BLOGApril 26, 2017

Wheel of Fortune: Where Will Trump's Top Tax Rate Land?

The Trump administration looks to be on the verge of lowering both corporate and individual tax rates. Several percentages have been thrown around, but what will the final number be --- and will it have the intended "trickle down" effect to boost the economy?

Enjoy the complimentary clip or read the transcript for details.

GLENN: All right. Today, Donald Trump is coming out with his tax plan. And 15 percent for corporate taxes. We don't know what the --

PAT: That's good.

GLENN: Yeah, we don't know what the top tax rate is going to be.

STU: Yeah, there's going to be some individual cut as well.

GLENN: Yes. Some individual cut.

PAT: During the campaign, it was -- the top rate was 25, right? Has he backed off that?

GLENN: I'm sure he did.

STU: I think so.

PAT: Probably.

STU: No, I don't think he's backed off of it yet.

GLENN: I don't think they've announced it.

STU: They have not announced it. People are saying that they think it would be better, from a cut perspective than the Paul Ryan plan. The Ryan plan had a 35 percent -- I think it was -- maybe it was 33 percent top rate. So we -- the expectation is it will be less than that. I think Trump during the campaign had a top rate of 25.

GLENN: Is he going to be able to get it passed?

PAT: If he went to 28, that would be great. Because isn't that where it was during Reagan? 28 percent.

GLENN: Reagan. Yeah, 28 percent at the top, and 15 percent for corporate would be a boon to the economy.

PAT: Yeah.

GLENN: Although, I'm not sure that anybody is going to spend that money. I mean, if -- if -- honestly, if they cut my taxes now as a corporation, I would reinvest some of it, but some of it, I would pull off for a rainy day. In fact, I think today, a lot of it I would pull off for a rainy day.

STU: But that has other economic benefits as well, when rainy days come, business doesn't shut down. That's a good thing.

GLENN: Correct. Correct. But it doesn't spur the economy, doesn't create jobs. It doesn't, quote, trickle down.

STU: You know, I would say it does. Maybe not all of it. But, I mean --

GLENN: Some of it would. Some of it would.

STU: Some of it would. It would increase.

GLENN: Yeah. Now, if they decided -- if he came out -- and, again, this is just basic Economics 101. If he would come out and say, "This tax cut to 28 and 15, it goes hand in hand with reduced spending." And I'm not talking about, you know, reducing it back to the spending levels of 2006. I'm talking about a 10 percent -- 10 percent across-the-board, everywhere cut.

Then I would look at that tax cut and, and I would say, "I have confidence that we're going in the right direction." And we have a chance to really spur things on. Because the government is heading in the right direction. The government is recognizing that they're part of the problem here.

Then that would spur on, I think, a massive boom. A massive boom.

STU: I'm looking right now at the tax reform that will Making America Great Again plan from the campaign. $50,000 or less, if you earn as a married couple --

GLENN: This is what he promised during the campaign.

STU: Yeah. So this is I think the fair standard to judge his proposal on. Right? Is it better or worse than this? This is what I would expect from him.

Obviously, it's what he put up in the campaign. And we'll hear it today. But income tax rate, if you're up to $50,000, married filer, 0 percent. Zero.

PAT: Pretty much everybody was doing that.

STU: But that's a good -- to lock that in was good.

PAT: Yeah.

STU: It was done a lot with write-offs and different deductions before. So now from 50,000 to 100,000, all married numbers here, that's 10 percent. If you make $100,000, your overall tax rate is going to be 5 percent.

GLENN: And I will tell you --

STU: Kind of nice.

PAT: Wow.

GLENN: That's a good -- that's a good number to keep it at.

PAT: Uh-huh.

GLENN: That's what I pay God.

STU: Really, should you go more than that --

GLENN: I know what God has done for me.

PAT: Uh-huh.

GLENN: God created, not the roads, the entire universe. And he only asks for 10 percent. Help me out here.

STU: He's also responsible for the crumbling roads and bridges we have today.

GLENN: Right. Right. And the water we continually drink.

STU: Your next 200 grand, you would get taxed at 20 percent. So if you're making $300,000, you're going to pay a total of $45,000 in taxes. So that's, what, 15 percent?

GLENN: Because $300,000 is only 15 percent?

STU: Yeah. And then over $300,000, you'll go to the top rate.

GLENN: This is more progressive than any Republican that I've seen.

STU: More progressive?

GLENN: Yeah. 15 percent is your top tax rate at 300,000?

STU: Well, that's -- that would be your effective tax rate, right? So you're paying 20 percent --

GLENN: Okay. Okay.

STU: So if you make $300,000, you will have to give the government $45,000.

GLENN: Okay.

STU: Okay? Then above $300,000, you would pay at 25 percent, which is the top rate.

PAT: That's not bad at all.

GLENN: That's not bad. That's not bad.

STU: Now, there are other things in here. The big problem for most conservatives is this border adjustment tax thing, which is sort of basically a tariff to try to pay for these other cuts. However, the corporate rate drops as well, as we talked about.

GLENN: What is the border adjustment?

STU: Central. I would just say it's a tariff.

PAT: On Mexico?

STU: On everybody.

PAT: On everybody.

STU: It's a border adjustment tax. We should get an expert on to talk about it.

PAT: On all imports?

STU: It basically -- if -- if we export stuff, it's not taxed. If we import stuff, it is. So it pays a different rate.

GLENN: Okay. So wait. Wait. But that's the corporations?

STU: Yeah, that's the big sticking point right now, which a lot of conservatives don't like.

GLENN: Okay.

STU: However, there is enough in here to like. As we pointed out during the campaign, Trump did not have my favorite tax plan of all the candidates. However, his tax plan was considerably better than -- than what we have.

PAT: Oh, the best tax plan was Ted Cruz, who proposed a 10 percent flat tax, period.

STU: Yes.

PAT: Everybody pays 10 percent.

STU: With the exception of I think the first $40,000 you earn or something like that.

PAT: You seriously can't get any better than that. You can't get better than that.

STU: I did like that. Ron Paul had really good stuff on taxes as well. The other part about this is the capital gains tax, which drops down to -- I think it's -- what is it, 28 now? It goes down to 20 as a top rate. And 15 percent, up to $300,000.

PAT: Again, this will spark the economy.

STU: It would.

PAT: And then are they going to get rid of the estate tax? The death tax? I think they're talking about doing that too.

STU: I think you are right.

PAT: Which is immoral.

STU: If you're single, earn less than 25,000, or married jointly and earn less than 50, you will not owe any income tax. It removes 75 million households, over 50 percent from the income tax rolls.

We've talked about, there are issues with that as well, when you're trying to keep taxes low. When -- when you get to zero, almost no one will change it from zero.

Because it essentially becomes an entitlement to people. When you're making $50,000, you can't say, what, are you going to raise taxes on the poorest?

So it becomes politically impossible to raise those rates. The only person who ever has done it, at least in recent memory, outside of a war scenario is Ronald Reagan, who did raise one of the brackets a little bit. But, still, it's so impossible to actually --

GLENN: See, and I think morally -- politically, impossible. Morally, everyone should have skin in the game.

STU: Right. And that's the idea is, if you're not affected by tax rates, you don't care about lowering tax rates. So you wind up not being able to lower them in the future.

GLENN: And you just say, raise them. I want more stuff. Raise them. It doesn't affect me. Raise them.

STU: However, I would like everyone to have 0 percent. So it's a tough argument there.

GLENN: So would I. So would I. But, I mean, I really think -- you know, everyone should have -- quite honestly, it's kind of going back to property owners. That's the reason why we originally had -- you have to be an owner of property to vote.

STU: Right.

GLENN: Because you had to have skin in the game.

STU: Uh-huh.

GLENN: So I think your voting should be on taxes. If -- if you pay taxes -- I don't care if it's a penny, do you pay taxes? You can vote. You don't pay taxes, you're not voting.

(chuckling)

STU: Even if it's a penny.

GLENN: Even if it's a penny. But everyone should have to pay something. The widow's mite. Why is that story? Jesus asked of the woman, and who had the greater sacrifice? The woman with the widow's mite. Even Jesus asked, got to give something. Got to give something. You've got to have skin in the game.

STU: Waiting for the articles: Glenn Beck advocates poll tax. That's what they're going to --

GLENN: No.

STU: But, I mean, I do understand the concept there.

PAT: This would all be taken care of if we switched to a FairTax. Why don't we go to a FairTax.

STU: No. Don't you dare. Why would you do that?

GLENN: Why would you do that?

STU: We've got a million calls about the FairTax now. I will say, however, many people do pay other taxes, like it's --

PAT: Because the FairTax is the way to go.

STU: -- not just income tax. This is only dealing with income tax here. But it's a good tax.

GLENN: No, I know.

STU: Then you have the four brackets. Zero --

GLENN: See, well, hang on just a second. But people will learn the lesson of the -- what is he calling this? A border adjustment tax. Because you know who that is going to hit, if I understand it right, and I don't think I do --

PAT: It's going to hit everybody who shops at Walmart.

GLENN: Exactly right. That's what I was going to say.

I mean, that's where -- Target, Walmart. You're going for discount prices. They're bringing their food in. They're bringing everything in.

PAT: Everything is coming from China.

GLENN: From overseas because it's cheaper.

PAT: Yeah.

STU: Now, even Cruz had some version of this, if I remember correctly, baked into the plan, although it wasn't nearly as aggressive as the Trump one. It's sort of a way I think politicians like it, because essentially it seems like you're not taxing people. You're taxing those other countries. Like it feels better. It's why people like tariffs. It's why people like those things, because it feels a lot better.

But they would go to ten, 20, and 25 percent, instead of the current seven brackets. It eliminates the marriage penalty, the alternative minimum tax and would give you the lowest rate since World War II.

PAT: Oh, that would be great.

STU: Remember, of course, Reagan got it to a 28 percent flat rate at the very top, which was the lowest.

No business of any size from a Fortune 500 to a mom and pop, to a freelancer living job. The job would pay more than 15 percent of their business income in taxes. So that again is the corporate tax you've heard. He's actually reinforced that one recently, so we're pretty sure that's going to be part of the plan.

PAT: That would spark the economy like crazy.

STU: Oh, my gosh, that's --

PAT: That would be great.

STU: Even the left -- I've heard experts on the left come out and say we need to lower the corporate income tax.

PAT: It's the highest in the world. It's the highest in the world.

STU: It makes no sense the way we do it now.

I think liberals don't want to cut to 15, but even they want it cut. And then no family will pay the death tax.

PAT: What if we went back to a free market economy? I would wonder what would happen.

STU: Probably it would be really bad. People would be hurt.

PAT: Oh, yeah, we would go belly up. It'd just be over.

JEFFY: Hello. Oh, you'd like to get somebody on to talk about the FairTax? Sorry. We're busy, right now.

VIDEOS

TPUSA Presents This is The Turning Point Tour LIVE with Glenn Beck at the University of North Dakota

In this poignant segment of Turning Point USA's American Comeback Tour live event, Glenn Beck honors the late Charlie Kirk by revealing his private plan to name Kirk as his successor in conservative media, emphasizing Kirk's unparalleled dedication and achievements. Blending themes of faith, history, and personal resilience, Beck shares life principles on forgiveness and truth while unveiling 'George AI,' a revolutionary tool for exploring American history through digitized artifacts and interactive conversations with Founding Fathers.

RADIO

Trump's peace deal: A new era for Israel and Hamas

Israel and Hamas have signed phase 1 of President Trump’s peace deal, paving the path for the release of all remaining hostages, hopefully in a few days. Glenn and Stu explain the significance of this historic deal and what it could mean moving forward.

Transcript

Below is a rush transcript that may contain errors

GLENN: Oh. Your initial thoughts here on the peace deal?

STU: It's an incredible opportunity. I think it is important to remind ourselves, that this -- these things typically do fall apart. That is essentially your expectation, any time anything like this happens. Part of this is going to be Hamas coming through on promises.

I have very little belief that they are typically able to do such things.

That being said. They probably also -- you know, one of the things -- a friend of mine pointed this out to me. We were going through all of this.

And he said, you know, one thing to think about it: This is, like, not the B team of Hamas. But the R team of Hamas. They've killed so many of the leadership.

GLENN: Yeah, yeah.

STU: These are people making decisions that were not at the top of this organization and had those ridiculous ideological beliefs that would lead you to October 7th. That's not to mean that Hamas, these people that are left are like, "Hey, you want to invite them over for Thanksgiving."

But I do think there's a possibility here that they're like, you know, maybe this life is not here for us.

GLENN: That would be nice if that were true. I don't know if that were true. But it would be really thyself.

STU: I don't know if that's true. I do think there may be a little bit lower ideological commitment, potentially. And also, the idea that some of these people might be able to make this deal and escape to another third country.

GLENN: Yeah.

STU: And live life there, in a different way.

GLENN: So the breaking news that just was announced, Israel, their parliament or their cabinet just met or approved phase one of the deal.

And Hamas has just come out and said, they accept phase one of the deal.

That means the hostages will be released either this weekend or Monday.

Any remaining hostage will be released.

STU: I mean, just that.

GLENN: Just that.

STU: If that occurs, it is a massive achievement.

GLENN: Yes.

STU: So far, it is already the greatest opportunity we've had.

And only possible because of his detection to this idea!

GLENN: And his deal-making.

Not just his vision.

But his ability to work all of the parties and find out what all the parties need.

And make it happen.

You know, we're not talking about peace between Gaza, you know, Hamas, and Israel.

We're talking about peace in the Middle East.

STU: Yeah. It's bigger. It's bigger than just Israel.

GLENN: I mean, it's Egypt and Saudi Arabia and -- and Jordan to some extent. And -- and Turkey. All of them getting together and saying, you know what! We'll rebuild Gaza. We want to make it into a very prosperous kind of area. I mean, think of places in Saudi Arabia that are so prosperous. That's the way Gaza could be. So they're all getting together and they're saying, "We will rebuild. We'll oversee. We will try to make everything -- you know, keep everything held."

They will put their money into it, which means they have a lot to lose if it goes awry. And they're all saying, "We can co-exist with Israel."

Three years ago, did you even think that was possible?

STU: Yeah. And, you know, look, there are a lot of places you can go and find non-stop criticism of Donald Trump. They will say terrible things he does, and everything he does is the worst thing ever.

GLENN: Yeah.

STU: Also, there are plenty of places you can go where you find that everything that he does is the greatest thing of all time.

I hope you realize that's not what we do here. And I -- on a -- I said this -- and you said this as well when we -- when this was unveiled.

Sometimes, you can get -- people are critical of the way Trump handles these situations.
Sometimes. And sometimes there's arguments on that.
Sometimes it's not the best approach.

You know, we were critical of him, for example, how he handled Canada. You know, probably cost Poilievre that election. And I think that's a really bad thing.

GLENN: I do on top.

STU: That being said, this is a great example of where his instincts work perfectly. This is all set up over a long period of foundational stuff from his first term. With the decision he made, to come out and just announce the agreement with Netanyahu. We agreed. We agreed to this peace deal.

Now, in theory, we have no position to agree between these two parties. But he came out and all of the focus had been, look at all the bad things Israel is doing. Look at how bad, they're so evil. They're so bad.

And he said, we agree with Israel. Now we just need Hamas.

And so the world's attention was like, what's Hamas going to say?

Finally, he was able to focus his attention to the appropriate place. To the party that is holding the hostages, to say, hey. How about asking if they want to a freaking cease-fire for once?

He was able to do that. In a way that I think only Donald Trump could achieve. Which leads to this, over a long foundation.

GLENN: And here's another thing.

You know, this guy has walked through wall after wall after wall of fire. Everybody calling him everything. Nazi, every day.

Here's a guy who, you know, in a time period where the whole world is like, the Jews control everything. Donald Trump is run by the Jews.

He not only kept his relationship with Israel solid and helped them, when he thought they were right. But when they were wrong, in his view, he chastised them.

He knew how to do it. And still hold their respect.

And gained the respect of places like Qatar. And say, so Qatar. When he chastised Benjamin Netanyahu and Benjamin Netanyahu had to I think apologize to some degree about what they did in Qatar.

That's when the Middle East went, wait a minute.

He's not being controlled by the Jews! You know what I mean?

That should be a really big wake-up call to everybody who thinks that Donald Trump is just being controlled by the Jews.

No. No. No. He's not.

He does what he thinks is right. And he'll chastise both sides.

And he will support either side. When they're right, to get to a deal. That's good for everybody.

This deal could be amazing.

I don't have any -- and it's not because of this deal.

I happen to -- I read the end of the book. So I know how this ends.

This will not -- you know, this is not --

STU: You skipped ahead?

GLENN: I skipped ahead. I skipped ahead.

STU: Don't ruin anything.

Don't -- no spoiler alerts.

GLENN: I won't. No spoiler alerts.

Let's just say, this might last for a week. It might last for a thousand years. I don't know.

But we will be in this situation again. We all know that. We all know that. But let's take and celebrate peace while we can.

And the hostage is coming back. That is massive. Massive.

And due to Donald Trump.

Today, if you don't like Donald Trump, fine. Fine.

But how do you take this one apart?

Honestly, how do you not claim this is a massive victory, for the whole world?

STU: Well, I can tell you, that a lot of people on the left are rooting for it to collapse, which is a shockingly revealing moment. I mean --

GLENN: Wait. What?

STU: They are -- you know, they're not going to be out there like, we hope this collapse is.

But you know they hope it collapses.

They don't want to give Trump credit for it.

And they would rather have this continue. They would rather have this war go on.

Than admit that the reason it's ending is because Donald Trump was able to negotiate this deal.

That is central!

GLENN: I think anybody who has played politics with the Palestinian, you know, all that stuff. And all the stuff on the streets. That -- that has been a very effective tool for them. And so I would agree.

And they don't want that tool to be taken away.

STU: You think the Hamas wing of the party wants this? You think Rashida Tlaib is all thrilled about Donald Trump's efforts here. They will hear about Ilhan Omar -- how wonderful --

GLENN: Those are extremists.

STU: I mean that. This is a very revealing dividing line on the left. Right?

If there is anything that is ever going to happen, that Donald Trump can be given credit for. That you think this could be clear. John Fetterman. Fetterman has obviously pretty good on this issue. But Fetterman came out, gave a statement that should be basic. Basic. Like, hey, this is good. And I really hope it works. Donald Trump did a good job on this.

That's the type of stuff that should be obvious for everyone to be able to --

GLENN: That's what "Tip" O'Neill would have done. "Tip" O'Neill and Ronald Reagan, they got together. They disagreed. They fought hard, but they had dinner.

Yeah. Because "Tip" O'Neill could say, that was good. That was good. What he did was just good for all of us.

STU: That worked well. Good. I'm glad that happened. You should be glad that happened. We should all be rooting for the success here.

Even if what the -- you know, like, I rooted -- again, I have all sorts of criticisms the way Barack Obama dealt with the Middle East.

Yeah. Plenty of them. And we went over them over and over and over again.

And plenty of issues with specifically the way he went after Osama bin Laden. But on the day that it happened, really happy about.

Very happy that we were able to do it.

Now, look, it's our military that does it. They can say all this stuff too. They can say, oh, well, the real reason is. Blah, blah, blah.

But we can still be happy, that this occurred. And you can still be excited and give credit where credit is due.

GLENN: This is a win for all humankind. For humanity!

For life!

Stopping Hamas from torturing. You know, torturing kidnap victims.

Stopping the bloodshed that was happening because of the war on both sides.

That is a win. Having the possibility of a stable Middle East, at least for a while. That's a win!

That's a win all the way around. Everyone should be happy. I don't care if you like the president or not.

Everyone should be happy that mankind, put one on the chalkboard for all of mankind today.

This is a huge -- never seen -- this is on the good side. Never seen this one before. Didn't see this one coming.

I mean, we should all be able to say, wow!

And thank you. Because he's the -- I really, truly believe, when it comes to negotiating things like this, there is nobody better.

I mean, that's what he does for a living.

And he knows it. He knows how to read people. He knows how to it.

And this is evidence of it.

STU: And he will do things that are so out of the norm. That it resets everybody's thinking. You know, I mentioned --

GLENN: If he wouldn't have done that. If he wouldn't have done that, we wouldn't have all the Middle East signing on to a peace deal.

STU: I respect. What would they have done in a situation like Trump was with Netanyahu?

Their advisers would have said, "Look, this is great. You guys are together on this. Let's go to Hamas. We'll talk to them. We will see if we can get something done. We don't want to ruin it by announcing it publicly. There are times, where that tactic cannot work. But it worked really well here."

He forced them to basically say, "No, we don't want a cease-fire," or, "Okay. We'll go along with this."

And, by the way, you go down this list, there's a lot of stuff -- this is Hamas never, ever having control of this region ever again is built into this agreement. Now they've only talked about -- they're only on phase one here. So we don't know that we get all of this stuff. But like, there's a lot here that really improves the lives of Israelis, of --

GLENN: Palestinians.

STU: Arab Israelis in the region. You know, Palestinians. Other Arabs in the region.

GLENN: Saudi Arabia. Everybody.

STU: Yeah. Not to mention, just globally.

Right? This is a positive.

GLENN: Look what this does.

That's Turkey. So that separates Turkey from Syria, which is right in bed with -- with Iran.

I mean, think about how this box is. If you have the entire Middle East, now operating with Israel, and saying, we have a right to exist. Think about what that means, for this block, now to Iran. Iran doesn't mind being a pariah.

But now, everyone is officially saying, aisled do business with them.

STU: We will choose business over these guys.

That's a big statement in that world.

GLENN: That's a big deal. Big deal.

RADIO

Gold is at $4k an ounce. What that means for YOUR dollar

Gold has reached a record high price of over $4,000 an ounce. So, what does that mean for your dollar? Financial expert Carol Roth joins Glenn to explain why this news is so concerning and why many big investors have started to buy gold.

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, Carol Roth, welcome to the program. How are you?

CAROL: I'm doing great, Glenn! I'm actually celebrating my 26th wedding anniversary today, so it's a blessed day.

GLENN: Oh, my gosh. Congratulations! Congratulations! It's weird. I'm coming up on my 26th on January.

CAROL: Oh, fabulous. Fabulous. It's a good amount of time to be married, yes.

GLENN: It is. It is. So, Carol. Let's talk about the price of gold hitting --

CAROL: It's over 4,000.

GLENN: Which is nuts. And I don't think people really understand. I don't think the average -- this is my guess, and I want you to correct me. I don't think the average person is buying gold. I think this gold-buying is happening from sovereign funds and central banks, mainly. Also, Asian markets. I don't think Americans really understand what $4,000 an ounce means. Can you explain it?

CAROL: Absolutely. I think the world both, investors and central banks are catching up to the things that you and I have been talking about for years. So, you know, we're ahead. We warned everyone. And now this is a little bit of catch-up. Interestingly, you know, as you noted, the average American is very behind in terms of what gold means.

When you look at Chinese households. When you look at Indian household. There are estimates that each one of those country's households owns up to 30,000 tons of gold at this point. Which to put that in context, the US government owns 8,133 times.

GLENN: So the Indian households, all of them combined, 27,000 tons.

CAROL: Right.

GLENN: What we say we have, is he 8100. Wow!

CAROL: So the households in China and India are really ahead of the curve. When you look at data for the US, it's a little bit hard to get good data. But from what I've seen, the estimates are only about ten to 11 percent of US households at all, have exposure to gold.

Now, I know that your audience is very sophisticated and is ahead of the curve. And I would imagine blows through that number. But just shows how sort of unprepared US households are in general.

GLENN: When you're looking at Indian and Chinese households that own gold. Does that include all the gold jewelry?

CAROL: Yes. Yes. That's actually, particularly in India. One of their preferred ways of procuring gold. Yeah.

GLENN: Okay. So gold has -- gold has shot up over $4,000 in record times. I mean, breathtaking time. What is causing that?

CAROL: Okay. So there are a confluence of factors, and I think the two most important factors, which, of course, are linked. Are what Wall Street is now calling the debt debasement trade. Which they're just caught up. And gave it a cute name.

And changing the global financial order. And they're very much linked.

GLENN: Yeah. Tell me, what is it? The debt debasement? What is that?

CAROL: They're doing the debt debasement trade, which is just basically what you and I have been talking about, which is our unsustainable fiscal position.

GLENN: All right.

CAROL: And what all of the money printing that we've seen over the past 17 years, what that has done to our purchasing power, and how that's going to catch up to us.

So as a reminder, our debt to GDP is at emerging market crisis levels. We were at 120 police levels of GDP.

We're running deficits equivalent to a war-time level. Or recession level, while we still have growth.

Which is crazy. We have interesting interest rate -- or interest payments that are outpacing defense spending.

So everyone is now finally catching on to the fact that this is an unsustainable financial position.

And it is going to be very difficult to get out of. Without there being some sort of additional debasement of our currency. Which is a fancy way of saying, a diminishment of your purchasing power.

What's really crazy. There's a chart that's been going around, and they did kind of a comparison of different asset classes. Price in US dollars, price in gold.

So if I look from the end of September 2018, out seven years, and you look at the top 100 NASDAQ nonfinancial companies. It's called the NDX. In US dollar terms, that is up 236 percent. So you think you're super rich, right?

But in gold terms, solid money that doesn't -- you know, that doesn't have its value debased. It's only up 4.7 percent.

GLENN: Oh, my gosh.

CAROL: Yeah. Of course. The S&P 500 up 133 percent over that period in dollar terms. It's down 27.6 percent in gold terms.

And what's called the Case-Shiller Home Price Index, which is the value of homes, the way that's measured. Dollar terms, 60 percent. Oh, houses. So expensive In gold terms, it's down 50 percent.

In fact, right now, it takes less gold in terms of ounces, to buy the median single-family house, than it has in decades and decades and decades.

So it goes to show, that even though we see these dollars. They're buying less and less. And now, you and I were talking about this forever.

But now Wall Street is catching on. Oh, that's not a great thing. And so in terms of preserving the hard-earned capital, we need something that is that -- that hedge. That mutual hedge that is going to retain its value.

And that's why more investors, institutional investors. Funny enough, a lot of millennials, more than anyone starting to really get in to gold.

GLENN: You know why? Because millennials have not been trained their whole life. Trust the system!

CAROL: Yes.

GLENN: And they see it clearly. And they look at it, and they're like, well, this doesn't make any sense at all. And they're going to spend this.

And they will wreck the dollar and everything else. They just see it without being trained over and over and over again. Like, trust the system. They don't trust the system.

And once you realize, the system is rigged in a million different ways. And the system is not telling you the truth.

I mean, that is amazing. When you look at the stock market. And you say, it's actually down, when you compare it in US dollars. To gold!

What's happening -- let me explain this to the audience. What all that means is: Gold is only going up in dollars. It's staying -- it's staying stable. But it's costing you more because of inflation. The dollars are buying less! So it looks like you're paying more, but you're really not. It looks like the stock market is going up, but it's really not! It's what it costs to get in with dollars. If you're going in with gold. You'll actually see that if it was all done in gold, the stock market is down. The price of housing is town.

It's the dollar. It takes more dollars to buy, than it does with gold, which holds its value.

That is -- if people could understand that one thing, that changes all the conversations of, the government has to do something to make housing more affordable. No, they don't. They have to stabilize the dollar. They have to stop spending so much money.

CAROL: Yeah, I mean, if you think of the three definitions of money, it is a medium of exchange. You know, how you helped to exchange goods.

It's a unit of account, which we say, things are priced in dollars, and it's supposed to be a store value. The unit of account, that you just talked about. My friend Steve Forbes has a great analogy, and he talks about other measurements.

You know, imagine that your clock, you know, one day, at 12 o'clock, you know, means midnight. And another day, 3 o'clock means midnight. Or 6 inches to measure a curtain one day. And then the same measurement is like a foot, a different day.

You can't have -- a consistent measurement if the unit of account continues to change. And that's what we've been seeing here with the dollar. And unfortunately, it has not been to our favor.

Which means, that when you work really hard to earn something and it's valued in a dollar, that over time, that -- that work that you put out, your productivity is worth less and less.

And so what gold is meant to do. It's meant to be Capitol preservation. It's not a risk asset. It's not meant to take on risk. And maybe go up a ton. And maybe go down a ton. It's really meant to be a counterbalance to what you have earned. So that you can preserve your purchasing power.

GLENN: You know, I've been saying this for a long time. That you put your money. And I have money in the stock market. You put the money in the stock market.

If things really go awry, go ahead. You're going to cash out for an awful lot of money. But those dollars. It will be paid back to you in dollars.

Those dollars will be worth less, even though there's more of them stacked up, than that ounce of gold, or, you know, that 10 ounces of gold, or whatever you had!

The stock market is paid in dollars. And so as the inflation goes up.

But gold keeps its value!

Keeps its value and hold it steady.

So, yeah. You will be paying more in dollars if you try to sell your gold. But that will continue to increase while stock markets will go down. Am I right?

CAROL: It's a counterbalance. So if things were to shift, and for some reason, you know, things were to change with the dollars, which we would need a lot of different catalysts. Then your gold goes down. It's a counterbalance, which is why it's important to have that diversification in your portfolio. And to have the gold hedge.

What's interesting, Glenn. Just the history, we're talking about millennials.

You know, they went through the great recession. Financial crisis.

They're kind of keyed into this. But if you think about when we came out of the '70s with this crazy inflation. We came out of the gold standard. It used to be very commonplace for a financial adviser to sit down and say, okay.

We've been through this. And so you should be putting, you know, five to 10 percent of your portfolio in gold. As the stock market took off in dollars. And became this big thing.

And they started seeking fees. That went away. Financial advisers, who don't get paid sometimes at all, when you allocate to gold. Stop recommending it.

GLENN: Yep.

CAROL: And now we're seeing a shift back, now we're seeing, you know, oh, yes. You should have some. Some of the big names out there saying, even more.

GLENN: Ray Dalio just came out and said, 15 percent.

CAROL: Yes, we've seen big names like that, anywhere from ten to 20.

And when they surveyed high net worth investors, which are $250,000 in assets or more, they're averaging right now, 21 percent of their holdings in gold.

So it's a very big flip in recent years, on how this is being viewed bit people who have accumulated those dollars and are worried about them.

GLENN: Okay. So let me just summarize here before we move on. On to some other questions.

That is exactly what my grandfather who lived through the great depression said. What are the people with big large amounts of money doing?

I want to do that. And if I did do that. I would be better off in the great depression.

You just heard it, 20 percent or more, right?

From big dollars.

They're investing in gold. 20 percent!

You should -- you should have some!

CAROL: And it's interesting. Some of the portfolios we're seeing is coming from not only the equity peace, but from the fixed-income peace, which is pretty interesting too.

GLENN: Amazing.

Unmasking Antifa: The Dark Truth Behind Its Well-Funded Network | Glenn TV | Ep 461

The cities of Portland and Chicago are turning into war zones. Federal agents have been ambushed, police have been ordered to stand down, and mayors are defying the Constitution. It’s insurrection in plain sight. Glenn Beck heads to the chalkboard to uncover the hidden support and funding networks propping up Antifa. Glenn debunks the myth that Antifa is decentralized and leaderless, tracing connections from Soros to Tides and other shadowy nonprofits. Plus, independent journalist Nick Sortor joins from outside an ICE facility in Portland, where he was wrongfully arrested by police following attacks by Antifa members.

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Unmasking Antifa: The Dark Truth Behind Its Well-Funded Network | Glenn TV | Ep 461