Pete

I think most Americans, definitely my party, but I think most Americans believe that if you're making a billion dollars, good for you. But like you should at least be paying an effective tax rate that's comparable or I would argue more than like a firefighter. And that's not true right now. Because nobody really makes a billion dollars. Right, because it's all equity.

I doubt it.

I doubt it.

I doubt it.

And then stealing from it. Yeah, there's no question, especially because a lot of what that tax revenue goes into or is supposed to go into here in the U.S. is what then turns around and makes it possible for businesses to thrive. Can you give us an example of that? Yeah, my favorite example is probably the smartphone.

And then stealing from it. Yeah, there's no question, especially because a lot of what that tax revenue goes into or is supposed to go into here in the U.S. is what then turns around and makes it possible for businesses to thrive. Can you give us an example of that? Yeah, my favorite example is probably the smartphone.

And then stealing from it. Yeah, there's no question, especially because a lot of what that tax revenue goes into or is supposed to go into here in the U.S. is what then turns around and makes it possible for businesses to thrive. Can you give us an example of that? Yeah, my favorite example is probably the smartphone.

Have you ever noticed in talks or whenever somebody mentions a smartphone, they start to pull it out of their pocket or touch it? Yeah. But so the federal government could not have invented the iPhone, right? Like, I don't think anybody, any of us would want a phone that was like invented by the federal government. That thing would suck.

Have you ever noticed in talks or whenever somebody mentions a smartphone, they start to pull it out of their pocket or touch it? Yeah. But so the federal government could not have invented the iPhone, right? Like, I don't think anybody, any of us would want a phone that was like invented by the federal government. That thing would suck.

Have you ever noticed in talks or whenever somebody mentions a smartphone, they start to pull it out of their pocket or touch it? Yeah. But so the federal government could not have invented the iPhone, right? Like, I don't think anybody, any of us would want a phone that was like invented by the federal government. That thing would suck.

That is like all of the design, the manufacturing supply chains. That's the kind of thing that corporations can do very well. And Apple did it very well and their competitors. But. What makes the iPhone work? Well, among other things, the internet. The internet was literally invented by a federal research project.

That is like all of the design, the manufacturing supply chains. That's the kind of thing that corporations can do very well. And Apple did it very well and their competitors. But. What makes the iPhone work? Well, among other things, the internet. The internet was literally invented by a federal research project.

That is like all of the design, the manufacturing supply chains. That's the kind of thing that corporations can do very well. And Apple did it very well and their competitors. But. What makes the iPhone work? Well, among other things, the internet. The internet was literally invented by a federal research project.

And it would never have been possible to invent the internet with a private company because you wouldn't have got the kind of capital virtue, even though it's a trillion-dollar idea or a multi-trillion-dollar idea. Companies can do multi-billion-dollar ideas, but a trillion-dollar idea like inventing the internet, that requires basic research.

And it would never have been possible to invent the internet with a private company because you wouldn't have got the kind of capital virtue, even though it's a trillion-dollar idea or a multi-trillion-dollar idea. Companies can do multi-billion-dollar ideas, but a trillion-dollar idea like inventing the internet, that requires basic research.

And it would never have been possible to invent the internet with a private company because you wouldn't have got the kind of capital virtue, even though it's a trillion-dollar idea or a multi-trillion-dollar idea. Companies can do multi-billion-dollar ideas, but a trillion-dollar idea like inventing the internet, that requires basic research.

And that's the kind of thing the government's supposed to do, among many other things. It requires basic research. Basic research? What does that mean? Yeah, by basic research, I mean things that are so fundamental that you actually don't know for 50 or 100 years if they're going to have a return. They might never work out.

And that's the kind of thing the government's supposed to do, among many other things. It requires basic research. Basic research? What does that mean? Yeah, by basic research, I mean things that are so fundamental that you actually don't know for 50 or 100 years if they're going to have a return. They might never work out.

And that's the kind of thing the government's supposed to do, among many other things. It requires basic research. Basic research? What does that mean? Yeah, by basic research, I mean things that are so fundamental that you actually don't know for 50 or 100 years if they're going to have a return. They might never work out.

Oh, yeah, you can't look at it as this thing that's going to be profitable. It has to be a benevolent endeavor for society. Yeah, it's different from research on like a pharmaceutical company researches a new medication expecting that they're going to have a return in the next 10, 20 years. Right. At least kind of within the profit.