robert frank, thank you very much >>> on deck, your exclusive weekly insider report on insider buyingig buy at one dating app one executive falling in love with that stock. it's a $5 million buy. you have to hear it. >>> just a gentle nudge. subscribe to our podcast maybe you are commuting again? if not, download the podcast bitcoin down a touch oil up again we're back after this. by the way, june is pride month. we are spotlighting cnbc contributors and business leaders and anchors and producers. here is state department >> as someone who came out at 18 in the early '90s and didn't think had a future and finds himself 30 years later married to the love of his life, i say this to the next generation. understand this progress we have made is fragile. the moment we start to take it for granted is the moment we start to slip backwards. it's not some magical number. and it's not something we just achieve at the end. it's a feeling... of freedom to live our lives the way we intended. though the ups... ...the downs ...all of it. this is financial security. and lincoln financial solutions wi

. >>> speaking of amc, how much money is coo adam aaroning may in the surge robert frank, turns out it'sucrative to speak to the retail investors. if they can hold >> yeah, very lucrative he hasn't sold any shares of amc, but that may get harder as his wealth soars and his fellow executives cash out. now aron's shares were worth $8 million with the stock price up 1700% since then the shares worth about $170 million his gains this year totalling $160 million and he's added $35 million just overnight as of right now. he also earned about $20 million in compensation last year and about $10 millions the year before now as we just mentioned he hasn't sold any shares, but in march he did give shares valued at about $20 million to his two sons other executives of the company, though, have been selling. they've cashed out more than $4 million worth since march. the top seller is the chief content officer. she has sold more than $1 million in shares back in march. the general counsel selling just under $1 million and the cmo just sold 15,000 shares for a gain of $400,000 amc not responding for an

our robert frank got the story on how billionaires, and this one in particular, structures his taxes. >> well, dee, elon musk paid no federal income tax in 2018 he paid less than $70,000 in federal income taxes two years before that. how did he do it mainly in borrowing. he doesn't take a salary from tesla. he hit about half the targets in his $50 billion compensation package. that pays out over a decade, but that package is stock options, not cash or income when he doesn't want to sell shares if he doesn't have to, so to fund his expenses he takes loans against his stock. in fact, a lot of stock. sec filings showed he pledged 92 million shares, those are now worth about $56 billion, to pay for personal loans he gets cash from the loans, doesn't pay any income tax, and then deducts some of the interest on those loans from his taxes. end result, millions in proceeds without paying any income tax. there are years when he will have a huge tax bill from exercising options grants. musk tweeting, i will continue to pay income taxes in california proportionate to my time in the state, which

for "the news," i'm robert frank. >>> elon musk changing his mind, and that's what is topping cnbc's s plaid plus it would have been the longer-range version of its high-end sedans. ceo elon musk said the plan was canceled because the plaid version, as he put it, is just so good. >>> fisher-price recalling 120,000 baby soothers and 55,000 gliders after four infants died. the sleep products in question, the 4-in-1 rocket guide soother and 2-in-1 soothe and play guiders. the infants were put on their backs in the soother and later found on their stomachs. the company warns buyers should stop using the products right now and contact fisher-price for a refund. >>> and gap and h&m are teaming up they're working together to stop bad customers. they're not asking customers to step in but de-escalate the situation and show support for workers. >>> on wall street, the dow down 126, s&p down 3, nasdaq up 67. >>> i'm shepard smith on cnbc. it's the bottom of the hour. time for the top of the news tomorrow, amazon sidewalk is going live, connecting your internet with strangers. should you opt ou

those are two facts just hard for the democrats, especially the progressives to get around. >> robert frankanks so much. >>> still ahead, the ceo of imax joins us to discuss whether the new showings is start of the summer wakening at the box office >>> plus there is just two full trading days left. it's been a strong one and we'll speak with heious look >>> the ten-year is back below 5% back in a couple >>> 32 minutes left in the session. let's check in where we stand. a nice improvement in the last 20 pins or so. positive course position, up 4.2% along with communications service. so quite a big spreads energy down 3.4% it's only up 0.2%. and they announced a secondary offering it lost 2 billion in the second quarter. shares are down 7% eithery searching after anouns it's buys a company. >>> josh silverman is on with jim cramer tonight time for a news update rahel? >> hello, everyone here is your cnbc news update. juul has agreed to pay $30 million to north carolina, to settle a lawsuit over market to go teens it's the first agreement of its kind with a state, and it would take more action

i blame robert frank sthoez are amazing. will go to payoff pension funds. mixing that in, that was part of the criticism they were saying you shouldn't be paying states off for it >> joining us now, congressman from texas introduced a new trade bill yesterday. we'll get to that. in reference to what we saw yesterday. and i'm talking about something totally acseparate that's the 50/50 senate we saw how many of all presidents, and proposed tax credits, how many are still viable do you think, congressman? >> i will tell you i think we'll be able to block many, if not all, president biden tax proposals. mainly because they are crippling proposals. they'll hit families i think more and more moderate democrats understand if they go home and vote for these, they are not coming back to congress next election. >> if we don't have a gas tax, how is anything going to be paid for? >> great question. we can find a bipartisan solution on. you just saw a lot of covid money. hundreds of billions going to state and local governments that fra

another multimillion-dollar sale robert frank has the details robert >> tyler, bidding started at justater, the nft, the source code for the world wide web selling for $5.4 million one of the most expensive entities ever sold and clearly doubles what was paid for jack dorsey's nft of the first tweet. what does the winning bidder get for the $5.4 million they're not buying the actual source code. they are not buying any commercial rights since the code is free and doesn't generate any royalties. what they are getting is a block chain certified ownership of the original time stamped files of the code they get a poster, a video and a letter from sir tim berners-lee. he said this has offered me the opportunity to look back in time to the opportunity i first sat down to write this code 30 years ago and reflect on how far the web has come since then and where it could go in the decades to come. for comparison, guys, you could have purchased this painting by mark shagal that also sold today at christy's for $1 million less showing once again that beauty is in the eye of the beholder. >> was t

amc's climb not just good news for jefrs but made the ceo a lot of money robert frank now with more robertme but adam aron announcing a new program for the millions of retail investors, so-called amc army and called the amc investor connect lots of special rewards and including free popcorn retail investors own 80% of the stock and driven that market cap over $30 billion and they have added $200 million to adam aron's personal fortune. the shares just for context worth $8 million at the start of the year with the stock almost doubling today his shares right now worth about $260 million so his gains this year about $250 million he asshas added $6 million overnight. he did give some shares in march now valued at about $30 million to his two sons. but other executives of the company have been selling. they have catched out more than $4 million since march and the top seller is the chief content officer sold more than a million dollars of shares in march the cmo sold 15,000 shares for a gain of $400,000 if he waited to this afternoon he could have sold for more than twice that no comment from

the closer look at the numbers suggest the caps put in place by president trump are here to stay robert frank reporter: good morning, seema. high earners cheer the news that bernie sanders is supporting s.a.l.t. relief. the amount in the budget, $120 billion over five years is less than a third of the repeal of the s.a.l.t. tax he is talking about a partial repeal democrats were talking about a cap of $10,000 to maybe $20,000 or $25,000 now experts in d.c. tell me the focus has shifted to an income test that would eliminate the cap for those making less than $400,000, but keep the full cap for those making more than $400,000 that answers the criticism of the repeal of the s.a.l.t. tax benefits the wealthy it creates a new income cliff. a new york payer with $399,000 of a taxable income if they earn $401,000, only $2,000 more, they would be subject to the cap and they have to pay $12,000 a year more in taxes. an income test could create because of that some strange incentives to keep reported income below $400,000. democrats from high tax states continue to press for a full repeal nothing is d

with washington's current political makeup, that could have big implications for top earners, robert frank totally comfortable if they don't speak english? do you have one? >> unfortunately, joe, like you, i took five years of latin unless i visit -- >> why what happened? what were we thinking? >> i don't know. i don't know let's talk about this stock market it has added another $3 trillion in wealth to american households, bringing the total to 15 trillion over the past year far and away a record. if this market rally has been especially top heavy, of that 15 trillion in added market wealth, 8 trillion has gone to the top 1% 1% has seen their stock wealth increase by 74% during the pandemic the largest and fastest increase on record. the bottom 90% of americans saw their stock wealth increase by $1.5 trillion. and rather than become ing democraticized, the market has become slightly more concentrated during the pandemic the top 10% owning 89% of all stocks and mutual funds. that is believed to be a record high share of stocks owned by the bottom 90% has fallen by nearly half since 2002 fr

robert frank has more. >> tyler, nearly two-thirds of millionaires believe the economy will we bullish will be up at least 5% this year with more than a third saying it's up double digits. their favorite sectors for new money in stocks, tech, financials and health care millionaires are sharply divided over crypto, however a quarter of millionaires say cryptocurrencies are a fraud and 39% say they're real but overpriced now, millenial millionaires are all in on crypto nearly half have at least 25% of their wealth in cryptocurrencies and one in four millenial millionaires have at least half of their wealth in crypto. now, many of course could have made their wealth by crypto, that's why they have such a large share. but nfts are also a sharply dividing asset here. nearly a third of millenial millionaires say nfts are the next big thing while boomer millionaires, most of them anyway, don't even know what an nft is tyler. >> i love that we're clueless i'm clueless >> but robert said that a quarter of all millionaires think crypto is a fraud. but if you're a millenial millionaire, you may h

as a go to robert frank, in one of the greatest essays of all time, led four by michael moore bisson,takes all technology economy. that's great. how do why do winner take all investing? >> one way is to look at who the big winners have been and what the trend is like. up until 20 20, that was pretty obviously, own everything passively and go with vanguard and blackrock. i don't think anyone can tell just yet was 2020 a lockdown boredom aberration, or have we flipped the script and suddenly we see the return of active investing and stockpicking? i can't help but feel like last year was a one-off, it is not a sustainable thing. the big tail is going to be, look at robinhood volumes. is that going to continue on its hot path, or plateau? tom: within that is a battle, we've had this conversation recently that goes back to academics, which is sector or individual stock diversification? to use a phrase from peter lynch, when it is winner take all, do you do sector focused or stock focus? barry: all of the academic data seems to suggest that a tiny handful of winners drives most of the marke

of the push to update international tax laws as the world becomes more digitized will it work robert frank is here to discuss. it seems to me that every one can pat themselves on the back saying we're going to make sure companies can't hide these -- will it really work? >> yeah, that is the big question will it work and also at what cost did we get this victory this was a victory for the biden administration at some point you have to draw the line they did draw the line the line for the biden administration was 21% now in order to get it done they brought it back to 15, which is a big relief for a lot of global multinational companies. the question is, at what cost. you've now got a digital sales tax that will apply to companies like amazon and others the big part is the corporate rate he wants to go from 21 to 28% well known as the gluilty ta which we put on corporate earnings but want to bring that profit back to the u.s the biden administration proposed 21% it's impossible to have a 21% rate on repatriated profit ifs the global rate is 15% otherwise u.s. companies are not competitive. t

robert frank joins us with more. >> jeff bezos owns more than 10% of those amazon shares he is far and shareholder and those shares worth about $163 billion he also controls the vote of around 16% of the shares since he still votes the shares owned by his ex-wife mackenzie, his total net worth about $187 billion. investors right now seeing little risk from this flight or the shares amazon shares basically flat today. now, some of that may be because bezos will step down at ceo on july 5th, that's before the flight he's sold over $6 billion in shares just this year as part of his scheduled share program. amazon and bezos have not disclosed what his estate plan is for those shares. would they go to a trust would they go to his kids, to charity, to his partner, lauren sanchez? these are all questions that he has probably answered in some estate plan they have not disclosed. i would argue maybe they should. maybe his shareholders deserve it given this risk, guys. >> would you tell him, robert, i'll take care of his shares while he's away. >> i will. that's a great idea. >> thanks for watch

our robert frank has more for us robert >> good morning, david you could call it the gamification ofcial media look at car options. used to be only four or five auctions a year. now they're almost every hour on bring a trailer. collectors buying porsches and jeeps and flipping them for profit 20 to 30% sneakers now have daily volatility indexes like stock x, i'll show the daily price. some air jordans and dunks up more than 50% for the year online watch sites like chrono 24, also seeing really heavy trading in popular models like the rolex daytona. those retail for $20,000 they're being flipped online for over $50,000 but trading cards, that's where you've seen the biggest frenzy eight of the ten most expensive trading cards ever sold were sold this year pokemon card just went for $195,000 a babe ruth card went for more than $5 million. that card will be secure adve that's where we are. guys >> wow i didn't realize securitization of the trading card, right i mean, robert, you've been following this market for sometime is there any -- anything that conceivably would halt this level of

robert franks has more >> for investors who hope to sell stock this year to avoid a potential capitalhey may already be too late on the budget officially calling for the increase, from of to 43.4%, would start as of april 28th of this year. so if that passes, and that is a big if, and you sold stocks or business or property after april 28th, ecowe back taxes treasury also giving its it's -- first revenue projections for the tax increase and the elimination of the step up in basis, saying those two combined would generate around $320 billion in revenue over ten years, but only about a billion this year. some ceos and tax groups already lashing out against this possibly retroactive tax david solomon saying it would, quote, create extra anxiety and extra uncertainty. there have been retroactive inkim talk increases before, but never a retroactive capital gains tax. treasury saying this was all needed to prevent investors from avoiding the tax by selling assets before it takes effect. the reason they chose april 28th, is that that is the day that biden announced his proposed tax hike, whi

robert frank. >>> all right. just getting a check on the markets right now. we are fractionally higher the s&p up 0.1%. keep in mind we are in striking distance of a new all-time high for that average that's going to do it for "squawk on the street. "techcheck" starts now. zoo happy wednesday. welcome to "techcheck. i'm jon fortt with carl quintanilla and deirdre bosa today making sense of lucky clover, a break down of surges leading the spac charge. bitcoin is risky but official. the company helping el salvador make crypto official currency. later we're live in texas at gamestop's annual shareholder meeting. carl >> jon, also ahead this hour the street starting to make calls on big meme names like coinbase, even wendy's today and the ceo of unipath as that company reports its first earnings since going public >>> looking forward to that interview. guys, we start with the spacs, are they back. clover health climbed 86% yesterday. volatile again today about 4% thanks to the surge, the initial $16 million investment in the spac was worth $682 million as of the

robert frank is here with the details. robert >> kelly, good afternoon senator sanders did include $120 billion in his budget for salt relief but a full appeal of salt would cost three times that the message here is a partial appeal is a lot more likely. what would a partial repeal look like discussions are on lifting the cap for those earning less than $400,000 a year but keeping it entirely for those who earned more than $400,000 a year. members of congress say the income proposal wouldn't solve the main problem of the wealthy moving out of high stakes because of salt. >> it's had a huge impact on people leaving states like mine and the impact it's having on all earners. as a result when people leave, it has a big effect on schools, on hiring law enforcement and firefighters when people move to florida and texas and the carolinas like we're seeing in recent years >> the fact is most of the benefits of repealing salt do go to the top 1%, so a full repeal looks unlikely in a party hoping to raise taxes right now on the weal

robert frank has the second day lead for us on that story.nder federal law tax returns are confidential irs chief charles redick testifying yesterday before the senate saying, quote, i share concerns of every american for the sensitive and private nature and confidential nature of the information the irs receives the investigation has been referred to the treasury inspector general, the irs inspector general and the fbi. the irs has systems for detecting unauthorized employee access for taxpayer information and has fired employees in the past for violating that policy an irs inspector general's report found some of the employees had been rehired and the system for protecting this data needs to be improved. it doesn't know who the anonymous source was for the material on thousands of wealthy taxpayers. material may have come from a hack of the irs. but many republicans now calling it an abuse of power and pushing back on biden's plan to better fund the irs and improve enforcement and expand its powers perhaps to see bank statements, payment se

cnbc's robert frank with an exclusive look at a lamborghini experience like nothing ever that's on thehat is very robert frank, looking forward to it. >>> up next, commerce secretary gina raimondo joins us to discuss the job market and how washington is making a big push to get business leaders from around the world to invest here in the u.s. >>> plus a big tech battle brewing. mark zuckerberg taking aim at apple's app store. that one has been brewing for a long time. we'll be right back. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management. ♪ i wish that i knew what i know now ♪ find your own andy at schwab. ♪ when i was young... ♪ you need a financial plan that fits the way you want to live in

robert frank >>> david, before we close out the hour, we haven't really gotten to some of the calls todayusic are we going to break? i thought we were going to cover this wells fargo upgrade at b of a. they go to buy and a price target of 60 they're looking for normalized return on total capital in the mid teens. talking about expense control. bigger than that, the notion they're still among their peer group the only group not trading above the precovid high. so going to 60 would be a double they began the year at 30 and currently in the mid 40s >> if jim were here, he would talk about the possibility of c car and more return of capital it's been a great year for the stock as you point out already at that point. we also look at autos this morning. again, after that rally yesterday, morgan, with both ford and general motors. general motors on the much more higher guidance for the second half of the year >> yeah. and it goes back to the conversation we've had about the outperformance of the more traditional established auto players versus the newer names like tesla or ev plays that have gon

thanks, robert frank >>> zoom shares warning of a coming slowdown.he video platform zoom it's great to have you with us >> i'm excited to talk about zoom one of my favorite companies, and help maybe educate your -- the public about some of the amazing things that were announced yesterday by erik. >> so i'm curious. there was a lot of focus on the revenue beat about 5% this time. historically last year they have beaten on revenue by 60%, 30%, 12% and now 5 %. how much of a concern is that? >> look, first i want to congratulate erik and the zoom team for exceeding the high end of expectations. much lower turn than they potentially expected and raising their guidance it's incredible. quarter after quarter. but the way -- the way i look at it as an early investor, we're seed investors we're much earlier in the private sector i think i might have a little bit of a different insight into the future potential growth of this business which i think is just not deeply understood by the analysts frankly and the public today so if i could, i'd love to talk a bit

robert, thanks so much robert frank e ill ahead, athe era of must setv is dead how it's reshaping commonursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >>> welcome back i is hit tv as we know it dead the classic tv show as a cultural phenomenon is a relic of the past, or so says my next guest. the ni

cnbc robert franke now, what specifically has rich people on the move >> well, they're leaving for retirementor taxes. now there is the really important tax change in 2017 that limited the state in local tax deductions that's known as salt the cap effectively raised taxes for high earners in high-tax states this report from goldman sachs you mentioned said that the salt cap raised tax rates by 4% for those taxpayers in new york and california and it widened the gap even more compared to states with no income taxes more than 6,000 people making more than a million dollars left new york state due to salt that doesn't sound like a lot of people but since 1% of the people paid 40% of the taxes it doesn't take much to start hitting tax revenues. >> yeah, you reach a point of diminishing returns. where are the wealthy americans moving. >> they're moving from new york, new jersey, connecticut, california, they are moving to florida, texas, tennessee and nevada, generally states with no income taxes and warmer weather. what's not to like now this is shifting the entire geography of wealth in america

. >>> when we come back, collectible markets are booming, robert frank takes a look at the hot spotsen jeff bezos set to make it in space we're going to talk about what that decision means for amazon stock price and much more. inflation rising and currencies falling. but i've seen centuries of rises and falls. i had a love affair with tulips once. lived through the crash of '29 and early dot-com hype. watched mortgages play the villain beside a true greek tragedy. and now here i am, with one companion that's been with me for millennia; hedging the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest ally and my closest asset. the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of... there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life

robert frank joins us.ct states were cheering the news that bernie sanders is supporting s.a.l.t. relief the amount in his budget, $120 million over five years, is less than 1/3 of the cost of the full repeal of the s.a.l.t. cap which means it's only a partial repeal what would that look like? democrats had been talking about raising the cap to 20,000 or 25,000 from the current 10,000 now the focus is shifting to an income cutoff of $400,000. that means you would get rid of the cap for those making less than $400,000 a year but keeping it entierely for those who make more than that that would create a new income clip let's say a new york taxpayer had $399,000 in taxable income and $499,000 in state and local taxes. if they earn $401,000, they would pay $12,000 a year more in taxes because they would not get to deduct that s.a.l.t now democrats from high tax states continue to press for a full repeal. nothing is decided this is all being discussed but since most of the benefits of a full repeal go to the top

robert frank explains. ders included $120 billion in his budget for salt relief, but a full repeal of salt would cost more than 3 times that the message is that a partial repeal is more likely. well, what kind of partial repeal democrats had been talking about raising the cap to $20,000 or maybe $25,000 from the current $10,000. now, though, the focus is shifting to an income cutoff of maybe $400,000 that would get rid of the cap for those making less than $400,000 a year, but keeping it entirely for those who make more than that. that would create a new kind of income clip, a new york taxpayer had $399,000 in taxable income and $45,000 in state and local taxes. they could deduct $45,000 at their tax rate, but if they earned $401,000, they would pay $12,000 a year more in taxes because they wouldn't get to deduct that salt now, income threshold would appease the democrats who say salt repeal only benefits the wealthy, but does little to help the highest earners in high tax states who take most of the salt de

. >>> as the stock market continues to ascend, so does the gap in the nation's wealth our robert franking, david the stock market has become far and away the biggest driver of wealth in america. of the $25 trillion that americans gained over the past year, 15 trillion of that came from stocks and mutual funds that is also the largest and fastest wealth gain in history yet this market rally has been special top heavy. the top 1% gained $8 trillion in stock wealth over the past year, more than half of the total. their stock wealth increased by 74% during the pandemic. now, the bottom 90% of americans, they also saw some gains, they were much smaller, though, with their stock wealth increasing by $1.5 trillion. rather than becoming more democratized, the stock market has actually become more concentrated during the pandemic the top 10% now own 89% of all stocks and mutual funds, that is believed to be a record high meanwhile, the share of stocks owned by the bottom 90% has fallen by nearly half since 2002 from 21% to 11% in the first quarter. now, middle america has also benefited from a

highlighting how peter thiel turned a retirement account into a $5 billion tax-free piggy bank robert frankthe story for us. i thought it was limited to 6,000 bucks, robert. >> it was, and we'll explain how he got around it peter thiel started his roth i.r.a. in in 1999 with $1700 now it's worth over $5 billion tax-free how did he do it according to the article, his firm bought shares of the new at the time startup paypal for 0.1 of a penny per share that valuation allowed him to by 1.7 million shares for under $2,000 that was the limit for roth i.r.a.s at the time. now, when ebay bought paypal that grew to $28 million all of it tax-free thiel used that short selled cash to buy more stakes in private companies, palantir, facebook, and others, all of that growing ftax-free as those companies exploded as of 2019, his roth i.r.a. was valued at over $5 billion, and if he waits until he turns 60 in 2027, he can withdraw all of that money without paying any capital gains tax or income taxes. now, it should be said thiel did pay over $200 million in federal taxes on other income between 1999 and 2

donation this morning and stepping down as a trustee from the bill and melinda gates foundation robert franks for us on this and taxes and so many other things that you cover for us, robert >> good morning, david a lot on taxes here. really interesting warren buffett announcing a $4 billion gift to charity. that brings him halfway to that goal of his of giving away more than 99% of his wealth he also defended his use of the charitable deduction that, according to a propublica article, helped him lower his overall tax rate he says he's received only 40 cents of tax savings for every $1,000 of giving he said tax deductions are important to many, particularly the superrich who give large amounts of cash or securities to philanthropy it is fitting that congress periodically revisits the tax policy for charitable crip contribution, particularly in respect to donors who get, quote, imaginative americans give over $450 billion to charitably every year, in large part because of that charitable deduction but buffett's comments will add to growing calls among democrats in congress to limit deductions

robert frank joins us with more on that. ng to grow your company that army has helped grow his fortune. aaron has about 4.2 million shares, either owned or granted. those shares are worth 8 million at the start of this year. they're now worth more than 130 million as of last night's close. so his total gain during what we can call his reddit rally now total $120 million those shares up over 1400% this year aaron hasn't sold any shares in march he did give shares now valued at over $15 million to his two sons other executives of the company have been selling, cashing out of almost $4 million in shares since march. the top seller, according to sec filings, is their chief content officer. she sold more than $1 million of shares back in march general counsel selling just under 1 million in march and the cfo cashing out more than $400,000 worth back in april amc did not respond for requests for comment on the sales now, guys, if this pre-market price now which is up, i don't know, another 23% holds, adam aaron would add another $3

percentage on a proposed new capital gains tax may very well be retroactive, guys ready for that robert frankly calling for the largest capital gains tax increase in history to be retroactive his budget release friday calls for it to take effect april 28th, 2021 that was more than a month ago if you sold property after april 28th of this year you could owe back taxes biden proposing to nearly double the capital gains rate to 43.4% for income over $1 million treasury getting the first revenue projections and the elimination of the step up in bases saying the two combined would generate about 320 billion in revenue over 10 years they're only projecting about 1.2 billion this year from that increase some ceos and investors and tax groups already proopposing the group. david solomon said it would create extra anxiety and extra uncertainty. there have been retroactive tax increases before, but never have we had a retroactive capital gains tax increase treasury saying this was needed to prevent investors from selling before the tax hike takes effect all of the planning people were hoping to do or p

millionaires ask where they stand when it comes to infrastructure spending and potential hack sites robert frankwhert. >> good morning, andrew. a majority of investors believe they pay their fair share of taxes. they say companies don't pay enough the cnbc millionaire survey is a poll of investors of $1 million or more in assets. 2/3 of millionaires expect higher taxes and deficits ind biden. when it comes to his infrastructure plan, a majority support that $2.5 trillion plan. most supported his plan to pay for it with a corporate tax hike to 48% 41% oppose it. a majority support the tax hike. the reason is they say majority of companies don't pay their fair share when it comes to their own taxes, 3/4 of millionaires say they do already pay their fair share, including 3/4 of democratic millionaires. additional one in five say they pay more than their fair share in total, 94% of millionaires say they pay their fair share or more they are split down the middle when it comes to capital gains tax. half support it and half are against it some plan to sell stocks for property in advance of the tax hik

i was of course following you on twitter and during our conversation in the 7:00 hour with robert frankwe all know from propublica, it was easy enough to figure out who's a billionaire, right so why not put a surtax on billionaires now i did not expect this to be all that controversial remember president lincoln was the first president who suggested that we do a graduated tax. i think that lincoln would be aghast that these people are paying nothing so what you have to do -- there have -- we've had surtaxes at various times. have we targeted individuals no we all know they're billionaires do we have to sit here and say, you know what, we're helpless? i think step up in basis, which you've talked about. the fact that they even have that loophole, which is so made for rich people, andrew. i'm so glad you bring it up. eyes glaze over. it's an amazing tax break. one of the best in the world we have to find a way, you're a billionaire, we're going to charge you 2% charge and we're going to come up with a formula, which we can do, that involves all the stock lending that you do where we can -

it has come a judge because robert gershom who is the judgen the case of frank biden who was arrestedin the day before yesterday, he dismissed the case when the police officer or the sheriff deputy failed to show up at court. that is highly suspicious. but keep in mind, frank biden is the person with 15 violations, including a drug, driving under the influence. this is a guy who went to a blockbuster video and tried to hide dvds and his pants. and he was detained. he tried to leave blockbuster. this is the kind of family that the bidens are and combined with all the things hunter is doing and it's just fallacious, weird, pathetic thing. but they get away with it. they get away with it because nobody will hold them accountable. >> judge pirro: you know what, greg, you wrote an excellent article about this whole idea of the adam schiff having a connection with his records, we found out subpoenaed and at the time, he was getting everyone else's records when he was in charge of intel. talk about a double standard. what is with adam schiff? what is he saying? >> there is no equivalency, it

frank. channeling my inner julia roberts with a slice from mystic pizza this morning, guys, i think we have. the crew is going to tear this up. >> so many crew members standing on the set. they're usually in the back. >> thank you, lara. >> let's go to rob. >> and with good pizza, guys, doesn't matter what time of day you eat it. good morning again, want to give you an update on the fires in arizona. two with over 100,000 acres burned and not much in the way of containment and red flag warnings remain up across much of the intermountain west and low levels of humidity. >>> good morning. i'm mike. those chilly breezes are around. temperatures should be in the 70s and 80s. most of >>> now to the season premiere of "the bachelorette" and there were a lot of men vying for katie's heart last night but only one got the first impression rose. kaylee hartung caught up with katie to talk about it. good morning, kaylee. >> reporter: hey, michael. the nervous energy was buzzing in new mexico through night one but katie took the lead and did her best to keep everyone qualify. for all the surprises thro

robert bride al jazeera john to south korea. and that is your news on with that with more in just a frank assessments is an argument for suggesting that no ministrations playing a long game. it's very much of a warm embrace. the iran nuclear deal because of us domestic politics, informed opinions, schools and shelters have been reduced to rubble. how do you think this shapes a generation and their policy? is that a life has been shaped by vitamin in depth analysis of the days global headlines inside story. on our jazeera, a city defined by military occupation, there's never been an arab state. he with the capital of jerusalem. everyone is welcome. but the default section in the code on a project, that's what it feels. a was one of the founders of a settlement with this and the story of jerusalem through the eyes of its own people, segregation, occupations discrimination, injustice. this is i thought site in 21st century jerusalem, a rock and a hard place analogy 0 and the account, 50 percent of all that children. ah. the selection lines roughly any challenge? it ended up in no way for me i i ah, abraham brian c will become iran,

robert s. hideman. edward mcguire iii. >> levig. hoffman. >> tristan more rosco. >> calvin h. mcdonald. >> zane a. coder. >> christopher e. mecham. >> daniel k. kim. >> colin j. meehan. >> hazel j. martinez. >> lilly e. meyers. >> tanner m. mathews. frank tyler perryton. >> dewey pensly. brittany l. criss. >> jacob pinion. >> mason t. rice. >> michael s. porter. >> jacob a. rose. >> robert w. rally iv. >> cory l swanson. >> dominic m. restibo. >> jeffrey q. tran. >> abigail richardson. >> kyle a. tribas. >> ryan r. schwind. >> katie um. >> jeff sweeney. >> from the sixth company. emily r bellvance. >> mason wells. >> trevor banetti. >> aiden d. crouch. >> from the fifth company, the kay aling. >> miranda dang. >> aaron on. >> nathan r dietrich. >> michael brendon, jr. >> cole h ditmore. >> sidney e breyer. >> shaun d. elliott. >> victor a. pario. >> steven m. gemle. >> adam b. extra. >> megan b. gherlick. >> audrey fernandez. >> austin m. gronheim. >> ryan j. franco. >> phillip h. hickman. >> brandon m. brantz. >> bryson r corn. >> joshua d. grier. >> jacob w. hudson. emery l. harrington. >> cassidy hilton. >> paul r. johnson. christopher t. calput. >> tyrique a. kingle. >> rider keller. >> caroline kwan. >> luke k. nollinger. >> eliza

frank, and i'm julie julie haener. investigators say it all started last week at with the report of possible criminal allegations. that's when roberthool district pending the outcome of the investigation. and then today he was arrested and booked on one count of lewd and lascivious acts against a child younger than 14. according to his linkedin profile rains has been with the district since 2016 and worked as a principal and superintendent in other districts in marin and sonoma counties for the last several years. the marin county office of education believes this statement today reading in part. the health safety and well being of our students is our most important priority. it is the mandate of all schools to follow all relevant laws with regard to any allegations of child abuse. the district took swift and immediate action notifying them or in county sheriff's office and placed mr raines on leave. a mother from san jose is under arrest tonight on suspicion of killing her seven year old son and dumping his body in the desert outside las vegas. the investigation spanned three western states with the mother tested this morning in c