Why Elizabeth Warren's Wealth Tax Won't Work
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- čas přidán 18. 07. 2019
- Elizabeth Warren says her “Ultra-Millionaire Tax” will raise $2.75 trillion. History says otherwise.
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Elizabeth Warren wants the federal government to provide free healthcare for every American, college for every student who wants it, childcare for every parent, and housing for low-income families.
And she wants to pay for it all with a new tax on the richest of the rich. She calls it the "Ultra-Millionaire Tax."
Skimming a bit more off the top of the bank accounts of the ultra-wealthy might sound like a good deal for working- and middle-class Americans who feel like they're falling behind, but the reality is that wealth taxes have been tried before. And they haven't worked the way Warren promises.
Full text and sources available at reason.com/?post_type=video&p...
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The citizenship based taxation is the most shocking and immoral thing, the idea the government owns you and you have to pay them to renounce citizenship is truly evil.
The left apparently does believe in American exceptionalism when it comes to government power to tax.
To Warren and her cronies we’re all just tax livestock, rich or poor.
Yeah out of all of it that’s what made my jaw drop...
Why not just charge 100% and make everyone serfs?
Actually it is more stupid to pay taxes back to the USA from abroad for services you don't receive at all. These idiot dems are an example why such a tax don't work.
I like how she admits that with her policies the US would have to take measures to prevent people from LEAVING.
Let that sink in. What are the other countries in the world that try to restrict people leaving?
It would not restrict them leaving, it would simply put a tax on them/the assets they want to move. The wealthy will always want to avoid taxes and this is the only way to stop them from exploiting the system.
@@samanthabrown1617 but it is an attempt to restrict them from leaving…similar to how the tax penalty in Obamacare is an attempt to get people to buy health insurance. Or how phone companies used to, or maybe still do, charge you for ending your contract. Any time you put a penalty or high tax on a behavior you’re either trying to discourage it, or just bilking money from it.
And wanting to move to avoid a tax you disagree with is not an exploitation. If I as a middle income individual wanted to stop paying the high taxes of NYC, I have every right to pick up and move elsewhere. Now if i staid and just found loopholes to avoid…then that would be an exploitation.
it wuldnt work cause they cna move their wealth to other countries
Isn't that like feudalism? Idk. Peasants are not allowed to leave their lord's lands where they must work, because the lords own them...
This is right out of Atlas Shrugged
Jesse M really is, a 40% tax to renounce citizenship!?!?
This whole situation ripped straight from Atlas Shrugged. The Green New Deal eliminating air travel, and automobile's. Expropriation of oil companies , and eliminating it all together.
Lol are you 12
@@steviemarkjones And you must be 14. Go watch Pewdiepie and don't respond to post unless you have something cognizant to say.
The Robbers are coming.
Who is John Galt?
"let's put a tax on alcohol to disincentivaze its use"
"Let's also put a tax on being rich..."
They want to disincentivize hard work and reward freeloading.
Because anything less than $50M isn't rich, right? And paying 2-3% after $50M disincentivizes you to get richer, right?
🤦♂️
"How to get the rich to leave the country 101"
*cough cough* France *cough cough*
@@jamiegerdts9842 you are aware that the US and France are completely different countries with different tax laws. In the European Union it was very easy to avoid the tax as you simply had to move to another country. But it the US it would be based on global wealth and the only way to avoid it would be to expatriate. This incurring the 23% exit tax.
@@samgamez9907 Yep, the jump in taxes proposed, both normal and exit, would most likely prompt a swifter response. Leave now and lose 23%, or double that later.
@@jamiegerdts9842 I might add that bernie Saunders proposed increasing exit tax to 40% on top of this. So for most it makes sense to stay.
Tippy tippy top? Someone's been hanging out with AOC.
It's code for people richer than me
trump said that exact phrase a year ago
All I've learned from watching these politicians promise us all these benefits is that they don't know shit... these are all empty promises that are backed by a figment from their imagination, instead of a promise that can actually be applied to our economy and democracy.
Ok5
Tax the rich, feed the poor
'Til there are no rich no more?
Only then would equality be achieved when everyone is waiting In line to get food.
And the leftists think that's a great thing...until they no longer have access to the products and services those eViL gReEdY rich people were providing.
U r a very stupid brainwashed ?
You can't feed a person with a house in the Hamptons. Essentially you would export american wealth. The net effect being that foreign nationals own the land and the assets of your country.
and then everybody can starve
As Margaret Thatcher famously remarked, "The problem with Socialism is that eventually, you run out of other people's money."
To which I reply that capitalism doesn't stop being capitalism because you added taxes.
Also coercing people at the muzzle of a gun is slightly problematic as well...
ogogo ogpgpg doesn’t make it false tho
GeorgenotSmith2 when the rich by the politicians, to lower their taxes. then the rest of us need to make up For the deficit, which means our taxes go up or we get less services. Some people just can’t handle the simple truths
And people celebrated her death, yelling dingdong the wicked witch is dead the wicked witch is dead. She was also her unionbusting witch
When you tax the billionaires, they have to liquidize their assets. This will cause the value of stocks to drop. Anyone who has a 401K will see its value drop significantly, all so that we can take money from the rich. Get ready to delay your retirement by half a decade!
The people that support a wealth tax, don’t own any stocks and are not financially literate.
This would end up screwing the middle class. Taxes were meant for the rich originally but end up screwing the middle class.
If you assert it, it must be true
@@davidkafka2452 It would seem that the ultra-rich would simply move all their assets offshore/get their smart accountants to hide wealth, renounce citizenship before the policy is passed in the Senate. In the end, the government would lose the taxes they used to gain from these ultra-rich.
The possible worse effect is that they take all their businesses and jobs with them, effectively harming the working/middle class.
@@surr3al305 Well that and simply because reason its so popular is reason why it fails tax if you bankrupt (which can only do once) every billionaire you get 4 trillion. Almost covers healthcare for a year they also have no more income so say goodbye to the steady 200 billion or so they bring in annually. Now onto millionaires I guess considering lower "millionaires" or very good portion have 1-5 million your wiping out 300,000 millionaires every trillion you take completely bankrupting. So best case scenario 18 million millionaires got 16 years of funding for healthcare.
BUT at cost 40% of all tax revenue as they are no longer generating wealth also in "mass selloff" likely to other countrys to bankrupt our "evil rich" prices will depreciate as supply will exceed demand buyers will run out of money ect. So bet best case scenario we got 10yrs of free healthcare for all.
The reason its popular is it affects almost no one which is exactly why it fails when talking personal wealth billions life time of wealth one in million chance of succeeding to that level. When talking government thats a small 1 of 10000 spending bills or line items for that year. It sounds crazy we picture that wealth and it seems like a unfathomable amount in decades of creating one of worlds biggest names sold everywhere in world entire wealth of bill gates or bezos. Sure when talking private thats a big house plane all the hookers and cocaine you could ask for. When talking government thats interest on debt for 6 months. Drop in the proverbial bucket.
How governments fund things how they have to is everyone sure rich can pay bit more feel the squeeze. But wish they would stop pretending like it would solve all our problems if only rich paid x amount. Reason it appeals is it affects less people which means less people pay whats more 1 person paying 1000 or 1000 people paying 10.
and the middle class would end up leaving the country
Is it too late to go Viking-Style on the rich?
“Don’t be so greedy! It’s only a tax on the wealthiest!”
The income tax in 1913 was sold to the American people as a tax on only the highest earners, and only at 1%. Glad that worked out so well.
When I hear collectivists prattle on about wealth being a sin, it reminds me that the only sin of tax evasion is not teaching as many others as possible how to protect their earnings from the state.
If the wealthy don't support the State, then why should the State protect the wealthy? Can we legally hunt and kill them now?
@@Kidsinamerica if you start hunting the wealthy, then I’ll let them hire me to hunt you.
@@amazinglats6020 I'll help you.
@@Kidsinamerica The wealthy don't support the state? Maybe you should go here, www.cbo.gov/system/files/2020-10/56575-Household-Income.pdf , the top 1% of income earners-those who earned more than $540,000-earned 21% of all U.S. income while paying 40% of all federal income taxes and the poorest 20 percent of the population pays an average tax rate of just 1.7. If you want it to be "fair" then you must be looking for the rich to pay less - or the poor to pay more. Unless Gates, Buffet, Bezos, Musk, et al stole that money from someone politicians have no business demonizing them, as far as I'm aware every penny they have is from voluntary exchange with their fellow man. It is the left in this country who are truly the greedy ones. You buy something voluntarily from Amazon because, presumably you find it a better deal in some way than the other options you have, a portion of Bezos' wealth is from your purchase, now you want that back too? Tell me who the greedy one is again? I too would like some of what they have but I know I must earn it, not steal it - or vote with my friends to steal it. Whatever argument you may think to rebut with, first ask yourself, if it's not ok for someone (or 100 someone's) to come in my house and steal my couch, why is it ok for me, or me and 99 others, to vote to take his couch? You can't have one without the other, it will always descend into who is the most ruthless at brutality. Please don't be part of making that world.
@@pinnacleroofing9841 Jeff Bezos' company, Amazon, generated $386 Billion in revenue last year, up $100 Billion from the year before. Profits went UP 86% for the company. Guess how much in corporate Taxes Amazon paid last year? ZERO. Your numbers are B.S. - want to know how the wealthy get 'off the radar' in your calculations? They 'incorporate' themselves, and file as corporations instead of individuals. They then use a variety of small/medium business tax-deduction loopholes to avoid declaring any income whatsoever, and eliminate any tax payments. That's how Trump, a Billionaire, only had to pay $750 for years (legal, but Politically embarrassing for the 'leader of the free world' to pay nothing into the coffers of the Country he's supposed to be leading).....a variety of 'Corporations' pay nothing, including most Fortune 500 companies. Most Globalist Corporate entities keep their profits offshore to avoid paying US taxes - Corporations were responsible for 1/3 of all tax revenue in the US 60 years ago - NOW they pay less than 1/10 of all US tax revenue. Clearly, you know nothing about this.
americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-offshore-corporate-tax-loopholes/
www.investopedia.com/news/how-fortune-500-companies-avoid-paying-income-tax/
fortune.com/2021/04/02/55-companies-paid-zero-in-federal-2020-taxes-itep-report/
Want to talk about 'fairness'? The Rich have you FOOLED into thinking that they're paying taxes on their profits - they're not. And here you are, simping for them.
"I just want a slice of everyone's pie."
- Elizabeth Warren
She needs a pie to the face.
"And I don't want everyone to have a slice of my pie" - Elizabeth Warren (but interchangable with every random Democratic politician)
My answer to that: "My knife is bigger, I keep it split-hair sharp, and I practice with it often. Forget guns, I tend to get a bit more personal when you reach for my pie."
I had an econ professor who was fond of the histories of several tribal nations spanning Africa, Australia and even the United States, who made their leader feel the pain of the people by chopping of fingers, toes and limbs when their ecologies were failing. He'd laugh as he reminded us that our greatest motivators, in fact the only two core emotions of the Human psyche that functionally create the others are fear and pain. I originally didn't believe the last part for a while, but I worked it out. He was right. Almost any emotion can be tied to the defensive reflex caused by pain or fear. I think they hustled him out of the school since, but some ivy league picked him up.
Homer Simpson: Mmmm, pie...
Let's call a spade a spade. Gov'ts don't have an income problem, they have a spending problem.
Also, the federal government had to amend the income tax into the constitution. There’s no way she’ll get this through without litigation. And during that time, the rich will leave BEFORE they can be taxed.
And go where, Europe, Australia or Canada taxes are much worse. South America, Russia, China or Africa have there own set of political/economic instabilities. The rich will leave the US is an old talking Republican talking point like trickle down economics.
@@jesusmartinez6031
U need to research more... Learn to think for your self
@Kyle Darwin Enriquez Or Taiwan, South Korea, Japan and the tax havens around the world.
@@jesusmartinez6031 Singapore, zero percent capital gain tax
@@jesusmartinez6031 I'm now paying 17% in the wealthiest and most secure nation in Europe, Switzerland.
The fact that we even need a video to debunk this, or that a woman who believes it could be a Senator or Harvard Prof, shows how far we have fallen as a nation. Concern trolling and virtue signaling has completely replaced common sense.
#ElizabethWarren destroyed her campaign with this #AnnualWealthTax and with (Mrs.Warren's Profession for ..) #Reparations to #AlSharpton's organization.(But then all the Dems destroyed their campaigns on that one).
Sad about Warren because she did have a good idea on #NationalCorporateCharters.
#TulsiGabbard just got the endorsement of Twitter's JackDorsey and the founder of Reddit ..and #JoeRogan of very big podcast fame ..and #JimmyDore of Progressive/#PeaceMovementComedy fame ...and Cardi-B whatever that is.
✌
@D Master The problem is all these taxes will be spent to grow the government instead of actually helping the poor. The best charities make themselves obsolete by helping the poor become self sufficient. No government agency will ever knowingly make themselves obsolete because that would mean unemployment for everyone who works there. Instead they design policies and execute plans that ensure long term government dependency and, whenever possible, increase the size (budget) of thier department. It's self protection which, while normal and understandable, is consistently bad for the United States.
Ahh yes rising inequality and increases in poverty to the point where 50 percent of people don't have 2000 to their name.. Its common sense!
Warren today: I just want 2% from the wealthy
Warren in 10 years: I just want 20% from everybody
I remember when Warren was a rational human being. But she's radicalizing at an alarming rate.
@@colin1818 whatever gets the votes man...
@@wesjones6370 - I know understanding subtleties, like the slow erosion of personal values to the mob, is difficult for some. But try to keep up. Her dramatically changed opinions clearly demonstrate her lack of deeply held morality. She's just another politician that's willing to say anything for a vote.
@James Franko - I've never heard bribery described as "flowery."
She would have to tax everyone at 20% to pay for free healthcare, free college, free houses, and free daycare. And all the other free stuff she would propose to stay elected the next 10 years.
That was a beautiful home. So who will the rich sell to when there are no more rich people?
Since it is just 2-3% a year what would likely occur is a slower form of capital flight where libertarian and conservative millionares and billionares slowly start selling their assets and moving their businesses elsewhere while more liberal wealthy will buy these "great deals" on homes while exposes themselves to these liabilities. It is going to be easy to avoid much of this exit tax with creative solutions like Bitcoin which cannot be stopped as well. This has all been tested before in europe and doesn't end up working so her suggestions are not new or interesting.
@@sanisidrocr or they could all just leave before she’s able to implement the exit tax
This would destroy the value of assets. People's 401Ks and house values would plummet as billionaires need to liquidize their assets to pay the tax.
Wealth tax is a tax on poor just like inflation. After all, sell pressure on top stocks only hurts pensions and social security.
And these people scream "cheers! Tax the rich!" Never realizing they just made it even harder on themselves to break out of poverty.
And it would kill the value of 401Ks and home values. Everyone would take the hit!
People don't seem to realize that not only would this not raise the money they want, it would fundamentally change the nature of private property and the citizen's relationship to the state. If you're taxed 2% per year just for possessing something you're essentially renting it from the government at that point.
Exactly right.
Like property taxes?
It wouldn't change shit.
Inflation is already a tax on your savings, which applies to all citizens, and like Benjamin said property taxes mean you can only rent land rather than actually own it.
We're already in this situation, Warren is just trying to expand it.
It’s also extremely misguided. There’s ALREADY money allocated to government programs that isn’t even being used properly. What makes Warren and these other dems think even more money will fix the issue, especially at the state and local levels?
@kommisar That's true.
"I deserve money I didn't earn more than the people who earned it."
- Elizabeth Warren
most of America's rich inherited money they did not earn it.
@@johnwebb6824 Bullshit, most American rich have earned it, there aren't that many inherited rich people out there, no matter that the left falsely claims
Except the fact that most people in that position inherited their wealth. That's not "earning" anything
@@227morgan3
the people they inherited their wealth from earned it and payed taxes on it. And don't forget the death tax.
@@SuperAtheist did you read the article?
That doesn't change my point. Being given millions or billions of dollars by your parents is not "earning" it, as it takes no skill, knowledge, or contribution to society. Do you have an argument to the contrary.
Also "death tax" is a political talking point to make it sound like it affects everyone. Do you know what percentage of Americans pay anything in estate taxes?
Millionaires and billionaires would just move all of their cash to the Cayman Islands.
Otherwise they sell their assets to foreigners who you can't tax, and American don't own their own companies.
Us tax is based on global assets.
"New" tax, same as the old tax. It's created not to work, then expand consistently to solve every "problem."
How long after the income tax was started as a tool "only hitting the ultra rich" was it that the majority of people had to pay it? 10 years? 20?
@@d4n4nable idk (past a Google) but I doubt it took long. They fail to understand: taxes passed to customers as just another overhead. So,...
How can this possibly work? I'm no US tax genius, but even I can come up with a dozen ways to avoid this or which would make it so insanely difficult to come after someone that they'll spend decades trying to collect...
1. Give it to family. If you have $100M, give $25M to your wife and two children in a trust.
2. Give the money to someone else in trust. Prepay for a nursing home, has a trust fund for your kids education, around the world cruises in ten years, etc. You won't have the money on your books.
3. Form companies. How is the government going to evaluate your wealth based on owning a non-publicly traded company? You are forcing the IRS to evaluate the net worth of hundreds of thousands of individual companies (which are shells each just holding other companies, realty, physical assets, etc.) each year. Lie about their net worth (or just don't know) and then let the IRS evaluate all this over and over. Likewise, you can structure the company such that is it losing money so typical evaluation methods such as 10x income become meaningless.
4. Form companies outside of the US. Now... good luck on evaluating the value of a company in Canada, Russia, or China.
5. Lend the money to someone with a set payback date. You don't have the money. It isn't a negotiable commodity. Again, hard to evaluate it. All sorts of things such as maxing out pensions,
6. Put the money into physical assets and hide them. Diamonds, gold, art work, etc. and put it in your basement or ship it overseas. Likewise invest in physical assets overseas which aren't easily valued.
7. Non-cash payment. Once you reach the $50M (or whatever), just don't accept payment in wealth. If your are working as a CEO, say you want to be paid in something other than physical assets -- the company will hire a dozen people and come out to maintain your house, teach your kids, free plane tickets, concerts, 25 year home leases, etc.
8. Barter. IRS is going to have a massive time evaluating anything if you trade your services as an doctor in return for a boat.
9. Mask bartter transfers through complex deals. I'd trade you a hip replacement for a five year lease on a car through a shell company which then rents the car back to you for 1/4 the price. Give the IRS a hundred deals like this, and they will have no way of knowing your current net work.
10. Stop working. As you approach $40M... stop working. Lay off everyone, end your business. Left them find another doctor.
11. Stop all charity donations. Switch all political donations to the Republicans. How many democrat billionaire are going to pay 20% of their wealth over 10 years? Pay lawyers to sue the IRS over and over. Lobby for loopholes.
12. Leave the United States. She might think the IRS can track you down overseas, but you can renounce your citizenship and other countries (besides being massively happy someone in brining in billions of dollars to invest in their country) are not going to honest any IRS audit/information requests on any of their citizens. Take the money out long before they implement any rules (which would take a year or more to pass).
"That much wealth is bad for our economy" - Warren
... wat
Señor Poodles that’s the stupidest thing I’ve ever heard come out of her mouth
Yeah imagine being able to succeed so well that you can own multiple houses!
Also the government: Lets spend it on junk like third gender toilets
The statement "that much wealth is bad for our economy" can be justified if one believes that it's hard for people to become rich because the rich are making it harder for others to become rich.
As phrased by Anand Giridharadas:
"People are not down below because they have failed to join people up above, they are down below because people up above are standing on their necks."
How true this is, can be discussed, but at least this comment gives an answer (if only partial).
@@andersalexanderandersen5022 rich people spend money too. That means their money is being put into the pockets of businesses who build luxury planes/cars/boats, businesses who provide gourmet foods and drinks, real estate agencies who will provide them the opportunities to buy expensive mansions and homes, who in then turn pay their workers. These people can then save up, create their own version of the above businesses, and provide a better service to the rich, pay their employees well, and the cycle repeats. It isn't a zero sum game. Also material wealth of the poor has increased rapidly since the beginning of the 1900s, when we put refrigeration, cranes, more powerful and bigger ships into shipping, reducing the overall cost of goods that before could not be brought to your country. And the technological advancements we made like computers has allowed us to hand held, portable devices that can connect to anyone pretty much anywhere. The microwave was thought of as a luxury good too, when it first came out, now poor people probably have one, as well as a fridge and television, and most could likely afford a slightly older PC. They may not have become all that much richer in terms of money, but they sure have a lot now.
Everyone's goal is to become rich, economically, and they want to punish us for being successful. It's like the kid that earned the A gets 3% of his points reduced from his overall grade after every test.
Wow , If this crazy person has her way, she will make many of us Bitcoin investors millionares and billionares with capital flight into Bitcoin which she cannot control. Either way, smart investors are hedging their portfolio now.
It doesn't matter if you're in bitcoin or not. The IRS can spot your ownership of Bitcoin, and they do not have to prove that you have them. You would have to prove to the IRS that you do not own Bitcoin, but that's quite difficult since most cannot buy bitcoin directly without the help of third party (such as coinbase)to host your wallet. The decentralized systems makes it even easier for the IRS to go after you because it is harder for you to hide your assets.
@@tiendoan1333you might want to investigate into when coinbase reports to the IRS and how fungible bitcoin is these days. Someone looking to leave the US doesnt really care much about the IRS unproven assumptions either
@@sanisidrocr that's is true. Move assets from us to bitcoin, and then leave the country. They can't freeze your wallet 😂
I think one of my favorite things about crypto is if you secure your keys properly, no entity has access or power over your assets without your say so. Not even the govt can take it!
There are many western countries who would gladly, with open arms, welcome these rich people and not penalise them for being wealthy. They would benefit from their business knowledge and entrepreneurial skills.
I am from Alabama. And I can assure you that I have never heard of anyone getting ringworm...
nathaniel byrd don’t know why but stil haven’t stopped laughing. I suppose sh e imagines you in straw hats and dungarees catching ringworm from.... Republicans
@@thenewmayorofcrazytown7392 Dude, I get that we are known as the hillbilly state. But things are actually pretty well off down here. Celebrities and athletes actually travel here to get the UAB Hospital healthcare!
😂 AOC is an idiot
Also it’s not like getting ringworm is a standard of terrible health, it’s an infection that most athletes can get and cure relatively easily
It's very common for wrestlers. I've had it before.
“Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy.” - Churchill
"I am strongly in favour of using poisoned gas against uncivilised tribes." also ~Churchill
There are multiple problems the first of which is that people will under value their assets on legal tax documents, so they pay less. Another is that many assets aren’t income or cash flow producing, yet they still get taxed.
Like my house? I still pay a wealth tax on it.
Its pretty sickening, isn't it?
Straight up class warfare.
That's the point of prog taxes and all things of the like
@mslayer122 richardsonProg taxes are a Communist thing, keeping people from escaping government persecution with their property is a Communist thing. If you've seen one Commie, you've seen them all. You can dress them up different, give them a slightly different agenda but they all stink of authoritarianism the same.
FAIR TAX ONLY no tax on property or essentials for living...pay forextras only hits people all the same from the hooker to the billionaire from the welfare recipient and the undertable worker... If you're paying bills to live no taxes if you're buying bling or new art u pay.... Everyone pays according to their excess
The reason it won't work: Wealth =/= money
Explain?
I'm glad that someone here actually understands basic economics
“Economists” 🤦🏼♂️ more like a Confederacy of Dunces.
Lol no thats the boys who read Ayn Rand instead of growing up
They published peer reviewed papers, you published snarky CZcams comments.
@@davidkafka2452 Peer review means nothing anymore. It is not objective and is subject to a host of bias.
Hey, economists have successfully predicted 7 of the last 5 recessions!
"I want to stop these billionares from being free riders."
That's one of the most moronic statements I've heard in my entire life.
Laughed my ass off at that. She knows she's full of shit and that's what gave it away.
Says the politician.
Capital owners do ride free. Whether or not that's a good thing is for you to decide.
@@davidkafka2452 - do explain
Translation: "I want the people creating jobs and sustaining the country's economy to stop free loading off of society"
I just about fell over laughing from the ringworm statement... you dummy anyone can get a fungal infection wether rich or poor 🤣
I think she means hookworm
roy arrowood why should we assume what she thinks? She should speak what she means.
The working conditions of the impoverished increase the likelihood of them contracting diseases versus the wealthy.
David Kafka and a dollar store has the cure for ringworm. It doesn’t take the government to fix a nonexistent issue. And the work conditions only increase their exposure if they work with dirt or animals 🤣
Every wrestler ever is laughing.
They say shit like “I only want %2” always ends up in a few years with “I want more and more”
Taxes are for chumps. Only chumps was pay taxes.
It's funny how she thinks the rich are the freeloaders
czcams.com/video/lM1Q34mLtBM/video.html
She's partially right
@@jeremygibbs7342 she’s not right at all. Anyone asking for a slice of someone else’s wealth are the freeloaders. It’s not the fault of a rich person if they have the know how to make money that you or I don’t. They get more and more resources and people to help them build more wealth. Because they can pay for that.
She could have just said it, but Pocohantas just cannot stop lying.
I m broke af...
But I don't want the money of rich ... I want to earn by myself
0.25% would've at least been realistic. 2/3% is insane.
Sounds like that makes sense. It's sad that numbers don't seem to matter in most discussions in government policy. Although I do understand that any number is a precedent.
Come on now, Politicians just wants income taxes then more taxes on top of taxes on top of taxes and tippy top taxes.. until they can spend off BS and rack 200T+ debt that then we need to tax more to pay back....lol :/
i wish i knew how a country could raise enough money without high taxes, wealth tax seems like a good idea but i believe it should only work in stock from the stock market.
another form that a country could raise more money without taxing is for the country to have stock in companies and to behave like any normal holder. that way you profit from companies in a way that no ones think its wrong.
the country could have revenue and activly invest it in its own companies without being an state owned company and therefore increasing expending and deficit.
deficit is a real deal but its hard to get rid off, especially when the deficit its necesary to create the infraestructure that allows companies to make money.
i think that would be a great idea, we could make it even with companies that are not from the country but allies and to only profit and no reinvest in them, or do, depending on the political situation that both countries have.
a good country keeps itself out of deficit, and activly improve the condition of the country, by creating high tech infraestructure such as 5g, public transportation, clean and strong roads, renewable and self sufficient energy, improve healthcare and schools and to have a great military with fair contracts.
having a country get its revenue by stock also makes it so that they can manage better fairness in the market and not let 3 companies destroy the economy slowing down competition, wich is to me one of the biggest problems with the current world, we need a lot of companies that compete and bring best and cheaper products, a country should only dominate outsider countries economies, not itself. to have a great market it should be competitive in your own country and monopolistic in countries that allow it.
idk if it would work, im just a fan of this things and i want to see the us great and the citizens
Presently the nearest thing to a tax on wealth in the US is property taxes. Look at all the companies that sprung up simply to dispute your home's value in court. The only people that would possibly benefit from an overall wealth tax would be many lawyers and accountants.
Which is essentially an annual rent paid to the city or county for the privilege of living in a house you supposedly "own"!
Yes, taxing and scaring away the funds which pay the wages of the working class will somehow raise living standards. How ignorant can our civilization get before its meaningless garble about "fair shares" in other people's earnings consumes the capital which keeps it alive?
Genius then companies leave then we're jobless !!
So do we bend the knee to the Constitution or the corporations or the mega rich? Bit confused as to who pulls our strings here.
"All I'm asking is for a little slice" - you aren't asking. Asking means you leave the option to the afflicted to say "No, thanks".
You're imposing, and you make it look as an awesome idea by using precisely the same populist tactics that Trump is being bashed for.
*Takes billionaire's money
*Casually uses it to grow the IRS
Here's a brilliant idea. Teach the poor and middleclass what money really is, what federal reserve notes are and how to create wealth. The poor and middleclass don't understand cash flow and how to create it. The only cash flow the poor and middleclass understand is working a job. And getting a part time job. We've been lied to about what assets are. We are not taught to pay ourselves 10% from our paychecks. We are taught mutual funds are good investments and tax deferred 401(K) will take care of us in retirement. A simple little rule to know. An asset puts money into your pocket. A liability takes money out of you pocket. That 2% will eventually grow and creep down to the millionaires that make less than $50M. The wealthy will have to sell off assets to reduce that 2% tax and inturn, those assets sold off qaulify as capital gains which is taxed. It creates a double whammy for millionaires. It will be foriegn millionaires buying up assets.
"-imposing a 40% exit tax on anyone who wants to renounce his or her citizenship."
So, if you are a millionaire you cant decide, of your own volition, to leave the United States? I'd burn every cent of my money before I let Warren get it.
lmfao
LOL no, you wouldn't.
Wealth tax has been tried today, during the medieval age, and early stages of civilization. It has always fail in the most uncontroversial sense.
If only people knew that and tried to not repeat that over and over again.
The Netherlands still has a wealth tax.
Government assumes you'll make a 4% profit on your wealth.
On which it takes a 30% tax.
So it takes 1.2% of your wealth every year.
0:08 that dude in the green shirt knows it’s bs LMAOO
Please please please America dont let her win in 2020 please.
Thanks for the free stuff mommy
czcams.com/video/lM1Q34mLtBM/video.html
Did she say at the end that billionaires are freeloaders? Did I hear that right? Lol
Abolishing income and payroll tax and rolling those into national sales taxes would work far better than this mess.
The tipi tipi tops think otherwise 😂😂😂
Great to see that her campaign has cratered, her ideology is dangerous to freedom and prosperity, and will put the economy in to a recession.
One of the few countries that still has a wealth tax is Norway - and it kicks in at only 200 000 Euros. Think about that next time they say only millionaires will pay it.
If you make it easier to be poor, then you create more poor people.
What aoc is really saying without realizing it is that its wrong for that poor person to become rich
Please can I invest in Bitcoin on my own, I have been practicing on my demo trading account, I don’t want to make any mistake whatsoever.
yes
You can if you have fully understand the Bitcoin market
if you haven’t I will advice you to look for a professional around your vicinity to help you understand the Bitcoin and forex market.
I’m from Belgium I have been an investor in the crypto market for over 3 years now.
Now is the greatest time to purchase and invest in Bitcoin
Obviously trading in Bitcoin is very volatile and risky to trade that’s the reason most traders trade with a company.
Now I'm against this tax for sure, however the average annual return for conservative investment is 6 to 10 percent so if she took 2 or 3 percent it wouldn't touch the balance! Now as far as people leaving you can't stop that, that's why it will fail.
We needed a constitutional amendment for the income tax. I know it’s a quaint notion, but wouldn’t we need one for a wealth tax?
Wealth management is a large part our economy that would take a huge hit.
Taxes on assets? We already have them, they're property taxes, luxury taxes, etc. It's horrible!
I'm in the process of renouncing my US citizenship right now -- thank LLAMAS AND PUPPIES!
To all those who support high taxes on the super rich: donate half your income to people living under extreme poverty. You are super rich compared to them.
Free loaders?
Don’t the richest 1% already pay about 40% of all taxes?
Everyone in Congress will magically gain wealth while side-stepping their own tax laws. They'll still be buying mansions.
Anything the government is involved in falls apart.
"If rich people have to pay a wealth tax they have less wealth"
No shit, which Harvard Professor taught you that?
Do it, they either pay or leave. The rest of us get taxed 5% every paycheck, they can afford 1%
If you have $50,000,001 in wealth, this tax makes you pay ¢2
It only kicks in on wealth AFTER the benchmarks are reached
The wealth isn't just liquid assets, like a bank account, it includes property like homes, cars, boats, ect (just like how Forbes works)
This is also only personal and doesn't apply to companies.
I would *far* prefer if the federal income tax (and most others) were abolished and all taxation was done on a graduated scale like this. This combined with a UBI replacing the minimum wage could do so much towards making the economy flexible and responsive like a free market should be while also helping provide resources to people who are actually suffering and not coddling them like infants.
If only they could abolish the FED while they're at it, but hey, a boy can dream...
But it's not really a free market when you're punishing people for being successful.
Companies can be taxed if they are unincorporated (i.e. sole proprietorships or partnerships).
Wrestlers laugh at that ringworm statement.
We all know how this will be implemented. Year 1, just billionaires, then they'll all move. Switzerland has a flat tax of around 17%, so they're all gone = zero wealth tax revenue.
In 3 years time, if you have assets in excess of $100,000 you'll pay the wealth tax.
An exempt group will be touted as "the wealth tax works and it's fair." However, to be exempt this will be the criterion: One has to be missing one leg, one hand, blind in one eye, 50% Indigenous and/or 50% minority plus check off at least 10 criterion of the DEI list, be under 4'4" in height, born on a Tuesday between 12:00-12:01am on the 1st of a month beginning with the letter "F."
Good luck meeting that list, but they'll use it as an example of how fair their wealth tax is. Simple right?
Ask yourself this: How many average working people can afford a 4%(that's the rate they want to hit) tax on assets when they can barely afford necessities?
One final point. If you read any of these proposed "wealth tax" ideas, there's no rebate should one's assets reduce in value year over year. Bet the proponents forgot to tell you that?
It's the lottery in disguise. There are lots of smart, hard working, ambitious entrepreneurs who never make it big. Because the difference maker usually comes down to luck like being born at the right time and place with the right skill set. Or shady business practices if you're the Rockefeller type
If such a plan is implemented, it will seriously damage this country. Capital flight, and creative schemes to legally avoid paying this tax will force the government to become even more burdensome in their effort to collect the tax. However, whenever we have the next recession, this type of tax-the-rich talk will gain more traction. And that is unfortunate.
Is a wealth tax even constitutional?
Peoples' earnings are already taxed when you earn that money.
But would it be legal to impose a tax on money already accumulated and that taxes had been taken out of their earnings?
The Alabama people with ringworm comment by AOC had me cracking up.
I usually like ReasonTV, but at 02:58, 2 of those 4 countries that kept the wealth tax are incredibly wealthy (Norway, Switzerland). Belgium is also no slouch.
So this graphic is misleading, whereas most of the 8 of the 12 that scrapped the wealth tax, the rate seemed higher than this.
- Switzerland and Norway are probably two of the most technologically advanced nations in the world, with some of the highest GDPs.
- Belgium along with Switzerland and Norway has a very high standard of living.
- Spain, although it has a problem with structural youth employment, still maintains one of the highest life expectancies.
By delving further into the actual rates these countries charge on the ultra wealthy, I could see that the rate is often below one percent.
I think the US proposals could look into this.
However, I feel that because the Switzerland and Norway are relatively small, it is probably easier to inforce this wealth tax. Whereas in America the population is far too high to effectively enforce on every single person, but on the billionaires at least it shouldn't be too difficult.
Taxing the rich more doesnt solve poverty it causes more poverty
Wow, first time I've given Reason a thumbs up in a long time
The most equal country in the world is Czech Republic. Do you know what is the tax system there? Proportional, everyone pays same percent.
Do you know what system have the most unequal countries in the west? Progressive tax system with untaxed minimum
A wealth tax worked in Florida for more than 75 years until the superrich bought off the legislature and had it repealed. So the tax did work.
*If Diabetes was a politician*
The damage this would cause to the private sector and our economy as a whole would be devastating, it's unbelievable how naive they are.
Wealth people that have a bias towards rich people are no surprise to me to be that naive.
Her first 3 words were "we can't afford". I found that very appropriate.
For the other side of this debate watch this: czcams.com/video/pTwPHuE_HrU/video.html
Even if you don't agree with some of this learning and comparing both sides of the argument will allow you to form an informed and balanced view on this issue.
In my country, Denmark, we use 56% of our economy on "free" healthcare alone, combine that with free education as well, and then all of the other things a government normally pays for.
Coincidentally, our highest income tax bracket is 56% as well, = 8% if you have a job and are earning more than 80k a year.
Saying just taxing the rich a little bit will pay for all of these amenities and goods without it affecting normal day citizens is outrageously stupid
It is also worth pointing out that taxing net worth discourages American investments and encourages overseas investments, resulting in US dollars building other nations at the expense of its own economy. It also discourages savings in general, and rewards wasteful spending without future planning.
Here's an opinion, I'm a muslim and t think we have middle ground. We "tax" non-circulating wealth, so if the rich wealth isn't circulating in the economy, they get a tax (in islam about 2,5%, you could appropriate it), so as long as their wealth is in the economy, they won't be taxed. If all wealth are taxed, there will be less money to be invested, so we in islam just tax the surplus wealth that are not circulating and give them to the poor. So.... This lead to people invest more into the economy.
That woman Crazy, im low income, working my way to mid income, and i dont think it is right. start teaching low income people with a ged/high school diploma , to keep it in there pants, until they can afford it.
How to collect more taxes: simply make the tax code simple. Write it in a way everyone can understand it AND everyone can read it in under 2 hours ... I mean read the tax code for companies and private individuals in under 2 hours. No loopholes, no exemptions and no tax write offs. From the billionaire to the bagger on the street, everyone pays the same tax. And if you make profit anywhere in the world but live in the US ... you pay for those profits taxes. If you live in a society, you pay taxes for it!
These people are evil.
Eisenhower era 95% income tax on America's top 1% earners worked great in the 1950s. Rich people cannot effectively attain and maintain their wealth absent a society surrounding them that's well fed, housed, clothed, educated and medically cared for.
The argument against a wealth tax is that it will merely cause money to move to other nations. It appears that the response to this phenomenon might to make the wealth tax global instead of regional, thereby removing the incentive to move money around to escape the tax.
Since when has AOC given a shit about Alabama lmao
A tax that's tied to economic activity and income sounds like a punishment for work and productivity. On the other hand, a tax on wealth sounds like a punishment for keeping resources from being worked. If income, sales, etc kind of taxes are replaced by a wealth tax, particularly one that counts the book value of your stocks (as opposed to the market value) and adds it to the rest of your assets, then investors will look for something that creates wealth rather than something that keeps it.
All about votes not actually helping people.
I not like political spectrums. Because I tend to just look for the truth not b*******. That's why I'm neither left or right.
As idiotic as a wealth tax is, it's the same thing as printing money, it's a virtual tax on savings, and we've been doing it for years.
See if this video was supposed to make me feel bad for the super rich it almost worked, but then I saw that shipping for a package for 3-5 days was 22 bucks and said hell no and took the free shipping instead