Everything wrong with âtaxing the richâŠâ
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- Äas pĆidĂĄn 14. 05. 2024
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The middle class is tired of carrying this country. Somebody needs to fix it.
There is no middle class
You realize that the upper middle class and the rich are responsible for majority of taxes in this country, correct? The upper middle class and the rich are paying for most things already if anything hears what I would argue. If weâre truly interested in fairness, every single person should have their salary tax, the same percentage. this means if you make 50,000 we tax 20% of 50,000 if I make 100,000 we tax 20% of 100,000 at the moment however, if you are making a lot of money, despite the fact that you have done nothing wrong of making more than someone else
voting for spending cuts is the way to solve it
â@@nolandeaton1355 the more I make, the less my actual tax liability is. I don't even make rich man's wages, so don't tell me the story isn't the same for them. The poor paying a larger %of their wages is the problem. The rich are far more reliant on government programs than the poor. Isn't lobbying great?
You canât call something dumb and then follow up with the dumbest interpretation ever
Perfectly put đ
She is telling you your politicians are spending too much if you donât get her point
â@jodyqt true, theres also the fact that a billionaire doesn't actually have a billion dollars
Taxing the rich at 100% would barely scratch the surface because of the amount of cash the government prints FARRRR outpaces anything else.
How in the absolute fuck did we end up 34 Trillion Dollars in debt. That's on purpose. The people are the ones who are going to pay for it too, not our government.
Economics lesson for you. Trillions in stimulus enter the economy. All of it quickly floods to the supply end. None is left with consumers. Taxes for businesses are evaded through loopholes. Real wages are low so income tax is very little. Inflation prices retail spenders out of the market, no tax here either. Billionaires inflate asset prices because there is literally nowhere else to put their money. The cycle continues. Economies need to see cyclical money spending, not accumulation. Taxation keeps money flowing and solves this problem. Your argument is naive and ignorant.
No ones saying 100% but playing 0% is insult to everyone else
Her example is dumb as hell.
The only way you pay 0 is if you have an equal amount of tax write-offs to outpace what you owe. Businesses can have tax write offs far more than people.
If you own a mowing business and you make 100k a year and you're gonna be taxed at 27%, so $27,000. But you have the option to buy 3 new Exmark mowers and use that as a write off, or just pay the tax... which one are you picking?
I agree they should pay more but it's Clinton's tax reform that allowed the tax code to be wrote in such a way.
People that own massive businesses such as Amazon or Tesla, they may have a business generating 50 million a year, but they (Musk or Bezos) can put themselves on payroll to only make 200k a year as an individual. This is the tax code. Every. Single. One of them. Uses it this way.
â@@AntiMasonor they take a loan and just pay the interest like 3% instead of 30%
@@ozymandias8523 Yes and not to mention Debt is a non-taxable thing. Alot of these guys borrow 30 mil because their business is worth 100 mil. They use the business as collateral. Same thing as borrowing equity on a house.
Warren Buffett debucked this video đđ. He said Berkshire paid 24% tax rate this year and if other top corporations did that, NOT a single individual in USA has to pay taxes. Income, social security, nothing.
Fairly taxing rich/corporations can achieve a huge change. đąđą
âTaxing the richâ was never about funding the entire governmentsâ expenditure. Itâs about getting rich people to pay their fair share for the public goods they use but the rest of us pay for. Iâm honestly pretty disappointed that you werenât at the very least sympathetic to the real argument here instead of deflecting and using a different argument to defend your view.
What makes you so confident the rich use the public goods the 99% do? They most certainly have private healthcare, with private insurance, use private jets, live in isolated gated communities, their children attend private schools.
No, seriously whatâs the argument? âUh, uh, uhâŠthey use the public road sometimes? whilst everything else they use is not paid for by the government đ â
They already are in companies' taxation and they also produce most of the goods. They don't just consume.
As most ordinary people are _tax negative_ and dependent on wealth transfers, they're the ones that should pay more. I.e. produce more.
đ đ€Ł đ đč đ đ€Ł đ
@@MarketingStrategies28 I didnât realize economics and proportional taxation was so funny
@@Ket246811 Yeah its funny how thesheeples are still in their system.
Obeying them.
Vaxdsheeples
EVERYONE FUCKING EVERYONE should be taxed 10% flat no deductions no rebates and fix the Healthcare system.
I'd argue against that. Average salary say 40k would be 4k tax. Taxing a billion would still leave 900million to survive off. It isn't the same. I don't really like communism either but I don't see why a billionaire shouldn't pay higher percent, atleast beyond a certain number, or have them invest more into their business i.e. hire more staff/create more jobs etc. Hoarding money is the absolute worst thing you can do for any economy + a bunch of other sheistiness that goes on under and over the radar.
â@@DoctorLexus-4PresidentEh depends how high we talking. This is a capitalist society after all.
I used to think that until I owned a business. When youâre just starting out and just pouring all your money into your business you CAN NOT be taxed on money you earned if you spent it solely on your business. Deductions are extremely vital.
@@DoctorLexus-4Presidentbc these billionaires arenât getting billions in straight profit dude. That is their revenue not their profit. And they dump a lot of it back into their business , a lot of it to pay off employees, a lot of it to pay of major debt thatâs more than your entire networth (and mine too). So yes they are still richer than the person next door but they donât just have billions in the bank like you think lol. And you shouldnât tax them any more than a poorer person bc they worked their ass of for what they got. And itâs all the same ratio. The more you earn the more you pay. Why is it fair that a poor person can keep 90 percent of his salary but just bc a guy is richer he canât keep 90 percent of his salary?? Itâs not fair and is crooked and detours people away from wanting to own a business and make money bc they get taxed so heavily therefor HAVE to rely on tax deductions
đ
Rich just take entire production, including thousands of taxable employees, and go somewhere where they are taxed less. When government raises taxes, they get less money eventually, in a long run.
This is simply untrue. Most of their assets are not easily moveable. Tax the rich AND run government efficiently
@@simb49r Government, by definition and role, is not meant to run EFfiCIENTLY. It is meant to run FAIRLY. You cannot do both.
Rich didnt always start rich. They think that way or have an idea and make a business. Ppl like to waste and buy more car they need or go out eating to much.
@@user-qc2wg5gt8lthe rich these days fucking overwhelmingly start rich, wake up
Its not that simple. She is right in saying "in the U.S. we have a spending problem" however increased tax would help in addition to reform of the way politicians spend money. Taxing the rich and using it to get people of the street and reducing inequality is also morally the right thing to do. (If you have a moral compass).
Yeah, that was a pretty bad faith interpretation of the intent behind "tax the rich". I enjoyed some of your content, but this implies a bias that taints much of it.
You can cry foul or you can enlighten us.
@@trebmasterthe rich arenât just billionaires, itâs the people making over letâs say double the median income or 75k+ today in the US. Itâs about instituting a greater curve to marginal tax brackets so that those near or especially below the median can pay much less to get a break and those in higher brackets can pick up the slack so that the middle class can catch a break. But youâd also need to fix the tax code to eliminate most of the loopholes and breaks the rich use so they donât actually pay the taxes they owe.
I like 99% of what you say Codie⊠no one is saying âtake all their moneyâ, but they should pay a higher percentage than a McDonaldâs employee⊠I hope you are not saying that they should pay no personal tax?
They spend trillions on the War Machine.
You are missing the point completely. When money is moved out of the economy it canât circulate. Itâs that circulation that creates gdp.
It is literally the governments responsibility to tax AND spend.
The richest people's money is in bonds, stocks etc. - on paper. It's not money that could circulate outside them leveraging it as collateral to invest in more things. Which they do.
You are a Keynesian economist with this point. That dude SUCKS. Hayek FTW. He beat Keynes in a rap battle anyway.
AND I trust corporate investments far more than government and it's a no-brainer. You know why? They have this thing called skin in the game that government NEVER has!
Thanks for posting this. People tend to like narcissistic garbage people (i.e. elon musk, oprah, etc.) and i think also billionaires etc. i think partially because they want to be them.
I am glad you clipped this from the interview. I stopped the interview, when I watched it, and recorded it.....Awesome! đ
A Bot
No one is asking the rich to pay the ENTIRE governmentâŠlol it is for social programs that the rich ALSO benefit from. Your premise is wrong at the very least.
Government doesn't have any skin in the game when it comes to investments. That alone is a huge indicator of where trustworthiness is in the equation.
She sounds like someone who has no idea about the average persons financial struggles. So her argument is, since it won't make a big difference anyway, let them get off Scott free? What if Elon gave 50 million to help schools? What if Bezos gave 80 million to fix houses, streets etc? It could change lives, and they wouldn't even notice it. This video makes me want to unsub. Someone pry her lips off these guys asses.
Unsubscribed
đđđ Are you saying you unsubscribed? That would be funny because she's telling the truth. It is a spending problem. It's a printing money and creating bonds which is taxing. Everybody more and it's still isn't enouget? Rid of all the giveaway programs. A 100% make everybody work for their money unless they are physically injured. Or proven sense an accident or birth that they are mentally incompetent
She is telling the truth to a point. People nowadays donât understand that itâs. It about tax why do we need the government to baby sit us. Itâs about I feel creating non monopolistic monopoly style Legislative regulation.
For example you will have rich and poor, USA seems like a place where if you find a niche and work at it you can make money. The issue come now, when the super rich just buy up all the assets and use the money system against us which devalues our money. This is going to create inequality long term.
If the governments did tax assets at say over 50m or something in trust or not or created some type of system that doesnât incentivise hoarding huge wealth then yh. Itâs a lot more complex than Iâve written. But itâs allows for people to make money thrive
Bye đ
@@simonw6142 She's naive. The US tax code has been rigged with loopholes and exemptions so rich people and corporations can avoid taxes
They do get taxed, but they evade it by finding loopholes
There's no loopholes - there's just the tax code as it is. It clearly saus what you should do: invest and produce. If you're an income earner, you'll be taxed the most. The more income you get; the more you are punished. Thus: run a business.
đ đ€Ł đ đč theres no loop holes sheeple.
Without the investors there will be no housing and businesses that employ people that pay tax..
Its ok for your kind on welfare milking they system
@edheldude well the tax code favors the rich then lol. Not everyone is a businessman or can start a business or manage one so...
@@Juanaaaa No. People might become "rich" by doing the things tax code favors. The gov wants you to do those things by writing the tax code in such a way.
Being productive is rewarded.
Basically if you are providing jobs or a place to live, you get massive tax breaks. Invest in real estate!
How about both? Tax the rich and reduce spending?
We are beyond reducing spending in any significant way. We are at the point where we have to exponentially print to run the government. 1 trillion every 100 days.
No one ever said take all their money⊠rich people saying stupid shit so they can keep their money.
@@davelingenfelser1064 it's to prove a point. You can take every dime and it would only cover a year of federal spending. That's how out of control the govt spending is.
Not to mention if you taxed their income at 100% it would only cover a few months of spending.
@@nicksaylor3288 odd way to prove that point. Comes across as,itâs a bad idea to tax the wealthy.
1. Redo programs that end up costing more money than they save. Houses for homeless are cheaper than dealing with homeless, socialized medicine is cheaper than private for the economy, etc. instead of doing policies to punish just do what is effective and pragmatic.
2. Improve the tax system to be more equitable. There shouldnât be as many loopholes-speaking as an accountant
3. Improve government accountability in accounting. Thousands go missing every year, but nonprofits have to explain $0.01 rounding errors
Here here! Just make FAIR common sense changes.
The ârichâ have fixed everything in their favor and lobby, aka pay, the politicians to keep it going.
Her math is wrong. The US government spends 5.2 billion on average per day. Forbes 400 is worth 4.5 trillion. That would last the government 2 years and 4.5 months. Not 7 months. And the 500 billion she talked about would last 3 months and 5 days not 34 days.
Her point is still 100% solid, but if you're going to pull math out to prove your point, get the math right.
Flat tax for everyone. No deductions. Thatâs how it should be done. Then there would be no loop holes and all would benefit.
$500,000,000,000 would last 34 days ? The US government spends $1470 for every man woman and child (approx 340,000,000 people) every 34 days ? đł
Yes we have a spending problem, but letâs not pretend rich people arenât taxed less. Taxing long term capital gains at half the rate of a janitor or teachers salary is ridiculous. They donât need that incentive to invest their money.
đ đ€Ł đ đč đ Then they won't do it.
Then there's no staff to tax to pay your welfare.
Do your research on capital gains then. Every time they raise the capital gains tax the revenue goes down. Also idk what janitor is paying 40% to taxes, and if that janitor invested his money in something to make capital gains heâd be taxed 0% on the profit but will he do that?
MISSING THE POINT FOR FIVE HUNDRED, ALEX
Codie you have sold me on your wisdom and how truly smart you are!!!!!!!
Of course it's the politicians fault, but the rich still need to pay their share instead of owning the politicians for their custom loopholes.
Exactly! And would be nice if we get same advantage
đ đ€Ł đ đč đ
We don't need government. We already have a god.
Living costs to much is the prob
Well said Codie. Tax them if you want but that wonât fix things.
We do need tax the rich, but make sure they pay their taxes. Because many of them lie, an IRS agent take longer to check their taxes than avg American.
It is always easier for politicians to spend money than raise money. There is a finite amount of tax money but there is almost an infinite amount a politician can spend.
i donât think you understand how this works girlie
Hows taxing the people who are struggling to survive a better idea?
It's more problematic when you incude the Predo distribution model. The penniless former rich would, in a matter of time, earn it back.
And whatâs funny if you tell this to people. They turned it into some kind of political stance. They literally do not read what you said. They immediately turn it into politics. This assessment is completely spot on, thank you Codie!
It's a spending problem, not a tax problem
It would only take $74 billion to give every family living below the poverty line an extra $10,000 per year so they could live more like human beings.
You're right, go ahead and take 1/3 of my paycheck and those that are living paycheck to paycheck and we need to learn to like it!
The rich D&D guy smiling and nodding is the best part tho
And in a couples of years, they get their money back because they produce what we consume.
I love Codie and her team and this doesnât taint my opinion of her at all, but I completely agree that the ultra wealthy have a âget out of tax playing lawyer ballâ mentality. Rich getting richer.
Itâs also true that our government has a spending problem and people complain about social programs when they make up less than 5% .
As a Financial Services independent agent I educate people about taxes and help them structure their investments to pay less taxes + create retirement funds on cash accumulation in life insurance policies for instance. So Iâm on board with people keeping a lot of their income.
Not on board with pitying the ultra wealthy.
I have read and love Tony Robbins _Money: Master the Game_ and he posits similar about the rich paying less taxes.
I think most people in this country are just exhausted by high rent prices and inflated cost of goods and weâre not taught much about money & financial wellness in school. The company I work with is here to change that.
Great video!!
Well said Cody!
Regardless what youâre coming up with the protective wealthy class at the end of the day they have to pay more because theyâre not paying enough
MISSING THE POINT FOR FIVE HUNDRED, ALEX.
WOW is everyone in the comments an NPC???
She outlawed it!
Ukraine needs more money. For their government and their Healthcare and their pensions and their military
Cody spitting the cold hard facts
While I do agree with her points, linear corelations wouldnt have enabled for US to be so powerfull, projecting power beyond its borders.
Yes, with those ideas one would get Canada and UK, but god knows Americans loves the power it projects.
You wouldnât tax the rich to fund everything. It would help fund some programs. It actually is just a net benefit to get that money out of being consolidated with a few people and back into the economy.
we have a spending and COLLECTION problem.
That's right, instead tax the poor who cant afford rent and food, because um that would be super fair.
She's not wrong. The problem is that taxes shouldn't be the solution. The government should be allowed to make money in a way that isn't tax-based. Use a new solution to pay down the runaway debt for the country. If taxes are the only solution, then we're not being creative enough.
Send this to AOC
Shes knowns nothing about tax policies, shut up. Smh..
Not to mention the social security slush fund
Letâs think about it the other way; rich donât pay taxes so let everyone else not pay taxes!!! Zero funding!!! But when all pay their fair share budget stabilizes as long as spending is a must
Zero funding is what allot of us want let the free market provide we donât need a nanny state
I just say we have the same tax rate for the rich when America was in its prime in the 1950âs when men were men, and things will work out, the 1950s are when America got things done
How do you tax the rich when on paper they own 19k a year? They might have a corporation in Ecuador that owns a corporation in Belize that owns a trust in Tonga that owns a yacht or supercarthat they can "borrow"
She's awesome!
How much is enough money?
It doesn't run out. The more you produce, the more there will be.
@edheldude so your saying that greed is a bottomless pit in the human soul that no amount of money can fill.
@@TheEclecticOrder Everyone has greed or fear of wealth as long as they have wounded money relationship. If you serve others and become wealthy that way, that's not greed. Others give to you reciprocally as you give to them.
@@edheldudeThere is a saying If you can't dazzle them with brilliance baffle them with BS.
I get 2k a month, 30% tax rate plus housing taking 50% of whats left and another 30-40% on essentialsi have left 10-20% left to enjoy life and invest for the future while a billionaires 0.5% would pay me enough to never work again.
Heck give me 0.2% and i can buy land and other things to be able to self sustain and maybe do some stocks to get 200 dollar for property tax xD this is why ppl are angry, the wealth billionaires have is meaningless and we are all suffering because of it.
I once heard that doing buissness is risky, RISKY YOU SAY? risky why? Risky cuz you dont want to end up like us who work for you? xDDdD
They pay more then you do
Tax the rich no matter what.
Don't tax the billionaire, TAX their "companies" which is hoarding money and siphoning profits into other countries
Donât tax anyone and shrink the government you donât need a nanny
I just lost respect for Codie. Tax isnât taking all their moneyâŠ.now she is gaslighting usđ
She said âIFâ and then showed you the math itâs not gaslighting
Translation "Let's not tax the rich because i am one of them"
Vote for spending cuts we donât need a nanny state
love this girl
The billionaires DO need to be taxed fairly! We wouldn't tax everything they make. That sounds stupid. They use loopholes to skate by that the average person can't. I don't feel sorry for Billionaires. Their conscience should guide them to help more instead of horde their money. You can't be serious.
They are taxing the poor why not the rich?
Just stop the stupid spending
Yes! It's all or nothing!!!!
I think it is both, I think the government need to spend less, then also the rich needs to be taxed,.like if you make over a let's say 5 to 10 million 8 feel like they should make it that at least 1 million out of that has to be taxed at what ever tax bracket you are in
I donât think it is about taxing the rich per say. It is more about the gap in between getting larger and larger. Basically making the middle class and poor worst of in the long run. The rich and super rich will simply buy all the asset which is not taxable to a point and borrow against there asset. More money in the system means less value which brings prices up meaning middle class and below suffer more.
They sell there homes (middle class ) because the value has increased who has bought it family offices have! 10 years later everyoneâs is paying rent to the corporation and familyâs offices as well as groceryâs, fuel , everything.
We are basically there cash flow. They own everything including debt and get the money through tax and our spending.
I am an entrepreneur btw but we the people ha e to wake up somehow.
Itâs not about taxing the rich itâs more about making it more easier for smaller people and business to compete and get there slice.
Government seem to police us so the rich can thrive when itâs should be serving the people first through innovation and education entrepreneurship etc
Tax me much more and I'll move to somewhere I'm not, like BVI.
if the average joe has to do it......THE RICH SHOULD TO !
How about audit the government!!
ATTENTION LEFTISTS. Stop saying "fair share" and start defining what that actually means. What is a fair share? 40%, 60%, 99%. Who decides what a fair share is? Ask 10 people, get 10 different answers.
Dumb editing!
Bad faith argument, bad interpretations. kthx bye
Falsa! Poor people spend more and pay more taxes!
So many NPC answers in the comments. Just keep eating your Soylent Green and don't ask any questions, folks!
This is inaccurate in so many ways. Also, by that same logic reversed, we might not tax, the low and middle classes.
I love this woman. We need more people like her in Congress.
You only need 100 billion to free the whole world for everyone to have Enough all you need to do is setup a banking systum with that 100 billion and if you can work that out like i can you smart and its so simple
Shes delusional
Spending and revenue...not a binary consideration.
Your premise is wrong. Itâs not their fault, but they benefit from the system and the system is progressive. You make more you pay more. Itâs not their fault. If itâs anybodyâs fault, itâs Harvardâs fault.
ALL people including the rich have to pay the SAME tax rate as the rest of us. I follow you a lot Codie, but this one your are COMPLETELY Wrong! We wouldn't operate solely on JUST the taxes from the wealthy, they would contribute back into the society that made them rich, pay their Far Share!
The working class always pays. Tax the companies they will cut employee wages. Big companies will "influence" the politicians to not increase their taxes. They will raise workers taxes because the people don't have any "influence".
Smart you it it on the spot đź
did you do botox?
Itâs not Dumb rich. Wealthy people learned the game of not paying taxes at all using every trick in the books and regular people not Bussines curked Minded pay 30. 40 percent out of their check s rich wealthy curked people everyone should pay the same period. The SAME
100% right
đŻ
Easy on the lip filler!!!!
Just tax đ not d money
We're not trying to take there money We're just trying to get them to pay their fair share of taxes..
Ahahahhađ ne tex them only 52 % and let them work harder like all of us lol
A little bit of flaw in short video editing.
What you are saying is lame,
Without a doubt, Codie is right. We have an enormous spending problem. The US is destined to fail because of spending. We need someone who will run for office and show the American people exactly how much money we bring in and how much money goes out. We need to pass a bill that prevents the government from running if it doesn't have a budget. After that, we need to end all dark money, get rid of lobbyists and super pacs, and end political parties.
She's half right. Yes, there is a government spending problem, but the tax code is rigged in favor of the wealthy and big corporations
LOBBYISTS, man! Them and lawyers are the culprits for so much going on.
Powerfully dumb take. Money circulates, when rich people hoard it hurts everyone + they buy up lands + resources + businesses etc giving them huge advantages over anyone trying to succeed PLUS the mountains of loop holes. Also imagine this. 10% of someones average salary of say 40k is 4k. Compared to someone making 1million would be 100k. See the difference between survivng on 36k vs 900k?
Not saying we should live in communism where everyone earns the same or whatever but you gotta be more nuanced than this clip. Shes either trying to be edgy or she didnt think it through or shes paid like some of these other online schmucks
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Hahaha.