27:05 We would, for example, repeal the income tax. Now wait a minute what's the connection here? We will bring in millions and millions of jobs simplify our lives. Greg do you believe that our income tax today is equitable workable and fair? You know nobody will say that. In fact I'm not... So what will we do? Well i was going to say I've seen documentaries that say the income tax isn't even formally on the books as a law Well, I'm not sure that we do have the 16th Amendment. Some people say it was never ratified but one way or the other we would repeal the 16th Amendment and put in a retail consumption tax now look today our goods for example have a competitive disadvantage because they had paid taxes on them through the companies that make them before they leave our shores as exports you know income taxes at this payroll taxes etc
27:55 competing against goods around the world that have not paid taxes on them is a competitive disadvantage. Same deal in reverse, we have a lot of goods coming in from other countries I don't care Singapore Japan Argentina whatever they've not paid taxes on them competing with our domestic goods to have and then all of them pay the same sales taxes If you were to repeal the income tax and have a retail consumption tax instead, you'd have all of the goods paying the same taxes and it would level the playing field. I was in an airplane recently sitting next to an executive from Nike, another shoe manufacturer who said his eyes got big and he said Judge Gray this is sensational if we are going to repeal the income tax most companies would bring their manufacturing back to United States or America
28:39 Translation, that means millions and millions of jobs. So it's a reverse outsourcing but wait a minute wouldn't this in effect be a tax on the poor unduly regressive on the poor? And the answer is Governor Gary Johnson will take care of that For example, how much would this retail consumption tax be? I don't know. Let's say 10%, probably somewhere between 8% and 12%. If it were 10%, first of all understand that everybody that is working and receives a payroll check would no longer have any withholding for income tax or social security. All about money will stay in their pocket because it was paid by the consumption tax
29:17 So people will have more money to begin with. That's a good thing, however what about the poor? If Governor Johnson is in there he will actually have a redate to every adult in the country every month say for an amount of $100 that means if you spend $1000 a month on goods and services it ends up paying no taxes at all. If your really poor and spend less than that they'll actually make money on the deal so That will certainly take care of the poor. And then everybody will pay the same 10 cents tax on every dollar they spend over $1,000 Bill Gates on down now I think you would agree with me that people that have money spend more money than people that don't so they're going to pay a larger amount of taxes
29:57 It's really going to work. It will simplify our lives, you can make business decisions for business reasons instead of tax reasons and by the way there are numbers of companies that have mastered the system, have all these tax breaks before them they don't pay taxes at all in general electric if you want it would change that dynamic so people actually will pay a lot more to failed system because they get enormous political power by voting for tax breaks to their wealthy constituents. And that's across the board, all of them do it and they don't want to give up that power but when we win this election will get such attention nationwide and people will absolutely watch this and see in any of their elected officials that don't vote for this will be putting their selfish political interests ahead of the people's were going to say you know go talk to your representatives and straighten them out just
30:59 This is something that will work for everybody and simplify our lives. There's a difference between simplification, which I certainly favor and simplistic which of course is not this will simplify our lives and really make things work streamline increase jobs and help really everybody across the board except people like H&R Block they don't like the idea. I think we can live with that. Yeah, I like a lot of what you're saying but something that really does concern me in terms of corporations is we have a system where limited liability corporations like Bayer, for example. This happened a few years ago. They can find that they have HIV contaminated blood and because it's more profitable they can dump that on foreign markets and then pay the fine and still be trusted to put products on our shelves with nobody to hold accountable because of the limited liability. Is there any way