 Senator Elizabeth Warren has introduced the Ultra Millionaire Tax Act, which is basically a wealth tax that would quote, levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, as well as a 1% annual surtax on assets above $1 billion for a 3% tax overall on billionaires. Now the bill doesn't necessarily have that much support as of yet, and I don't really expect it to get that much support legislatively, although Bernie Sanders is a co-sponsor of this legislation and in the House, Pramila Jayapal and Brendan Boyle have introduced a companion piece to this legislation, but even though what we're talking about is just a 2% wealth tax effectively, this is apparently super controversial. Senator, what do you make, though, of the idea that people believe, or some people believe, this would be considered confiscatory, but perhaps more importantly, that oftentimes is there are quote, unquote, unrealized gains. We've seen remarkable gains in the stock market this year, but who knows what's going to happen next year. We've seen Bitcoin millionaires and billionaires get made, but of course, it's a very volatile asset if it's an asset at all. You know, Andrew, I hope you're embarrassed to ask if 2 cents is confiscatory. You know, this is 2 cents. So it gives me absolutely no pleasure to say this, but Elizabeth Warren is absolutely right here and I don't even want to talk about this because I don't want to give her credit, but she's correct. To say that this is confiscatory is, I mean, I don't know how else to put it. You should be embarrassed to ask that question. Is it not confiscatory to exploit the labor of your workers, get rich off of their hard work and then buy yourself mansions and yachts and Lamborghinis? How are you not asking that question? I'll tell you why because CNBC is a network for elites. That's all it is. So that question is absolutely horseshit. And again, like she's right to say this isn't necessarily that large of a tax. It's 2%. So what does this look like in practice? Well, Joseph Choi of the Hill actually crunched the numbers and he finds that would mean Amazon founder Jeff Bezos, the richest person in the world would face an additional $5.4 billion in taxes if the bill were signed into law this year. According to Bloomberg News, Tesla CEO Elon Musk would pay an additional $5.2 billion. Bill Gates would pay $4 billion more. And Facebook CEO Mark Zuckerberg would see his tax bill increased by about $3 billion. So in total, drumroll please, that would mean that this legislation, if it were signed into law, would cost the top 100 richest elites in America a combined $78 billion. That's it. So Elizabeth Warren is correct, 2% on every dollar is not much to ask. And that's specifically the problem. This isn't good enough. First of all, it's not going to pass. So basically what this is is symbolism. So assuming this even gets a hearing, why not opt for Bernie Sanders 10% wealth tax from his 2020 campaign platform? Because what's going to happen is if this is actually genuinely discussed and debated on, you're not going to get the 2% that you're asking for. So if it gets watered down, wouldn't you rather it be watered down from 10% to 2% rather than like 2% to 0.5% it doesn't go far enough $78 billion is barely enough to fund tuition free public colleges. So if this isn't going to pass, and this is basically political theater, which can be beneficial, why not like go bigger here? Why not ask for more? And I know what you're thinking, Mike, I mean, what do you want to do? Bleed these billionaires dry? Yes, that's exactly what I want to do. Because we only talk about bleeding them dry or whether or not we're being too mean when we're actually referring to elites. Because again, we live in a late stage capitalist society. So when workers get paid crumbs and barely have enough to survive, when Walmart schedules their employees just below full time so they don't actually have to provide them by law with health care benefits, nobody talks about how, wow, maybe that's a little bit too mean, maybe that's a little bit too severe. But when we're talking about taxing billionaires, two percent on their wealth, well, all of a sudden that's terrible. We see billionaires like Leon Cooperman literally cry on national television and make it seem as if we're trying to, you know, be too punitive towards elites. But we should be punitive to them. You don't become a billionaire in the United States of America unless you fucked over thousands and thousands of your employees. So Elizabeth Warren is right to introduce the wealth tax, but this is too meager. It's not good enough. A two percent wealth tax is not going to have the transformative change that we actually need in this country. It's not going to solve the issue of income and wealth inequality in this country. It's just not enough. And when it's not even going to pass, why not ask for more? Furthermore, like if she actually believed in this, I'm sorry, I've got to bring it up again. Why would you shiv the presidential candidate that actually supported a more comprehensive, more robust wealth tax? Than this, why not support? Why didn't you support him during the primaries? You were silent and effectively helped Joe Biden win. So it's really hard for me to take Elizabeth Warren seriously when she comes up with anything like I am more than willing to put aside my biases and give her credit where it's due. But when it comes to bills like this, it's good. You know, she makes a solid point. And I'm glad that in that interview with CNBC, she held her ground. But it needs to be more than this. This isn't the type of legislation that's that's actually going to make a difference. Like seventy eight billion among a hundred combined elites in America. That's that's just not that's laughable. I'm sorry. That's not enough. Billionaires should not exist. And if this is something that we want to make a reality so that way nobody has more than a billion dollars in net worth, you've got to shoot higher than two percent because that's just that's not enough. I'm sorry.