Economist Arthur Laffer and Facebook co-founder Chris Hughes debate the 'wealth tax'
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- Опубликовано: 5 фев 2025
- Arthur Laffer, chairman of Laffer Associates and former Trump campaign economic advisor, and Chris Hughes, co-founder of Facebook and now Economic Security Project co-chair, join "Squawk Box" to debate the Democratic tax proposals of a 70 percent progressive tax rate on the wealthy.
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I never understood how people think they can just confiscate money just because the owners are richer than them. It's so ridiculous to me. That said, they won't be taking a penny from them, only thing you can achieve with high taxes for the rich is to absolutely annihilate the country's growth.
It’s the thinking of the lazy and greedy. What they never say is that on the way to making a billion dollars you make a lot of other people wealthy along the way.
Youre not confiscating it youre taxing them more. Do you think it is OK if 5 people own 99% of the money in the country and hoard it? Economics break down like that.
@@nwbw217 your own question already admits it is confiscation and you did not even realize it. How much they have should be completely irrelevant.
Mr Facebook- raise taxes, but I’m not volunteering mine 😂
We need to install the FAIR TAX not a flat tax. We need to replace the income tax with a consumption tax.
Why don't these people actually talk to poor people and ask them how well they're doing instead of making all of these assumptions?
Dumbest shit I've ever heard. There is something called anecdotal evidence-evidence from personal experience, and it is totally and completely useless in discussing anything. Well curated, pure and completely independent data and statistics is what you use, not talking to one poor person from their own experience.
Hey this guy has a very strong point! Flat tax and a VAT!
Im an American. I fully approved of the Trump tax cuts. It benefitted me. It benefitted the entire country.
Two years ago Laffer was on a road show saying his idea was wrong.
7:12 So pay them I have no problem you sending a check to the government ....crickets from the .001% guy.
Because it only helps when all in that 1% get in the same boat. If just 1 of them gets in, nothing happens
Yep, Buffet, Gates etc all say they want to pay more - but don’t. They can simply send a check to the US Treasury... but they won’t - why?
Literally none of what this kid mentions is an example of government being effective.
The only person who can interview people well is Melissa if youre the interviewer you shouldn't be screaming all the time.
Fallacy of presupposition: That the government will spend the money better than the original owners will.
3% in taxes? You must be joking.
the BANK LOBBY would be the fastest route to a wealth tax
False debate, if you really care about wealth inequality then assets need to be allowed to correct to fair value but nobody wants that...
If interest rates are always zero investment will always be low. Doubly nefarious is if interest rates are low and asset values are constantly rising. With these factors there are incentives for companies to invest in labor or capital.
Taxes are a choice 4 the rich and an obligation 4 the poor but it aint about the money its about emotions that build and destroy
People are taller than others but I'm 5'9 and in the real world I don't see anyone who is 20' tall.
I don't mind a 2% yearly wealth tax, but take away my income tax, sales tax, property tax, etc. If not, then a flat tax.
Remove all of that and I’m still not ok with Warren’s wealth tax, stealing is stealing.
Fairness: Look at it from the DONOR's standpoint not the donee's standpoint. Part of a free country is owning property. Part of owning property is deciding who gets it when you go.
Once you start the process of government intrusion into private wealth choices and decisions, when does it end, and once started will it ever stop?
Once you start the process of private industry giving politicians millions of dollars to pass laws that benefit only them(taxes) where does it stop ?
If you don't like government go buy your own island in the middle of the ocean, build your own airport, roads, fire department, electricity, phone network, police, army. And don't call us when a hurricane arrives.
Life is not fair .... get use to it .... i'm not rich but i don't see this let's tax the rich a good thing .... poor people should start to educate work save invest not want free money or bring successful people down ...
CLOWN
Yup. Dont raise the top marginal tax, lower every other bracket.
Children should have to eat out of garbage dumps because the $30MM to $140BN+ don't want to pay a 3%/yr. wealth tax. Even though, for the most part, their wealth grows by more than that anyway.
You must have missed the part where these folks pay 40% of all Federal Income taxes.
How about the government control spending - they have plenty of revenue and absolutely no clue how to “ live within their means”.
what about we give laffer a $10 salary like everyone else has and see if he has no inclination to work
Quit giving to other countries. Have a individual tax 7 cent on the dollar.
He is a great economist of liberalism.
I made economic theories related to corporate tax thanks to laffer curve.
Laffer curve inspired me.
If I compare this situation to breakfast, i just put some napkins on the table that is already prepared by laffer.
Some people learn Nothing in life. The ones who think they have the right and ability to determine what others should do with their wealth and want to give it to politicians to determine who should get it.
The ones who think people who pay the most tax, i.e. those who have higher incomes, should pay even more tax because they have higher incomes. It's a recipe for everyone being enticed to work less and invest less and created an economy where less is produced by those who produce more goods that people need and want so every one is equally poorer.
"those who have higher incomes, should pay even more tax because they have higher incomes" You are stupid and clueless. Earth to idiot, rich people do not work, do not pay tax, do not do ANYTHING to earn their money. People who make 100 million dollars do NOTHING. They are paper pushers. Therefore they should be paying all of the tax because they did NOT earn their money.
He is a young Doode!
Capital gains tax increases are necessary
Tax revenues "are up". So is the deficit. The tax cut did not bring growth and it's deficit will slow growth. This change borrowed more money than it earned and is not on a path to change. This would be no way to run business or personal finances. It is a failure and they fail to admit it.
Because we had to rebuild the underfunded parts of the government ( military as an example) after the prior administration let it deteriorate - that cost dollars.
Maybe reining in government spending on things the government should be involved in would be a good start - government subsidies, all of them.
Dont have kids if u cant pay 4 them
YESS KURT VONNEGUT'S HARRISON BURGERON GOAT
bloody rude, interrupting
@7m15s...look at his smug look that says "yeah, right" when Mr Laffer mentions that Mr Facebook send extra money to the Treasury.
You cant argue with rich sociopaths like lauffer or a CNBC commentator.
"Its hard to win an argument with an intelligent person, its impossible to win an argument with a stupid person." Bill Murray. Supply Side, a republican wet dream invention.
Do flat tax poor still get there checks
How about things like landlords maintaining their properties, clean fast public transit. Reasonably safe neighborhoods, even lower income ones. A lot of us grew up with parents living paycheck to paycheck but it wasn’t that bad because we had good infrastructure our trash was picked up we had hot water heat in the winter decent schools clean water. Let’s just make sure those things are maintained, and the billionaires can have their jets and all that.
Look at Singapore, even their poor have a high standard of living.
Remove all federal taxes and tax the states 10% of all revenue
Why?
Jay Garrick it would allow us to shrink the federal government. And put pressure on states to represent their constituents.
@@mrsokalione And why the fuck would we want that? That sounds like a horrible idea.
I’m very interested by this. I have no idea if/how it would work but I’m willing to listen!
48 ppl own half the world's wealth
JBrod61CPA and you should thank them for paying all the taxes, hiring all the people, creating all the goods and services that make your life so cushy.
Also it’s bad for your soul to be so jealous and covetous. Gratitude will set you free, good luck.
As Mark Twain said, there's 3 different types of lies; lies, damned lies, and statistics. Most importantly, correlation doesn't necessarily mean causation. Lowering taxes acts as a stimulus for the economy. There's no doubt it's pro-growth and better than pure austerity, but better economic stimulants would be policies that we know have a higher rate of return, such as investing in education, EITC, the green new deal, infrastructure, etc. Contrary to these amateur TV personality's beliefs, a government with control over a fiat currency doesn't need to increase taxes in order to pay for these investments. Taxes cannot effectively redistribute income or take in money for the government like the olden days of the gold standard and lack of institutions. Taxes are mostly just smoke and mirrors, as the free market will eventually reach equilibrium, whether taxes are 0% or 99%. Taxes are actually best used as a cyclical reset button for the economy. When the economy is getting clogged with inefficiency, just press the reset button by raising taxes. This causes mass economic renegotiation, therefore trade is made more fair. You obviously have to lower it for it to work again. This acts exactly like the fed interest rates, and business cycles also work like this.
I would say one benefit of high taxes is gaining back productivity lost to "passive income" streams which is a massive drain on productivity. These dimwits are worried about productivity losses from higher taxes (a non-issue due to economic negotiation), when real productivity losses mount from passive income streams where people don't need to bother working because they're cashing in a check every month from work done in the past. Not all, but most passive income massively overpays for the work provided. Ultimately that's a problem with those writing the checks, but it still effects us all due to the lost economic growth. Obviously it would be more efficient if passive income became a thing of the past, but if not, higher taxes can recapture some if that economic oversight.
If people made proper trade deals, government wouldn't even be needed. Government's sole purpose is/should be to figure out what the free market is missing and make the investments needed to fill that gap. Taxes should be thought of as a separate tool to help nudge the free market to the equilibrium.
China does not agree with you. China has a flat 50% on all corporate wealth, ownership shares and individual wealth. And do you know what they do with that money? Build homes and give them out for free to their citizens. And guess what happens to those homes? They increase in value over time.
*dude
Chris Hughes, thank you for being for real. You care and that's the spirit of today's time.
Being an emotional idiot is the spirit of today's time? I'd rather have growth in GDP and wages over someone caring.
The spirit of today’s time... 😂 a lack of concern for hard data
Are you kidding. He said he should pay more, Laffer said send a check in and all that clown did was smirk. If he had any credibility he would have said I have - and he didn’t. He is just another “feel good” elitist who doesn’t have a clue.
It is not about caring it is about pointing out that the rich have rigged the system and are ripping people off.
@@Dottydawes He donates a lot of money FYI
Fairness is a Fuzzy feel good word, impossible for Economic discussions. Morals are best left to the Religious realm. Economics has its own laws and they are not religious. Do NOT Mix.
I read about an immoral society where pirates roam the oceans. Economics is man made BS. It gave us slavery. Give every child quality education, healthcare and watch them grow.
pakpala1. without an economy, maybe your child will grow into a tree.
@@m.burgesszbikowski8049 Without people to do the work, maybe your rich bastards can pick their own fruits.
pakpala1. Gee, I did not know I had any rich bastards. Names?