>> NOW SEEN FULL-YEAR REVENUE DOWN 1 TO 4. WE'LL SEE WHAT THE YEAR BRINGS. >>> MEANTIME, THE VICE PRESIDENT'S TAX PROPOSALS MIGHT HAVE A DRAMATIC IMPACT ON INVESTORS. ROBERT FRANK HAS SOME NUMBERS FOR US THIS MORNING. >> GOOD MORNING. VICE PRESIDENT HARRIS PROPOSING TO DOUBLE THE TAX ON CAPITAL GAINS AND TAXING UNREALIZED GAINS FOR THE VERY WEALTHY. ENDORSING A PLAN THAT CALLS FOR INCREASING THE TOP TAX RATE ON LONG TERM TAX RATES TO 44.6%. THAT WOULD BE THE HIGHEST IN U.S. HISTORY. IF YOU'RE IN NEW YORK, YOU'RE ABOVE THAT INCOME LEVEL, THE COMBINED CITY AND STATE RATE WOULD BE 55.5%. IF YOU'RE IN CALIFORNIA IT WOULD BE JUST UNDER 58%. SHE'S ALSO CALLING FOR A TAX ON UNREALIZED GAINS FOR THOSE WITH A NET WORTH OF MORE THAN $100 MILLION. THAT WOULD CALL FOR A MINIMUM TAX OF 25% ON UNREALIZED GAINS. SO, EVEN IF YOU DIDN'T SELL SOMETHING AND IT GAINED IN VALUE DURING THAT YEAR. SO, THEY WOULD BE TAXED ON ANY ANNUAL INCREASE IN THE ASSET OR VALUE, AGAIN, EVEN IF YOU DIFFERENT SELL. NONTRADEABLE ASSETS LIKE A PRIVATE COMPANY, VERY ILLIQUID, THEY WOULD BE TAXED AT THE LAST VALUATION EVENT PLUS SOME ANNUAL INCREASE. ILLIQUID TAXPAYERS WOULD BE DEFINED WITH LESS THAN 20% OF WEALTH IN TRADEABLE ASSETS. THEY COULD DEFER PAYMENTS UNTIL THEIR DEATH WITHOUT ANY INTEREST PAYMENTS ATTACHED TO THAT. SOME MODELS SHOW IT WOULD RAISE $500 BILLION IN REVENUE OVER TEN YEARS. WHEN YOU LOOK AT THE TRADEABLE VERSUS ILLIQUID RULES ON THIS, THERE WOULD BE A LOT OF UNINTENDED CONSEQUENCES. ON THE DEAL SIDE YOU WOULD GET A TON OF TAKE PRIVATES BECAUSE IF YOU'RE A PRIVATE COMPANY OR A LIQUID ASSET, YOU WOULD DEFER THOSE TAXES OVER THE LIFE OF THE ASSET WHEREAS IF YOU HAVE TRADEABLE STOCK, THEY COULD BE MARKED TO MARKET EVERY YEAR, YOU WOULD PAY THAT TAX. LOTS OF QUESTIONS, LOTS OF COMPLICATED DETAILS THAT WOULD STILL NEED TO BE