But interest on a mortgage is tax deductible.

You're assuming interest only loans.

In Germany, foreign bribery was allowed.

Something, so you want more?

The tax agent allowed the deduction.

An income tax is levied on any income that exceeds deductions.

Foreign trade brings in a large income.

It doesn't matter what it is.

High tariffs have become a barrier to international trade.

Japan has much trade with the USA.

Japan does a lot of trade with the USA.

Investments are supposed to make money.

Zero and the deductible Superhigh, right? No.

And we're a non profit foundation, you can give us the property and take a hell of a tax deduction.

So, taxes, this is property tax.

Trade relations.

If you net out all of his little financial engineering, he had to pay 3,000 more in interest, if you net out his profit he made on his little cash bets, his side bets.

High tariffs are the chief obstacles to free trade.

And I can tell you, our agenda is full.

Sierra Leone down there. Mauritius is up there.

I saw him on TV.

They make you pay more in withholding just to help their cash flow out.

Trade barriers were lifted after the war ended.

Applause

I'll improve trade relations and I'll...

Trading with Japan is not easy.

Donations to philanthropic programs are tax exempt.

That's one reason.

Well alright. It's the Phillips Importing and Exporting Company,

So I followed the trade routes from the east,

Daniel Hicks,he owns an import export company

After the war, you opened your markets to Europe, you dragged Europe into the then global economy, which was your economy, and you institutionalized that trade liberalization through founding the General Agreement on Tariffs and Trade.

They're on a trading outpost, Rigel Ten.

This is, if I didn't have this great tax shelter with this house.

The Trade and Aid Myth

Now all of this has been tremendous for the world.

And then of course at a party, when I start to explain this, it's like, ah ha.

Subtract from memory

And if you look, you can see them happening, already beginning to emerge.

This amount includes tax.

Japan does a lot of trade with Canada.

Continental System to work, everyone on the continent has to not trade with Britain.

Trade increased the country's wealth.

He made his fortune from commerce.

Japan depends on foreign trade.