Folks, we've been paying these taxes since the 1980s.... Why do you think those millionaires became billionaires? And now these billionaires are on their golden path to becoming trillionaires! SMH.
We, the middle class, shall pay for the tax cut of the wealthy and the lack of wealth tax. This is apparently how it works. I wish at least they could give us a better healthcare.
@ I can believe it. I don’t know a whole lot about his political legacy (I’m 32) but I’m willing to bet it wasn’t great. I’ll double check if I feel the need.
@@ZayOsirisGaming Well, I'd rather have him than the current incoming 47th, but that isn't saying a lot. I'm 69, so I remember. Good luck in that future that my generation helped mess up for you.
@@jimloth6091 I hold nothing against you. We’re in this together 🇺🇸 The system needs to change, and for what it’s worth; Nobody wants corporate billionaires in charge of our counties - sucking up all the resources for themselves. Trump is rigging the system in his favor.
@@ZayOsirisGaming I agree completely. The culture of corporate greed is the real problem, not one political party or the other, unless they enable that greed.
We must remember how much the wealthy were taxed before. We can't assume their current tax rates are the norm. Thank you, Robert! So nice to feel someone speaking truth to power!
back in the 70s when they were taxed the right way we didn't have half of these problems in our country was strong everyone was proud and happy and we had good jobs with good benefits because companies invested in their employees as part of their tax cut. Now we have nothing except class warfare and anybody that's not basically in the top 24 elite class seems to be worthless so we are all worthless lol I am scum lol we are all scumbags the middle class is gone it's Rich class and scumbags now maybe I should make a shirt that says I am now a scumbag lol
We really need a wealth tax in the U.S. And a good universal health care system. We could take a few lessons from certain European countries with regard to education, also.
You don't have enough of a Black or Brown population for the wealthy to scapegoat in order to distract the citizens from getting their pockets picked by the ultrarich.
We wouldn't be in this financial mess if they paid their share. They can also afford to pay their employees a decent wage with great benefits. Their businesses wouldn't be successful without their employees!
@@gregpierquet5818the government doesn't waste as much money as you think. It is actually losing out on trillions due to tax breaks and subsidies to the wealthy and Corporate America. That is why the deficit keeps growing.
@Nemesisnxt They borrow again. New loan repays the old one. It would take more than several lifetimes for that to backfire, which is why it would be risky for someone to risk their savings of, say $100,000, which could run out (in 33 years at 3%) or be lost if the value of the underlying stocks fell too far, too fast.
@@Nemesisnxt Their loans are paid using income from the same assets ongoing value. They don't pay it off fully until they die so they avoid capital gain taxes. They only pay an interest rate of 3-7% also. It's called buy, borrow, die.
Also note: If they actually do sell their stocks, they're still taxed lower than the income for most Americans due to the low capital gains tax rates compared to income tax rates.
Capital gains tax at their level is 20%. Household median income is $80k, which translates to just under a 15% tax rate, and that’s before deduction and entitlements. So no, they won’t pay a lower rate.
@@Nemesisnxt That's assuming everyone is married filing jointly. Median Salary for individuals is about $60k, which is solidly in the 22% tax bracket for every other filing status (single, head of household, married filing separately). To be specific: -22% tax bracket for your wage income starts at about $45k (double for married filing joint). -15% tax bracket for long-term capital gains starts at about the same (about $45k & double for married filing joint) -20% tax bracket (maximum) for long-term capital gains starts at about *$492k* of taxable income (double for married filing joint) Of course, this is assuming the wealthy don't lower their "taxable" income to get the 15% rate since they have much more flexibility over when they declare their wealth as income.
@@Charon85OnozukaYou’re comparing apples to apple sauce. Robert is talking “effective” tax rates. An individual at $60k a year is taxed federally at 13.37% less any deductions and entitlements.
When things are said and done, we must start profiting sharing. The CEO should not make 300x more than the lowest paid worker. Their bonuses and increases should be tied to their worker’s compensation. If their pay goes up, so does their worker’s. When they have a stellar year, EVERYONE has a stellar year. Not just cheap pizza parties and a printed certificate. This would curtail billionaires.
Amen to that! I retired a number of years ago ( due to health problems), but the older I get, that more angry I get about the salary I got compared to the white males who had less education, and sometimes, less experience than I did. White female with a doctorate and a wide range of experiences in my field. Live in a right to work state...
300% would be a dream. That is only $80 per hour in the highest minimum wage areas. I really think you meant 300 times more than the lowest paid workers. That’s about $12M which is about what CEOs make with all the bonuses and such.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
It’s funny that when you talk about this with the average republican, their argument inevitably boils down to, well one day I might be rich and I don’t want to have to pay high taxes if/when that happens. I got news for you buddy, the likelihood of you becoming rich late in life is astronomically low and the likelihood of you becoming wealthy are even lower. Plus even if you were getting taxed at a much higher rate than we have now you would still have plenty of money left to live more than comfortably so the argument still falls flat.
Which makes them not only Stupid and delusional, But also incredibly selfish people. Like a normal person might think "If I ever win the lottery I could help some people in need". Not these assholes. they think "I better preemptively deprive people just like me of the possibility of a decent life because of hypothetical taxes in some god damned childish fantasy world in my head"
@@HeatherJovero Exactly. That tool was & will forever be a joke! Mr. "Man of the people" who had his 15mins of fame & then vanished back into the U-Pipe of life
But not a simple flat tax, where everyone pays the same? You want fair, there it is. Everyone pays the same. Better yet, make it a consumption tax, one rate for all, no deductions, no exemptions.
@@KevinThomas-ok2ev doesn’t make sense when some people have vastly more capital than others. it’d either have to be to be too high, causing stress in the economy, or too low: also puts the economy under strain.
@@monokumasussy9685 It makes perfect sense, and everyone’s fair share becomes truly fair. Those who buy or consume more, pay more, those who buy less, pay less. But everyone pays the same rate. This progressive tax structure is straight out of Marx, and simply promotes the class warfare that Reich is always trying to stir up.
You elect officials who believe in a wealth tax. “Oh but then they won’t pass the bills we want.” Then elect someone else that will. People often forget elected officials are there to pass YOUR agendas. Don’t just elect them on a whim or cuz they were already there. That’s what people are doing now; electing officials that don’t vote for their constituents’ interests. If you did this, officials would actually work for their constituents or else they’d be afraid of losing their job.
Another issue is that many politicians go into politics so as to become wealthy, rather than to make meaningful contributions to their communities. Most of them aspire to become a part of the wealthy and don't want to legislate these meaningful financial changes for society (to be taxed equitably).
Its one thing to have moderate taxes for all. However, these guys have manipulated the law and tax code through their buddies on capitol hill for years to give themselves a built-in wall. The fact that they can borrow billions backed by the billions they already have is crazy in the first place.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
@@galaxyspace76 I don't understand why it's become so important to play up this distinction that has no real difference. Maybe it's just the need to bring the party name to the forefront? Seems silly...
@slospop1125 thats a horrible idea. You are saying you want the wealthy to put even more money into the pockets of corrupt politicians, lower wages, and make everything more expensive.
@@gregpierquet5818 It hasn't yet. It's Trump's agenda. Buckle up buttercup... we're in for a bumpy ride right off and bridge at 120 mph. Please read the Project 2025 Agenda and then you will understand.
Elon once explained how he legally avoids paying income tax, he takes no salary he takes loans against his stocks, the working class make up the difference.
I’m more interested in getting rid of the SocSec tax cap. We need to stabilize the Trust fund and its projected that this would do it for the next 75 yrs.
You're focused on something that still doesn't help the working class, getting rid of the SocSec tax cap only opens another door for them to abuse at our expense, we need radical change to the entirety of tye wealth class, by hook or by crook
Social Security shouldn’t be taxed at all and wasn’t until Reagan was president. Social security funding has and has had a surplus that Congress borrows so heavily from it that it appears to be running out of money completely. They don’t want to pay the money they borrowed from social security back hence the efforts to do away with social security.
@@joesmith4443 Could you please explain what you mean by the "death tax?" I am fairly well acquainted with the estate tax, but not this death tax of which you speak. Thanks!
@ haha, You’re right, it’s to reinstate the Estate Tax it was demonized by the GQP. It’s officially is called the “Estate Tax” not Death Tax. It’s their ‘Repeal and Replace’ of the ACA 🤣 👍🏻
@@williamgechtman9287 inheritance and estate taxes are both considered death taxes ie triggered upon death. By saying “death tax” they are referring to both of these simultaneously. I assume by death tax they’re specifically trying to cite the most common ways to avoid it. 1. Avoiding inheritance tax: A step up cost basis: we adjust the baseline value of an asset when the person dies from the original purchase price to the current market value. Typically we subtract baseline and market value and the difference is the inherited portion that we pay taxes on. By “stepping up” the baseline on death baseline = market value (or very close) and a majority of inheritance taxes are avoided. 2. How to avoid estate taxes: irrevocable trusts: by placing assets in an irrevocable (unable to be changed or terminated) trust you remove ownership from the assets shielding them from estate taxes. The grantor also doesn’t pay taxes in any appreciation or wealth generated by these assets as they don’t “own” them once they’re admitted to the trust. Edit: neither of these are done by default and must be done with a financial advisor or lawyer who is knowledgeable on the subject. A majority of Americans lack the financial stability to risk an irrevocable trust in their later years and you have to prep for a step-up cost basis. So basically if you have the money to avoid it you can and do.
Time to change the tax system... SS tax needs to be applied to all income ..with no cap... being wealthy does not mean you will not be poor tomorrow.. The regulation of government is a check against foolish greedy CEO billionaires..
@jockaud the tax loophole of calling your workers partners or contractors must be eliminated so the main contractor is responsible to make tax pay.ents to government.
As explicitly stated in the video debt is not income. Rich people don’t take “income” beyond the stock compensation they receive (which is primarily before the companies grow). They borrow against hordes of appreciating assets because interest rates are cheaper than capital gains and they can avoid capital gains by doing so until they die before using trusts and step up cost basis to pass their wealth along without it being taxed.
@its.that-time It has nothing to do with the top 1% Elon Musk paid over a billion in taxes and you still think he didnt give enough. You have the exact same tax break opportunities that they use but you aren't educated on the tax system so you dont use them. What you people who say this outlandish crap dont understand is that not only are the rich already paying more in taxes that any of you, when you tax them even more, you don't help yourself. You put more money into corrupt politicians pockets, make everything more expensive, lower wages, and restrict the business owners abilities to expand and create more jobs. You shoot yourself in the foot. There's absolutely no logic to your argument.
They really should pay attention. Their lack of paying taxes is getting old. Kind of like the abuse dished out by insurance companies in not paying for needed healthcare. And owning the politicians is no excuse for not paying taxes.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
Not to mention the stepped-up basis on inheritance taxes. Elon could have bought a $10 stock 20 years ago. But even though its current value is $500, his heirs inherit it on a stepped-up basis of $500, meaning they pay capital gains only on the difference between $500 and the price at which they sell it. If they sell it at $510, they only pay capital gains on the $10.
@@newguy6935 that's what makes living the life of a billionaire on borrowed funds secured by stock so enticing, and so insidious. "They use appreciating stock to secure loans? When do they pay it back?" Never. They never pay it back. They die. The value resets as of the date of death. Their estate sells it as of that day or not long thereafter and pays the loans back. No one *ever* pays capital gains taxes on the stock. Ever. A win-win, except for the US taxpayers.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
Did you check Robert’s data, or do you just take him at face value? Median household income is $80k. Federal effective tax rate for married or head of house is 14.98% at $80k. 10.72% at $40k. And it’s well documented that lower income earners have a net positive from the government, effectively paying less than nothing.
@@Nemesisnxtof course low income earners have a net positive from the government, what do you expect? The opposite? That someone who is enslaved by big corporations have a net negative from government tax on top of a hunger wage? Look at the different in capital from the top 1% and the bottom 99%. It keeps growing and growing. The rich are getting richer, while the poor are getting poorer. The richest 1% is having an explosion of capital since 1990, while the median household didn't have a real wage increase, and actually is decreasing compared to inflation. Do you know how to stop inflation? By reducing deficit, which means controlling better the demand of money, which means increasing tax on the ultra rich. This is the only way the median household will benefit on a real increase in wage retribution
As good as that sounds, the government will never go for it. Not just cause there's way more rich people in the cabinet and the executive branch, but there are so many people in Congress who rely on those people to keep them in their jobs, so they aren't gonna get them to give up their money cause they'd only use that money on someone who will do it for them
If you look historically the country didn't have a constant cycle of ballooning debt, then we started cutting tax rates and we needed to borrow instead. And Democrats don't undo the tax breaks so of course the problem stays under them. Clinton ended his term with a surplus in the budget, and Bush to throw that surplus away as an excuse to cut taxes. We wouldn't have a national debt problem if the rich paid their fair share.
@@KevinThomas-ok2ev l don't mind paying my taxes as long as everyone else pays the same percentage. It's grossly unjust for the richest to pay the least.
In Denmark and much of the western world it works just the opposit way. Perhabs that is why more than 90% of the population find the tax system to be fair with the benefits it provides for everyone. It is also one of the happiest countries, one of the most bussines friendly countries and unlike America with a debt to GDP of 100% or more than 100.000 usd per capita, Denmarks debt is 9% of GDP. So it may have the worlds highest taxes, but that is exceptet because it is invested back into the individual and country. Also it is a safe place to live unlike the US which is ranked 134 out of 164. It is also ranked the least corrupt country unlike America. Now only 84,2% voted on the last general election eventhough it is consideret a previlage and duty. In America it was 64% and in some states down to 50%. So yes social benefits and high taxes can work in a marked economy
You also have a completely failed economy, the worst average household debt in the world, a monarchy that is allowed to steal your money to buy secret ski chalets, a xenophobic government and populace with a zero asylum seeker goal, and a complete inability to defend yourselves without begging the US for protection. Your GDP hasn’t grown above 1.8% in years. You’re a joke.
Yeah, and billionaires don't pay into Social Security, either. As for a wealth tax, I don't think so, at least for the next four years. As long as the Trump crime family is running this country, there will be a middle-class tax that will cause untoward strain on families.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you... prevent inflation
Thanks for continuing updates I'd rather trade the crypto market as it's more profitable. I make a good amount of money per week even though I barely trade myself.
A lot of people still make massive profit from the crypto market, all you really need is a relevant information and some ‹professional advice. ‹it's totally inappropriate for investors to hang on while suffering from dip during significant
Well that ain't happenin'. If anything, they're about to have even greater advantage. Which begs the question: with half of American voters too stupid to vote in their own interest, is Luigi hero or villain?
Remember, if you tax someone making 60k a year for 50% they are left with 30k to live with… If you tax someone racking in 1000k (just 1 million, which is very little for some of those people) a year for 50% they are left with 500k to live with. Even if taxes were “fair” in this way, as in the same percentage, the end result would still be incredibly unfair…
A tax wealth should not kick for say, the first million, else it'll dry sump a lot of people's 401k savings.... I'd be happy with something kicking in at say, 10mil and above
Agreed, if we can challenge the 2 hurdles of a) bought and paid for politicians not wanting to touch the wealthy and b) the "temporarily embarrassed millionaire" culture of people who oppose taxing the wealthy in hopes they themselves one day will be, we can make it happen.
The business tax rate in every country must be Ninety One Per Cent agren, on high incomes and excessive profits the tax rate must be Ninety Five Per Cent globally.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
The sickest part is a CEO can simply pay himself $ 1.00 for wages and receive stocks or bonds and live off the company's expense account till he decides to leave even if he bankrupts the company he'll get huge bonuses.
Yes. Convert the Income tax to a consumption tax. Tax loan revenue. Exempt loan principle payments. Tax gross sales of stocks and other investments. Exempt gross purchase amount of investments. This is not only more fair, but it eliminates long term record keeping of investments. 'Cost Basis' no longer matters, and home improvement, repair and maintenance expenses become deductible immediately.
The wealthy and corporations contribute hundreds of millions, to Democrats and Republicans. So they have both parties in their pockets, and get what they want.
100% agree this loophole needs to be closed. If you are the primary at a company you should not be able to take loans out against your stocks to finance your lifestyle. You should have to cash in your stocks and pay income tax not take a loss on interest…😢
Some parts of their wealth should be included in their income. Stock, for example, should be considered income of it is **granted** and not **purchased.** If Musk takes a $1 salary for the year but is **given** 50,000 shares of stock, the dollar value of that stock should be counted as income.
700 Billionaires divided by 50 states= 14Billionaires per state. They could be assigned a State to support, and THEY can pay for infrastructure and operating expenses. 14 per state. They have the resources.
The problem with that idea is that they'd just find another loophole and people like me that own their own homes but are still living paycheck to paycheck would end up being taxed on those homes. Because it's an appreciating asset.
That isn't how wealth tax works. You're misinformed if you believe a wealth tax = estate tax. Wealth tax would be targeted specifically towards stocks, not some billy Bob Joe's house.
Each person can choose which businesses to support via disposable income. The people, as a collective, have much power if they choose to use it. These people are where they are because of you.
'According to the tax foundation, the bottom 50% of taxpayers earned 10.4% of total AGI and paid 2.3% of all federal individual income taxes. The top 1% earned 26.3% of total AGI and paid 45.8% of all federal income taxes.'
I agree that there should be a wealth tax. The problem is they keep putting their stuff in the offshore bank accounts where they won't get taxed. I think before we can tax the billionaires, we need to make offshore accounts illegal. Why isn't anybody talking about that??!?!
The last I saw, the richest people in the nation are paying the most income taxes as a percentage. If we got back to the principal of what the federal government is supposed to do according to the Constitution, then we would all be paying less tax. The role of the Federal government has expanded so much outside of the framework of the Constitution we need to get the hedge trimmers out and trim it back to what it's supposed to be.
I don't see a problem with taxes being paid upon disposition of assets or upon death. That is how it should be, otherwise you may be forcing people to sell off assets to pay taxes with money they don't have. The government will eventually get their money that way. The real problem is that the rich are not taxed sufficiently.
When the Fed lowers interest rates, sometimes to zero, the banks get loans at minuscule interest. In turn, they give loans to their cronies in business. One faction are the builders of industrial parks and strip malls. In our area, there are plenty of existing properties like these and yet, they build more. Leaving empty locations that are not rented. When this happens, the investors take a loss which diminishes the taxes they pay - sometime to zero. Leaving them more money to do this all over again OR bankrupt the companies they create. They pay no taxes, spoil communities with empty properties and we are left paying taxes for the things they don't pay for, but receive the benefits from. Who pays for the folks they've stiffed in bankruptcies? They don't; WE DO!
How about fixing the IRS on income tax as first step? There are not enough agents and qualified accountants, oh and there was corruption too. You will lose a lot of people (even among democrats) trying to drive the wealth tax agenda.
If they band together to pay off the national debt created by their unwillingness to contribute to the systems and infrastructure which they get the most benefit from, we can call it even. Then we begin a more equitable system of wealth distribution. They still get to be obscenely rich, but they participate with the rest of us and have the peace of mind of not exploiting their fellow citizens and the labor force which sustains them.
Sorry, that’s been tried before. At the end of WW1, the United States tried to tax wealth at 90%. SCOTUS ruled it was a violation of the 5th Amendment to the constitution. Britain tried it in the early 2000s, with the stock market crashing and people losing their pensions and life savings. In the U.S., 1/10,000 of the market sets the price for the entire market. It shouldn’t but that’s the way the market works. If you tax wealth, the wealthy have to sell stock to pay the taxes. Since they need quick cash, they sell at ever lower prices, depressing the market. That wipes out small investors, exactly what happened in Britain in the early 2000s. Then, when the government rescinded the policy, the rich took out loans to buy the stock of the small investors. The rich got richer and the poor got poorer thanks to an ill-conceived tax policy. It’s still affecting the people of Britain who can’t afford to retire today. If the government hadn’t wiped out their investments, they could have retired. Now, they’ll have to work until they die.
We need a wealth tax here in the US on worldwide assets (including investment accounts), but at a much higher threshold than, say, most European countries as wages here are higher and average home prices are higher.
Wealth taxes do not work. France tried that in 1981 with Francois Mitterand. The result was an immediate capital exodus that hampered businesses until it was dampened and repealed. What works better is a more progressive income tax (more rates) coupled with capital gains and income from work taxed equally coupled with no cap on ss taxes.
The podcast Search Engine released a remarkable two part series on this very issue, titled "Why is it so hard to tax billionaires?" - highly recommend!!
While I do respect and admire you Mr.Reich, and I do agree with you wholeheartedly, according to the most recent popular vote, it appears that most Americans do not agree with us. There is a very good and obvious reason for that and that is something that most people are neither willing to admit or look at, nor have the honesty to admit. There is nothing to worry about. This is a self-solving problem.
I think we should also focus on how many people in Congress can never have credit, and make sure that they are removed from their position of power because they are beholden by these types of billionaires, just pathetic
Should have a new loan class for this specific reason, with fees built in to cover the equivalent gains of the value collateral being borrowed against for intangible assets like stocks.
But as long as Trump is in the White House no billionaire need worry about paying taxes. But Trump's supporters will pay it for them
How about the non-supportors? They get entangled in this mess.
@@beckyhenkel7917yes we will all pay
Folks, we've been paying these taxes since the 1980s....
Why do you think those millionaires became billionaires?
And now these billionaires are on their golden path to becoming trillionaires!
SMH.
We, the middle class, shall pay for the tax cut of the wealthy and the lack of wealth tax. This is apparently how it works. I wish at least they could give us a better healthcare.
Who donated Harris a billion dollars and more? Not grannies with their loose change.
I REALLY wish this type of messaging would reach the people who need to hear it most. This isn’t a red or blue issue. It’s an American wealth issue.
Although to be fair, the slope into this pit was greased by Regan.
@ I can believe it. I don’t know a whole lot about his political legacy (I’m 32) but I’m willing to bet it wasn’t great. I’ll double check if I feel the need.
@@ZayOsirisGaming Well, I'd rather have him than the current incoming 47th, but that isn't saying a lot. I'm 69, so I remember. Good luck in that future that my generation helped mess up for you.
@@jimloth6091 I hold nothing against you. We’re in this together 🇺🇸
The system needs to change, and for what it’s worth; Nobody wants corporate billionaires in charge of our counties - sucking up all the resources for themselves. Trump is rigging the system in his favor.
@@ZayOsirisGaming I agree completely. The culture of corporate greed is the real problem, not one political party or the other, unless they enable that greed.
We must remember how much the wealthy were taxed before. We can't assume their current tax rates are the norm. Thank you, Robert! So nice to feel someone speaking truth to power!
It used to be 90% for those in the highest bracket.
Yup before RR was elected and duped the public with trickle down economics...
@@TheShift1313 tbh, they weren't even fully fooled, he got them by saying minorities would be the poor ones
back in the 70s when they were taxed the right way we didn't have half of these problems in our country was strong everyone was proud and happy and we had good jobs with good benefits because companies invested in their employees as part of their tax cut. Now we have nothing except class warfare and anybody that's not basically in the top 24 elite class seems to be worthless so we are all worthless lol I am scum lol we are all scumbags the middle class is gone it's Rich class and scumbags now maybe I should make a shirt that says I am now a scumbag lol
When the American dream was still possible on 1 income THEIR tax was %90.
We have a wealth tax in The Netherlands, it works just fine.
We really need a wealth tax in the U.S. And a good universal health care system. We could take a few lessons from certain European countries with regard to education, also.
yea we know.. Trust me lol.
Of course. You are a first world nation. America is a third world banana republic.
You don't have enough of a Black or Brown population for the wealthy to scapegoat in order to distract the citizens from getting their pockets picked by the ultrarich.
Do you know anyone that would like to adopt a very friendly 70 year old American? 😊
We wouldn't be in this financial mess if they paid their share. They can also afford to pay their employees a decent wage with great benefits. Their businesses wouldn't be successful without their employees!
Unfortunately, all or most of the Ultra Wealthy think their Employees as as expense that has to be restrained.
We wouldn't be in this mess if the government spent money wisely.
@@gregpierquet5818 Agreed. 800 billion per year for the War Department is a terrible idea.
The top 1% pays something like 44% of total tax revenue. The top 10% pay nearly 75% of the total. What are you calling "their fair share"?
@@gregpierquet5818the government doesn't waste as much money as you think. It is actually losing out on trillions due to tax breaks and subsidies to the wealthy and Corporate America. That is why the deficit keeps growing.
Now this is the CLEAREST statement about the issue.
That's RR's superpower.
How do they pay the loan back?
@Nemesisnxt They borrow again. New loan repays the old one. It would take more than several lifetimes for that to backfire, which is why it would be risky for someone to risk their savings of, say $100,000, which could run out (in 33 years at 3%) or be lost if the value of the underlying stocks fell too far, too fast.
@@Nemesisnxt Their loans are paid using income from the same assets ongoing value. They don't pay it off fully until they die so they avoid capital gain taxes. They only pay an interest rate of 3-7% also. It's called buy, borrow, die.
@@Nemesisnxt"THEY DEFINITELY,,, DON'T,,,,WE,,THE AMERICAN PEOPLE,, DEFINITELY DO"!!!!!
Also note: If they actually do sell their stocks, they're still taxed lower than the income for most Americans due to the low capital gains tax rates compared to income tax rates.
Capital gains tax at their level is 20%. Household median income is $80k, which translates to just under a 15% tax rate, and that’s before deduction and entitlements. So no, they won’t pay a lower rate.
And?
@@Nemesisnxt That's assuming everyone is married filing jointly. Median Salary for individuals is about $60k, which is solidly in the 22% tax bracket for every other filing status (single, head of household, married filing separately).
To be specific:
-22% tax bracket for your wage income starts at about $45k (double for married filing joint).
-15% tax bracket for long-term capital gains starts at about the same (about $45k & double for married filing joint)
-20% tax bracket (maximum) for long-term capital gains starts at about *$492k* of taxable income (double for married filing joint)
Of course, this is assuming the wealthy don't lower their "taxable" income to get the 15% rate since they have much more flexibility over when they declare their wealth as income.
@@Charon85OnozukaYou’re comparing apples to apple sauce. Robert is talking “effective” tax rates. An individual at $60k a year is taxed federally at 13.37% less any deductions and entitlements.
Pro Tip: There is handy calc at smart assets to easily determine the effective tax rate.
When things are said and done, we must start profiting sharing. The CEO should not make 300x more than the lowest paid worker. Their bonuses and increases should be tied to their worker’s compensation. If their pay goes up, so does their worker’s.
When they have a stellar year, EVERYONE has a stellar year. Not just cheap pizza parties and a printed certificate. This would curtail billionaires.
Amen to that! I retired a number of years ago ( due to health problems), but the older I get, that more angry I get about the salary I got compared to the white males who had less education, and sometimes, less experience than I did. White female with a doctorate and a wide range of experiences in my field. Live in a right to work state...
@ I would be mad too! I’m sick and I’m tired of this broken system!
300% would be a dream. That is only $80 per hour in the highest minimum wage areas. I really think you meant 300 times more than the lowest paid workers. That’s about $12M which is about what CEOs make with all the bonuses and such.
@ oh shoot, thanks for pointing that out! It’s even worse 😭
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
It’s funny that when you talk about this with the average republican, their argument inevitably boils down to, well one day I might be rich and I don’t want to have to pay high taxes if/when that happens. I got news for you buddy, the likelihood of you becoming rich late in life is astronomically low and the likelihood of you becoming wealthy are even lower. Plus even if you were getting taxed at a much higher rate than we have now you would still have plenty of money left to live more than comfortably so the argument still falls flat.
Which makes them not only Stupid and delusional, But also incredibly selfish people. Like a normal person might think "If I ever win the lottery I could help some people in need". Not these assholes. they think "I better preemptively deprive people just like me of the possibility of a decent life because of hypothetical taxes in some god damned childish fantasy world in my head"
The pure IMAGINATION that people think they will become rich one day does so much heavy lifting for maintaining the unjust status quo.
They ve been delusional like this for ages.Remember Joe the plumber ?
Racism will always make a white person blind.
@@HeatherJovero Exactly. That tool was & will forever be a joke! Mr. "Man of the people" who had his 15mins of fame & then vanished back into the U-Pipe of life
Thank you Robert for explaining this again in simple terms.
NO BILLIONAIRE'S SHOULD NOT BE TAXED LOWER, and YES, there should be a millionaire / wealth tax!! Thk you, keep preaching Robert!!😂❤
But not a simple flat tax, where everyone pays the same? You want fair, there it is. Everyone pays the same. Better yet, make it a consumption tax, one rate for all, no deductions, no exemptions.
Double negatives there.
@@KevinThomas-ok2ev doesn’t make sense when some people have vastly more capital than others. it’d either have to be to be too high, causing stress in the economy, or too low: also puts the economy under strain.
@@monokumasussy9685 It makes perfect sense, and everyone’s fair share becomes truly fair. Those who buy or consume more, pay more, those who buy less, pay less. But everyone pays the same rate. This progressive tax structure is straight out of Marx, and simply promotes the class warfare that Reich is always trying to stir up.
Very good insight into how this stuff works.
How do we enact a wealth tax when billionaires are making the rules?
Well we just fucked over America for the next couple generations voting Trump into office.
We stop playing the game.
At the tip of a spear.
You elect officials who believe in a wealth tax. “Oh but then they won’t pass the bills we want.” Then elect someone else that will.
People often forget elected officials are there to pass YOUR agendas. Don’t just elect them on a whim or cuz they were already there. That’s what people are doing now; electing officials that don’t vote for their constituents’ interests. If you did this, officials would actually work for their constituents or else they’d be afraid of losing their job.
Same way they convinced the working class to give up their rights
Another issue is that many politicians go into politics so as to become wealthy, rather than to make meaningful contributions to their communities. Most of them aspire to become a part of the wealthy and don't want to legislate these meaningful financial changes for society (to be taxed equitably).
And we've been letting them do it. Time to educate ourselves and start using the power of our votes to make them accountable.
@auntiejen5376 But I have known this fir years and voted against them, my vote rarely counts thanks to electoral college.
But would it matter? Because it seems like both parties are guilty of this! @@auntiejen5376
@joycej9415 Don't give up. Your vote always counts. And, personally, I think the electoral college has outlived its usefulness.
@auntiejen5376 yes I will keep voting, thanks
Its one thing to have moderate taxes for all. However, these guys have manipulated the law and tax code through their buddies on capitol hill for years to give themselves a built-in wall. The fact that they can borrow billions backed by the billions they already have is crazy in the first place.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
Oligarchy not democracy.
Oligarchy has run rampant, and it can now accelerate without boundaries. That's real progress to control the entire manipulated system.
Constitutional republic, not democracy
@@harrisonwintergreen1147 a republic is a democracy bozo
@@galaxyspace76 I don't understand why it's become so important to play up this distinction that has no real difference. Maybe it's just the need to bring the party name to the forefront? Seems silly...
@@jimloth6091 some people really cant tell the similarities 😂
A wealth Tax would be good, but we're not going to see one for at least 4 years
you mean never. You're not going to get another election
Provided we aren't wiped out within that time as a result of world War.
@slospop1125 thats a horrible idea.
You are saying you want the wealthy to put even more money into the pockets of corrupt politicians, lower wages, and make everything more expensive.
@BlackangelKatakuri we have Trump now so there wont be a world war. If Harris had won, we would definitely be in a world war
@@BlackangelKatakuriscary, but true!
Once project 2025 is activated. Workers' fed income tax will be >30%, and the richest will be
Exactly, they tax the working class to pay for tax cuts for the wealthy.. Take our social security, Medicare, and Medicaid.
When did that law take effect?
@@gregpierquet5818 When did convicted felons get elected to be the president?
@@gregpierquet5818
It hasn't yet. It's Trump's agenda. Buckle up buttercup... we're in for a bumpy ride right off and bridge at 120 mph. Please read the Project 2025 Agenda and then you will understand.
@@gregpierquet5818 don't read much i see😂
Elon once explained how he legally avoids paying income tax, he takes no salary he takes loans against his stocks, the working class make up the difference.
Yeah that’s literally what the video said 🤦🏻♂️
I’m more interested in getting rid of the SocSec tax cap. We need to stabilize the Trust fund and its projected that this would do it for the next 75 yrs.
Billionaires don't pay income tax, that's the problem, but I agree everyone should pay the same percentage.
You're focused on something that still doesn't help the working class, getting rid of the SocSec tax cap only opens another door for them to abuse at our expense, we need radical change to the entirety of tye wealth class, by hook or by crook
There is no trust fund. Congress can use SS taxes for whatever they want.
Social Security shouldn’t be taxed at all and wasn’t until Reagan was president. Social security funding has and has had a surplus that Congress borrows so heavily from it that it appears to be running out of money completely. They don’t want to pay the money they borrowed from social security back hence the efforts to do away with social security.
Honorable mentions the Carried Interests Loophole and the Death Tax 💯
@@joesmith4443 Could you please explain what you mean by the "death tax?" I am fairly well acquainted with the estate tax, but not this death tax of which you speak. Thanks!
@ haha, You’re right, it’s to reinstate the Estate Tax it was demonized by the GQP. It’s officially is called the “Estate Tax” not Death Tax. It’s their ‘Repeal and Replace’ of the ACA 🤣 👍🏻
@@williamgechtman9287 inheritance and estate taxes are both considered death taxes ie triggered upon death. By saying “death tax” they are referring to both of these simultaneously.
I assume by death tax they’re specifically trying to cite the most common ways to avoid it.
1. Avoiding inheritance tax: A step up cost basis: we adjust the baseline value of an asset when the person dies from the original purchase price to the current market value. Typically we subtract baseline and market value and the difference is the inherited portion that we pay taxes on. By “stepping up” the baseline on death baseline = market value (or very close) and a majority of inheritance taxes are avoided.
2. How to avoid estate taxes: irrevocable trusts: by placing assets in an irrevocable (unable to be changed or terminated) trust you remove ownership from the assets shielding them from estate taxes. The grantor also doesn’t pay taxes in any appreciation or wealth generated by these assets as they don’t “own” them once they’re admitted to the trust.
Edit: neither of these are done by default and must be done with a financial advisor or lawyer who is knowledgeable on the subject. A majority of Americans lack the financial stability to risk an irrevocable trust in their later years and you have to prep for a step-up cost basis. So basically if you have the money to avoid it you can and do.
Time to change the tax system...
SS tax needs to be applied to all income
..with no cap... being wealthy does not mean you will not be poor tomorrow..
The regulation of government is a check against foolish greedy CEO billionaires..
And make social security taxes for ALL workers so everyone has skin in the game!
@jockaud the tax loophole of calling your workers partners or contractors must be eliminated so the main contractor is responsible to make tax pay.ents to government.
As explicitly stated in the video debt is not income. Rich people don’t take “income” beyond the stock compensation they receive (which is primarily before the companies grow). They borrow against hordes of appreciating assets because interest rates are cheaper than capital gains and they can avoid capital gains by doing so until they die before using trusts and step up cost basis to pass their wealth along without it being taxed.
@BruhRealy tax rules must change so it can be seen as fair by everyone ..
even Waren Buffit has said how lopsided it is..
We need to start taxing wealth
@@crazyburkey3677 nope, thats stupid
@tuckerbearden01 Oh yeah because the top 1 percent doesn't have enough
@its.that-time It has nothing to do with the top 1%
Elon Musk paid over a billion in taxes and you still think he didnt give enough.
You have the exact same tax break opportunities that they use but you aren't educated on the tax system so you dont use them.
What you people who say this outlandish crap dont understand is that not only are the rich already paying more in taxes that any of you, when you tax them even more, you don't help yourself.
You put more money into corrupt politicians pockets, make everything more expensive, lower wages, and restrict the business owners abilities to expand and create more jobs.
You shoot yourself in the foot.
There's absolutely no logic to your argument.
@@its.that-time Yes, We still have our blood and organs, Is there some way Musk and Bezos can take that too?
They really should pay attention. Their lack of paying taxes is getting old. Kind of like the abuse dished out by insurance companies in not paying for needed healthcare. And owning the politicians is no excuse for not paying taxes.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
We're looking at a authoritarian kakistocracy , created by oligarchs furthering the divide in wealth inequality .
Not to mention the stepped-up basis on inheritance taxes. Elon could have bought a $10 stock 20 years ago. But even though its current value is $500, his heirs inherit it on a stepped-up basis of $500, meaning they pay capital gains only on the difference between $500 and the price at which they sell it. If they sell it at $510, they only pay capital gains on the $10.
@@newguy6935 that's what makes living the life of a billionaire on borrowed funds secured by stock so enticing, and so insidious.
"They use appreciating stock to secure loans? When do they pay it back?"
Never. They never pay it back. They die. The value resets as of the date of death. Their estate sells it as of that day or not long thereafter and pays the loans back. No one *ever* pays capital gains taxes on the stock. Ever. A win-win, except for the US taxpayers.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
Thank you for your teachings, Mr Reich. I sincerely appreciate you. ❤
You wanted this, America.
You play with toys. Absolutely pathetic.
No, most of us didn't. Don't buy into the right-wing "mandate" "popular vote majority" bs. Most of us wanted NOT him.
@@fatherson5907Your mom plays with my "toy".🍆
It's ludicrous that they don't pay their share
MAGA Americans just told the wealthy that they don’t have to pay taxes.
Did you check Robert’s data, or do you just take him at face value? Median household income is $80k. Federal effective tax rate for married or head of house is 14.98% at $80k. 10.72% at $40k. And it’s well documented that lower income earners have a net positive from the government, effectively paying less than nothing.
@@Brenda-cp3oj but they do... they pay hundreds of millions.
Elon pays over a billion a year in taxes.
Bet you dont even pay a million
@@Nemesisnxtof course low income earners have a net positive from the government, what do you expect? The opposite? That someone who is enslaved by big corporations have a net negative from government tax on top of a hunger wage?
Look at the different in capital from the top 1% and the bottom 99%. It keeps growing and growing. The rich are getting richer, while the poor are getting poorer. The richest 1% is having an explosion of capital since 1990, while the median household didn't have a real wage increase, and actually is decreasing compared to inflation.
Do you know how to stop inflation? By reducing deficit, which means controlling better the demand of money, which means increasing tax on the ultra rich.
This is the only way the median household will benefit on a real increase in wage retribution
The top 20% of earners pay over 80% of taxes.
As good as that sounds, the government will never go for it. Not just cause there's way more rich people in the cabinet and the executive branch, but there are so many people in Congress who rely on those people to keep them in their jobs, so they aren't gonna get them to give up their money cause they'd only use that money on someone who will do it for them
BEFORE REAGAN WEALTHY PAID FAIR 75% TO 91% TAXRATES
If you look historically the country didn't have a constant cycle of ballooning debt, then we started cutting tax rates and we needed to borrow instead. And Democrats don't undo the tax breaks so of course the problem stays under them. Clinton ended his term with a surplus in the budget, and Bush to throw that surplus away as an excuse to cut taxes. We wouldn't have a national debt problem if the rich paid their fair share.
How much of someone else’s money is “your fair share”?
@@KevinThomas-ok2evWhy do you think the U.S.A. Government keeps adding to the deficit?
@@beckyheinz7337The same reason a dog licks his . . . himself; because he can. Same thing with the government.
@@KevinThomas-ok2ev l don't mind paying my taxes as long as everyone else pays the same percentage. It's grossly unjust for the richest to pay the least.
Even Adam Smith already predicted that issue and that it needs to be fought, so capitalism can work.
Regulation!!
In Denmark and much of the western world it works just the opposit way. Perhabs that is why more than 90% of the population find the tax system to be fair with the benefits it provides for everyone. It is also one of the happiest countries, one of the most bussines friendly countries and unlike America with a debt to GDP of 100% or more than 100.000 usd per capita, Denmarks debt is 9% of GDP. So it may have the worlds highest taxes, but that is exceptet because it is invested back into the individual and country. Also it is a safe place to live unlike the US which is ranked 134 out of 164. It is also ranked the least corrupt country unlike America. Now only 84,2% voted on the last general election eventhough it is consideret a previlage and duty. In America it was 64% and in some states down to 50%. So yes social benefits and high taxes can work in a marked economy
Well, the Foxes are in the henhouse now.
You also have a completely failed economy, the worst average household debt in the world, a monarchy that is allowed to steal your money to buy secret ski chalets, a xenophobic government and populace with a zero asylum seeker goal, and a complete inability to defend yourselves without begging the US for protection.
Your GDP hasn’t grown above 1.8% in years. You’re a joke.
Denmark also has some of the highest alcohol abuse rates in he world, a fact which tends to argue against the Nordic paradise myth.
If we taxed churches, we wouldn't need to pay property tax on our homes.
Yeah, and billionaires don't pay into Social Security, either. As for a wealth tax, I don't think so, at least for the next four years. As long as the Trump crime family is running this country, there will be a middle-class tax that will cause untoward strain on families.
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
We can start as soon as our president gives the green light !!! Oh wait !!! You elected who ???
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you... prevent inflation
Thanks for continuing updates I'd rather trade the crypto market as it's more profitable. I make a good amount of money per week even though I barely trade myself.
A lot of people still make massive profit from the crypto market, all you really need is a relevant information and some ‹professional advice. ‹it's totally inappropriate for investors to hang on while suffering from dip during significant
You trade also?, I
No I don't trade on my own anymore, I always required help and assistance
From my personal financial advisor
Well that ain't happenin'. If anything, they're about to have even greater advantage. Which begs the question: with half of American voters too stupid to vote in their own interest, is Luigi hero or villain?
Wealth inequality leads to society breakdown so as a community, we need to tax Wealth to stop society problems caused by the unfair system
NO, not fair to working people!!
With billionaires going into politics it won’t happen.
The way you teach is invaluable to your virtual students. Appreciated.
Do they actually repay those low interest rate loans?
Yes, they do, then write off the interest paid on their taxes. What a sweet system for these bloodsuckers huh?
Remember, if you tax someone making 60k a year for 50% they are left with 30k to live with…
If you tax someone racking in 1000k (just 1 million, which is very little for some of those people) a year for 50% they are left with 500k to live with.
Even if taxes were “fair” in this way, as in the same percentage, the end result would still be incredibly unfair…
That's not how taxes work buddy.
A tax wealth should not kick for say, the first million, else it'll dry sump a lot of people's 401k savings.... I'd be happy with something kicking in at say, 10mil and above
A million in America isn't what it use to be.
Agreed, if we can challenge the 2 hurdles of a) bought and paid for politicians not wanting to touch the wealthy and b) the "temporarily embarrassed millionaire" culture of people who oppose taxing the wealthy in hopes they themselves one day will be, we can make it happen.
And why should your opinion on this matter carry any weight whatsoever?
@@harrisonwintergreen1147And why would yours or anyone else's?
Wealth tax not needed remove the loopholes that allow dodging tax such as capital gains, and borrowing for income at a low rate
Tax the rich, millionaires, billionaires, and trillionaires.
*Robert is a millionaire.*
there is a reason that throughout history, when folks have had enough, these guys are the first ones up the scaffold.
The weasel and his clan are rejoicing .
They borrow their money at ZERO interest rates.
Well first we have to route out the oompa loompa, and then we have to eat the rich
NO, they are such greedy jerks 🤮🤬
The business tax rate in every country must be Ninety One Per Cent agren, on high incomes and excessive profits the tax rate must be Ninety Five Per Cent globally.
Greed is destroying this country.
“Should billionaires be able to get away with this?” Better question: should billionaires exist? Obvious answer: No!
❤ Thanks. ❤😊
ANSWER...... NO ! This is NOT how it should be. Wealth needs to be TAXED !
this guy is an idiot. he has no clue about what he is talking about. none...here are the real facts. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent. In total, about 59.9 percent of U.S. households paid income tax in 2022. The remaining 40.1 percent of households paid no individual income tax. In that same year, about 47.1 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid no individual income taxes. The top 10% of earners bore responsibility for 76% of all income taxes paid, and the top 25% paid 89% of all income taxes. This guy is a fucking liar. The facts are there. These that I showed you are from the government. If you want to balance the budget... really. Have the bottom 50 percent of earners pay just a $1000.00 a year that they do not pay now. This guy is disgusting.
The sickest part is a CEO can simply pay himself $ 1.00 for wages and receive stocks or bonds and live off the company's expense account till he decides to leave even if he bankrupts the company he'll get huge bonuses.
Or just live off low interest loans
Yes. Convert the Income tax to a consumption tax. Tax loan revenue. Exempt loan principle payments. Tax gross sales of stocks and other investments. Exempt gross purchase amount of investments. This is not only more fair, but it eliminates long term record keeping of investments. 'Cost Basis' no longer matters, and home improvement, repair and maintenance expenses become deductible immediately.
It won't happen now that's for sure.
The wealthy and corporations contribute hundreds of millions, to Democrats and Republicans. So they have both parties in their pockets, and get what they want.
Buy less and do less they will get it eventually
Remember that thing called Covid how prices came down like gas, do less spend less they need us more than we need them
In 2020 you got the President you wanted Democrats held the house and the Senate, focus on the people you voted for 🤷♂️
👀🙄 They ain't ish diabolical 🤬‼️
Oh dear God that would not only help ease a middle class tax burden
It would also help all of America in so many ways.
Get used to it. Billionaires can do and get away with whatever they want. Got it!
They are just men. Not super human. French Revolution comes to mind!
We have this in Norway. The result was that every billionaire left the country for Switzerland. Good luck Americans
Wow...😊
How do we get around Macomber and other cases that say the 16th Amendment can't apply to unrealized gains?
100% agree this loophole needs to be closed. If you are the primary at a company you should not be able to take loans out against your stocks to finance your lifestyle. You should have to cash in your stocks and pay income tax not take a loss on interest…😢
Some parts of their wealth should be included in their income. Stock, for example, should be considered income of it is **granted** and not **purchased.** If Musk takes a $1 salary for the year but is **given** 50,000 shares of stock, the dollar value of that stock should be counted as income.
700 Billionaires divided by 50 states= 14Billionaires per state. They could be assigned a State to support, and THEY can pay for infrastructure and operating expenses. 14 per state. They have the resources.
The problem with that idea is that they'd just find another loophole and people like me that own their own homes but are still living paycheck to paycheck would end up being taxed on those homes. Because it's an appreciating asset.
That isn't how wealth tax works. You're misinformed if you believe a wealth tax = estate tax. Wealth tax would be targeted specifically towards stocks, not some billy Bob Joe's house.
Best start would be to have any collateral used to get loans should be seen as realized and taxed as such. No more barroeing free money.
Will Robert ever put a picture up of George Soros and his son and Bill Gates😂
If more people understood this instead of kicking down this country and all of its citizens would be happier, healthier and more prosperous.
Each person can choose which businesses to support via disposable income. The people, as a collective, have much power if they choose to use it. These people are where they are because of you.
'According to the tax foundation, the bottom 50% of taxpayers earned 10.4% of total AGI and paid 2.3% of all federal individual income taxes. The top 1% earned 26.3% of total AGI and paid 45.8% of all federal income taxes.'
We shall all see......2024 - 2025 the year of TRUTH... continue exposing the American CORPORATE GREED.
Why in the hell do you think Elon supported trump ????
I agree that there should be a wealth tax. The problem is they keep putting their stuff in the offshore bank accounts where they won't get taxed. I think before we can tax the billionaires, we need to make offshore accounts illegal.
Why isn't anybody talking about that??!?!
A 2% wealth tax on people making over $50 million would solve the all the federal governments financial woes
The last I saw, the richest people in the nation are paying the most income taxes as a percentage. If we got back to the principal of what the federal government is supposed to do according to the Constitution, then we would all be paying less tax. The role of the Federal government has expanded so much outside of the framework of the Constitution we need to get the hedge trimmers out and trim it back to what it's supposed to be.
And HELL awaits!
The richest man on earth is in charge of America analyzing this is pure love
I don't see a problem with taxes being paid upon disposition of assets or upon death. That is how it should be, otherwise you may be forcing people to sell off assets to pay taxes with money they don't have. The government will eventually get their money that way. The real problem is that the rich are not taxed sufficiently.
No they shouldnt
When the Fed lowers interest rates, sometimes to zero, the banks get loans at minuscule interest. In turn, they give loans to their cronies in business. One faction are the builders of industrial parks and strip malls. In our area, there are plenty of existing properties like these and yet, they build more. Leaving empty locations that are not rented. When this happens, the investors take a loss which diminishes the taxes they pay - sometime to zero. Leaving them more money to do this all over again OR bankrupt the companies they create. They pay no taxes, spoil communities with empty properties and we are left paying taxes for the things they don't pay for, but receive the benefits from. Who pays for the folks they've stiffed in bankruptcies? They don't; WE DO!
How about fixing the IRS on income tax as first step? There are not enough agents and qualified accountants, oh and there was corruption too.
You will lose a lot of people (even among democrats) trying to drive the wealth tax agenda.
Same discussion here in Germany, where a wealth tax existed until 1991.
It would also fit to tax land value more than income.
If they band together to pay off the national debt created by their unwillingness to contribute to the systems and infrastructure which they get the most benefit from, we can call it even. Then we begin a more equitable system of wealth distribution. They still get to be obscenely rich, but they participate with the rest of us and have the peace of mind of not exploiting their fellow citizens and the labor force which sustains them.
Sorry, that’s been tried before. At the end of WW1, the United States tried to tax wealth at 90%. SCOTUS ruled it was a violation of the 5th Amendment to the constitution. Britain tried it in the early 2000s, with the stock market crashing and people losing their pensions and life savings. In the U.S., 1/10,000 of the market sets the price for the entire market. It shouldn’t but that’s the way the market works. If you tax wealth, the wealthy have to sell stock to pay the taxes. Since they need quick cash, they sell at ever lower prices, depressing the market. That wipes out small investors, exactly what happened in Britain in the early 2000s. Then, when the government rescinded the policy, the rich took out loans to buy the stock of the small investors. The rich got richer and the poor got poorer thanks to an ill-conceived tax policy. It’s still affecting the people of Britain who can’t afford to retire today. If the government hadn’t wiped out their investments, they could have retired. Now, they’ll have to work until they die.
We need a wealth tax here in the US on worldwide assets (including investment accounts), but at a much higher threshold than, say, most European countries as wages here are higher and average home prices are higher.
Wealth taxes do not work. France tried that in 1981 with Francois Mitterand. The result was an immediate capital exodus that hampered businesses until it was dampened and repealed. What works better is a more progressive income tax (more rates) coupled with capital gains and income from work taxed equally coupled with no cap on ss taxes.
Get rid of income taxes, which can be gamed with loopholes, and replace them with a VAT or sales tax, which cannot be gamed & is more efficient.
The podcast Search Engine released a remarkable two part series on this very issue, titled "Why is it so hard to tax billionaires?" - highly recommend!!
While I do respect and admire you Mr.Reich, and I do agree with you wholeheartedly, according to the most recent popular vote, it appears that most Americans do not agree with us. There is a very good and obvious reason for that and that is something that most people are neither willing to admit or look at, nor have the honesty to admit. There is nothing to worry about. This is a self-solving problem.
I think we should also focus on how many people in Congress can never have credit, and make sure that they are removed from their position of power because they are beholden by these types of billionaires, just pathetic
Hagee wanted 2600 to bring Jews from Ukraine, oddly Ukraine citizens can collect USA. SSI benefits
Should have a new loan class for this specific reason, with fees built in to cover the equivalent gains of the value collateral being borrowed against for intangible assets like stocks.