Latest / Turley Talks / Ep. 4040 Seattle’s Socialist Mayor Promised To TAX The Rich, Then THIS HAPPENED…

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Ep. 4040 Seattle’s Socialist Mayor Promised To TAX The Rich, Then THIS HAPPENED… · Turley Talks

• 0:00
  [SPEAKER_00]: The liberal globalist order is on its brink and awakening a new conservative age.
• 0:06
  [SPEAKER_00]: Dr. Steve Turley, join me every day as we discover answers to today's toughest challenges and explore the re-bondalization of conservative civilization.
• 0:18
  [SPEAKER_00]: This is Turley Talks.
• 0:21
  [SPEAKER_00]: If you thought Wilkes Seattle had already hit rock bottom, wait until you see this, the receipts are in.
• 0:28
  [SPEAKER_00]: And they're more devastating than anyone could have ever imagined.
• 0:33
  [SPEAKER_00]: You might remember their ultra-leftist socialist mayor, Katie Wilson's famous moment when she said this.
• 0:40
  [SPEAKER_01]: I think the claims that millionaires are going to leave our state are like super overblown, and if, you know, the ones that leave, like, bye.
• 0:55
  [SPEAKER_00]: As it turns out, something happened after that wave, something she didn't predict, something she obviously didn't plan for, they actually left.
• 1:07
  [SPEAKER_00]: And now that snarky socialist is staring down an unprecedented budget deficit, and you won't believe what she did in response.
• 1:17
  [SPEAKER_00]: Hey gang, it's me, Dr. Steve, you're a patron professor here to help you make sense of the madness.
• 1:22
  [SPEAKER_00]: We're breaking news and analysis.
• 1:24
  [SPEAKER_00]: You're not going to get anywhere else.
• 1:25
  [SPEAKER_00]: So you know what to do?
• 1:26
  [SPEAKER_00]: Make sure to smack that bell and subscribe button.
• 1:29
  [SPEAKER_00]: For those of you who need a quick introduction, Katie Wilson is the self-described Democratic Socialist
• 1:37
  [SPEAKER_00]: who won the Seattle mayoral race back in November of last year, by the way, by the slinnest margin since 1906.
• 1:46
  [SPEAKER_00]: She named it win by one percent.
• 1:49
  [SPEAKER_00]: And that's one of the things we have to remember here, when we're dealing with these municipal socialist, even Mamdoni, they may win, but generally they barely win.
• 1:59
  [SPEAKER_00]: And that's because they're radical, communist politics, actually splits the left in America.
• 2:05
  [SPEAKER_00]: So if you ask a group of leftists as they support creepycady or maimed ony, half of them are going to be like, oh yeah they're the best, but the other half, the bill mar half will say heck no, they're commutes.
• 2:17
  [SPEAKER_00]: I want nothing to do with them.
• 2:18
  [SPEAKER_00]: And so these woke municipal socialist generally squeak by with a very low margin win, or they lose it all together.
• 2:27
  [SPEAKER_00]: But the reason why you have
• 2:32
  [SPEAKER_00]: flipping out over the the the ascent as it were of these Democrat socializes because he knows their political poison not just because they split the left but because what else do they do at the very same time they unite the right so if only fifty percent of Democrats oppose these municipal socialists a hundred percent of Republicans oppose them so there will always be more voters to come out to vote against them
• 2:59
  [SPEAKER_00]: then for them, except in the most radical left wing municipal and cosmopolitan enclaves across the nation.
• 3:07
  [SPEAKER_00]: And unfortunately for the good people to state of Washington, Seattle happens to be one of them.
• 3:12
  [SPEAKER_00]: And so, they elect the economic illiterate as their mayor.
• 3:16
  [SPEAKER_00]: She ran on explicitly anti-wealth protest platform.
• 3:20
  [SPEAKER_00]: She's a former community organizer.
• 3:22
  [SPEAKER_00]: She's a transit union co-founder.
• 3:25
  [SPEAKER_00]: She didn't hide what she was.
• 3:27
  [SPEAKER_00]: She ran as a Mamdoni wannabe, a full-blown, democratic socialist, and she won barely, I think, by 0.7%.
• 3:36
  [SPEAKER_00]: And the people Seattle are now living with the consequences of that.
• 3:39
  [SPEAKER_00]: And one of those consequences is something called the jumpstart tax.
• 3:44
  [SPEAKER_00]: The jumpstart tax is a Seattle payroll tax.
• 3:51
  [SPEAKER_00]: And it's levied on large employers paying high salaries.
• 3:54
  [SPEAKER_00]: It was originally designed to make tech giants like Amazon, you know, quote, pay their fair share for affordable housing, COVID relief and all that.
• 4:02
  [SPEAKER_00]: But it's become deeply controversial because a new downtown Seattle Association report links it to the loss of roughly 30,000 downtown jobs,
• 4:20
  [SPEAKER_00]: of employers.
• 4:21
  [SPEAKER_00]: In fact, here's a fun fact for you, right?
• 4:23
  [SPEAKER_00]: For this, the office vacancy rate in downtown Seattle has skyrocketed from 6.7% in 2019 before COVID to now over 32% making downtown Seattle the worst major commercial real estate market in
• 4:42
  [SPEAKER_00]: in the entire country.
• 4:43
  [SPEAKER_00]: One in three commercial real estate offices are vacant.
• 4:48
  [SPEAKER_00]: And this was happening all the while nearly half of Seattle's housing revenues were quietly rated to plug the very budget deficit that the tax helped create.
• 5:00
  [SPEAKER_00]: Now what makes all of this particularly rich, if you'll part in the pun there, is that Katie Wilson did just campaign on the jumpstart tax.
• 5:09
  [SPEAKER_00]: She helped design it all those years ago.
• 5:11
  [SPEAKER_00]: She was one of the key architects of the policy that's now blowing a half billion dollar hole in the city.
• 5:16
  [SPEAKER_00]: She was elected to run.
• 5:18
  [SPEAKER_00]: This isn't a politician inheriting someone else's mess.
• 5:21
  [SPEAKER_00]: This is a politician drowning in a mess entirely of her own making.
• 5:26
  [SPEAKER_00]: And again, the stats are staring or straight in the face.
• 5:30
  [SPEAKER_00]: Look at what happened right across Lake Washington in Bellevue, a city with no comparable employer tax.
• 5:38
  [SPEAKER_00]: Gang, Bellevue added jobs while Seattle hemorrhage them.
• 5:44
  [SPEAKER_00]: The city of Bellevue just across from Seattle has no such jumpstart tax, and they unlike Seattle added jobs to their city.
• 5:54
  [SPEAKER_00]: Comfortly, while Seattle's commercial property values plunged, Bellevue's commercial property values rose by 7%.
• 6:04
  [SPEAKER_00]: Bellevue's office vacancy rate while up due to remote work, it's still dramatically lower than Seattle's.
• 6:12
  [SPEAKER_00]: It's not one in three.
• 6:15
  [SPEAKER_00]: Amazon, the company the Jumpstart Tax was specifically designed to squeeze, they now employ 15,000 people in Bellevue, up from just $450 and 2017.
• 6:25
  [SPEAKER_00]: They also pledged $100,000 for affordable housing in Bellevue, not Seattle.
• 6:31
  [SPEAKER_00]: Bellevue.
• 6:32
  [SPEAKER_00]: the city that did not tax them into a blivit, but this is where the story takes its most darkly ironic turn.
• 6:42
  [SPEAKER_00]: Because jump start drove away so many businesses, because it drove away the very high paying jobs it taxed.
• 6:50
  [SPEAKER_00]: revenue projections have been revised downwards by 76 million to approximately 388 million for 2026 and roughly I kid you not 70% of that revenue comes from just 10 companies.
• 7:07
  [SPEAKER_00]: Meaning the whole system is one corporate relocation announcement away from the catastrophic collapse.
• 7:14
  [SPEAKER_00]: But if you can believe it, it gets worse.
• 7:17
  [SPEAKER_00]: The housing funds that jumpstart was specifically created to generate, right?
• 7:21
  [SPEAKER_00]: That's the whole purpose of it.
• 7:23
  [SPEAKER_00]: Nearly two hundred and one million dollars of it, roughly half, has been quietly redirected away from housing altogether.
• 7:33
  [SPEAKER_00]: And it's been rerouted into the city's general fund just to keep basic operations running.
• 7:40
  [SPEAKER_00]: That means the affordable housing projects that Wilson promised or constituents that money is gone.
• 7:47
  [SPEAKER_00]: It was consumed by the very structural deficit that tax itself helped create.
• 7:53
  [SPEAKER_00]: Oh, and the oversight committee that was supposed to watch where those housing dollars went dissolved, they got rid of it.
• 8:02
  [SPEAKER_00]: This is the socialist desk spiral in real time.
• 8:04
  [SPEAKER_00]: Tax the productive class, watch them leave, watch the tax-based shrink, rate the housing fund to plug the gap, and then wonder why the housing crisis keeps getting worse.
• 8:14
  [SPEAKER_00]: So one on earth is this socialist mayor proposing to do about it?
• 8:17
  [SPEAKER_00]: Ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha-ha
• 8:22
  [SPEAKER_00]: you're not going to believe it.
• 8:23
  [SPEAKER_00]: It was going to absolutely blow your way.
• 8:27
  [SPEAKER_00]: But first gang, one of the most frequent questions I get asked by our audiences this.
• 8:32
  [SPEAKER_00]: Maybe you wanted to ask it.
• 8:34
  [SPEAKER_00]: Dr. Steve is now really the right time to buy gold.
• 8:40
  [SPEAKER_00]: It's a fair question.
• 8:41
  [SPEAKER_00]: Gold has had a tremendous, what silver has been moving higher and higher.
• 8:45
  [SPEAKER_00]: So naturally people wonder, so did I miss it?
• 8:48
  [SPEAKER_00]: Is it too late?
• 8:50
  [SPEAKER_00]: But I actually think that's the wrong way of looking at it.
• 8:53
  [SPEAKER_00]: The real question isn't whether Gold has already gone up obviously it has.
• 8:57
  [SPEAKER_00]: The real question is whether the reasons for owning it have changed.
• 9:02
  [SPEAKER_00]: I mean, think about where we are today.
• 9:04
  [SPEAKER_00]: Central Banks continue buying gold at record levels all over the world.
• 9:08
  [SPEAKER_00]: Global debt continues to explode, geopolitical tensions aren't going away.
• 9:13
  [SPEAKER_00]: These are the very trends that we've been talking about on this channel for years, and if those trends haven't changed, then why would the case for owning physical gold and silver?
• 9:23
  [SPEAKER_00]: So that's why more people are taking a closer look, not because they're chasing price.
• 9:28
  [SPEAKER_00]: but because they're responding to what's happening in the world, some are purchasing physical gold and silver directly.
• 9:35
  [SPEAKER_00]: Others are moving a portion of an IRA or 401k into a gold IRA, as part of their long-term wealth protection strategy.
• 9:43
  [SPEAKER_00]: That's one reason why I trust Augusta precious metals.
• 9:47
  [SPEAKER_00]: What I appreciate is that they don't try to convince you to buy anything.
• 9:52
  [SPEAKER_00]: They start by helping you understand your options.
• 9:55
  [SPEAKER_00]: Though it's plain how purchasing physical gold or silver works, show you how a gold IRA works if you're using retirement funds, answer your questions, and then let you decide whether it's right for your situation.
• 10:08
  [SPEAKER_00]: So if you'd like to learn more, go to turlybysgold.com or text turly.
• 10:14
  [SPEAKER_00]: to 3, 5, 0, 5, 2, that's 3, 5, 0, 5, 2, and request Augustus FreeGod because in my view, the question isn't whether gold has already moved.
• 10:23
  [SPEAKER_00]: It's whether the reason for owning it have changed.
• 10:26
  [SPEAKER_00]: And from where I sit, they have it.
• 10:28
  [SPEAKER_00]: Click on that link below right now.
• 10:31
  [SPEAKER_00]: Just five months into her tenure, Mayor Katie Wilson is staring down a $488 million projected deficit over three years, with a $175 million gap that must be closed in the next budget cycle alone.
• 10:47
  [SPEAKER_00]: And her response, you're not gonna believe it.
• 10:52
  [SPEAKER_00]: She circulated a memo, directing every city department,
• 10:57
  [SPEAKER_00]: cut their budgets by five to ten percent she she went full republic she went full doge I kid you not she had no choice but to cut programs and services after promising more programs and more services in her campaign
• 11:18
  [SPEAKER_00]: But the cuts, of course, aren't going to be big enough to solve the deficit.
• 11:21
  [SPEAKER_00]: So she went back to being a Democrat and in turn floated a local capital gains tax, which city staff estimated would take two years to implement and raise at best at best 40 million a drop in the bucket of the near half million she needs to raise.
• 11:37
  [SPEAKER_00]: She floated a new city income tax, which is illegal under Washington State law.
• 11:43
  [SPEAKER_00]: She proposed creating a self-funded fire district to move the fire department's range of $50 million budget off the general fund's books and the firefighters own Union shot it down as logistically impossible in her timeline.
• 11:56
  [SPEAKER_00]: The woman who campaigned on taxing her way to utopia has now run out of other people's money and she has no plan and
• 12:07
  [SPEAKER_00]: Katie Wilson's budget catastrophe exposes the fundamental irreducible contradiction at the heart of progressive taxation.
• 12:17
  [SPEAKER_00]: The core promise of democratic socialism as practice in cities like Seattle is very simple.
• 12:22
  [SPEAKER_00]: We'll tax the rich, fund the poor, and build a more equal and equitable society.
• 12:28
  [SPEAKER_00]: It's really that simple.
• 12:30
  [SPEAKER_00]: It's a morally intuitive pitch.
• 12:32
  [SPEAKER_00]: It's politically popular.
• 12:35
  [SPEAKER_00]: but it's also economically self-defeating every single time.
• 12:39
  [SPEAKER_00]: And that's because socialism treats capital as a fixed resource to be redistributed.
• 12:46
  [SPEAKER_00]: It treats capital.
• 12:48
  [SPEAKER_00]: It assumes capital.
• 12:50
  [SPEAKER_00]: is a fixed resource that can be continuously redistributed.
• 12:56
  [SPEAKER_00]: So it assumes the rich or a static pool.
• 12:59
  [SPEAKER_00]: And it assumes that if you tax them, it's say, you know, 2% 5% them, whatever you're going to do, they'll simply write the check and stay, because capital static.
• 13:09
  [SPEAKER_00]: But what if that assumption is wrong?
• 13:12
  [SPEAKER_00]: What if capital is not a fixed object?
• 13:14
  [SPEAKER_00]: What if capital is liquid?
• 13:17
  [SPEAKER_00]: What if capital is fluid as water?
• 13:20
  [SPEAKER_00]: What if it goes where it's welcome and flees where it's punished and obstructed?
• 13:25
  [SPEAKER_00]: Within by definition, you will always get less of what you tax, of what you punish, and you will always get more of what you subsidize, of what you reward.
• 13:41
  [SPEAKER_00]: And if you're a city that punishes producers and rewards parasites,
• 13:48
  [SPEAKER_00]: Guess what you're going to get less of and more of.
• 13:52
  [SPEAKER_00]: This isn't conservative propaganda.
• 13:54
  [SPEAKER_00]: This is basic economics, demonstrated in every nation, in every city, in every era that's ever tried this experiment.
• 14:02
  [SPEAKER_00]: Jeff Bezos moved from Seattle to Miami years ago, explicitly to avoid Washington's capital gains tax.
• 14:10
  [SPEAKER_00]: Starbucks, the company mayor Wilson personally boycotted,
• 14:17
  [SPEAKER_00]: In Nashville, a state was zero income tax and a Republican governor.
• 14:24
  [SPEAKER_00]: Snowflake, TikTok, OpenAI are the all-choes Bellevue over Seattle.
• 14:30
  [SPEAKER_00]: And who are the ones most harmed when the productive class leaves?
• 14:34
  [SPEAKER_00]: Not the billionaires, a millionaires leave.
• 14:37
  [SPEAKER_00]: The people most harmed are the working class Seattleites, who can't afford to relocate, who depended on those jobs, those headquarters, those tax revenues for their livelihoods.
• 14:50
  [SPEAKER_00]: Socialism always promises to help the poor, but it always, always, always, ends up hurting them the most.
• 15:01
  [SPEAKER_00]: Just ask Cuba for Venezuela.
• 15:05
  [SPEAKER_00]: Katie Wilson said, buy to see adult's millionaires.
• 15:09
  [SPEAKER_00]: And those economically illiterate seals in the audience clapped right along with her and celebrated.
• 15:16
  [SPEAKER_00]: Now she's the one left holding a $488 million bill.
• 15:20
  [SPEAKER_00]: Rating the housing fund, she promised to fill, modeling budget cuts to the very city services she promised to expand, and floating tax schemes that are either illegal, impractical,
• 15:36
  [SPEAKER_00]: Margaret Thatcher said a best.
• 15:38
  [SPEAKER_00]: The problem with socialism is that eventually you run out of other people's money.
• 15:43
  [SPEAKER_00]: But I would add something for the 21st century here.
• 15:46
  [SPEAKER_00]: The problem with socialism today is that the other people's money can get on a plane in Nashville before you finish writing the tax bill.
• 15:54
  [SPEAKER_00]: That means it's just a matter of time before cities across the country are going to look at these failed, municipal socialist and in their next elections.
• 16:05
  [SPEAKER_00]: They will be the ones waving by.
• 16:09
  [SPEAKER_00]: Gang, you shouldn't have to wonder what's really going on.
• 16:12
  [SPEAKER_00]: Every Monday night, I go live with courageous patriots just like you for an un-censored Q&A.
• 16:17
  [SPEAKER_00]: You bring your toughest questions, I give you straight answers, no filters, no corporate handlers, just you and me in the truth.
• 16:24
  [SPEAKER_00]: Click the link below.
• 16:25
  [SPEAKER_00]: join the courageous Patriot Club and I'll see you this Monday night.