the Hilton family that Created Industries hotels jobs you know Brands everything are you saying that They should be taxed at 99 forget about Paris or Nikki or whatever brother or Sister who cares the only reason we know Their names because she's famous and She's kind of you know had the the Ability to uh leverage her name to Become famous and kudos for her for that But you're saying that the family should Be taxed because they've done so well in This instance I'm specifically talking About Paris and how much money I think She could get and clearly on pulling This number out of my ass because you Know okay to come up with a number on The spot for because I don't know I Actually don't know how much money her Family had I don't know how much money This isn't I think the audience knows That we we're just having a company no No I understand yeah yeah so but but I Think my point is the fact that she's Inheriting 50 million dollars when her Only contribution to society is that She's part of the lucky sperm club like I don't feel bad and I don't think she's A victim I don't think she's oppressed Yeah I think if Paris Hilton got 50 Million dollars she wouldn't lose a wink
Of sleep and we could actually and There's the more important point take The money that we're taxing and under a System that I'm in control of if I was God Emperor King right what I would do Is I would take that money and put it Towards things that actually but how People now how much will that move out Of agreement let me come to a point of Agreement with you though I would agree With you if you say hey let's do this Tax on Paris right now I would say well I need to see where that money's Actually going to go what are we going To allocate that money to because if you Say I'm going to take that money I'm Going to turn around and use it to bomb Afghanistan into Smithereens and I say You know what we're right we probably Shouldn't do that plan because I don't Want that money going to bomb poor Innocent kids but if you tell me we're Going to take that money and put it Towards whatever fill in the blank a Ubi Program Healthcare then I'd say no that Makes sense so then the challenge with That becomes you're going back to ESG It's a form of ESG to control where my Money goes to and somebody may say who The hell are you to decide where my Money should go to but this is a Different follow-up question I got for You the final question I got for you is The final one you have uh uh you have
Three kids yes Are you planning on having more kids Yourself we don't know okay let's just Say you do or you don't we have three Kids okay what percentage of what you Know Are you willing to share with your kids What percentage of my knowledge yeah Your knowledge your life experience I'd Share it all with them if I could that's Not fair that we should tax it knowledge Is not the same as well but it is though I wouldn't say that let me explain to You why it is I mean are you kidding me Like if if I was a kid and I was every Night I come home and I'm having a every Night I come home and I'm having dinner With you and you're asking me all these Tough questions and we're getting into It you know what you're doing to my Brain I mean are you kidding me my brain Is getting sharper just by being your Kid because I have to be sharp to be Your kid you're going to challenge me You're going to push back you're going To say why do you think this what about This and have you don't know do you know The story about this here versus another Person that is raised by a simple father That doesn't have your kind of knowledge That kid's like yeah we never talked About that kind of stuff we just talked About basic stuff so to me if I have the Edge of a father like you I think that
Is also unfair to say well you can pass Down to wisdom and the knowledge that You have which is way more because You're more well-read than the average Father we should tax some of that Knowledge and only 20 of it goes to your Kids or five percent of it goes to your Kids because two kids comparing a parent That is not as knowledgeable as you Versus another one that is at 18 years Old we're not having a fresh start your Kids got an edge over my kid because Your kid has got a little bit more Challenging conversations at night uh Than others do you know like the Kennedy's families their tradition was At night they would sit down and have Debates and they would have Conversations I think that is a very Very big yet so but I think you ought to Be able to pass on anything you want to Pass down to your kids even if it's all The knowledge and the wisdom that you Have so at it just out of curiosity Let's say I'm let's say take me out of The equation let's just use an example Of somebody who's probably closer to This but let's say Elon Musk becomes a Trillionaire when Elon Musk dies should He be able to pass a trillion dollars to His kids well he won't because he'll pay The estate tax no but I'm asking you in Your ideal system if I told you in my Ideas
Of that trillion what do those kids get But let's let's just say the whole thing Let's say let's say it's he's worth Three trillion now sure which is very Likely for him to work three trillion Dollars and the reason why I'm using Three fifty percent is still going to be A trillion dollars going to the kids Right a trillion and I've gone to the Kids yeah I think yes because a couple Different reasons all of it let me Explain to you why why is this because Because to me uh so you ever been to the Hearst Castle or you've been to uh what Is that one Castle in California yeah What is it what is the J Paul Getty Museum I don't know if you've been to The J Paul getting Museum in La it's Really cool if you ever go to L.A it's Off to 453 but it's a really cool place To go to okay what this guy had five Kids I I don't know the exact numbers But he left his kids only a million Dollars a piece okay and he took the Rest of the money and he put it in an Account and the interest on that account Gave the world a free museum so when you Go there you don't pay for it it's a Free museum and by the way it's a sick Place on a sick location where you go up And you takes you up the only thing you Pay for is parking for your car you Don't pay anything else is when you go There okay
Get the pictures get the whole nine free That was part of his cause that's what He wanted to do he only gave his kids a Million dollars now you know you the Other day we did a a course on Generational wealth Vanderbilt they gave Their money to their kids do you know The Vanderbilt's wealth only lasted two Generations like when Anderson Cooper's Mother sat down with them and said hey Anderson Cooper I know where Vanderbilt But you know how to trust fund baby There's no money to be given to you got To figure out how to make your money What event what did Anderson Cooper do Make 200 million dollars of his own Money he went to work he went to work But he's bad at his job by the way I Just throwing that out there but you Know what you know he went and made his Money and you know he probably used a Little bit of the last stem in the Connections and all that but then some Of the families the money's been kept For six seven generations Medici you can Look at some of these other ones love Them or hate them they've kept the money In their family whether it's Rothschilds Koch brothers these are some of the most Hated people in the world because the Money's been passed down and the the the General feeling of dude I got started And I had nothing you already rich just Because your last name is XYZ I think
It's the parents decision to do what They want to do with the money Unfortunately most of the parents don't Make the right decision on how they give The money to the kids nowadays there's a Lot of difference there's a company Called Ronald blue that helps you set up A state planning and it's so funny to Have a meeting with your kids And they'll say listen you guys are the Kolinsky family great job your family Has an estate for you to participate in The estate you have to do the following If you don't you don't get any of it if You do it it goes you get this much by 30 This Much by 35 that much by 40 This Much by 45 This Much by 50 the most Responsible one if you qualify we'll run The companies if you're not and you're Doing stupid things you won't be running The companies Etc et cetera et cetera I Think the parents who screw up with the Money that kid is not going to keep the Money anyways they're going to spend the Hell out of the money it's not hard to Spend 300 million dollars if a kid is a Dumb kid they'll spend the money like This but if the parents have done proper State planning that kid has to keep Working and doing it right to Participate in a portion of that money There's a way to put in to say you have To give this much your money away every Year you have to give that much away you
Have to do this you have to do that so There is a lot of this one right here This is one I can't even believe I'm Giving these guys an endorsement these Guys do actually very good job with Their business but there's a lot of Companies like this to do that so for me To you yes I would say it's the parents Decision to do whatever they want to do All right so but let's go back to the Original example of Elon because I have A what I think is a very difficult Question for you so you said let's argue Hypothetically he's worth three trillion Dollars uh you know in my world I think A significant amount of that would be Taxed and his kids would be fine they'd Get millions but you know I wouldn't I Don't want to pass 3 trillion to them Um and look it's a scale right some People would revolutionaries would go as Far as to say like tax the whole shebang And then people on the other side would Say yeah no don't don't tax it at all Um but what if I told you what if there Was a program we're going to tax that Three trillion dollars uh let's just Make up some numbers here let's say a Trillion of the three trillion is is Taken by the government but let's say Every dollar of that trillion dollars Goes to a program which helps eliminate Homeless veterans in America would you Say yeah that's a program I could get
Behind does he choose to do that no it Wouldn't it would be government I'm not A force guy I'm a choice guy that's the Problem so there's no so what tax are You okay with any taxes no I'm okay I'm Okay with some taxes Like what percentage or um well yeah What percentage well we don't need to Get into percentages but what kind of is It like sales tax income tax what taxes Do you think are okay if I had it my way I would like a flat tax if I had in my Way I prefer flat tax where everybody's Being taxed the same exact wage so it's An income tax but it's a flat rate yeah But and by the way this is for me to Disagree with a Ronald Reagan who likes The progressive idea a lot of Conservatives are progressive I'm more Flat taxed I'm more you know allowing For example Dave Forbes yeah I I think a Flat tax model what would you do like 15 What would the 15 points is good yeah Because the issue with the flat tax in Theory I agree with you that in theory It sounds you know it's appealing but The problem with that is effectively It's a regressive tax which means it Hits the poor more because right now There's about 50 percent of the country That doesn't make enough money to pay Any federal tax zero I actually disagree Because if there's a flat tax a lot of The billionaires that are not paying
Right now would have to pay because it's Flat tax so that's true but on the other End you'd have these people 50 of the Country is basically paying no federal Taxes they'd have to pay 15 of their Income they can't afford to do there Should be a threshold so let me give you Make less money no I'll give you I'll Give you I'll give you the idea on this Part this is the one side of the Argument with taxes that I haven't Shared with you so you remember when uh When Andrew Yang came up with the Ubi Well this is what Milton Friedman said And that you know it's I'm just doing What Milton Friedman proposed you know Milton Friedman came up with the Negative negative income tax you know Which you have to work to earn it and Then up to this point we would help you Out with the 50 but you got to also Contribute to society so subsidize the Lower end absolutely I I actually to me I'm the earned the right to vote earn The right everything to me is earned the Right go earn the right to be able to do XYZ you contribute to society in Whatever way you want to contribute to Society you get a louder mic you don't Contribute to society you shouldn't be Able to have a louder mic if I'm one of Your kids you got four kids let's just Say And they'll decide to live in your house
They're all above 18. like that I want To live with you I love you so much I Want to live with you if one of the Three kids one of the four kids isn't Paying rent and say it's the second Oldest one should he have amount of the Same amount of say as the youngest one That's paying rent to you on a monthly Basis no the youngest one is saying that I'll pay a thousand dollars a month Because I got a job the second oldest One's like nah I just want to chill out I don't want to pay anything and he Parties his ass off or he doesn't want To get to work go apply for a job nobody Wants to hire me you haven't applied for Something for six months what do you Mean nobody wants to hire you I have a Very big problem with that person having A voice in that house saying what to do You haven't earned the right to have a Voice so the issue with like earning the Right to vote is that if you look at the You know old school Jim Crow South they Had this thing like you have to do a Poll test to show that you're a good Citizen that you understand the country Before you can vote and that was just Like a stealth way to try to take away The vote from poor people and from Minorities so I mean look we live in a Country there's going to be some Percentage of the country they're just idiots but that doesn't mean you
Could you know take away their their Basic rights so I think that you know Everybody as long as they're over a Certain age I think they deserve the Right to vote if that's the standard if That's the standard that we set then yes You're right the the some people will be idiots if you're gonna say That's the standard but if the standard Is to set and say hey look I'm not Asking you to be a millionaire I'm not Asking you to be a billionaire I'm not Asking to go be a CEO what I am asking For is go contribute to society I don't Care what it is if you contribute to Society I'm all in I'm not gonna judge You if you're making 48 000 a year I'm Not going to judge you if you're making 700 000 a year what I will respect is The fact that you are contributing to Society yesterday we're staying at the Comfort Inn And this one lady we start talking to Her so you know hey she asked us how was Christmas great we had a great Christmas We're all downstairs in the lobby I'm Trying to do the zoom and we're having a Regular breakfast at Comfort Inn you Already know what the breakfast is going To look like it's not a crazy breakfast This one girl I can tell you the tattoo She had on her neck on her hand she's Cleaning up everywhere like you wouldn't Believe yes I was you how was this oh my
God it was great well my boyfriend and I Tried to go to Christmas together but we Couldn't because we had an issue so we Have to spend time together we didn't go To our parents house And then hey do you have a straw she Goes upstairs grabs a straw of her mom's And she says I washed it everything I Know it's not a uh it's a used straw but I cleaned it for you do you want to use This for your kid because you know our Baby only and my nanny's like very uh Sensitive with stuff it's like no I'm Not gonna use that straw And rather than given an attitude she Says no problem I'll be back the girl Gets in the car goes to her place brings Two straws that are covered with the you Know the whole thing around it and she Says here so where'd you get that from I Went home and got it for you you're Kidding me no do you know how much Respect I got for that person that's Working at that Comfort absolutely you Know what I did to her I gave her a tip She says no we can't accept tips I said Well I want to leave this money here Don't take it if you don't want to this Money is staying here so you can either Leave it here or someone's gonna take it So well that that's the case I'll take The money so you've earned the right I Value service I have the same amount of Respect for that girl to giving me that
Kind of service and the guy that pulls Up in a Lamborghini who's making 20 Million a year because you're Contributing to society so if you like This clip and you want to watch another One click right here and if you want to Watch the entire podcast click right Here Foreign [Music]
