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Speaker 1: Welcome to another episode of the Chicks on the Right

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podcast where we talk to our friend and sponsor of

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the show, Zach Abraham from Bulwark Capital Management, and today, Zach,

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it's going to be hitting close to home because your

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mayor in Seattle is bad shit. So she just was

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quoted last week as saying she thinks, like this whole

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idea of millionaires fleeing the city, it's totally overblown or

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leaving the state, actually totally overblown.

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Speaker 2: But even if they are, like by was what she said.

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Speaker 1: And now there's a startup founder of Venice AI actually

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who is a sponsor of our show for a while,

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who is now saying, with this new millionaire's tax that

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they're proposing, he might Skidattle. And he knows like a

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whole bunch of other folks in his position that are

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thinking about the same thing.

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Speaker 2: The question is, are.

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Speaker 3: You well real quick? Do you know what his name is?

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Speaker 4: No?

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Speaker 2: Yes, Jesse Proudman, I know Jesse.

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Speaker 3: I was just DMO with him the other day.

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Speaker 5: Yeah, get ye, So i'md I am involved with that group.

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Jesse and I are in the same group that the

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ex Attorney General of our state is filing. He's doing

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our legal for us. I was just in a meeting

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with all these guys on Monday. Here's where my family

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is on this. We are going to stay and fight

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this thing. If this law is enacted. If it stays

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in place, I'll be leaving.

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Speaker 3: I'm not paying the tax. And the reason I'm.

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Speaker 5: Not paying the tax, there's so many different reasons that.

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First of all, in the face of it, this is

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one of the most ridiculous court cases ever brought because

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this whole issue was litigated in nineteen thirty three over

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this exact same thing. So trying to make an argument

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the only way they can pass a tax in the

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state of Washington. In the state of Washington, the constitution

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says that you cannot pass any tax that is incrementally applied,

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meaning it has to be applied to everybody evenly, and

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it's capped.

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Speaker 3: At one percent.

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Speaker 5: Okay, So with that law on the books, Wait a minute,

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I think income.

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Speaker 2: Tax was like, oh, this is for income tax only.

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Speaker 5: For income taxes, So taxes on property as opposed to transactions, right,

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and that's kind of the definition. So they tried this

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in nineteen thirty three, trying to argue that income is

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not property well, if income is in property, nothing is

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right like nothing is so of.

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Speaker 3: Course it's property. It stood.

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Speaker 5: They're trying to pass this income tax via the exact

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same thing. So it's in direct violation of our constitution

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and it goes against previous judicial precedent.

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Speaker 3: So what it tells you is that we don't have

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a supreme court in the state of Washington.

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Speaker 5: It's just been co opted by the Democrats, right, the

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Democrat Party owned so and it is absolutely one hundred

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percent illegal on the face of it. All right, so

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you already have an exceptionally high tax. So I did

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my own taxes this year. And remember this tax is

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only aimed at personal income tax rates, so it doesn't

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get paid by c corpse.

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Speaker 3: Right, they pay a corporate tax rate of twenty two percent.

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Speaker 5: So in the state of Washington, because of our ex

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size taxes and our B and O taxes last year

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on my income, I paid not including ancillary taxes like

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property tax, which is outrageous in the state.

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Speaker 3: And then sales tax. So I'm not including any of those.

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Speaker 5: No property taxes, no sales tax, none of the ancillary stuff.

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So just my federal income, my state B and O,

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and my state ex size taxes. I paid forty seven

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percent last year.

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Speaker 2: God gosh, yeah.

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Speaker 5: If this, if this millionaire tax hits, my effective tax

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rate this year would have been fifty six and a half.

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Speaker 2: That's so, that's insane. It's robbery, is what it is.

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It's craziness.

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Speaker 5: And then when you see how the state's money has

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been budgeted, when you see what these idiots do with

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the money, imagine they want to illegally tax me because

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I don't pay my fair share at forty seven percent,

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not including property tax. If I include property taxes and

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everything else, that puts me up at forty nine and

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a half.

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Speaker 2: And it won't end. It's not going to end. Not no,

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they would keep right. They're just going to keep upping it.

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Whenever you ask these yahoos college.

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Speaker 5: Yep, they and it's and it's a budgetary problem in

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the state budget. We had a massive surplus in twenty nineteen.

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Over the last ten years, the state budget is doubled

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and state populations up like fifteen or twenty percent of

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the same pert time.

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Speaker 2: And this problem is what it is.

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Speaker 3: It is it's a complete comminence problem. Yeah.

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Speaker 5: So yeah, so then they want to tax me more

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to take that money to pay for sex change operations

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for prisoners, and to give and to give the and

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and and we've popped pass laws that also simultaneously give

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that state the right to take eight year olds away

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from their parents and give them sex change operations. So

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my whole thing is if it was one or the other.

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I was born here, I was raised here, My wife

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was born here, she was raised here. We could not

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be more of a Washington family. But when the other

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issue I have is that how do I live and

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keep my business in a state that just shredded the

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Constitution right in front of me? And like I said

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in one of these other interviews that I did, I

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just said, look, it's legislative infidelity. I can't trust my

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biggest asset in a state that is no longer contained

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by the law. Right, they violated the social contract that

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we all agreed to, which is that they will adhere

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the Constitution being the laws that both sides opt in

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and we agree to. Right, they just shredded it right

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in front of my face and co opted a Supreme Court.

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Everybody's like, oh, the Supreme Court won't uphold it. My

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whole thing all along was yes, they will. They wouldn't

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have brought this bill. And unless the story was on.

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Speaker 1: Their whole job is to make sure that they're following

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the state constitution. So if they're not, then it seems

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like that's impeachable or whatever. The consequences can be there.

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Speaker 3: Only if you have a party.

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Speaker 5: That's only if you have a political apparatus that's going

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to bring those charges or bring those things to the fore,

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we've got this problem all over the country, meaning those

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judges are doing what they think is morally correct as

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opposed to their job right.

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Speaker 3: Which is to uphold the constitution. And for a previous precedent.

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Speaker 4: I'm still stuck on the forty six I'm sorry, forty seven.

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Speaker 3: Forty seven and a half percent.

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Speaker 4: That number is obscene, Okay, like criminals. We thought a

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revolution over three percent.

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Speaker 3: I know, I know. And then and then they look

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at you.

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Speaker 5: Then in this state, they simultaneously look at you and go,

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the only reason you have that money.

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Speaker 3: Is because you've taken advantage of people.

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Speaker 2: Oh my gosh, you're you're.

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Speaker 5: You're a moral totally rich and we're going to take

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it from you. Yeah, because you don't pay your fair share.

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And I'm sitting there going wait, a second, if I'm

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at fifty six and a half percent after this tax passes, right,

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if it does, If I'm at fifty six and a

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half percent, what is our definition of ownership anyway?

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Speaker 3: Right? Because I'm taking all the risk I put up.

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Speaker 5: Oh and by the way, here's the other really nice

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part about this, running a financial firm.

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Speaker 3: What's my biggest risk.

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Speaker 5: It's the same government that's stealing money from me simultaneously, right,

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the regulatory threat. So wow, oh and remember I'm not

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including the one hundred and fifty grand I've had to

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pay in legal fees over the last two and a

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half years, imagine to defend myself from completely baseless accusations

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from regulators. I don't even consider that part of my tax,

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but it probably should be, right, Yeah, so I no,

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it's it's and then on top of it, the mayor.

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But here's what you have to understand. There's a part

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of this where you want to fight it. You want

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to try to save the state. Flip side is the

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city of Seattle hired a mayor that's forty four years

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old and has never had a job.

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Speaker 1: Right, Well, so what is your fight, like, how are

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you going to take all of this on.

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Speaker 5: Well, so first of all, we are going to get

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to get We're approaching it incrementally. But the first thing

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we're going to do is we're going to raise the

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biggest pot of money it's ever been raised in the

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history of politics in the state. Because what we've found out,

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as I've dug into this, the labor unions control the

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entire state. Shocker, right, And so when you when you

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look at the structure of our state, and I think

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many else are like this, but people need to just

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be educated. Right now, sixty five percent of our state budget.

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Think about this, sixty five percent of our state budget

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goes to paying just state employees. Can now stop, Let's

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think about that for a second. If you're telling me

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that your state doesn't work correctly, and I look at

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where you're spending all the money and I see sixty

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five percent goes to state employees, what I immediately think is, well,

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the reason you don't think your state is working is

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your state is not optimized to fix problems.

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Speaker 3: It's optimized to employ people.

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Speaker 4: Right. Okay, it's a micros of the country too, anyways, right.

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Speaker 5: Right, So already I'm looking at a system that's like

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this doesn't work. Then you look at then you look

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at education workers, right, you look at everything that goes

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on for them. Why is our education system not working? Again,

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You've optimized the education system specifically in this state to

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maximize benefits and income for teachers.

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Speaker 3: Yeah, and they would go, well, that makes education.

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Speaker 5: Better, And I go, well, look at the educational results

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in our state, and it doesn't.

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Speaker 3: Right.

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Speaker 5: If the point of your educational system financially is to

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compensate teachers more, you will probably have an education system

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that's pretty good at compensating teachers and probably not anything else. Right,

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what should it be optimized toward educational outcomes?

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Speaker 1: Right?

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Speaker 5: So it's like what you want to do is you

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want to explain to people, Hey, guys, I'm not saying

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it's not working because they're evil. I'm saying it's it's

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not working because we're not even pointed at the target, right, Like,

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we're not even pointed at the target. And then, on

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top of it, in a place where you get rain

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eight months out of the year, you're going to get

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rid of your knowing the only reason people came here

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for business was no income tax.

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Speaker 3: Right.

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Speaker 5: Here's here's the other crazy part about this and it's

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what I do, so I kind of know something about this.

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What's really going to shock them is not only is

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all the money leaving, and and probably more than double

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of what they're predicting is leaving. I'm talking to these people.

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People are leaving right and left. I mean, it's just

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a mass exo this. Okay, here's the other thing they're

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going to find really interesting. No one's going to invest

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I shouldn't say nobody, but you will see outside investment

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into Washington registered corporations go through the floor.

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Speaker 2: Oh yeah, centivizes people to.

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Speaker 5: Do it nothing if you find Yeah, one of my

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buddies that serves on a board with me ran one

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of the largest VC funds is I think two too

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and a half million dollars in Seattle. They already left,

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and he and I were having a conversation and we

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were agreeing that not only are we not going to

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stay here, but if we really, if we find attractive

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companies that we'd like to invest in in Washington State,

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we'll invest in them.

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Speaker 3: But we'll just make.

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Speaker 5: Them register their articles of corporation in another state. Why

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cause again, I don't know what my legislative risk is here.

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You just tore the constitution up in front of me

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and said, you don't have to abide by it's just unbelievable.

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Speaker 1: Yeah, and so how are you going to raise all

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the money?

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Speaker 2: And what are you going to do?

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Speaker 1: Like, I want to know what your fight is going

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to look like.

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Speaker 5: Well, ironically, money raising got a lot easier because you

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look at people and go, hey, you either throw twenty

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five grand into the pod, guys and we beat this thing,

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or you pay two hundred grand next year in tax right, Okay,

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So inadvertently they just gave us the greatest carit to

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fundraise in the history of this state. And if we

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hit our internal goals, we think that we can fundraise

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in the next five to six months an amount that

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is more than double what the SCIU has been able

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to put into any campaign over the last four years.

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So we can swamp these guys out financially. And then

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when you look at the composition of the state government,

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we only need to win one more seat in the

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Senate to be able to prevent all of these bills.

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We won't have a majority, but to prevent these bills

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from getting passed. Interestingly enough, this same year happens to

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be a one in a million for Washington State because

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we have five Supreme Court positions up for raps.

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Speaker 3: Okay, five out of nine.

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Speaker 2: Oh gosh.

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Speaker 3: So there's a lot in play here. But here's the

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here's the biggest part of this.

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Speaker 5: The politics inside of Washington are so nasty. These people

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have gone unchecked for so long that they are creating

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their own, their own backlash. This Peterson guy, I forget

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his first name, but he works underneath Bob Ferguson, and this,

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this whole income tax is like his brain child. He

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was on a radio station the other day, on a

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progressive like far left, and they're so condescending. He turned

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the progressive radio people against him and they got off

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the thing. And the local radio guy goes, you know,

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I can't believe I'm gonna say this, but there's things

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about this millionaire's tax i like. But anytime it comes

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up now, I'm voting no because I have never been

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more insulted by any public servant than.

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Speaker 3: I was that guy.

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Speaker 5: And you know how these liberals get right, These progressives,

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they're so meaning and they're so arrogant. The other thing

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is this is such an obvious run roughshod type scenario

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over the law that people are waking up in this

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state in a bipartisan fashion that I didn't think was possible.

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We've got ex governors who are Democrats that have come

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to things privately and said, hey, I can't believe we're

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saying this, but this government is off the rails and

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we need to come together and stop these people where

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they're going to destroy our state. So, but what the voters.

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The voters are the only ones haven't figured out. They

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don't realize how radical the people that we've put in

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office are and if they get their way, they're gonna

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just I mean, look, nobody comes to Seattle for the weather, right, nobody.

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Speaker 3: Nobody comes for the convenience geography. Right.

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Speaker 5: If you're here, it's for family or it's for business. Well,

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business just got a lot. Here's the other crazy thing,

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you guys. We're a high tech area, right, Yeah, you.

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Speaker 3: Look at how many of our jobs. It has never

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been easier.

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Speaker 5: You know how I move Bulwark, I put a laptop

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in a briefcase and I get on a plane.

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Speaker 3: That's why I move my company.

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Speaker 2: Yeah, that's right, you know what I mean.

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Speaker 5: So, like we've never been more mobile, and they're like

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everybody won't leave, and I'm looking at going. So if

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I offered you four hundred thousand dollars a year to

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move to another state, you wouldn't do it, Are you

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kidding me?

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Speaker 1: Right?

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Speaker 3: I mean, yeah, I'll do it in a second.

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Speaker 2: And then and not only that, but you could go someplace, sonny, right.

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Speaker 5: Someplace that actually doesn't see me as the problem and

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appreciates the fact that I volunteer, that we give in

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the community, that we pay a boatload of taxes already.

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And you know, and that's the idiocy of these people.

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The funny thing is all of us pushing back. None

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of us were campaigning for tax cuts anyway.

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Speaker 4: Right, Like you just you could have kept it as

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it was, but they had they had to go.

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Speaker 2: We want more and more and more because we're not

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getting in. Are you kidding?

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Speaker 4: We want more than the forty something percent that we're

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already taken from you.

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Speaker 1: It's well, yeah, and all the lower income and like

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middle income people even who are progressive, who are probably like, yeah,

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tax the Ridge tax. The millionaires don't realize that this

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is just the beginning.

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Speaker 2: And then well they're going to get taxed to They're

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gonna get taxed to You're right.

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Speaker 5: I don't want to say I don't want to sound

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like like a rude, errgant guy, okay, because it's really

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not the way that I think. But I did say

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this on a show, and one of the reasons I

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said is because I wanted people to get this.

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Speaker 3: I'm like, hey, guys, all.

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Speaker 5: Those rich people that you think, oh yeah, tax im Okay,

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so you're gonna you're doing this because you say that

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they're so greedy and they don't pake their they don't

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pay their fair share. And yet that greed isn't going

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to get them to leave, right that is.

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Speaker 4: And it they'll eventually come for you too, Right, rich

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people the level of income who they want to go to.

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Speaker 3: Right, That's what That's what I said. I go, look,

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I'll tell you how this ends.

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Speaker 5: This ends with you paying the income tax and me

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sitting my new five million dollar place in Phoenix.

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Speaker 2: That's how this ends.

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Speaker 3: Right.

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Speaker 5: No, No, I'm just like, so you want to eat

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the rich, We're not going to stay around to get eaten.

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Speaker 3: So you guys are gonna end up putting the bill.

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Speaker 5: So yeah, you can play it however you want it.

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Speaker 3: But that's how it's going to play out.

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Speaker 1: You're s it's too bad that we picked a topic

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that you didn't care about it all, and that you

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have no passing for it.

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Speaker 5: Well, I've gotten well and I so I don't know

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if you guys know this, but so uh. I got

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interviewed for an op ed that somebody wrote for The

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New York Post, and then I got interviewed for another

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op ed that somebody wrote for Fox News. Two and

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a half weeks after both of those articles got dropped,

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I got hit with an audit from the State of Washington.

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Speaker 1: Yeah, sneaky efforts.

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Speaker 5: So yeah, and I but I wasn't quiet about it,

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and I just said, bring it, like I've paid my taxes.

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If you think I'm going away or if you think

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I'm afraid of you, I'm not. I know, I know,

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and in your own home too. Write Like I said,

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I was born and raised here. My wife was Miss

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Washington in two thousand. I mean, we were Washington kids

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through and through. We've given hundreds of thousands of dollars

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to Seattle homeless shelters. Like it's just it's it's sad

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because this hit the rich thing. Yeah, and ironically, ironically,

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like all of the people that I'm on boards with,

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people that give ridiculous amounts of money, those who that's

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who they're chasing out. They don't realize their narrative the evil,

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big rich guy. And there are there some, yes, but

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all of your giving comes from these people most of them.

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Most of them got successful by being really awesome people

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and jobs.

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Speaker 1: Yeah, yeah, we can vouch. We can vouch for your awesomeness.

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And it's why we're constantly telling people that they should

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be listening to your podcast and checking you out from

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a retirement standpoint.

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Speaker 2: Tell people how they can do that.

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Speaker 3: Yeah.

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Speaker 5: So we've actually got another one of our webinars coming

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up on Thursday, May twenty first, So just go to

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Bullwarkapitalmanagement dot com. Little dialogue box will pop up. You

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can register it for that doesn't cost you anything. We're

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going to explain what we do, but also in the

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context of the impact of energy because regardless of how

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this plays out in Iran, we have not We're we've

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probably seen about twenty to twenty five percent of the

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total price increases that we'll see over the next six

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to twelve months. So just getting people ready for that,

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preparing is your portfolio prepared. The average retail portfolio has

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lower exposure to energy and energy like things than at

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any time in history. So explaining to people the risks

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that we're fit, but also the opportunities. So yeah, go

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to Bordcapitalmanagement dot com. Know Your Risk podcast not too

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or defined?

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Speaker 1: Awesome, Thank you Zach, Sorry, thank you, ha, blood pressure raised.

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Speaker 3: Yeah. Investment advisory services offered through Trek financialc and SEC

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Registered Investment advisor.

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Speaker 5: The opinions expressed in this programer for general informational purposes

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only and are not intended to provide specific advice or

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00:19:21,480 --> 00:19:24,200
recommendations for any individual or on any specific security. Any

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00:19:24,200 --> 00:19:26,119
references to performance of security so it thought to be

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materially accurate and actual performance may different.

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Speaker 2: Investments involved risk and are not guaranteed.

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Speaker 3: Past performance doesn't guarantee future results. Track twenty four three

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zero eight