Peter Thiel

And and because it was we told this fiction that it was a form of the pension system instead of an intergenerational Ponzi scheme or something, something like that. You know, the fiction means everybody gets paid Social Security because it's a pension system.

Whereas if we were more honest and said it's just a welfare system, maybe you could start dialing – you could probably rationalize it in a lot of ways.

Whereas if we were more honest and said it's just a welfare system, maybe you could start dialing – you could probably rationalize it in a lot of ways.

Whereas if we were more honest and said it's just a welfare system, maybe you could start dialing – you could probably rationalize it in a lot of ways.

And then if you put more in, you get somewhat more, and then it's capped at a certain amount. And that's why Social Security taxes are capped at something like $150,000 a year. And then this is one of the really big tax increase proposals that's out there is to uncap it, which would effectively be a 12.4% income tax hike on all your income. Adjust to Social Security?

And then if you put more in, you get somewhat more, and then it's capped at a certain amount. And that's why Social Security taxes are capped at something like $150,000 a year. And then this is one of the really big tax increase proposals that's out there is to uncap it, which would effectively be a 12.4% income tax hike on all your income. Adjust to Social Security?

And then if you put more in, you get somewhat more, and then it's capped at a certain amount. And that's why Social Security taxes are capped at something like $150,000 a year. And then this is one of the really big tax increase proposals that's out there is to uncap it, which would effectively be a 12.4% income tax hike on all your income. Adjust to Social Security?

Sure, because the argument is, the sort of progressive left Democrat argument is that it's, you know, why should you have a regressive Social Security tax? Why should you pay 12.4% or whatever the Social Security tax is? Half gets paid by you, half gets paid by your employer. But then it's capped at like 140, 150K, some level like that.

Sure, because the argument is, the sort of progressive left Democrat argument is that it's, you know, why should you have a regressive Social Security tax? Why should you pay 12.4% or whatever the Social Security tax is? Half gets paid by you, half gets paid by your employer. But then it's capped at like 140, 150K, some level like that.

Sure, because the argument is, the sort of progressive left Democrat argument is that it's, you know, why should you have a regressive Social Security tax? Why should you pay 12.4% or whatever the Social Security tax is? Half gets paid by you, half gets paid by your employer. But then it's capped at like 140, 150K, some level like that.

And why should it be regressive where if you make $500K or $1 million a year, you pay zero tax on your marginal income? And that makes no sense if it's a welfare program. If it's a retirement savings program and your payout is capped, then you don't need to put in more than you get out.

And why should it be regressive where if you make $500K or $1 million a year, you pay zero tax on your marginal income? And that makes no sense if it's a welfare program. If it's a retirement savings program and your payout is capped, then you don't need to put in more than you get out.

And why should it be regressive where if you make $500K or $1 million a year, you pay zero tax on your marginal income? And that makes no sense if it's a welfare program. If it's a retirement savings program and your payout is capped, then you don't need to put in more than you get out.

Yeah, but look, it gets away with it.

Yeah, but look, it gets away with it.

Yeah, but look, it gets away with it.

And so – Well, people are forced with no choice. What are you going to do? It is – I mean there are people at the margins who leave, but the state government still collects more and more in revenue. So it's – you get – I don't know. You get 10 percent more revenues and 5 percent of the people leave. You still increase the amount of revenues you're getting.

And so – Well, people are forced with no choice. What are you going to do? It is – I mean there are people at the margins who leave, but the state government still collects more and more in revenue. So it's – you get – I don't know. You get 10 percent more revenues and 5 percent of the people leave. You still increase the amount of revenues you're getting.

And so – Well, people are forced with no choice. What are you going to do? It is – I mean there are people at the margins who leave, but the state government still collects more and more in revenue. So it's – you get – I don't know. You get 10 percent more revenues and 5 percent of the people leave. You still increase the amount of revenues you're getting.

It's inelastic enough that you're actually able to increase the revenues. I mean this is sort of the – The crazy thing about California is there's always sort of a right-wing or libertarian critique of California that it's such a ridiculous place. It should just collapse under its own ridiculousness. it doesn't quite happen. The macroeconomics on it are pretty good.