Taxing the super-rich: Could a 'billionaire tax' work?

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  • čas přidán 14. 03. 2024
  • The so-called wealth tax is a politically divisive economic policy, but one that is regaining attention amid rising inequality and shifting demographics.
    U.S. President Joe Biden in his 2024 State of the Union address took aim at the uber affluent, saying he would impose a targeted “billionaire tax” on America’s wealthiest.
    It follows an earlier G20 meeting, in which finance leaders explored plans for a global minimum tax on the world’s 3,000 billionaires.
    Colombia, Scotland and the U.S. have all proposed wealth taxes in recent years, joining the likes of Switzerland, Norway and Spain in imposing taxes specifically on the super-rich.
    And even some of the world’s wealthy are backing such calls. “This is about the wealthy contributing more to the society,” Phil White, retired entrepreneur and member of the Patriotic Millionaires group, told CNBC.
    But can such a policy work in reality, and is it likely to take hold? Watch the video above to learn more.
    #CNBC #WealthTax #G20
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Komentáře • 300

  • @CNBCi
    @CNBCi  Před 2 měsíci +28

    Would you like a wealth tax in your country? Why or why not?

    • @RealGrandFail
      @RealGrandFail Před 2 měsíci +19

      No, wealth is difficult to calculate as this can be very volatile and inflated. If I am worth $100 million today and my stock drops 20% tomorrow, what happens? a refund? What happens if it goes back up again? You know someone created CZcams, right? This platform creates Millionaires, the creators will definitely be very wealthy. I agree the rich can do more but taxing wealth is not the way and the poorer people that are receiving should get an amount based on the value they add to society, because if money is free, I might as well stop work and start relaxing, others will do it for me. Well, that goes back to more value = more money. Taxes should only be on realized gains and as I said evaluations are inflated.

    • @DeadCat-42
      @DeadCat-42 Před 2 měsíci +7

      Tax wealth, not working people! .our tax system is backwards! Why would you tax a PRODUCTIVE worker while cutting taxes for people who just sit back and collect a portion of the value of other people's labor?

    • @ShamileII
      @ShamileII Před 2 měsíci +2

      No!

    • @HanNguyen-vn1fj
      @HanNguyen-vn1fj Před 2 měsíci +6

      Close tax loopholes. Make everyone pay their fair share. Is that too much to ask?

    • @75jdavid
      @75jdavid Před 2 měsíci +1

      @@RealGrandFail tax can take the form of surrendering a portion of shares to a sovereign wealth fund to completely avoid the problem of calculation of the value in currency

  • @MrMountain707
    @MrMountain707 Před 2 měsíci +158

    Wealth tax won't work until it is global. Rich people can flee easily.

    • @Some.real.human.
      @Some.real.human. Před 2 měsíci +3

      Could just tax unrealized capital gains

    • @ablamill8357
      @ablamill8357 Před 2 měsíci +12

      Just take everything by force. Why wait?

    • @VS257
      @VS257 Před 2 měsíci +9

      Who or what entity would enforce such a global taxation? The UN ? 😂

    • @shawyonsharifi3394
      @shawyonsharifi3394 Před 2 měsíci +14

      @@Some.real.human.this is a terrible idea.

    • @shubhamer2000
      @shubhamer2000 Před 2 měsíci

      If they implement it globally they wud below ground or in the ocean they have money to build such type of headquarters😂😂

  • @MrSlm1982
    @MrSlm1982 Před 2 měsíci +90

    I think it's a stupid idea. Just close current tax loopholes that allow them to legally evade paying taxes on things... But they won't, because politicians use the same loopholes.

    • @unconventionalideas5683
      @unconventionalideas5683 Před 2 měsíci +2

      Well, a lot of them were closed in the US, and the Democrats would like to close many more of them.

    • @MrSlm1982
      @MrSlm1982 Před 2 měsíci +15

      ​@@unconventionalideas5683 Actually it's both Dems and Reps that keep them open, thank you Clinton's and Bushes (and all their predecessors). Sorry to dampen your partisan dreams... They are all the same.

    • @rollgali5292
      @rollgali5292 Před 2 měsíci +1

      that's right if really the rich are serious why hire accounting firm to pay less taxes,,,now this idea runs contrary to that,,,

    • @thimblemunch24
      @thimblemunch24 Před 2 měsíci +1

      @@unconventionalideas5683 That's not true, just fluff words but nothing was actually changed.

    • @niidaimehokage5731
      @niidaimehokage5731 Před 2 měsíci

      Yes talk is easier than done, you think all of leader of many countries didn't have problem to agreeing on certain things?

  • @personnesenki4521
    @personnesenki4521 Před 2 měsíci +58

    Never trust anyone who calls for higher taxes when they refuse to pay the current full rate, or voluntarily overpay.
    You will get the bill. Guaranteed.

    • @MoneyGist
      @MoneyGist Před 2 měsíci +3

      This.

    • @adam872
      @adam872 Před 2 měsíci +3

      Yep! Why don't these patriotic millionaires just write a cheque to their respective governments?

  • @DisinterestedObserver
    @DisinterestedObserver Před 2 měsíci +39

    One problem with wealth taxes is they’re almost certain to follow the path of the US income tax. The US income tax originally only taxed the highest earning 3 or so percent of the population at what today would be considered a ridiculously low rate. Once the politicians got that passed, they began to lower the threshold so eventually everybody’s income was subject to taxation and they kept upping the tax rates. The same will happen with wealth tax, the politicians are currently proposing to start at the very top with a “small” only 2 cents per dollar but one can be sure over time they’ll keep reducing the floor so it won’t only be billionaires and millionaires paying and they’ll be increasing the rate. Don’t trust the politicians or the think tank experts.

    • @personnesenki4521
      @personnesenki4521 Před 2 měsíci +4

      That's exactly what will happen.

    • @seansmodernlife9823
      @seansmodernlife9823 Před 2 měsíci

      If people benefit from the benefits of having a society, they should pay tax. They wealthy benefit from infrastructure and government at a higher level so they should pay proportionately more. Rich people just like to pretend they did it all themselves and didn't benefit from everything a first world country had to offer them

    • @kevindashid
      @kevindashid Před měsícem

      Exactly. It’s setting precedent for them to adjust and tax all of us

  • @MalavitaOfBB
    @MalavitaOfBB Před 2 měsíci +13

    If you're rich and want to be taxed more just give money to charity that actually help people and not to a wasteful government...

  • @alessandrovasconcelos355
    @alessandrovasconcelos355 Před 2 měsíci +29

    The problem in the world is CORRUPTION, Mainly in Brazil, don`t need to tax Rich, need is stop corruption!

    • @dxd42
      @dxd42 Před 2 měsíci

      Haha I'm from Brazil... The first corrupt people are the rich.
      Tax evasion are corruption, monopoly practices are corruption, political intervention are corruption.

  • @jazilzaim
    @jazilzaim Před 2 měsíci +33

    Wealth taxes have never worked in the real world and they never will most likely. Governments have been doing tax hikes for decades and it just gets worse and worse with terrible use of budgets

    • @ssuwandi3240
      @ssuwandi3240 Před 2 měsíci +2

      But the $73 billion stimulus will always work .is that what you're saying? Those very few SELECTED who got the most taxpayers handouts aren't supposed to pay more? But the rest UNSELECTED is paying the credit card fees plus sales taxes

    • @jazilzaim
      @jazilzaim Před 2 měsíci

      @@ssuwandi3240 I am against stimulus and subsidies as well. That has never worked out either and has always propped more financial bubbles. Also taxpayer handouts are never given to individuals, they are given to businesses to create jobs.
      Those businesses also have lots of employees who also benefit through stock options, RSUs, etc. Plus with enterprise creation we get more jobs and economic growth. If we decelerate, it will be a way for the world to become another Japan

    • @XOPOIIIO
      @XOPOIIIO Před 2 měsíci +4

      @@ssuwandi3240 You pay credit card fees from what you borrowed, lol, it's not taxes.

    • @ssuwandi3240
      @ssuwandi3240 Před 2 měsíci

      @@XOPOIIIO so according to you that $73 BILLION CHIP ACT is not a credit card?? How so? Democrats world view is really bizarrely gross Fascism from a financial perspective

    • @ssuwandi3240
      @ssuwandi3240 Před 2 měsíci

      @@XOPOIIIO ohh wait they don't like to be labeled but their vision and action really nothing much than that.. Not a Wealth JUST FACISM taxes

  • @Leugim010
    @Leugim010 Před 2 měsíci +3

    Millionaires complaining about having to pay 20% taxes on their massive amounts of money will never cease to amuse me. Eat the rich

  • @samuelnunes2641
    @samuelnunes2641 Před 2 měsíci +31

    Why would they give money to government that uses it so inefficiently? If they want to help, Donate to trusted organizations that will do a more meaningful impact for those in need.

    • @sarscov9854
      @sarscov9854 Před 2 měsíci

      donate to Bill and Melinda Gates foundation who will then fund a multimillion dollar wedding for Mr. Gate's grand daughter, all tax free. Those 'trusted organizations' are just tax havens for the ultra rich.

    • @testing6753
      @testing6753 Před 2 měsíci +4

      sadly even "trusted" organizations often use the money inefficiently and immorally by giving large bonuses to the top executives and actually spending less than 10% on the actual cause.

    • @thebigFIDDLES
      @thebigFIDDLES Před měsícem

      "if they want to help" dude they literally hide their wealth in offshore bank accounts they obviously don't want to help.

  • @amithpatel
    @amithpatel Před 2 měsíci +15

    Why don't governments look at operating efficiently. They spend lavishly and then want to recover that money from general public ... Government bodies have to function as a private institution...

    • @doujinflip
      @doujinflip Před 2 měsíci +2

      90% of private ventures fail within 10 years. Resilience is not efficient and is actually its direct competitor, but governments pursue continuity because the alternative is far more costly to everyone ✊💥

    • @amithpatel
      @amithpatel Před 2 měsíci +3

      @@doujinflip private venture fails when they focus on Profits only... Running govt institutions as a private firm can be customized to be focused on efficiency and they will not fail...

  • @JVNFM
    @JVNFM Před 2 měsíci +26

    the super rich who want wealth taxes can simply donate their money to the government without this tax and they still don't do it, I wonder why

    • @jaketyler7088
      @jaketyler7088 Před 2 měsíci +1

      It's true. If they actually believe it, any of the super wealthy can write a check to the Treasury without a tax law in place.

    • @fortunbras
      @fortunbras Před 2 měsíci +5

      The question that should always be had along with increasing taxes is auditing government expenditure. It doesn't matter how much you increase taxes by if a government is wasting its money. I think that the government should focus on proving that they have done more for society with past increases, as opposed to saying that we will do better if we had more.

    • @doujinflip
      @doujinflip Před 2 měsíci +3

      That's just squandering their buying power and influence. It only works if _all_ their peers and superiors are forced to pay up at least as much.

  • @1rjona
    @1rjona Před 2 měsíci +6

    Wealth tax was what was used before income tax came to tax the middle class. All Roman senators in Classical roman times had to have a certain income so they can contributed to the Roman Treasury. Feudal lords contributed to the kingdom's number one expense which is war. Americans had a revolution because they were taxed without representation in British government. If you want to tax the rich be prepared for them to want to exert more influence in government

    • @natchan5076
      @natchan5076 Před 2 měsíci

      they have reaady worked (quite successfully) on that

  • @kevinhsu8184
    @kevinhsu8184 Před 2 měsíci +5

    Billionaires can live anywhere in the world so unless you have a wealth tax that covers every single country in the world, you won’t be able to tax them. On top of that, all billionaires have very diversified assets ranging from art to jewelry to real estate to stock and bond. The valuation of these assets fluctuates so pinning down the exact worth is going to be very difficult. Furthermore, most billionaires put their assets in charitable trusts and live off the income from that tax free more or less (at least the American ones). So unless you close down all charitable trusts, I don’t think you will be able to tax billionaires efficiently and effectively in the US.

  • @jakemarsee7864
    @jakemarsee7864 Před 2 měsíci +30

    Out of the pockets of the rich and straight into the pockets of politicians. Wake up people

    • @testing6753
      @testing6753 Před 2 měsíci +1

      exactly.

    • @deboraleggerini5729
      @deboraleggerini5729 Před 2 měsíci

      Exactly! You're penalising the people who produce to benefit cheap politicians. Like any of this money to be collected would ever reach John Doe. To be entitled to spend someone else's money then the taxpayer should directly choose and approve the budget. Otherwise, what is the difference between the government and the mob?

  • @michayng4105
    @michayng4105 Před 2 měsíci +7

    I think even if you tax the super rich, you cannot solve the problem of poverty. Most of the money from any wealth tax would not go towards lifting poverty.
    And it take more effort than giving money to end poverty long term.

    • @dimitarmargaritov
      @dimitarmargaritov Před 2 měsíci +1

      Yeah, much better and more productive will be to create an environment that will allow people to escape poverty themselves.

  • @cfltheman
    @cfltheman Před 2 měsíci +46

    I do wonder what they call those who do the opposite of Robin Hood. Rob from the poor and give to the rich.

    • @RealGrandFail
      @RealGrandFail Před 2 měsíci +2

      It's sad, let's all stop using CZcams, we are adding to the problem and making CZcams creators richer 😢. Let me order a book on Taxing the Rich through Amazon. Oh no, I am making Bezos rich too. Might as well grow my own food then 😢

    • @DeadCat-42
      @DeadCat-42 Před 2 měsíci +21

      That's called Reaganomics.

    • @AaronOstrowskiAeorocks
      @AaronOstrowskiAeorocks Před 2 měsíci +5

      Acceptable. Most government officials call it totally acceptable.

    • @kendellfriend5558
      @kendellfriend5558 Před 2 měsíci +9

      We call them “crooks”. Sometimes we even call them “politicians”

    • @DakotaFord592
      @DakotaFord592 Před 2 měsíci +8

      Capitalism

  • @carlosmontemayor6251
    @carlosmontemayor6251 Před 2 měsíci +16

    Isn’t anual property tax a wealth tax?

  • @DhooomKetu
    @DhooomKetu Před 2 měsíci +19

    Implementation issues can't be ignored for such a thing

  • @testing6753
    @testing6753 Před 2 měsíci +9

    Everyone's always generous and entitled to other people's money.

  • @rwrae72
    @rwrae72 Před 2 měsíci +26

    One day you will run out of other people's money.

  • @DeadCat-42
    @DeadCat-42 Před 2 měsíci +8

    Reaganomics was a total disaster. We should do the exact opposite!
    Tax wealth, not working people! .our tax system is backwards! Why would you tax a PRODUCTIVE worker while cutting taxes for people who just sit back and collect a portion of the value of other people's labor?

    • @ssuwandi3240
      @ssuwandi3240 Před 2 měsíci +7

      You should move to Socialists Canada.. I heard immigrants are very happy😊

    • @DeadCat-42
      @DeadCat-42 Před 2 měsíci +1

      @@ssuwandi3240 are you a bot or did you just reply to the wrong video? .

    • @meeraj-4774
      @meeraj-4774 Před 2 měsíci +3

      Coz there is no worker without capital.

  • @hanooi7450
    @hanooi7450 Před 2 měsíci +3

    Wealth tax is a bad idea. Many people hold their wealth in illiquid assets like land. How do you tax that? Take away a few acres each year? What if the wealth is held in a rare painting? How about privately held corporation? The only thing you can really reach are the more liquid assets and then you drop their value.

  • @psp785
    @psp785 Před 2 měsíci +27

    Wont work I'll tell you that right now get rid of all the loopholes

  • @James-uc3kj
    @James-uc3kj Před 2 měsíci +3

    Yea tax more so that the government can spend the money on things that dont benefit the poor

  • @markmedley6849
    @markmedley6849 Před 2 měsíci +11

    People should keep what they earn. Elizabet Warren is for this meanwhile generating 60million while in office. More business leaders and less politicians playing on emotions.

  • @kristianstreater6368
    @kristianstreater6368 Před 2 měsíci +7

    Taking back what should belong to everyone is hardly stealing

  • @JusdoinstuF
    @JusdoinstuF Před 2 měsíci +3

    How will the money be spent? It will surely be wasted on pet projects and corruption. There needs to be transparecny and better money management or else it doesnt matter how much money is raised, it will always be wasted.

  • @muhindiascensio
    @muhindiascensio Před 2 měsíci

    How do you confirm wealth ownership?

  • @KingsleyFitzpatrick
    @KingsleyFitzpatrick Před 2 měsíci +6

    We don’t need a wealth tax we just need to get rid of the exemptions billionaires use to not pay taxes

  • @Khneefer
    @Khneefer Před 2 měsíci +2

    7:25 - No, they want to tax people who are getting rich. They can just made donation to the goverment, but they want new tax. No body is taking about relatively low intrest rate which made new highs at stock market.

  • @3qlw4utho3p4ht
    @3qlw4utho3p4ht Před 2 měsíci

    It shouldn't be about taxing millionaires, it should be about taxing centi-millionaires and billionaires who pay lower taxes than a homeless person.

  • @albertinsinger7443
    @albertinsinger7443 Před 2 měsíci +11

    Trouble is your taxes never go to the poor. It goes to big government and those people have lots of perks and 1 st class travel and even early retirements and can never lose their job. In the US ,government jobs pay double what you can earn in the private sector. Your taxes never go to the poor.

    • @unconventionalideas5683
      @unconventionalideas5683 Před 2 měsíci +3

      Except hardly anyone in the government actually gets 1st class travel and the perks have not always kept up with equivalent private sector pay and benefits.

  • @munyumbamutwale2985
    @munyumbamutwale2985 Před 2 měsíci +4

    While the diagnosis of rising inequality is correct the prescription that more government is the cure is the problem.
    Taxation just replaces wealthy bankers with wealthy politicians

  • @retnavybrat
    @retnavybrat Před 2 měsíci

    Here in the US, it won't work as long as rich people can take advantage of numerous deductions and loopholes to reduce their tax liability.

  • @GeorgeSchneider8889
    @GeorgeSchneider8889 Před 2 měsíci

    In 🇺🇸, I have a formula on how it can be done. Billionaires use their assets for collateral to avoid capital gains and through tax optimization, they used the loans interest to deduct their taxable income. If a loan is backed by assets like stocks or real estate, it will be considered as an asset. It will be taxed on the amount above $1.8M at a rate of 1.5%. Loans solely backed by treasuries will be exempt because we need wealthy people to buy our debt. There is no way they can circumvent this tax.

  • @TireSpare
    @TireSpare Před 2 měsíci +13

    G20 countries should let the super riches pay taxes more, not levy the taxes on average millionaires. They just own a property that their grandparents inherited from. Millionaires have so much burdens like average citizens. a majority of them with loans live with paycheck to paychecks. US should clearly let the World leaders know the taxation lines on individuals over 20 to 30 Million USD assets . Individuals with 2 to 5 millions USD are not rich in thesedays. They are just average home owner with a great risk of being bankrupt as any other.

  • @thebigFIDDLES
    @thebigFIDDLES Před měsícem +1

    Wealth tax is the obvious solution. Oh you think they can escape it? Implement an exit tax, so those with a networth of $250mil+ on their way out pay their fair share. Oh, you're worried about those offshore bank accounts in Switzerland? Different issue entirely, but fine, sanction Switzerland for the amount lost so they are incentivized to cooperate. I have yet to see an educated argument against a wealth tax, it's how taxes started in the first place in Athens, and how it always should have been. Most of our societal crises (mental health, political corruption, homelessness) are rooted in this wealth inequality, how else do you propose we transfer wealth from the richest to the rest, or would you rather the divide grow?

  • @bluehorseshoe444
    @bluehorseshoe444 Před 2 měsíci +1

    Need to tax private equity firms at 80%... they're the ones driving up prices on everything

  • @iwinmatthew
    @iwinmatthew Před měsícem +1

    Let's go back to the time of no income tax, let's reduce the taxes for everyone! I am curious how much the tax was imposed by England that triggered the American independence.

  • @GNARGNARHEAD
    @GNARGNARHEAD Před 2 měsíci +22

    making the rich pay tax, who could suggest such a thing 😢

    • @KRYMauL
      @KRYMauL Před 2 měsíci +3

      Once you get to $30M in net worth you can basically pay for anything without thinking as this puts you in the ultra-high net worth category.

    • @RealGrandFail
      @RealGrandFail Před 2 měsíci +3

      On average, What percentage of a country's tax do the top 10% pay? Why are people rich? Easiest way to equalize is stop using anything that the rich created i.e. delete CZcams, throw away your iPhone or Android and Computer, don't use Amazon, grow your own food, build your own house. It's that simple 😂 I bet people see $200 net worth and think it's cash in the bank 😅.

    • @KRYMauL
      @KRYMauL Před 2 měsíci +2

      @@RealGrandFail Or you know support unions.

  • @kendellfriend5558
    @kendellfriend5558 Před 2 měsíci +1

    7:45 right now. No.

  • @An11Ran
    @An11Ran Před 2 měsíci

    Sound?

  • @radioguy8662
    @radioguy8662 Před 2 měsíci +1

    First generation, wealth should not be confiscated. It would be more fair and efficient to simply raise inheritance taxes transferring wealth from the entrepreneurs children to the rest of society.

    • @ablamill8357
      @ablamill8357 Před 2 měsíci +3

      First generation wealth if it exceeds €200K should be taken away and solve the cost of living crisis.
      Also, inheritance tax at 100% is the way to go!

    • @sexygeek8996
      @sexygeek8996 Před 2 měsíci +1

      @@ablamill8357Everything over 200K? You must be very poor.

  • @dogoftheg
    @dogoftheg Před 2 měsíci +13

    Wealthy have better lawyers and accountants. Always. That’s why wealth taxes always get bounced back and become middle class taxes.

  • @kenster8270
    @kenster8270 Před 2 měsíci

    As someone who spent my formative years in Denmark, Norway and Sweden, I would say that progressive taxation and wealth redistribution seems like such a no-brainer in terms of keeping the wheels of society running smoothly and steadily.
    Having also spent time in Argentina, Brazil and Uruguay, I have experienced first-hand the kind of tension, polarization and distrust that can result from having an extremely unequal distribution of wealth.
    Here in Europe, I guess I'm considered a centrist, meanwhile in Latin America, I would be labeled a leftie (possibly even "far-left").

  • @taxthechurches946
    @taxthechurches946 Před 2 měsíci

    Do you not see the irony of saying that rich should pay their "Fair Share"? If the poor and middle income earners pay certain percentage, rich should also pay that same percentage.
    You can close the loopholes that the rich take advantage of but everyone should pay equal percentage of their earnings.

  • @CrimsonAlchemist
    @CrimsonAlchemist Před 2 měsíci +1

    There are fewer billionaires in Japan because of their Tax laws taxing the rich. Thanks to that Japan is the most developed country in the world, their technologies ages ahead of even US, convenient to travel and super clean.

    • @RealGrandFail
      @RealGrandFail Před 2 měsíci +4

      Japan's Economy doesn't sound so great when you look at the details. Work culture and Lifestyle are a major factor to why Japan is that way. Young generations don't want to work as they do and the birth rate is low as hell. Watch this space and say this again in 10 years.

    • @CrimsonAlchemist
      @CrimsonAlchemist Před 2 měsíci +2

      @@RealGrandFail Okay let's come back in 10 years.

    • @ameypatil2730
      @ameypatil2730 Před 2 měsíci +1

      Japan's Economy has been stagnant for a decade. People are overworked. Tokyo is one of the most expensive cities to live in. People are not having children due to the high cost of living leading to an ageing population. Ya, right the Japanese have it figured out LOL. Also US is the leading innovator in technology due to the structure of it's economy where taking risks and innovating is rewarded and not punished. Most modern innovations have US companies behind them. Having Bullet trains and automated machines does not make you a leader in innovation.

  • @TravelChannelOne
    @TravelChannelOne Před 2 měsíci

    As long as Singapore, Hong Kong, Cyprus and British Virgin Islands exist this is a pipe dream...

  • @jeevaguru11
    @jeevaguru11 Před 2 měsíci +1

    might as well start looking for loopholes

  • @PassingBy1118
    @PassingBy1118 Před 2 měsíci +3

    One of the key solutions is to levy heavy estate taxes. Every generation should earn its keep; inter-generational wealth transfers should be minimised. The tax revenues could be used for infra development, education, housing and healthcare.

  • @CaraMarie13
    @CaraMarie13 Před 2 měsíci +1

    Its going to be a wack a mole. Target the ways this people are allowed to hoard all these money.

  • @dodid0
    @dodid0 Před 2 měsíci

    This is simply a mess. What is a wealthy individual? Who defines it? Let me tell you, in Spain if you want to have 3 or more apartments in congested regions (city centres), you are considered a "wealthy owner" and the government forces you to rent them out.
    So, with no more than $700.000 in spending to buy apartments, you are considered a Wealthy Individual and the government decides what you do with your assets.
    On top of that, what constitutes a wealthy individual can be redefined each election cycle. To the very likely point that having over $1Mn is considered wealthy.

  • @mattcollins4550
    @mattcollins4550 Před 2 měsíci

    If they want to pay more in taxes, why don't they simply donate to the government?

  • @rollgali5292
    @rollgali5292 Před 2 měsíci

    now forbes will release new list category,,,

  • @MauricioRinconC
    @MauricioRinconC Před 2 měsíci

    What nonsense, as if the super-rich would ever allow such a thing to happen! Especially when avoiding taxes is so easy

  • @delmanpronto9374
    @delmanpronto9374 Před měsícem

    when the thieves are in charge of enacting the laws, i truly wonder what new laws will come out LOL

  • @williamwallace410
    @williamwallace410 Před 2 měsíci

    Of course... 80% of people were for other people paying more taxes. They are all for it as long as someone else has to pay, not themselves. Typical!

  • @importantname
    @importantname Před 2 měsíci

    Simple answer: NO. Because if taxing billionaires worked - the tax would have been in existence since taxes were invented.

  • @hasanraisumam1939
    @hasanraisumam1939 Před 2 měsíci

    I still don't understand, why if the government can print the money they still taxing the people?🤔

    • @MoneyGist
      @MoneyGist Před 2 měsíci +1

      That's what causes inflation

  • @randomdude4360
    @randomdude4360 Před 2 měsíci

    It's not about increasing the amount, it's about making it impossible to just put your factory in some slavery like country such as india. Since it will have 0 effect as long as they can find loopholes.

  • @kewalshah9910
    @kewalshah9910 Před 22 dny

    Billionaire tax so much makes sense!!! Won't act as a demotivator for the billionaires as well as will generate humungous amount of money that could be used for climate change solutions / to uplift millions out of below poverty line in their own countries. Billionaire tax makes so much sense as opposed to wealth tax or simply just increasing tax slabs / limits. The latter is such an inefficient way which only increases the economic inequality all the more.

  • @SarvaCrew
    @SarvaCrew Před měsícem

    Is this tax going to apply to the Royal family? Something tells me it will not.

  • @drd4059
    @drd4059 Před 2 měsíci

    Taxes are a way for politicians to favor themselves and their friends at the expense of everyone else. How about democratizing how tax revenues are spent such that each tax payer assigns a percentage of the tax they pay to each proposed end use. For example, I might allocate 30% to health care, 10% to police, 10% to national defense, 10% to education, 10% to local infrastructure and 30% to orphans and widows, and 0% for a politician's grift scheme.

  • @williamwallace410
    @williamwallace410 Před 2 měsíci

    It's all stupid. It's really simple, it should be a flat rate for everyone with a certain amount tax free. One equal system for all. That way the more you earn, the more you contribute in taxes. But this is already kind of the way. The problem is not that rich people don't pay enough taxes or don't contribute enough to society. Far from it. The 10% richest pay almost all of the taxes already and contribute significantly to society by providing jobs, developing technology/products and infrastructure. The problem is government is currently sucking their citizens dry to waste it away to illegal intruders. Many billions per country is lost in this way. If they stop this insanity , the countries can start lowering taxes instead of increasing.

  • @UvstudioCaToronto
    @UvstudioCaToronto Před 2 měsíci

    Too many potential loopholes. A financial transaction tax of all transactions involving money is far more practical, even if it is very very low.

    • @MoneyGist
      @MoneyGist Před 2 měsíci +1

      That's called VAT

    • @UvstudioCaToronto
      @UvstudioCaToronto Před 2 měsíci

      @@MoneyGist Europe charges you tax when you buy & sell stocks or take money out of your bank account?

  • @rfowkes1185
    @rfowkes1185 Před 2 měsíci +9

    You invent the next PayPal, Tesla, SpaceX, Boring Company, ...
    Then we'll talk about "your fair share" and whether the government (or Robin Hood) should be able to confiscate it.

  • @Kakanato
    @Kakanato Před 2 měsíci

    The rich people will find the way to avoid this tax. The higher middle class people will be highly impacted with it.
    In opposite, the rich people should be motivated to pay these taxes, but not obliged. In general, those people dont like to be obliged and no one was obliged on their way to the wealth.

    • @dxd42
      @dxd42 Před 2 měsíci

      Offshores... Everyone knows the main purpose I'd for tax evasion crimes , but they do it anyways 😂

    • @doujinflip
      @doujinflip Před 2 měsíci

      Voluntary contributions won't work, it's just squandering the wealth and influence of the donors. What has to happen is _all_ peers and superiors being forced to pay at least as much to minimize freeriding.

  • @kellybertei1582
    @kellybertei1582 Před 2 měsíci

    Billionaires already pay more tax. Even if they dodge a lot of the taxes and pay a lower percent rate, they still pay a higher absolute amount of money to the government. It doesn't cost any more money to build a road that a billionaire drives down than a non billionaire drives down. Why should billionaires have to pay more for the same services than non billionaires gets for cheaper? Imagine if government operated like a normal business and charged a fixed rate for services. You want police protection? Fixed monthly fee. Use a road built by government? 1 cent per drive. There are already roads like that called toll roads but I believe they are built by private companies

  • @TheEmperor000
    @TheEmperor000 Před 2 měsíci

    07:40 "Libertarianism and saying there is a limit of total Wealth" ??? What is this guy talking about? Liberterianism is about less government intervention, not more

  • @tidusfantasy
    @tidusfantasy Před 2 měsíci +2

    wealthy tax needs to be COMPLETE and ABSOLUTE. Meaning, you cant just target some billionaires, but ALL billionaires. No billionaires like to pay extra tax knowing not all billionaires need to pay, or knowing some billionaires have ways to avoid or to flee. If the whole world tackles all global billionaires together, then theres a chance

  • @aguynamedscott11
    @aguynamedscott11 Před 2 měsíci +8

    Unfortunately the wealth tax is hitting the middle class and not the wealthy. Retirees are losing their homes to taxes to that their neighborhoods can be gentrified. The rich are actually getting richer from these taxes.

    • @unconventionalideas5683
      @unconventionalideas5683 Před 2 měsíci +4

      But that implies there is a demand to live in the neighborhoods where retirees are currently living, which speaks to a supply/demand imbalance in those areas.

    • @aguynamedscott11
      @aguynamedscott11 Před 2 měsíci

      @@unconventionalideas5683 actually it doesn’t. Supply implies a voluntary transfer of assets from a seller to a buyer in exchange for a medium of monetary gain. This is not the case with those in power simply forcing people out of their homes. This isn’t even a matter of people who have homes losing their homes because of a scarcity of housing. This is a matter of people being forced out of their homes because wealthier more politically powerful people want to gentrify their neighborhoods. This is happening in every major city.

  • @rgen28
    @rgen28 Před 2 měsíci +1

    World tax.

  • @panama-canada
    @panama-canada Před 2 měsíci +1

    They are idiots. None of the billionaires hold any property in their own name. It is done through trusts and companies.

  • @jimcroft21
    @jimcroft21 Před 2 měsíci +1

    There has to be a limit on the things you want to do, try, and own.. idk it just becomes greed at a certain point

  • @elliottmiller3282
    @elliottmiller3282 Před 2 měsíci

    Tax the poor, give the rich more wealth

  • @TalEdds
    @TalEdds Před 2 měsíci +6

    The greed of the rich, can't ever be satiated. The tax loopholes need to be closed, but their lobbying will prevent the possibility of that happening.

    • @XOPOIIIO
      @XOPOIIIO Před 2 měsíci +1

      Rich people don't rob anybody, people give them money for something in return. Greedy are those who rob others to consume what they didn't produce.

    • @unconventionalideas5683
      @unconventionalideas5683 Před 2 měsíci +2

      Well, a lot of them were closed in the US, and the Democrats would like to close many more of them.

  • @DeusEx.Machina
    @DeusEx.Machina Před 2 měsíci +3

    A minimum global 2% wealth tax would generate about $300B annually. Also, tax 2% any $10B+ companies who have cash on hand.

    • @RealGrandFail
      @RealGrandFail Před 2 měsíci

      And the government will just watch the money go to the poor, right? Ever wonder why every politician gets richer when in office?

  • @ElpidiosantarinDelrosario
    @ElpidiosantarinDelrosario Před 2 měsíci

    Honestly if im the person are have that kibds of money i will happy to pay taxes to helping our government and i will helpibf many people's to giving a happy life together ar least i share my blessings that is im gonna do its very amazing feelings if you giving something to help others small or big help is same feelings lpeace be with all Amen

  • @failhouse5305
    @failhouse5305 Před 2 měsíci

    decrease taxes for poor

  • @jmiddleton1582
    @jmiddleton1582 Před měsícem

    FJB and the DNC!!!!!

  • @akhusal
    @akhusal Před 2 měsíci +1

    Cancel NI and just have income tax, the rich will pay more as NI has a threshold after which you pay less. Have council based on property value of 1% with no upper limit so that mansions pay more. Remove standing charge on energy so the more you use (for mansions and swimming pools) the more you pay. Have a luxury goods tax that can't be used as buisiness expenses for luxury cars, hotels, expensive restaurants etc.

  • @Rollerblader091
    @Rollerblader091 Před 2 měsíci +3

    Inheritance taxes should be much higher. Wealth built by a great grandparent should not entitle someone to a massive advantage over others. Generational wealth is mostly in stock and property - locking out the average person from owning voting shares, or share in general, in some of the most profitable businesses. For example, only the Cargill family controls Cargill, one of the largest private businesses in the world, comparable to Apple in size.

    • @themcguires3562
      @themcguires3562 Před 2 měsíci +2

      Why? The wealth was generated and taxed at the time it was created. Is your proposal that wealth only exists for your lifetime. That will promote other ways of transfers

    • @ablamill8357
      @ablamill8357 Před 2 měsíci +1

      Yes, this! 100% inheritance tax is the solution!

  • @RasielSuarez
    @RasielSuarez Před 2 měsíci +2

    Taxing the wealthy directly won't solve the problem (for the reasons brought up). What will however solve the problem is taxing generational wealth. All inheritances should be treated like income just like you and I would be taxed if someone gifted us a large sum of money, property or any other type of valuable assets.

  • @taylorl6098
    @taylorl6098 Před 2 měsíci +7

    What’s wrong with just a flat tax rate. We all pay the same amount of tax. No one can feel cheated. No matter your deduction you will pay a flat tax rate on all income….keep it simple.

    • @iwiffitthitotonacc4673
      @iwiffitthitotonacc4673 Před 2 měsíci

      Because it will hurt those who earn less as each individual dollar means a lot more when you have less of them, that's why tax brackets are a thing.
      Having only 2 tax brackets could work and would be a lot more feasible.

    • @24killsequalMOAB
      @24killsequalMOAB Před 2 měsíci +1

      @@iwiffitthitotonacc4673 All taxes increase the cost of living dude.

    • @ablamill8357
      @ablamill8357 Před 2 měsíci +1

      Because of inheritance. We should tax it 100% so everybody starts at a level playing field.

    • @iwiffitthitotonacc4673
      @iwiffitthitotonacc4673 Před 2 měsíci

      @@24killsequalMOAB "each individual dollar means a lot more when you have less of them"
      Repeating this since you didn't read it the first time.

    • @24killsequalMOAB
      @24killsequalMOAB Před 2 měsíci

      @@iwiffitthitotonacc4673 Government spending is far less efficient than private spending.

  • @alieng9989
    @alieng9989 Před 2 měsíci

    Eat the Rich

  • @timthetoolman223
    @timthetoolman223 Před 2 měsíci +1

    Gee, here's an idea - why don't hose 200 millionaires at Davos who asked to be taxed higher simply donate additional money to their governments? Let's see how much would be collected.
    Here's the real problem - taxing simply gives money to governments who rarely spend it wisely. Give those governments more money and they'll simply waste it on their pet projects to ensure they continue to stay in power.

  • @seanrichardteh
    @seanrichardteh Před měsícem

    😊😊😊

  • @WealthyExpat
    @WealthyExpat Před 2 měsíci +1

    Tax the rich, the rich will leave, the poor will suffer.

  • @thimblemunch24
    @thimblemunch24 Před 2 měsíci

    I don't trust you...

  • @user-tt6il2up4o
    @user-tt6il2up4o Před 2 měsíci +1

    In uk stop non doms.
    Make it like Sweden where you can only avoid paying tax in Sweden if you,live in for less than 30 days every 6months and the days include travel.

  • @Callingnone
    @Callingnone Před 2 měsíci +2

    More nonsense .. tax consumption not income and ban inheritance beyond a certain limit. many poor ain’t saints and want to climb the economic ladder to become rich themselves. Nothing wrong with that. What really affects average person at the bottom is the carbon footprint Rich leave in relative terms that affects the quality of life of those who don’t have much to spend. How about progressive taxation in exponential terms where a base is set for all types of consumption. Let’s say 1 percent property tax for every thousand sq feet home. So if you have a 10000 sq ft mansion, you pay 10% for having the gluttony to waste all the energy for the upkeep. Same for electricity consumption where you double the price beyond a certain limit and quadruple and so on, also for automobile engines, vanity products etc, cancel credit cards which front load the consumption. make education and health care free but tax the hell out of terrible life style habits like fast food and sugary drink that cause one to get sick from choices of their own. You will see that the system will automatically align to be more fair when we have such policies in place. This is a not a rich or poor problem. This is a human nature problem fused with cultural expectations.

  • @UpdallaNour
    @UpdallaNour Před 2 měsíci +1

    What😂

  • @anabilldatta
    @anabilldatta Před 2 měsíci

    First comment

  • @eggboldhead
    @eggboldhead Před 2 měsíci +1

    Wealth tax is absolutely evil.

  • @RealGrandFail
    @RealGrandFail Před 2 měsíci +4

    Who doesn't like free money? Tax the Rich 😂

    • @sexygeek8996
      @sexygeek8996 Před 2 měsíci

      until the government lowers the threshold and decides that you are rich.

  • @Prem98
    @Prem98 Před 2 měsíci

    Their should be Expense tax for the people who spend more but pay less tax.

  • @doujinflip
    @doujinflip Před 2 měsíci +1

    Being willing to pay higher taxes is noble, but it won't happen until _everyone at and above your wealth pays at least as much_. Otherwise you're just donating away your own buying power and reducing your influence among your peers.

  • @Vega2099x
    @Vega2099x Před 2 měsíci

    🎉🎉🎉🎉🎉🎉

  • @ablamill8357
    @ablamill8357 Před 2 měsíci +1

    Nobody should own more than $200K in assets. If you have that much money, it's enough. The rest should be taken by force by the government and give it to the poor.

    • @jpierremathieux4080
      @jpierremathieux4080 Před 2 měsíci +2

      Evolutionary dead end.

    • @dimitarmargaritov
      @dimitarmargaritov Před 2 měsíci +2

      Who says that?

    • @afriend_ofthefamily3602
      @afriend_ofthefamily3602 Před 2 měsíci +3

      That's theft and stupid

    • @ablamill8357
      @ablamill8357 Před 2 měsíci

      OK, let's make it $500K but no more is allowed to hold onto. Anything above is confiscated. If you try to hide it, automatic prison sentence + penalty of 3 times the amount evaded@@afriend_ofthefamily3602

    • @sexygeek8996
      @sexygeek8996 Před 2 měsíci

      In many countries an average house is worth more than that, so you're saying that we can't even own our own homes. What you are advocating is called communism. It was tried for much of the 20th century and it didn't work.