that is what jeff gundlach threatened to do on twitter.aine: and as joe said, all they do is push buttons all day. coming up, we will bring in the university of texas professor, to talk to us about the significance of the way that the tax code has benefited the wealthy. this is bloomberg. ♪ this is bloomberg. ♪ romaine: today we are focused on the u.s. tax system. of course, in election season, we have to talk about some of the politics. former vice president joe biden and his tax policy, and of course trump's tax policy. we are going to get into our guest who will talk about taxes and the way that certain taxes have contributed to growing inequality over the years. professor of government at the university of texas at austin. we started the conversation with the revelations about trump, but where in your view does the sort of tilt of the tax code come from? when did we sort of get the beginnings of a tax code that allowed people to accumulate so much capital without having to pay very much. >> there was a major transformation of tax laws

i was really interested in what jeff gundlach had to say last night.people were too optimistic, at least in the prices expressed their, about inflation to one forward. that prices are deflationary. very strange dynamic to get your hands around right now. jonathan: a conversation we can continue with omar aguilar, schwab chief investment officer. he will be joining us. stateside going into the opening bell, about 95 minutes away, equity futures bouncing back after yesterday's losses. futures positive on the s&p 500, up 0.8%. nicely positive on the nasdaq as well. treasury yields now off about a basis point on the 10 year. your 10 year yield is 0.69%. in foreign exchange, i think tomorrow is going to be fascinating for ecb president christine lagarde. $1.1765. if you don't like a strong euro, what are you going to do about it, and when are you going to do something about it? that is tomorrow's story. from london and new york, this is "bloomberg surveillance." ♪ >> longer-term is not looking good right now in terms of support for consumption. >> this econ

london time jeff gundlach speaks on the total return bond fund. that is your day ahead.'s get your bloomberg business flash. is doubling -- up from 25% previously. trading staff are already coming into the london office. a tech giant has been in talks to leave 200,000 square feet of space in what would've been one of the biggest real estate deals in years. as decision will be watched investors weigh the impact of coronavirus on the city. an unusual online releases helping drive demand. the release was friday after the pandemic delayed the u.s. theatrical really. customers were required to pay an additional $30 to see the film, an approach the company has not attempted before. anna: thanks very much. the german chancellor is considering action against the nord stream 2 gas pipeline after the poisoning of alexey navalny. angela merkel supported comments by the foreign minister who warned berlin could change its backing, underscoring the escalating tensions with moscow. poland's prime minister described the decision as a ny-brainer and says the naval case should be a final

jand jeff gundlach is threatening to leave california and move to a lower tax state. you. >> robert, no mention on this. if he moved back in january well before the new hire rate kicked in more than the top rate >> remember new jersey had this premillionaire tax compared to those making $5 million or more. that rate would have been in effect when he moved back. that tax rate since he left went from 9 dort 7 to 10.75 many would argue that proves he didn't move for tax reasons. look, he's now got nine states in the country proposing tax hikes in the country this will be a grand experiment to see p whether new york, new jersey, connecticut whether the wealthy truly move for tax reasons and what impact that has. >> i think you are baring the lead with andrew andrew, $120 million isn't too much to want to live in the garden state where becky and i live you finally went -- out of all the places someone in your position could go, you picked the jersey shore and got that tat. >> like david tepper, i did it for family reasons it is a great place. that's where we process all th

gundlach onve jeff one side saying that the tips market is overpricing inflation. he's betting on deflation. you have others coming out and saying -- honestly, jon, this is the most confusing market for me right now. short-term, near term, a labor market that has been absolutely decimated. i don't know. jonathan: i agree with you. i think that is the best response right now coming up on filion --m, johnny fillion, ceo-yves of bnp paribas. ritika: with the first word news, i'm ritika gupta. president trump won't extend the deadline for tiktok's u.s. operations to be sold. bytedanceent said if can't sell the unit by september 15, it will be shut down. officials have been debating whether to extend the deadline. bloomberg has learned a deal is unlikely by next week because new regulations complicated relations between bitter microsoft. that's between b -- between bidder microsoft. officials are trying to reassure the public that they will not given to political pressure to approve a vaccine prematurely. in the u.k., prime minister ants to breachw international law and

matt: you know, just good luck gundlach -- jeff yesterday had one of his famous webcasts.nuggets. he is not happy about what the fed has done. government's distance program was too much or for too long. he said he is betting against tips right now, which have had massive inflows. it makes sense to think that the impact of the pandemic or to think that the fed is going to somehow be able to bring about inflation, i don't understand that. this pandemic looks so deflationary. what do you think we are going to see in terms of prices? is the genieion that has never really come out of the bottle. c, everybodyut of gf telling me about this massive stimulus that is going to be hugely inflationary. that is the issue that never really took place. i am kind of of that the at the moment -- view at the moment. i cannot see significant inflationary pressure outdoor. inflation is normally driven by a supply-demand imbalance. in the early 1990's, china was putting a massive demand in for commodities to support the olympic games campaign. that ran out of juice pretty quickly in 2007. price