Why Billionaires and White Collar Criminals Love Donald Trump | The Coffee Klatch with Robert Reich
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- Опубликовано: 27 авг 2024
- Welcome back to our Saturday coffee klatch, where Heather and I review the highs and lows of the week.
Today we look at the role of big money in the presidential races of both parties. And with Tax Day looming, we also ask what’s in store when the Trump tax cuts (mostly for the wealthy and big corporations) run out next year? What sort of tax reforms are possible if Biden is reelected and Democrats take over both houses of Congress? Our guest today, appropriately, is tax expert Solana Rice.
And, of course, we talk about the new Beyoncé album (how could we not?).
Please grab a cup, pull up a chair, and join us. (And take our poll.)
I'm so glad you and your guest discussed taxes. A lot of Americans do not understand the history of taxation in this country. I began my CPA career in 1982, the Regan tax cut years. We dissolved retirement plans because of tax cuts to corporations. The Republicans cut taxes every time they got in office, except for Pappy Bush, who famously said "No new Taxes" and lost his 2nd term because he didn't come through. The Trump tax cuts hurt us in so many ways by increasing our deficit spending. With these Trump tax cuts, I saw the taxes increase for the lower middle class, including the retired folks and my small corporations, while my clients making $200000 or more were getting significant tax cuts. Tax law reflects American's values, and we do not value the middle class, the poor, or the elderly.
Yep! I made less than 20k this year and I’m paying in!
The US federal income tax code is a dysfunctional mess and should be completely overhauled. If just a couple of basic and logical principles were applied, it could be made simpler, fairer, more productive, etc. First, all sources of income should be taxed the same .... wages, capital gains, interest income, business profits, etc. After all, all income spends the same and thus there is no logical reason to give preferential tax treatment to any source of income. Second, all entities and individuals should be taxed under exactly the same rules. Namely a "corporate or profits tax" for everyone. That would include individuals, corporations, partnerships, sole owners, charities, non-profits, trusts, etc. Make the tax rules the same for everyone.
🎯
High taxes caused the economic crash in the 70's. Businesses couldnt keep people employed.
@@becka_boo good, about time you have to contribute.
My kids are Gen Z and even their brightest friends at school never heard of the Citizens United decision. Memories fade so quickly, even on such pivotal ones. It is incumbent on the folks who remember (with a sense of trauma) to repeat and discuss more often. Democracy takes effort!
I consider paying my taxes part of my civic and patriotic duty. That said, I resent that wealthy people and corporations pay a lower percentage of taxes on their income than I do. That is uncivic, unpatriotic, unfair, and just plain wrong, just plain exploitive.
Patriotism is voluntary.
"How many times do you have to get hit over the head until you figure out who's hitting you?" - Harry S. Truman
Exactly. Trump for president 🇺🇸.
I suppose many times, such as MAGAs
@@rhondakoenig6452 just keep voting for the same old crony democrats that do nothing for you.
Donkey Party
President Biden vote Blue
The tax system is in complete disarray! I’m partial SSI recipient due to disability. I still work part time and for the 1st time in life, I’m paying $117 in taxes on a salary less than $20k.
It’s just insane the way we are made to pay for it all but can’t get a higher wage or medical insurance for all!!
We’ve been trained to believe that we don’t deserve services for our money and SS, well they want to steal an average of $62k per individual by raising the age to 70!
SSI is a hot mess. They should plow the $ they waste administering it into SSA retirement benefits, to lower the eligibility age to 50 which is when Social-Security-dependent seniors actually start leaving the workforce.
SSA.gov has a great history webpage with all the details and more. DOL Secretary Frances Perkins was a devout Christian who, like me and many of us, believed in putting the poor first and BTW I too am poor, and White.
God bless us all this holy season of 6 weeks of Easter.
This is one of the most ignorant comments I've seen in awhile.
@@yourdaddy-mq4kmWhat you don't like the truth?
@@debbiedeering7998 $117 dollars is not paying for it all 😂.
@@debbiedeering7998Debbie, don't concern yourself. re: somebody's daddy...Hater and baiter
The best indicator not to vote for a candidate is how many corporations support that candidate. Trump is loaded with red flags.
Biden just has the support of the ones he gave billions in handouts to.
Biden gave out Billions in handouts to corporations.
JB did nothing but give handouts to the largest corporations.
Did you care when Biden gave them billions in handouts?
Biden gave billions to only the largest corporations.
My dad told me once taxes were an investment in your country. When you love something you don't mind investing in it. You invest in your home, you invest in your children, your country should be the same. I don't mind paying my taxes. I just hate the process. We should make that easier.
My dad was a barber he said you never get ahead by working for somebody else. Self employment self savings on taxes by only reporting half your cash sales. The tax code is not fair.
I don't want to pay taxes if the money is spent on the military industrial complex.
We should all be taxed at 90%.
@@JMyoutube1Squirrel!
@@Carlins_Prophet you Maga racist.
When a rich man has more than he can ever spend in his lifetime he begins to "rule" how he can decide how others should live their lives! Outside money in politics is lobbying at best and corruption at worst. 💙👍🤟
And that's exactly why soros funds the left.
Thank you for bringing on Solana! She is someone we all need to know! 💙
You got that right. A tax expert who still hasn't completed her 2024 tax returns.
It must be because of racism. Maybe we should give people of color an extra year to complete their taxes?
Remember that the only persons who can run for elected office are persons who can afford to be out of employment for the duration of the campaign and the possible elected term. That rules out most anyone who isn't wealth or rich.
or retired.
Yup, "end Citizens United"
So, that’s why most billionaires want Trump to be President, they need an extension of the Tax cut
Poor things. 😢 Maybe we should start a Go-Fund-Me for them?
Of course!!
It's ALL relatable to that....AND they don't want to admit that he was wrong for 2020, and THAT'S why he lost. They really ARE in a cult, but they just don't see it that way. They sort of act like Democrats are the cult.
America is going down, too many corrupt ppl in Power.
A lot of Senators corrupt
A lot of House members corrupt
Supreme Court judges corrupt
She never answered the question. What exactly in the tax bill says that minorities can’t deduct or credit like the majority?
We need to limit our military spending to 35% of total tax revenue, I misspoke earlier and called it gdp. Our military spending is out of control and it's hurting our infrastructure and common good.
No. 5 percent
Vote Trump. He never would have let Ukraine happen.
Our military spending is NOT 35% of total revenues, son.
You watch too much TV and read too many bumper stickers.
It's #3 on the list at less than 20%.
And it's the #4 thing mentioned in the first line of the Constitution.
TAX RATES SAY IT ALL!
Corporate tax needs to be returned to how things were.
Wealthy paved had reasonable tax rates. Also
Don't complain when the auto manufacturers leave.
You would need to go back several years to a time when tax rates we fair and the weathy paid their share. If the wealthy paid their share there would be more than enough money for social programs and to reduce the deficit. What people don't realize is that Clinton was able to end the deficit, 25% of the current deficit is due to Trump.
Vote in every election & vote BLUE up & down the ballot for at least the next 10 years.
Do you like the globalist agenda that much?
You must really love the elites agenda.
@@yourdaddy-mq4kmyou are silly.
@@lindagarland5223 There is a reason why the left is aligning with the WEF agenda.
@@lindagarland5223 the globalist agenda is not silly it's sinister.
It’s proven that the tax code can help most of us, and, make a healthy, happy country. When the tax code was heavily taxing the richest, we all lived better, and this became the leader of the world, and a country that everybody admired!!!!!! and nobody can deny this!!!
Those taxes created the economic decline of the 70's
@@yourdaddy-mq4km How? The rich still had plenty of money to create jobs.
@@estebanlara3702 when taxes were high the owners were taking all the profits out of their businesses instead of reinvesting. Now it's set up to benefit the owners to keep reinvesting and spending the money back into the economy.
BUT they are Not, all they are doing is buying back their stock to enrich their stockholders and themselves! @@yourdaddy-mq4km
Bank man freed… what a name to send to jail for fraud!
Great episode as always.
Thank you all very much
Happy Holidays
💙💙💙👍👍👍💙💙💙🌈🌈🌈
Many thanks to these hosts for their insights 😃
I had similar talks with many of our colleagues in California: We paid more taxes over night. In the year when the Trumper-tax came into power, my company has stricken all bonuses for us. So on my 1040 I had 10K lower total income. But in lieu of 2K reimbursement the year before, to my shock I was charged $2k for a lower income! Foremost, interest on our home was no longer tax deductible. We went to H&R block to check the veracity, and they told us, they are flooded by similar complaints.
Tax breaks for the rich did not work for everyone.
I follow the instructions the founders left, at the beginning of Our Constitution, “We, the People of the United States. . .”
I just want the wealthy to pay their fair share! That’s it!
I’m having a hard time believing that most Americans wouldn’t want the wealthy to pay their fair share
Where is the legislation?
If Adam Schiff wants my vote, he must present legislation that would level the playing field!
It is long past time for everyone to pay their Fair Share into Social Security!
Further, It is more than difficult for me to believe that people would actually put this Orange Monster as their president!
💙🙏🏽✔️OTE because you can💙🔔💙
When a rich man has more than he can ever spend in his lifetime he begins to "rule" how he can decide how others should live their lives!
On political donations from corporations: Lincoln said, “that this nation, under God, shall have a new birth of freedom and that government of the people, by the people, for the people, shall not perish from the earth” . With political donations from corporations running politics “the money” has replaced “the people”!
That's why JB gave out the most handouts in history.
Today's version is:
"That this nation, under the ALMIGHTY DOLLAR, shall have a new birth of profitability and that the government of the CORPORATIONS, by the CORPORATIONA,for the CORPORATIONS, shall not be regulated from this earth".
Good conversation thnx!
There is a lot of important information here. Thanks
A lot of misinformation for sure.
@@yourdaddy-mq4km I gave my opinion and you gave yours.
April 1st is also clearance-Easter-candy day1
Also Aprils fool
I'm with Robert!!! Paying taxes is my civic duty and I love the idea that my tax dollars are paying for health insurance and school lunches for poor children. Hate that it is also paying for mass incarceration.
Good Morning everyone! I am drinking a hug in a mug. This is a morning for Italian Espresso. How terrible is this loss of this very essential bridge, worse than terrible I would have to say !
And thank all of you for sharing your knowledge with us I think quite a few of us know that this money needs to get out of politics politicians are selling their influence and power to further themselves I hope you can continue our classes for a very long time hopefully to the point where you can give us good news showing that it's changing in the right direction take care
Mr Reich i just love you, you speak the truth.
Billionaires and millionaires love don he gave them 31% tax cut and their looking for more.
All these multimillionaires and billionaires who refuse to pay taxes should not be allowed to drive their cars on our highways and bridges and should have their electricity and water turned off!!!!!
@Message____RobertReich. Oh! Good evening!!!!! And, thank you! I’m 72 years old, a secular humanist, and a socialist, and back in 2010, I became an atheist. I have been a leftist Democrat since I was old enough to vote!
Again! Have a good evening from El Paso, Texas!
Nor should they be allowed to take off and land at our publicly funded airports. If you own your own private jet you should keep it in your own damn garage! Or pay taxes like the rest of us.
Corruption is deep. System does not work.
Vote out corruption.
Many-many eons ago my grandfather was a millionaire and a big influence on me. Not necessarily as an influence in my ability to amass vast wealth but in my ability to appreciate the need to help promote the general welfare of all in our society. This was back when we had a fictional program on our little TV sets where people’s lives were changed after being gifted a million dollar check. The character’s lives would be changed, hopefully for the better. Such wealth as this certainly made my grandfather a better man. His attitude was that the way to benefit the needy was to tax fortunate people like himself who could afford it. I wonder what he would think now that his wealth in today’s economy could almost make the payment for a garage in California. Well times change so let’s make our lives better for all. Today, if grandfather was still around he would still be giving with an open hand.
Keep up with the “The Coffee Klatch.” It’s a winner. 😅
Most major roads and bridge projects are financed by local State and Federal funding. Typically the projects are done by securing Federal grant money. Chance are high that the Federal government paid for the original bridge. They act surprised that Federal government is paying for cleaning up the wreckage and replacing the bridge. Infrastructure money comes from the Federal government.
Baltimore didn't just lose a bridge. Baltimore is an active port city, where goods arrive and are shipped on the the rest of the country. The bridge collapse has halted many of the port's activities until the harbor can be cleaned up and the bridge replaced. that Federal payout isn't just for Baltimore, but to keep the supply chain from suffering.
Thank you so much! ❤
I have been a fan all your career. Cspan, I love this fly on the wall times. That your still caring for US against these INSANE times
I was waiting for information how taxes rate are unequal, what is the difference between professional income vs corporate deductions.
Important issues as usual.
I love how Mr. Reich, a 77 year old man, says "I'm embarred" for not knowing about Beyonce's album lol
He's old but he's cool with the kids and that's another reason to love him
Righteousness exalted a nation.
Are you faithful in little?
Working class Republicans might want to listen and hear this.
Making the rich, richer never has worked both side of the Atlantic
You are just spewing more greedy rich myth. 👎🤬
When a rich man has more than he can ever spend in his lifetime he begins to "rule" how he can decide how others should live their lives!
Companies are not people
As an American taxpayer who consistently supports the Democratic party, I'm deeply frustrated by the allocation of my tax dollars towards funding wars abroad. While I do feel saddened by the events unfolding in Ukraine and the conflict between Israel and Gaza, it's disheartening to see an increase in weapons sent to Israel this week, particularly considering the tragic loss of civilian lives and the worsening humanitarian crisis. Meanwhile, working-class families like mine continue to face financial struggles. It's time for a reassessment of our priorities to ensure that resources are directed towards addressing the needs of our own communities.
Why a wealth tax? Let's take a page from the Republicans and watch the words we use. We should clean up the tax code and get rid of all the tax preferences that help weathy and corporations, such as capital gains tax, lower taxes on qualified divideds, and fix the tax bracelets. Give more child credits and more earned income tax credits to the working class. Tax wages for social security far above the current limit of 168,600. Maybe compensation above 168,600 should have to pay a larger percentage rather than none.
You tried to simplify it, then complicated it. Keep It Simple is the answer. Any income over $50k gets taxed at 15%. Including realized capital gains. Done. Not credits, no deductions, no bull crap. 15% for everyone except the lowest earners who need to keep what they make. A one paragraph tax code.
I want to know about the habba 40th birthday party in St Barts and who paid for the Dior gift bags and 5 star resort...
Jar Jar Habba practically writes itself.
Bob is the best!
We hand the oil companies 3 quarters of a trillion dollars a year, but Republicans can't think of any way to balance the budget without taking away my Social Security. Come on Congress, think a little harder. It's not rocket surgery.
I'm a music director at a community radio station. I hate this trend of big artists putting out 25 and 30 track releases. Most of my DJs still want CDs. 🤬
Wonderful visit..totally enjoyed each of your contributions 👍💗💗💗
The Port of Baltimore should require all ships to be controlled/guided by Harbor Captains with large tugs and Harbor Captains at the helm of the ships for all incoming and outgoing ships like the Port of Los Angeles/Long Beach does.
This ship was under the control of a harbor captain. There are a dozens reasons why tugs are not used in Baltimore harbor. Time to educate yourself.
@Message___RobertReich___Now You are so pathetic!
The harbor captain was unable to control the ship when it lost power. Tugs would have been able to put the ship back on course
@@karenquinn3937 There are multiple redundancy back ups for such a situation. Unfortunately the Harbor Captain was unaware of how to correct the ship once they list power. This all falls on the Captain
White collar crime is severely punished when their crime affects the rich. If it does not affect the rich, their punishment is nowhere near as extreme.
Yes, exactly.. that's why he was actually punished... He stole from wealthy people and poked holes in their system, so they had to shut him down for being a class traitor. We'll see how much time he actually serves.
what is really needed is investment into the middle as The Biden Administration has been doing. There is never any need to borrow money, the only real debt is the investment deficit. Biden is addressing this with considerable success.
Biden did nothing but give money to corporations
Next week please discuss fast food workers pay increase in CA.
Don't forget that Stephen Colbert moderated the discussions at the Biden fundraiser with 3 presidents in attendance. Stephen Colbert is quite a good speaker and knows his issues. He could be very important to inform people about Trump. Surprisingly, most people don't know many details about Trump. Most MAGA people don't know a lot about Trump.
Back at it again with the amazing content 🔥💯 love it!
I'm not a wealthy person, but I own stocks. I read the annual reports, specifically looking for two things, major stock holders is one, and the other is how much tax these corporations pay. Before the tax decrease of 2017, few corporations paid anywhere near the base rate of 35% and now with the base rate at 21%, few corporations pay near that. It appears that the base rate was lowered, but no deductions were removed.
Looking in from outside your country it appears it is in irreversible decline.
Because it is...in a death spiral.
Thats exactly what the democrats did.
Robert, the people never normalized big money being in politics. We are told who to vote for and it's not a choice.😢 It's all about usurping power over others.
They threw working people a bone to chew on and of course served the corporate fat cats a Filet Mignon!
Then why do you go along with it?
Yet Bob continues to support crooks like Biden.
@@karlabritfeld7104 Exactly. Robert is out here promoting crooks like JB and Cheney.
When need millionaire backing or have to be a millionaire to run for almost any political office as a member of any party, and ‘The People’ are agog at celebrities whose only talent is - “I’m rich”; then yes, it’s simply a question of choosing better.
I thinks it’s stunning how much institutional money the government requires our retirement savings to go into and we don’t get to vote as shareholders.
Pandemic payments, higher childcare credits and Yang type no strings payments were hugely successful, Folks were lifted out of poverty and generally used the money in a way the economy and their families greatly improved their circumstances. With AI, automation and the like… we need to keep going in that direction.
The reality of MAGA (America 1950-60s): Top tax rates 90%, corporate tax rates 42%, stock buy backs illegal, blue collar union membership - all time high, good manufacturing jobs (before Wall St and American CEOs moved manufacturing off shore.), extremely good college education - almost free.
There was also high unemployment that was masked with war.
Ok, so I finally looked to find out who Heather is and it surprised me.
Thinking she is related to Robert. Wow, nothing about being related, but she's a very accomplished and intelligent woman. Impressed!
Re taxes, stop taxing social security! It was already taxed once. How can congress change this?
The parasites need to learn where their money comes from.
these things happen in a place where MONEY is so important to the people!!, This country worships money, wealth, and fame!!! People don’t matter so much anymore. I hear people saying things, like forgiving them like “well he’s rich, I’m not surprised,”
Late stage capitalism.
MAGA!!!🇺🇸🇺🇸🇺🇸
Prof Robert Reich for President!
I’m old enough to remember when the tax on the rich was 90%!!!! what happened????
The economy crashed in the 70's
We women are so proud of Beyonce here in Texas!
Always good information thanks.
Got some coffee. Let's roll.
I want that croissant..!
If a disproportionate amount of our taxes didn't go to the military industrial complex, I think most people wouldn't mind paying taxes. But religious institutions along with the rich need to pay taxes, I mean real taxes.
That exactly what Trump wants but they keep throwing our equipment away.
I absolutely agree. Many are now political organizations.
@@yourdaddy-mq4kmoh boy! have you ever been misled! Trump's actions have spoken louder than his words with regard to the ideas that have maliciously placed into your head by forces of greed that are more powerful than you can ever possibly understand.
@@Carlins_Prophet do I need to remind you who got the Doha agreement done and then who left all the equipment in Afghanistan just to order more to give to Ukraine?
@@yourdaddy-mq4km We can all tell where your information comes from. No reminder needed.....
ok. excellent content as usual. but whats with the crazy camera?! incredibly distracting. talking heads, fixed camera. if you want to emphasize a speaker, use two cameras at angle, and cut from one to the other... this is just crazy. mwah. love you guyz.
It's like he refuses to hire someone who knows what they're doing. This is super low quality work.
The lady´s voice is hard to bear.
Wealth tax is a good idea, if the rich would like to help the poor, they pay there tax, not charity, and to make it work got to make it universal
The taxes are going into the pockets of the wealthy.
About 80% of the US supports LEGAL immigration. About 80% of the population opposed ILLEGAL immigration, including most Latinos in the US. But of course, you conflate legal and illegal immigration.
Don't hold your breath when concerned about the top tier accepting a wealth tax . . . Do you believe in fairies? Then clap your hands.
Re-regulation not de-regulation, will go a long way to curve toward equality.
Please talk about all the young protesters at the fund raiser against continued aid to Israel for Biden..also talk about how all those millions they raised will b used
I would love to hear your thoughts on why Europe has adopted the value added tax ( VAT) but not the US?
VAT is a regressive tax. Any fixes will be eroded over time.
Billionaires without government are not a problem.
guys , it's ok to put the camera on a mount and leave it alone...
Edit: If it's a DSLR, grab a good wide angle zoom with minimal barrel distortion. Something like a 24mm or 35mm if there's enough space. These days, you could get away with buying two old DSLRs really cheaply. The Nikon D3500 are supported by the webcam drivers and both can be hooked up to OBS easily.
THANK YOU. I hated that.
Partially wrong information about Baltimore bridge collapse, The crew is Indian but the vessel MV Dali is Singapore owned and flagged.
Next time you guys do in person videos try two cameras 😎
Best democracy money can buy.
🙏
Regular viewer/contributor here. I do not clearly understand the mechanics of the tax system and the compounding of benefits to the wealthy. Can you provide simple "white board" type illustrations of how this works? Thanks in advance.
The tax system is quite complex and I don't have a perfect video for you, but here are a few that might be helpful.
ruclips.net/video/pnoLAMHwf2I/видео.htmlfeature=shared
ruclips.net/video/-RS_BtLB3QE/видео.htmlfeature=shared
ruclips.net/video/fMmH_2EYohQ/видео.htmlfeature=shared
The wealth tax idea has been introduced. That first step will be followed in due course. The next step is up to the voters.
We already have a wealth tax.
This was good info, but the camera work was nauseating.
I know, what are they thinking?!
Going in the right direction
Great conversation, but all the camera movement was really annoying.
How do US tax rates compare with the rates in Europe and Japan? What do these citizens get in return?
Fyi. The ship was being leased by Maersk, a Danish company. I guess now we have to be worried about a Denmark invasion.
As an introvert, these 3 are all sitting too close to one another. 😂
I like it when Professor Reich sits on that thick pillow. We men should always look taller than women. True, Caitlin Clark on the show might cause a problem.
Can we make paying taxes easier without paying private companies to do it for us? I want to pay everything correctly but (even for my super simple finances) it's very confusing.
The IRS needs to make sure the Dump is paying tax on all the money he's taking from donations to pay his legal fees. That's how to end his crap, tax evasion.
Corporations also put the screws to the economy whenever they don’t get their way with tax breaks, in an attempt to prove that they deserve the tax breaks.
So is the federal government ever going to pay back the 40 1000 money that they borrowed over the past 70 years?Are they ever going to pay that back
Criminals of a feather
flocking together?
You guys are so cute together.
There is a bill introduced by Angie Craig and just reintroduced, called “ you earned it , you keep it” bill. Reagan started taxing our seniors social security and we demand not to be double taxed. Anyone making under 24, 000 can’t afford to pay taxes. People making 24-36k should only pay 10%.. 2023 tax brackets are 11k or less you still have to pay 10%. That’s bs. Between 11,000-44,725 we pay additional 12% on that amount. 45k-95k we pay 22% taxes on that amount. 95-182k we pay 24% on that amount. Under 24k, we can’t afford taxes if we want to live, eat, get medicine, gasoline and pay a utility bill.
Ban taxes on our social security. Reagan wanted seniors to suffer and die so rich people could pay nothing
The day after Easter is also Dyngus Day in Buffalo. It's the most fun you can have on a Monday, imho.