Tom Golisano discussed on Sick And Tired Of Being Sick And Tired

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With Tom Golisano can you hear me better now Tom thank you yep you're coming inside okay so so would not now talk about how paychecks go up big in the four one case space and in human resource do you know just you pay roll that's correct as a matter of fact human resource services and products of paychecks now very cool into about forty percent of our revenue and growing at a fairly fast about I guess about twenty five years ago the fellow we talked about before Jean policy in the N. one is and subordinates came and saw me and said time we should be interested in a four one K. market and I've you know have them explain to me how it might operate what the profit potential was the sales revenue and so forth and I listen to them for about an hour and I said okay let's do it but we don't have any software to get started with so we decided we would do things manually for awhile until the software was developed we also thought it was a good idea to develop the software leader would we thought we would know more of the issues revolving around that product in its operation so we started now today I think we have around ninety thousand companies that we do for one K. administration for how we sell more new four oh one K. plans per year than anybody else in the in the business and the same thing the thing that makes it really great Josh is if you do the payroll processing you have all the information in your hands electronically to do the operation for the four oh one K. in other words get the money to the investors and keep track of it accounts by individual for example we could do the payroll for maybe thirty thousand companies on a Monday Monday evening and by Tuesday morning at ten o'clock in the morning we've got all the things transmitted to the investors for all the deductions that were taken that day plus any employer matches so we're really efficient and we really expedite the process so that makes sense yeah really good purchases service the other thing that's like it is that workers compensation insurance you know employees are responsible for calculating their workers comp insurance they're not necessarily very good very good at doing it is expeditiously as they could so we offer a service the actual insurance plus the ability for us to actually pay the calculate pay the premiums on behalf of the client now you've got also a whole array of products to come under HR administration things like cafeteria plans if the employee handbooks unemployment reckons representation those kinds of things and it's really rounded out a Texas customer base yeah please check his customer base and what it does is it makes the client here's the client more to us than if we were just doing payroll because we're doing so many things for the client I don't know since testing so yeah I have an idea for you well to talk off line yeah I I get calls from pay checks all the time emails from them so why are you a client at I think we wore but I'm not sure anymore but you know we were a close friend Vikas and then also when I work with a nonprofit that my parents worked for and they were the paycheck the customer so interesting so maybe I will give some thirties and some ideas okay democratic presidential debate this week what this court in this end US a billionaire the troubling thing I see is this one more on wealth it's almost reached you know French Revolution type propaganda but but some of the billionaires are apologizing for their well I mean you you hear the debates this week N. rather than Bloomberg's say you know when he was questioned on his billions hate Hey Bernie I employed twenty thousand people you've never imported person a day in your life and really going on the attack billionaires are good for both the Democrat and the Republican Party why why this demonisation of wealth and what can be done by the billionaire community that you know I don't know get better press or something I was started demoralized to that he was very much very defensive and he should have been much more offensive if I were a politician and I guess they have a little history of having people that are extremely successful I think is a great fit for the business world and the consumer world because it provides inspiration for people that this is a wide open economies if you do some things right and your timing is good you could become very successful when I started out the paychecks I have no idea that it ever was going to grow to the point of what I was trying to get three hundred clients in Rochester New York and lived happily ever after but then I saw opportunity in their opportunity involved or number years where we process now the payroll for six hundred and seventy thousand companies we have over fifteen thousand employees that have a good working atmosphere and have economic security yeah we have a lot of shareholders that have done extremely well we paid for a lot of college education and a lot of retirement homes a lot of retirement I don't think there's anything to be ashamed or embarrassed about also this idea about paying your fair share of taxes I know how much I paid I wish somebody could define fair share for me because I think I'm way over at and what I've had to pay over the years and I'll also look what it does when you have successful entrepreneurs like even like Bloomberg I mean he is so generous and has so much Phillip philanthropy even said on the air that he's given it's a state Kohli away after he after he passes up so why you would vilify those people then of course they like to use the argument well Amazon doesn't pay any taxes well I haven't looked at the financial statements of Amazon if indeed they don't pay any taxes income taxes corporate income taxes you must be a reason and I'm sure they're within the law and we have to remember Congress makes the laws so when you had people like Elizabeth Warren and Bernie Sanders getting up there and criticizing people for being having tax loopholes they make the laws so it is just seems who's correct yeah I I'd I don't like being vilified I don't think I deserve it I don't think other people deserve I mean when I when I grew up I mean we were my parents to declared bankruptcy in my high school years my father was disabled we had we went through period we're six months we had to move in with my sister and her husband sleep on the floor in a one bedroom I thank god for them or else we'd be homeless and I learned so much through that experience of my mom and dad they never vilified wealth that they were you know that there was a successful a business owner that my parents worked for who help the mount I mean they didn't make a fortune but you know help them out during tough times number one Christmas the guy got me a basketball hoop they did all privately no one knew about it but my mom kind of figured out who was so for me millionaires of our town not necessarily billionaires made our Christmases they they paid our paychecks I never got a job from a poor person I've heard said I think I think we need to go on offense as the business community and also has all the about pay paying the fair share Amazon or any company names on makes wood symbols of the U. you know US postal service although I said that a week ago right I got an email from a guy who was very high up in the postal service saying that that's not true that they actually do the same volume discounts they give to you P. at U. S. UPS and FedEx and without Amazon you know the US postal service one B. as functional as it is today so even there we're we hear negativity it could be you know just for press but if you think about the average small business owner or the average big business owner they're paying even at today's trump tax cuts you're paying thirty seven percent on every dollar you earn federally you're paying eight to ten percent of the state so that's like forty seven percent right there then you're paying self employment tax on the first you know one hundred and twenty grand of income you're paying Medicare tax you're paying all all these very sales taxes income taxes property taxes I mean my company paid hundreds of thousands of dollars in local taxes that don't show up on the federal income tax issue I so I mean I just think that more and more of people and business need to educate the average consumer nobody's getting over on what they're what what they're talking about is if you want to call a loophole is it when you sold what we sell paychecks stocks okay you might pay twenty five percent tax instead of thirty seven so what I mean that's that's an integral business we have to remember is that that twenty five percent capital gains tax rate and the lower corporate income tax rate were put into play by Congress for very good reasons they wanted to encourage people to invest in Wall Street and investors are major companies and they also wanted to make our corporations competitive with the rest of the world that was the rationale for lowering the corporate tax rate and I can tell you for paychecks as a shareholder I did not get an increase in dividends but I know what paychecks did they make tremendous investments in product development and I. T. both in their I. T. organization so it didn't go rolling into everybody's pocket it stayed within the company created though I think we heard about two hundred more people than we had the the prior year so we have to remember the rationale but back to these politicians the expression if you rob Peter to pay Paul you always get the credit to live Paul little feeling you know be careful if you promise to give it to the rest and they think that's the way they get elected it's it's an old story since the beginning of time yeah and then just so people know yes the capital just to bring this in the long term capital gains rate for most people's fifteen percent but for those in the higher bracket it's twenty and even twenty three point eight with the obamacare surtax which I don't know if they got rid of the exact sur tax I think it's still twenty three point eight and then you have state capital gains rates like in New Jersey there's a state capital gains you're talking at least you know twenty to twenty eight percent and that's what they're exploiting as this for the rich which isn't really a loophole which if they really wanted to solve it I guess they could equi capital gains rates with income tax rates but they've tried that before that actually slows down economic growth so I mean that that's that's been tried before so very interesting to hear your take on Tom Golisano the author of the book built not born if you have a question for billionaire.

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