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So what if we banned simply billionaires? 1 billionaire is 1000 millionaires. In video games or any other competitive sport there are players that can get "overpowered". Hence such players are nerfed. Would it not be better if we had 1000 millionaires instead of only 1 billionaire? How is that anti monopoly friendly to have one person with that amount of money? Money runs the world. Hence them being worse than just a monopoly. There are no infinite opportunities. Such overpowered players just take and cause great unbalance. I am afraid our server needs a balancing patch perhaps. Let the nerfs reign. For the Alliance. Wait. Wrong server. :)
@@techpriest4787 If you ban billionaires, those billionaires would just simply -move away like what happened in Russia before the Soviets took over and created the USSR- would form 1,000 LLCs to get around this silly "billionaire ban." Whatever rule you set up, rich folk would hire smart people to find (or make) legal loopholes to get around it, so the _idea itself_ of making such a rule is dumb. Or they can just take all their money and leave for a less-retarded country. Stop thinking like this; it's embarrassing.
@@Theranthrope your mom is embarrassing. As an analogy. You just said that we should not punish crime because the criminal would go somewhere else to do the crime. Wrong. The key words are tariffs/taxes on imports also. If a service/product comes from another country from a billionaire then you charge more to give domestic business an edge.
There is a good reason why I never heard about economics before University. They need the poor to stay poor, blame the rich and vote for the "we help the poor" party.
Which is why they teach progressive ideology instead as well as anti-American thought or vague ideals and even reinforcement of ideas opposite of traditional ideals.
I'm far more bothered by the amount the government wastes than the amount others avoid paying. I wish we could stop paying Congress and the President until they give us a balanced budget.
The salaries are miniscule. They wouldn’t miss the $170K, the president wouldn’t miss his $400K… wanna fix it? Freeze all their private assets until they balance the budget.
Well the government does actually redistribute some money through social programs. However, it’s not actually necessarily true that they need to raise taxes to fund these programs.
@@nickvoss7954 "These Negroes, they’re getting pretty uppity these days and that’s a problem for us since they’ve got something now they never had before, the political pull to back up their uppityness. Now we’ve got to do something about this, we’ve got to give them a little something, just enough to quiet them down, not enough to make a difference. "- President Lyndon Johnson
@@nickvoss7954Whither the people called "government" pocket it themselves or buy votes with it via "social programs" taxes are still stolen loot. If I steal your wallet I'm still a theif even if I use some of your money to buy you and your neighbors a moldy sandwich or use your money to punish my political rivals. Stealing is stealing. Taking things that don't belong to you is wrong.
Ever noticed none of these people advocating for higher taxes on themselves don’t go cut the treasury department a check for the extra? No one is stopping them!
I just think it’s sad, we are supposed to take their word but their actions don’t match up… odds are they’d just manage to find tax breaks/loopholes to get out of paying what they advocated for.
Pretty much, expand that to every other tax as well. All taxes destroy lives. Taxes should be 0%, let the government work and earn their revenue the honest way like everyone else. If they can't then its clear that they're not needed.
@@whitehavencpu6813 I don't disagree with the vibe here, but I don't know if we can even conceptualize of government in the same way we would a business. There's too much contextual difference between the two for it to be a comfortable comparison. 0% taxes is ideal in the case that people can be expected to financially support community interests, let alone state or national interests. I do not believe that will be the case in reality. Government ideally exists to protect from bad actors and attacks on its people; realistically, they serve only themselves. I do not disagree that its current incarnation is unacceptable. No matter the ideal, it's practically implausible without a perfectly benevolent governing body to act as watchdogs and guides. Corruption will always find its way in, and Humanity has a poor track record of getting rid of it. Pick your poison.
@@RyuuRider Anarcho-Capitalism, look it up. That's how the problem of corruption is solved for good. Get rid of the monopoly on violence and turn every service into a free enterprise, should any enterprise try corruption then competitors would expose and weed them out.
@@RyuuRider Apparently: Just leave everyone alone - "Utopian"; And also apparently: Just the right amount of centralized force by just the right people to create just the right balance - "No other option." Tired of elites and mainstream media peddling this regurgitated bullshit when its plainly obvious which is which.
Now, I'm not American, but I'm pretty sure if you want to be taxed more, you can make a donation to the IRS. Is that guy doing that? No? Sounds like a hypocrite to me...
Just like those who scream for wealth redistribution refuse to start mailing checks to those who make less than they do. They never think it'll be them who pays. They always want others to pay THEM.
So it's not that you write a check to the IRS. You write a check to the US Treasury and it's quite hilarious too because you don't even have to put the address. You just put US Treasury and a stamp with a check in it and they will deposit it into the US Treasury. The US mail knows where to send that. Let all your rich liberal friends who want to be taxed more know that all they have to do is send a check with what they think is their fair share to the US treasury.
They have to force people because they know that noone in their right mind would trust the government with their hard earned money rather than a competetive and accountable private firm.
These billionaires could be broke tomorrow if all their stock they hold tanks. The idea of taxing on “imaginary worth” is ridiculous. Europe tried it and failed.
Mike Huckabee when he was governor of Arkansas created the “tax me more” fund so the doctors and lawyers in Little Rock who kept saying they’d be willing to pay more taxes for road improvements could voluntarily give. In 10 years they raised less than $5,000.
If there's tax inequality. Let's lower the tax on the less wealthy so that it's equal. Why are they acting like the only solution to add more tax? Because it's not about equality.
Because the system can't survive if less money comes in. There can be more than one reason for excluding a solution (Edit, that was supposed to be tongue in cheek
Yeah... because no one ever tries to help the actual workers and laborers that actually make this world and country work..that's part of why things are falling apart, they are choking out the working class.
“The government is stealing more of my money than his money! This is ridiculous!” “I agree.” “The government should steal more of his money!” “I- wait, what?”
@@CountBifford Theft = taking something without the consent of the owner. I didn't agree to have my money taken from me, and this is not consental and I may eventually tire of it.
Although I get your point, it's not that sharp. These are not stupid people, math-wise. They know that individual donations will not accomplish their goals, however immoral those are. So they prefer to use their individual capitals to lobby governments and populus alike, it's not illogical or hypocrisy on their part. The same logic works for billionaires flying private to "save the planet" meetings - they reason that their disproportional influence is better applied to "fixing the system" rather than leading by example, and let's be honest, just burning that money. You wouldn't say "until the President is fighting in the trenches, I will not go to war", it's not how it works.
@@sergeymyasnikov736 As a combat vet, leaders who support war should be forced to participate in it. Alexander the Great, many of the Ceasars of Rome, the kings of Sparta, and other historical leaders fought on the battlefield with their soldiers. Even if they were surrounded by a royal guard, it's inspiring to the soldiers for their leaders to be there with them. If you support a war you wouldn't fight in, you are a coward and scum.
@@sergeymyasnikov736 On the contrary, if their argument for raising taxes is indeed that they themselves should be giving more away, there is no need to be doing it through law, as this is a much smaller demographic. This would be more akin to in a more feudal setting saying you would not fight unless your *baron* led the charge, a much more reasonable standpoint, due to closer proximity.
You can have chickens, ok...with their goofy faces OR you can be surrounded by an angry mob and be mercilessly beaten...YOU CHOOSE!!!! Gotta love Tim explaining taxes with Chickens.
I used to be a pretty heavy supporter of taxing rich people, and by rich, I mean billionaires, not just 6 figures. but I’m now kind of realizing that we wouldn’t even need that extra money if they didn’t keep spending our taxes on stupid shit and giving away billions of it to a country that has nothing to do with us.
Ignoring the ideological aspect of supporting Ukraine, it’s geopolitics, every country related to ours. If Russia had managed to walk through Ukraine easier as they might have without our support, they’d feel more bold to act against us in the future.
@@mcarrowtime7095 very highly doubt that. That sentiment 100% totally ignores WHY Russia is there to begin with. Contrary to what the media often says, it has nothing to do with "Reestablishing the USSR" It's not war for the sake of war, Ukraine was a shit hole government before Russia came and was heavily instigative while being an effective military dictatorship.
In an economics class we did a simulation of government economics and my teacher kept getting frustrated because I wouldn't increase taxes. I decreased taxes and also reduced spending. Every single simulation I did ended up with me running a surplus instead of a deficit and the teacher couldn't understand how I did it.
Im not bothered by "wealthy people not paying there fair share." Im bothered by public officials and servants being about to rake that money for themselves through policy manipulation and ignoring rhe consequences of their own policies.... Like Tim quotes apl the time. "Rules for thee but not for me."
I Love The Debunkers. These are fairly deep dives into subjects where we're being lied to (no shortage of that), with the record set straight and the liars made accountable for their deceptions. There's an hour's worth of entertaining education in each of these 20 minute videos. Gotta be quick on the space bar to pause the video every time there's a quoted bit of text as there is particularly great info in these.
Thank you so much for saying that! I really do appreciate it. As the channel has grown I've wanted to put more into this series, and I think it's great to be able to do things like have additional educational graphics and explanations to increase the educational value and visual appeal.
There's a hot key to jump one frame, I don't remember it but it may help. The debunkers answered you, or was it that loser shamos? And what are there names, the old money monocle guy and crack king pin short guy?
It's good to know what the lies are, but tbh I just assumed Vox and others lied all the time so I didn't listen to them anyway. I'm old enough to remember 9/11 and the world chaos that happened after that. How does that relate to this? For me, I was a pre-teen when 9/11 happened, it stuck with me and when I became 18 I went down a rabbit hole of things just like this series for about 7 years straight and I realized how bad and how much of a liar progressives/liberals are, activist, Government, celebs and more. How people twist statistics and all that and I eventually became a Christian on top of all that. It all started with 9/11, and questioning WHY it happened and if the Government was being truthful during their response and HOW it occurred for me. I'm also from New York and saw the smoke rising from Manhattan that day all the way from Brooklyn. For some Pre-teens, Covid will be that rabbit hole, for others, perhaps this video or such things just part of the journey.
I have said it before and will say it again. Imagine what the USA could do and how much less it would have to take if we did not have 31 TRILLION in debt.
At one point in time, I had the opinion of "Tax the rich more, they can afford it and we could put that money to better use." but nowadays I'm like "Wait, we're accruing debt as a nation at a rate that's impossible to cover via taxes. Why do any of us pay taxes anymore?"
I don't know how to find the necessary information to back up this opinion. Taxing the rich is how initiating a tax is presented. At some point the threshold of the tax has to be moved down into the middle class. The middle class have the pool of taxable money. The wealth of the rich is in the value of the things they own not in cash. Even when the government takes items of value from someone that item has to be converted into cash through an auction or some kind of sale. A property tax sale for instance.
@@TheFredmac This is why the key to wealth is to purchase enough stable stock that you can live off the dividends. It'll suck to run that marathon, but it'll be gravy once you cross that finish line. As long as your dividends provide your annual income plus allow for reinvestment, compounding will handle the rest. Or, just go into government and magically earn millions via a "foundation".
I think Forbes did a study that showed that if they took ALL of the wealthy's money it would only fund the government's current level of spending for 2-3 years. So it comes down to this: There is no level of taxation that they can levy on US Citizens that the government simply would not just spend more of. We don't have a tax revenue problem in this country, we have a spending problem. It will sink us.
@@NarwahlGaming that’s a double edged sword. If congress doesn’t exist, who’s to stop bs laws from the Senate and veto stupid presidential decisions? In their proper way, the three branches of government need each other to monitor the others.
Haha good point. What do you bet that guy has a VERY high priced lawyer to keep his tax burden low. Not sure if he knows this, but if he wants more of his money given to the gov't...he can quite easily do that...the gov't does accept donations lol
That segment on inheriting stock is kind of sickening. They're talking about the death of a person and yet seem more upset that that person had money that wasn't taxed.
Except that person was already taxed. If they bought the stock with money, that money was taxed in some form prior to it arriving in their account. If they got the stock through vesting from the company, then the company paid taxes to give those shares to the person. Its just a lie they use because they are jealous of people with more, who more than likely have more due to working harder or smarter or better money habits.
I can't imagine how the people watching Vox can understand that there's severe cognitive dissonance with, "This policy would be good for the middle class and not the wealthy and you can tell that's true because look at these wealthy people advocating for it."
Some people just seem like they turned their brains off and let others do all the thinking for them. It's a profoundly disturbing phenomenon because if you make them think by confronting them with it they get mad at you for it, because you forced them to think.
@@Pink_Noodle yep! And that's where the it's ok to be violent if you are a social justice warrior comes in. You arent allowed to question them, and even if you throw facts at them they cant dispute, then you are a racist bigot. Ta da, the elite have their army and dont even have to use the military.......... not yet anyway.
You mean you don't trust an org called "patriotic millionaires" endorsed by Obama and founded by millionaires.......that's just so happen to think they "are not paying their fair share!?" As if they can't voluntarily GIVE MORE IN TAXES if they were so inclined too?!
Pretty absurd how just about all of the media can be reduced to: "a lie." This video: "Look at poor Warren Buffet's secretary paying taxes" -Does the average person realize how much "secretaries" of executives/billionaires make?? *Well* over six figures. Well over. And again, easily proven true: "because Warren buffet pays 20% and his secretary pays 40%" ...Oh...because she's the highest income bracket? Yeah. Of course she is. Could this more simply be distilled to: "who pays what effective tax rates ... at what income brackets?" ... Yep. And the average person's federal income effective rate is: "In our primary analysis, we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018" Anyone want to talk about how you're taxed 6.2% for social security ... and your employer pays 6.2%, as well? 12.4% for a garbage paycheck at 65, from a bankrupt nation? Yeah, no one wants to talk about that.
Why cut spending when you could raise tax? What could possibly go wrong by printing more money and raising taxes while increasing federal spending? INFLATION.
Hilarious when one of the richest guys in the world says the rich are undertaxed. You're welcome to give as much of YOUR money as you want to the IRS, Mr. Buffett!
@@mvmlego1212 in simple terms, pretend a moment you make a 1000 dollar investment in a business that really pops off so your stock is worth a million so in terms of capital gains you've made 999'000 million in theoretical cash. Congrats at a 12% Capital Gains tax you owe the government almost 190 grand, do you have 190 grand sitting around? Do you think you can manage a loan for that much with your 9-5? How about a tenth of that 19 grand and keep in mind stocks are theoretical money, not liquid, it takes time and expense to get your money back out and big spikes can often be followed by hard drops in value so it is perfectly possible your million dollars of stocks is worth a fraction of its initial value by the time you sell it so your stocks sell at 50k and you owe the government 118k, Congrats you are bankrupt. Sound like something you want to risk?
"Life's not fair" is one of the lessons my family engraved into me. I do wonder how much the idea that things should be "fair" instead of just has warped the culture.
Remember what Rusty Venture said: “When my boys cry about fairness, I remind them that fairness is the philosophical Tooth Fairy… There is no fairness!”
In the Soviet Union they had a whole system figured out where everyone was employed and making the exact same amount of money. Well actually not everyone was employed, and those that weren’t were called “parasites” and thrown into labor camps.
Like others have said, I'll start worrying about who's paying their "fair share" of taxes when the government stops reckless and un beneficial spending of our taxes.. and Bravo for anyone using tax loopholes to their advantage..
Average Americans pay 33% of their income in taxes all said and done. That aside I'm sure Buffet's secretary is making an astronomical amount of money.
@@mortekaieve4729 You are probably right, but Warren Buffett wants people to think she was paying like 10% or 15%, and he was paying 2%. The reality is a little more complicated. Buffett is probably paying what I pay, and I file quarterly, and most of my income isn’t from stocks or bonds.
I live in a state where two counties control the vote of the entire state. 80% of my state votes differently than those two population centers, and those are the ones saying "Tax me harder." I am taxed without representation.
Warren Buffett: It's outrageous that rich people like me pay less in taxes than normal salary workers! Also Warren Buffett: **only pays the minimum amount of taxes instead of paying what he thinks is a "fair share"**
@@mvmlego1212 So? He got tax write-offs for a lot of that, I'm sure. Aside from that, why would he give that money to charities instead of government? Nothing stops him from giving more money to the IRS
@@reubenoakley5887 -- _"He got tax write-offs for a lot of that, I'm sure."_ Yeah, but the value of that write-off is nowhere close to the $40-billion that he's donated. _"Nothing stops him from giving more money to the IRS"_ If he believes that the government uses money less wisely than he does, but more wisely than other billionaires do, then it makes sense for him to advocate for higher taxes without paying extra taxes voluntarily.
@@mvmlego1212 it also makes sense for him to advocate for raising taxes, given that doing so encourages investing, which makes his firm grow, which makes him billions more.
@@mvmlego1212 He never made an argument of practicality, he made an argument of "fairness". He believes (or at least claims) that it would be more fair if he paid more in taxes, yet he does everything he can to pay as little in taxes as legally possible. He actively works to be less fair, if we take everything he says at face value.
So here's the problem I have with the "loan and forfeit" technique: normally, if you had all your money in stocks and needed money to live off of, you would sell some of the stock, which would A: allow someone else to buy the stock if they wanted some, and B: carried with it the risk of reducing the value of your remaining stock. However, the "loan and forfeit" technique results in your stock going to a bank, which may choose to just hold onto it instead, and does not run any risk of your remaining stock losing value because it wasn't a sale. Also, you can take a salary equal to your interest payment and pay no income tax because interest payments count against your taxable income. This results in both 0 risk and 0 taxes, because even if your stock fails you can just default on the loan and the bank can only take what you put up as collateral, which is the now-worthless stock. This completely flies in the face of the idea that higher risk should result in lower taxes.
that's not a tax problem though, that's a government problem. Several banks have had to resize / whatever just this year because they had loaned out approximately 10x the value of what they had and could not produce collateral. Their basis for this? That the federal government would bail them out as it often does. The banks would be taking a "risk" but instead the government is paying them off. So, in the end, the stock owner gets paid while the bank can then invest money it doesn't have in attempts to make profit.
@@nathanielbass771so in other words the person who’s smart enough to get the banks to trust them but then fails is passing the buck to the banks. This guy thinks we should feel sorry for the banks for being so dumb lol
There is no way that black rock dude believes what he's saying. I feel like I yelled "no shit" too many times at this video. Taxing unrealized gains is the dumbest thing I ever heard.
If he did he would just pay what he thought he owed willingly instead of paying the bare minimum that he is billed each year. He can send an extra check to the IRS any time he wants, in any amount he wants. They'll take it.
I'd also like to point out that Tim's example is actually _worse_ than it should be _even as-written,_ because not only do you not know how many of those eggs will hatch, but _chickens lay WAY more than one egg per year._ You could have literally just one hen and one rooster and owe like 20 chickens by the end of the year - but only if you're lucky, and didn't _get_ many eggs!
The analogy was useful, but flawed in an important way. Taxing the number of chickens that someone owns is a form of wealth tax, not a form of capital gains tax.
My oldest used to think like this until I told him it would directly impact our retirement. He says "but ya'll worked hard and saved to make sure you'll have lots!" We'll be multimillionaires to be clear. I told him the government doesn't care HOW I got it, just that I have it. He changed his tune after that and understands now that just because something is presented in away to sound like it's a good thing doesn't mean it's not going to drastically impact people they don't want you to think about.
Would people still complain if we got rid of current federal income tax and replaced it with a flat sales tax that Milton Friedman and Thomas Sowell has suggested in the past?
Of course they would. Theyd claim it was still unfair because the rich are paying the same rate the poor are and completely ignore how thats a sliding scale thay litteraly makes it as fair as possible. And people are dumb so they would believe it😂
I'd say shred all tax laws (and most laws) then rewrite them with a limit of 5 pages per law You'd be amazed how hard it is to find loopholes when you take out most of the words
Yes, they would, since their argument is that the "rich," by virtue of being "rich," could not have "paid their fair share." It's the premise of "fixed wealth" where there is only a specific amount of wealth to go around, and if someone has more than others, then they must be doing something wrong.
They would because its not about equality. The flat tax on sales "disproportionately" affects people who are exempt from income taxes under a certain income bracket because suddenly taxes affect them equally. There are already campaigns for a reduction or removal of sales tax for "essential goods". Who decides which goods are essential can then choose to tax or not tax certain goods which certain parts of the population might only buy. Female menstrual hygiene, baby products. But also to be sceptical, in reality companies will just charge what they can in the market so the prices will probably not decrease and the consumer will be hurt in the long run.
Wouldn't raising the death taxes really hit generational wealth? What about people working in a family business? Could you imagine a dad dies in a car accident and the tax man takes the family business?
There is this nifty thing where you can just GIVE the government more money in taxes. The government will more than happily take more money, yet they don't bother paying more than what the government says they have to. The reason they say they are for higher taxes without just paying more is because they know that 1) It won't actually happen AND 2) Even if it did happen they would find some way to avoid it and the burden would be put on the middle class investors.
Its almost like you can only take what actually exists. Shocker. "I'm gonna take 20 cookies from you, because you are estimated to have 100 cookies." "But I don't have 100 cookies. I just have an oven and some supplies that I guess could be used to make cookies." "Yes, therefore you have 20 cookies. So hand them over." "But what happens if my oven breaks before I even make a single cookie?" "...."
I love everything you do but the Debunkers have quickly become my absolute favorite. Love everytime I see a new episode drop. I know these take a lot of work and it is much appreciated!
I’d be willing to see Congress make a one-time exception and tax Buffett at 10,000% of his investments. He spends all his money funding illegal abortions in African countries and also Planned Parenthood and Marie Stopes, the two largest abortion businesses in the world.
I'd rather see congress pass a bill that allows someone to be taxed at a flat 5% or lower rate but they have to give up their voting rights for 4 years. If they want to renew the deal then they can every 4 years before elections. Buuut we know that won't happen because it goes against the uni party and MAGA Americans aka real Americans would run the country
Yeah, but... Our goal as taxpayers should be to get Congress and the House to spend less on boondoggles and earmarks. What do you think they'd do with the money they got from taxing the 1 to 5 percent into oblivion?
Even they couldn't avoid it, but through intensive rehabilitation came back stronger. We all catch the stupid sometimes, keep an open mind an open mind and a closed bolt! Always strive for truth, not confirmation.
"The more you pay in taxes, the more time you're working for free." I think if we could get this truth of the situation to be commonplace, the taxation argument could collapse under itself.
This is until you realise how much the government already pays for and with actual better spending on social services the average person could be better off. The other choice is everyone pays for every little thing at point of use and health care is a great example of why that's dumb with worse outcome for higher prices.
@@abdiabdi3225 you do realize things like Healthcare and colleges cost what they do _because_ they are government subsidized and not the other way around? They've been skyrocketing in price the past few years because they know full well the feds will foot the bill without asking. In an alternative situation to grants, competition would drive price gouging out of the market. Alongside the fact that it doesn't even need to be the government's job in the first place to handle things. Crowd funding and private sector businesses still exist if the government stopped stealing money out of every single transaction point. Plus, government funded social economic programs have been the joke of multiple generations. Poorly funded fronts that then bloat their costs and don't accomplish half of what others are capable. There are more solutions in life to a problem then solely the morons in congress deciding where to send _more_ money they don't have, then figure out how to squeeze that deficit out of us afterwards.
40% of the average American's income goes to taxes. In other words almost half of the time the average American is working, they're doing so as a government slave
The problem is not that investors are undertaxed, but that ordinary workers are heavily overtaxed. When all taxes are considered a productive worker is taxed around 50% of what they produce. Back when slavery and serfdom were common, the most heavily exploited on record kept at least 90% of what they produced and never had to give more than 10% to their masters. The income tax, which was promoted by communists in the name of fairness, is the most extreme form of slavery ever devised by man.
More concerned about government waste (bad foreign policy, really stupid funds), inflation, government bloat (globe trotting, unnecessary projects/agencies/departments/etc), money laundering of our taxed money, etc.
They were massively killed...the best and brightest of men of the West were sent there to die. War was already over ...but our 'rulers' had to slaughter as many wonderful Western men as they could Heartbreaking. No more brother wars
#1 - not a "loophole" - it's an explicit thing in the code. #2 - you get stepped up basis because those assets are subject to estate tax. So it's not untaxed. You pay a tax on it at death and your new basis is the value that was taxed on your estate return. They are advocating for taxing the same money over and over again.
Loved that you brought up Blackrock buying regular Americans out of home ownership. Rent is absolutely nuts in my hometown (Atlanta) due to companies and Airbnb twits buying up all the property and turning it into rentals. 65,000 homes have been bought by companies like Blackrock and about 7.5k Airbnb/Vrbo rentals. These “investors” are making it impossible for regular Americans key to the function of our economy to find housing.
Would be hilarious to see a large group of people squat BR new build housing all at once, right after construction finished and they've bought the things.
I think it's important to mention the other side of that equation which is zoning laws, rent control and other housing and construction regulations that prevents the creation of new homes. A lot of people turn homes into Airbnb/Vrbo because of restrictions on how much rent they can charge and the reason Blackrock invests so much in housing is because it's an artificially scarce commodity. The things you mentioned definitely make life harder for the average person but it wouldn't be nearly as bad without the local government regulations.
We don't even need most taxes. They/government just create money out of thin air & the burden falls on the people in the form of inflation tax. So they government doesn't lack money.. Whatever money they need they just print it , if there ain't enough money. Inflation tax & regulations has caused everything to become so unaffordable .
Can you debunk the Claim Benefits commercial that run in every single CZcams video, including this one, advising everyone they should claim their benefits? It's like they want all Americans reliant on government and for inflation to just continue unchecked.
Thank you for dropping such a truth bomb. I make 1.6 mill a year as a landlord. I pay $682,742 just in taxes every year with a yearly take home pay of $917,258. $550,164 of my taxes is federal Fica taxes eats $44,914 State taxes eats another $87,664 For the total of $682,742 I invest when and where I can in the stock market to try to grow my wealth. I didn't get to where I am now by being lazy. I lived in a skoolie (a school bus converted to an RV) buying property 3 or 4 acres at a time with nothing on them but trees. Over a year I dug wells by hand, chopped down trees, burned out stumps to make roads, build 50×50 foot cabins, greenhouse, livestock pen, chicken run/coop, geothermal cooling for the cabin and the greenhouse, and I build off grid electrical systems to power it all. Then I would buy another piece of property a move on. I charge 2500 a month and have now 640 properties all occupied. It was a lot of hard work. I feel if anything taxes need to be lowered not raised. The whole tax the rich just doesnt seem logical. If someone raised my taxes I can afford to move...I could liquidate the properties take my money and start over anywhere.
I disagree with your idea that people would invest more if there was no tax. Example: in Canada, your limit for RRSP contribution is 18% of your gross income. If you make $100k, you can invest $18k per year and the government will refund all of the income tax you paid on that $18. How many people actually do this? I might be the only person in the entire country who does this. Everyone else just pisses their money away on nonsense. Removing income tax would dramatically increase consumer spending and boost the economy. It would not increase investing, for the most part. I personally would invest more, but I'm not most people. Maybe rich people would invest more to meet the increased consumer demands from the consumers having 30% more money to spend.
Capital gain taxes are asinine. Income tax is also asinine. The idea of punishing people for trying to earn a living or investing in their futures is idiotic. Find a different wat to fund the government. Not that they spend responsibly.
In 10 years of working, on average a single person making just $40k a year will be taxed $100,000. If you've gotten a raise and such things through that decade and stayed above that, it's even more. Me and my wife don't file Joint yet, I paid $13k and change in Income tax. Federal and Local Government will tell you that Corporations don't pay enough or that prices are too high. So you telling me them taking $100,000 in a decade is not the problem? and all of us had the money to give them, which means if WE kept it, we could have done whatever we needed with it and we got through the decade without it since we gave it to Fed and Local Government. Rent raises do suck, Inflation does suck, but those thousands that go toward local and fed Gov is the real issue here and nobody ever addresses it. You already have the extra for inflation increases, medical, emergency, investments, and such, it's just that Government takes it.
They have already found a different way of funding themselves/government. They print money & fund themselves & people have to indirectly pay inflation tax with price of everything inflated.
@@drjonesey5 I believe the average American family pays over 33% of their income in taxes when all forms of tax are counted. If you look at business owners or the self-employed, including small businesses, even those who could be considered middle to lower middle class it shoots up to over 50%. Go somewhere like New Jersey and the average person will pay almost 60% of their lifetime wages in tax. Move to Alaska and you'll pay the lowest, closer to 22%, which is still astronomical. Most people don't even grasp this, they look at their income tax and call it a day. They don't usually look at the other taxes they pay on a daily basis. There are 97 tax codes in the US. Buy a dog? Live in Maryland and flush your toilet? Receive a gift? Drive your car? Put gas in that car? Have a library in your city you don't use? Have a neighbor whose kid goes to school while you don't have a child? Professional sports stadium in your state even if you don't watch sports? Want to go to an indoor tanning salon? Make a telephone call? Turn on the lights in your house? Want to buy a drink to forget about all these taxes? You're getting taxed for that.
I’m curious how this would change if a new tax bracket were introduced. Still, paying more money to the government doesn’t mean there’s more assistance for the people. They’ll find more ways to spend it. If I recall, our national debt has already surpassed our annual GDP. I’m not sure how you recover from that without huge spending cuts.
It's important for people to speak in plain, correct language when referring to demons who want to steal everything you have and then kill you. Never give them an inch, always refer to them as evil, because they are.
One reason not addressed for why the capital gains tax is lower is that corporations are already paying corporate income taxes. Eliminate the corporate income tax and I’d have no objection to taxing all capital gains and dividends the same as other income.
As someone who is currently learning about money and economics in preparation to become an accountant, this video was extremely helpful to me. I especially love the chicken analogy, since it cleared up some confusion I had before about how stocks work. Thank you for making this video, I learned a lot from it!
these kinds of videos require a lot of research, writing, voicing, animating and hours of watching and rewatching mind numbing left wing propaganda- if you want to help us continue to produce it, please become a member at freedomtoons.com/members to help support our mission, and you'll get behind the scenes content AND an extra cartoon each week!
The Debunkers always make me very happy to be a patron. These are excellent. I wish our education system presented quality lessons like this.
So what if we banned simply billionaires? 1 billionaire is 1000 millionaires. In video games or any other competitive sport there are players that can get "overpowered". Hence such players are nerfed.
Would it not be better if we had 1000 millionaires instead of only 1 billionaire? How is that anti monopoly friendly to have one person with that amount of money? Money runs the world. Hence them being worse than just a monopoly. There are no infinite opportunities. Such overpowered players just take and cause great unbalance.
I am afraid our server needs a balancing patch perhaps. Let the nerfs reign. For the Alliance. Wait. Wrong server. :)
@@techpriest4787 If you ban billionaires, those billionaires would just simply -move away like what happened in Russia before the Soviets took over and created the USSR- would form 1,000 LLCs to get around this silly "billionaire ban." Whatever rule you set up, rich folk would hire smart people to find (or make) legal loopholes to get around it, so the _idea itself_ of making such a rule is dumb. Or they can just take all their money and leave for a less-retarded country.
Stop thinking like this; it's embarrassing.
If I had the money I would bank roll you. Keep on Shaming the US Seamus!
@@Theranthrope your mom is embarrassing. As an analogy. You just said that we should not punish crime because the criminal would go somewhere else to do the crime. Wrong. The key words are tariffs/taxes on imports also. If a service/product comes from another country from a billionaire then you charge more to give domestic business an edge.
Its almost like if they taught finance and accounting in schools, people wouldnt be so stupid to believe vox
There is a good reason why I never heard about economics before University. They need the poor to stay poor, blame the rich and vote for the "we help the poor" party.
@@MrFallenone very true, they need their stupid people to consume and pay all their earnings to taxes
Which is why they teach progressive ideology instead as well as anti-American thought or vague ideals and even reinforcement of ideas opposite of traditional ideals.
it's almost as if the communist who infiltrated the department of education imprintent their agenda into the curriculum.
I didn't know what an asset was until I was 25.
I'm still pissed off about that.
Fuck the school system.
"Just save more than you spend"
I'm far more bothered by the amount the government wastes than the amount others avoid paying. I wish we could stop paying Congress and the President until they give us a balanced budget.
Here here
The salaries are miniscule. They wouldn’t miss the $170K, the president wouldn’t miss his $400K… wanna fix it? Freeze all their private assets until they balance the budget.
@@brianmickelson4642 Yeah, most of their money comes from illegal or barely legal means. They are the scum of the earth
@@brianmickelson4642 Good point!
@@brianmickelson4642 THERE YOU GO!
"The money the bureaucrats want to tax is for THEM, not you." That pretty much sums up taxation.
Exactly...they'll give a token amount to gov't programs to get reelected
Exactly more money for them to send to Ukraine to be funneled (laundered) back to the DNC and democrats pockets.
Well the government does actually redistribute some money through social programs. However, it’s not actually necessarily true that they need to raise taxes to fund these programs.
@@nickvoss7954 "These Negroes, they’re getting pretty uppity these days and that’s a problem for us since they’ve got something now they never had before, the political pull to back up their uppityness. Now we’ve got to do something about this, we’ve got to give them a little something, just enough to quiet them down, not enough to make a difference. "- President Lyndon Johnson
@@nickvoss7954Whither the people called "government" pocket it themselves or buy votes with it via "social programs" taxes are still stolen loot.
If I steal your wallet I'm still a theif even if I use some of your money to buy you and your neighbors a moldy sandwich or use your money to punish my political rivals. Stealing is stealing. Taking things that don't belong to you is wrong.
Ever noticed none of these people advocating for higher taxes on themselves don’t go cut the treasury department a check for the extra? No one is stopping them!
Yep, it's almost always "well you make more so you pay more but not me...never me". What do you call a socialist who grows up: a capitalist
@@mattm7798actually you call them a corporatist.
@@KrisTomich yeah that’s what a certain Italian called it.
I just think it’s sad, we are supposed to take their word but their actions don’t match up… odds are they’d just manage to find tax breaks/loopholes to get out of paying what they advocated for.
@@madtabby66 doesn’t change if he was right or not
Inheritance tax is so evil and destroys families. Losing a family farm or house is disastrous.
@@kaipo8085 It also allows family farms to stay in the family instead of being sold to the massive government-crony BigAg businesses.
Pretty much, expand that to every other tax as well. All taxes destroy lives. Taxes should be 0%, let the government work and earn their revenue the honest way like everyone else. If they can't then its clear that they're not needed.
@@whitehavencpu6813
I don't disagree with the vibe here, but I don't know if we can even conceptualize of government in the same way we would a business. There's too much contextual difference between the two for it to be a comfortable comparison.
0% taxes is ideal in the case that people can be expected to financially support community interests, let alone state or national interests. I do not believe that will be the case in reality.
Government ideally exists to protect from bad actors and attacks on its people; realistically, they serve only themselves. I do not disagree that its current incarnation is unacceptable.
No matter the ideal, it's practically implausible without a perfectly benevolent governing body to act as watchdogs and guides. Corruption will always find its way in, and Humanity has a poor track record of getting rid of it. Pick your poison.
@@RyuuRider Anarcho-Capitalism, look it up. That's how the problem of corruption is solved for good. Get rid of the monopoly on violence and turn every service into a free enterprise, should any enterprise try corruption then competitors would expose and weed them out.
@@RyuuRider Apparently: Just leave everyone alone - "Utopian";
And also apparently: Just the right amount of centralized force by just the right people to create just the right balance - "No other option."
Tired of elites and mainstream media peddling this regurgitated bullshit when its plainly obvious which is which.
Now, I'm not American, but I'm pretty sure if you want to be taxed more, you can make a donation to the IRS. Is that guy doing that? No? Sounds like a hypocrite to me...
Just like those who scream for wealth redistribution refuse to start mailing checks to those who make less than they do.
They never think it'll be them who pays. They always want others to pay THEM.
💯
Exactly, why don’t Bernie sanders and bill gates pay 80% income tax, be the change you want to see right
I have never known any government to turn away free money.
So it's not that you write a check to the IRS. You write a check to the US Treasury and it's quite hilarious too because you don't even have to put the address. You just put US Treasury and a stamp with a check in it and they will deposit it into the US Treasury. The US mail knows where to send that.
Let all your rich liberal friends who want to be taxed more know that all they have to do is send a check with what they think is their fair share to the US treasury.
Remember everyone, those taxes are minimum contributions required by law. The IRS is always accepting donations!
They have to force people because they know that noone in their right mind would trust the government with their hard earned money rather than a competetive and accountable private firm.
Doesn't work like that. If you overpay the IRS will cut you a refund cheque at some point, they don't just hold onto it.
yeah and be charge for bribery ?
These billionaires could be broke tomorrow if all their stock they hold tanks. The idea of taxing on “imaginary worth” is ridiculous. Europe tried it and failed.
Europe tried it? Not surprising. Europeans love taxing anything that moves. Can you tell me more?
@@ameyskulkarni
I wanna learn more too.
Europe did not try it, the only country I can find that tried it in europe is France. Americans when they discover that europe isn't a country:🤯🤯🤯
@@USA_UNITED1776Europeans when they forget why they aren’t all speaking German 🤯
@@antibull4869 retards when they found out the US only won the revolution because of france:🤯.
If buffet wants to pay more, he ought to just give more money to the government.
Yup, there is no law against over paying the government.
Mike Huckabee when he was governor of Arkansas created the “tax me more” fund so the doctors and lawyers in Little Rock who kept saying they’d be willing to pay more taxes for road improvements could voluntarily give. In 10 years they raised less than $5,000.
@@JC-ok4yx seems legit.😂😂. Its all about saying and of course not actually doing
Yup, just cut a freaking check and mail it in. No force needed. Problem solved.
@@JC-ok4yx ive never heard of that, but *whistle
If there's tax inequality. Let's lower the tax on the less wealthy so that it's equal.
Why are they acting like the only solution to add more tax? Because it's not about equality.
MORE TAXES MORE SAFETY NET MORE GOVERNMENT MORE MORE MORE
Because the system can't survive if less money comes in. There can be more than one reason for excluding a solution
(Edit, that was supposed to be tongue in cheek
@@coltondodger I assume that's a typo?
Yeah... because no one ever tries to help the actual workers and laborers that actually make this world and country work..that's part of why things are falling apart, they are choking out the working class.
why tax at all if gov can just print money.
Why should we accept the underlying premise that taxes are good and right, rather than a necessary evil that should be carefully minimized?
“The government is stealing more of my money than his money! This is ridiculous!”
“I agree.”
“The government should steal more of his money!”
“I- wait, what?”
Just switch to a 100% land-tax system; since the land belongs to the people, and that's the only thing they have the right to lease.
It's pure divide-and-conquer politics; they keep everyoe fighting each other, so they won't get wise to the REAL enemy is the government.
Taxation is not theft.
Countbifford, it is theft. You are not entitled to my money, get a job
@@CountBifford Theft = taking something without the consent of the owner.
I didn't agree to have my money taken from me, and this is not consental and I may eventually tire of it.
Why don't these billionaires that want to raise taxes just donate what they feel would be "fair" for themselves, instead of stealing from others?
Hell, they could volunteer to pay my tax, I wouldn't complain.
Although I get your point, it's not that sharp. These are not stupid people, math-wise. They know that individual donations will not accomplish their goals, however immoral those are. So they prefer to use their individual capitals to lobby governments and populus alike, it's not illogical or hypocrisy on their part. The same logic works for billionaires flying private to "save the planet" meetings - they reason that their disproportional influence is better applied to "fixing the system" rather than leading by example, and let's be honest, just burning that money. You wouldn't say "until the President is fighting in the trenches, I will not go to war", it's not how it works.
@@sergeymyasnikov736 As a combat vet, leaders who support war should be forced to participate in it. Alexander the Great, many of the Ceasars of Rome, the kings of Sparta, and other historical leaders fought on the battlefield with their soldiers. Even if they were surrounded by a royal guard, it's inspiring to the soldiers for their leaders to be there with them. If you support a war you wouldn't fight in, you are a coward and scum.
@@sergeymyasnikov736
On the contrary, if their argument for raising taxes is indeed that they themselves should be giving more away, there is no need to be doing it through law, as this is a much smaller demographic. This would be more akin to in a more feudal setting saying you would not fight unless your *baron* led the charge, a much more reasonable standpoint, due to closer proximity.
Because they’re liars
Thank you to world famous chicken farmer Tim Pool for making a cameo in this episode to explain how unrealized capital gains taxes work
😂😂😂
Hey, what is the intro music of The Debunkers?
So good of you to give small podcasters airtime, Sheamus. When will he be invited on Shimcast again?
You can have chickens, ok...with their goofy faces OR you can be surrounded by an angry mob and be mercilessly beaten...YOU CHOOSE!!!!
Gotta love Tim explaining taxes with Chickens.
🏆
When income tax was introduced it was capped at 3%. Along with it came a promise that it would only be applied to the top earners.
I wonder if he’s ever offered to pay his secretary’s taxes for her 😂
Could just gift her “a salary”, right?
I used to be a pretty heavy supporter of taxing rich people, and by rich, I mean billionaires, not just 6 figures. but I’m now kind of realizing that we wouldn’t even need that extra money if they didn’t keep spending our taxes on stupid shit and giving away billions of it to a country that has nothing to do with us.
Yup, we're not poor because others are rich, we're poor because we let the government waste taxes and then come back for more.
Ignoring the ideological aspect of supporting Ukraine, it’s geopolitics, every country related to ours. If Russia had managed to walk through Ukraine easier as they might have without our support, they’d feel more bold to act against us in the future.
While I'm still for taxing the hell out of billionaires, we should also cut most/all foreign aid and cut government spending.
@@mcarrowtime7095 very highly doubt that.
That sentiment 100% totally ignores WHY Russia is there to begin with. Contrary to what the media often says, it has nothing to do with "Reestablishing the USSR"
It's not war for the sake of war, Ukraine was a shit hole government before Russia came and was heavily instigative while being an effective military dictatorship.
@@mcarrowtime7095 they would not attack even if they took over Ukraine
In an economics class we did a simulation of government economics and my teacher kept getting frustrated because I wouldn't increase taxes. I decreased taxes and also reduced spending. Every single simulation I did ended up with me running a surplus instead of a deficit and the teacher couldn't understand how I did it.
Hah, nice!
Cool
That sounds cool. How did the stimulation work?
More people moving more money around is what works! Scared people with no economic power doesn’t!
I think that teacher shouldn't be teaching economics.
This Vox video is the best argument against the 16th Amendment I have ever seen!
Well, if MORRIS, multimillionaire former Blackrock employee, says that it will be good for us, we can be sure that it will be terrible.
there's a reason biden supports it, it's because they can act like their making a change while doing nothing and causing more inflation.
Im not bothered by "wealthy people not paying there fair share." Im bothered by public officials and servants being about to rake that money for themselves through policy manipulation and ignoring rhe consequences of their own policies.... Like Tim quotes apl the time. "Rules for thee but not for me."
It's amazing Martha Stewart can go to jail for insider trading, but politicians can get caught over and over again without penalty
@T M I didn't know subjugation was a sign of maturity 😂
@T M lol sure think kid what ever you tell yourself 😂😂😂
I Love The Debunkers. These are fairly deep dives into subjects where we're being lied to (no shortage of that), with the record set straight and the liars made accountable for their deceptions. There's an hour's worth of entertaining education in each of these 20 minute videos. Gotta be quick on the space bar to pause the video every time there's a quoted bit of text as there is particularly great info in these.
Thank you so much for saying that! I really do appreciate it. As the channel has grown I've wanted to put more into this series, and I think it's great to be able to do things like have additional educational graphics and explanations to increase the educational value and visual appeal.
@FreedomToons Not only informative, but the debunkers are so adorable.
There's a hot key to jump one frame, I don't remember it but it may help.
The debunkers answered you, or was it that loser shamos? And what are there names, the old money monocle guy and crack king pin short guy?
It's good to know what the lies are, but tbh I just assumed Vox and others lied all the time so I didn't listen to them anyway. I'm old enough to remember 9/11 and the world chaos that happened after that. How does that relate to this? For me, I was a pre-teen when 9/11 happened, it stuck with me and when I became 18 I went down a rabbit hole of things just like this series for about 7 years straight and I realized how bad and how much of a liar progressives/liberals are, activist, Government, celebs and more. How people twist statistics and all that and I eventually became a Christian on top of all that. It all started with 9/11, and questioning WHY it happened and if the Government was being truthful during their response and HOW it occurred for me. I'm also from New York and saw the smoke rising from Manhattan that day all the way from Brooklyn. For some Pre-teens, Covid will be that rabbit hole, for others, perhaps this video or such things just part of the journey.
@@abstractapproach634 The comma and period keys bring you back one frame and forward one frame, respectively.
im glad these guys aren't forgotten, the debunkers are always awesome to see
I have said it before and will say it again. Imagine what the USA could do and how much less it would have to take if we did not have 31 TRILLION in debt.
At one point in time, I had the opinion of "Tax the rich more, they can afford it and we could put that money to better use." but nowadays I'm like "Wait, we're accruing debt as a nation at a rate that's impossible to cover via taxes. Why do any of us pay taxes anymore?"
I don't know how to find the necessary information to back up this opinion. Taxing the rich is how initiating a tax is presented. At some point the threshold of the tax has to be moved down into the middle class. The middle class have the pool of taxable money. The wealth of the rich is in the value of the things they own not in cash. Even when the government takes items of value from someone that item has to be converted into cash through an auction or some kind of sale. A property tax sale for instance.
@@TheFredmac This is why the key to wealth is to purchase enough stable stock that you can live off the dividends. It'll suck to run that marathon, but it'll be gravy once you cross that finish line. As long as your dividends provide your annual income plus allow for reinvestment, compounding will handle the rest.
Or, just go into government and magically earn millions via a "foundation".
I think Forbes did a study that showed that if they took ALL of the wealthy's money it would only fund the government's current level of spending for 2-3 years. So it comes down to this: There is no level of taxation that they can levy on US Citizens that the government simply would not just spend more of. We don't have a tax revenue problem in this country, we have a spending problem. It will sink us.
I only pay taxes because the IRS uses force, fraud and coercion to tax me; exactly like a pimp over his hoes.
@@Grabthar191 CBO did an analysis and found a 100% tax rate for the top 1% would fund the government for 3 weeks...
Any policy that says "More taxes" should be shut down on principle.
You've made it your mission to destroy Vox, and I'm here for it.
Every person in this country, whether they make one dollar or a billion, is overtaxed.
We can solve the tax issues by ending Congress insider trading and money laundering scams.
I'm sure Nancy would love that
Or cutting socialist dead end programs and military expenses in half.
You had me at _"ending Congress"._
Give them all a 100% time off, paid vacation.
They would do less harm that way.
@@NarwahlGaming that’s a double edged sword. If congress doesn’t exist, who’s to stop bs laws from the Senate and veto stupid presidential decisions?
In their proper way, the three branches of government need each other to monitor the others.
@@NarwahlGaming they don't need to be paid, they already have a paid vacation 8 months out of the year.
Gotta love people paying lawyers thousands of dollars to pay as little as possible lament they’re not paying enough taxes.
Haha good point. What do you bet that guy has a VERY high priced lawyer to keep his tax burden low. Not sure if he knows this, but if he wants more of his money given to the gov't...he can quite easily do that...the gov't does accept donations lol
@@mattm7798it ALWAYS comes with a caveat... They only want to pay more in taxes if everyone else does as well. It's forced charity
Lawyers need jobs too.
Still disturbs me that they're so insistent on raising tax rates for "fairness", but the idea of lowering taxes never crosses their minds
not just lower it, they need to get rid of the federal income tax completely
That segment on inheriting stock is kind of sickening. They're talking about the death of a person and yet seem more upset that that person had money that wasn't taxed.
Wouldn’t the taxes be paid by the estate? I mean estate taxes are a whole specialization that I don’t know much about.
Except that person was already taxed. If they bought the stock with money, that money was taxed in some form prior to it arriving in their account. If they got the stock through vesting from the company, then the company paid taxes to give those shares to the person. Its just a lie they use because they are jealous of people with more, who more than likely have more due to working harder or smarter or better money habits.
I can't imagine how the people watching Vox can understand that there's severe cognitive dissonance with, "This policy would be good for the middle class and not the wealthy and you can tell that's true because look at these wealthy people advocating for it."
Some people just seem like they turned their brains off and let others do all the thinking for them. It's a profoundly disturbing phenomenon because if you make them think by confronting them with it they get mad at you for it, because you forced them to think.
@@Pink_Noodle yep! And that's where the it's ok to be violent if you are a social justice warrior comes in. You arent allowed to question them, and even if you throw facts at them they cant dispute, then you are a racist bigot. Ta da, the elite have their army and dont even have to use the military.......... not yet anyway.
@@Pink_NoodleAs the saying goes "Ignorance is bliss" 😂
You mean you don't trust an org called "patriotic millionaires" endorsed by Obama and founded by millionaires.......that's just so happen to think they "are not paying their fair share!?" As if they can't voluntarily GIVE MORE IN TAXES if they were so inclined too?!
Pretty absurd how just about all of the media can be reduced to: "a lie."
This video: "Look at poor Warren Buffet's secretary paying taxes"
-Does the average person realize how much "secretaries" of executives/billionaires make?? *Well* over six figures. Well over.
And again, easily proven true: "because Warren buffet pays 20% and his secretary pays 40%"
...Oh...because she's the highest income bracket? Yeah. Of course she is.
Could this more simply be distilled to: "who pays what effective tax rates ... at what income brackets?" ... Yep.
And the average person's federal income effective rate is:
"In our primary analysis, we estimate an average Federal individual income tax rate of 8.2 percent for the period 2010-2018"
Anyone want to talk about how you're taxed 6.2% for social security ... and your employer pays 6.2%, as well?
12.4% for a garbage paycheck at 65, from a bankrupt nation?
Yeah, no one wants to talk about that.
It still amazes me how a cartoon has more logic and reasoning than all of corporate media combined.
Why cut spending when you could raise tax? What could possibly go wrong by printing more money and raising taxes while increasing federal spending? INFLATION.
Hilarious when one of the richest guys in the world says the rich are undertaxed. You're welcome to give as much of YOUR money as you want to the IRS, Mr. Buffett!
Tim Pool being the crazy chicken guy is the best reoccurring joke.
Lets not forget, increasing the capital gains tax will push out all those pesky small investors so only the rich could do it
A good example of this is NYS crypto tax laws.
How?
@@mvmlego1212 in simple terms, pretend a moment you make a 1000 dollar investment in a business that really pops off so your stock is worth a million so in terms of capital gains you've made 999'000 million in theoretical cash. Congrats at a 12% Capital Gains tax you owe the government almost 190 grand, do you have 190 grand sitting around? Do you think you can manage a loan for that much with your 9-5? How about a tenth of that 19 grand and keep in mind stocks are theoretical money, not liquid, it takes time and expense to get your money back out and big spikes can often be followed by hard drops in value so it is perfectly possible your million dollars of stocks is worth a fraction of its initial value by the time you sell it so your stocks sell at 50k and you owe the government 118k, Congrats you are bankrupt.
Sound like something you want to risk?
"Life's not fair" is one of the lessons my family engraved into me. I do wonder how much the idea that things should be "fair" instead of just has warped the culture.
Remember what Rusty Venture said:
“When my boys cry about fairness, I remind them that fairness is the philosophical Tooth Fairy… There is no fairness!”
“Who says life is fair, where is that written?” --The Father (book) or the Grandfather (movie), "The Princess Bride"
In the Soviet Union they had a whole system figured out where everyone was employed and making the exact same amount of money. Well actually not everyone was employed, and those that weren’t were called “parasites” and thrown into labor camps.
As a polio survivor,I can vouch for the fact that life isn't fair.
“Fairness” is just another way of saying entitled.
Like others have said, I'll start worrying about who's paying their "fair share" of taxes when the government stops reckless and un beneficial spending of our taxes.. and Bravo for anyone using tax loopholes to their advantage..
How much money does Warren Buffett’s secretary make, to where she is paying a 37% tax rate? 37% is the maximum tax rate, at the Federal level.
Average Americans pay 33% of their income in taxes all said and done. That aside I'm sure Buffet's secretary is making an astronomical amount of money.
It said regular tax payers,like her, pay"up to" 37% ...not necessarily her personal tax rate
@@mortekaieve4729 You are probably right, but Warren Buffett wants people to think she was paying like 10% or 15%, and he was paying 2%. The reality is a little more complicated. Buffett is probably paying what I pay, and I file quarterly, and most of my income isn’t from stocks or bonds.
@@Tokinjester Well, I think Vox was suggesting that she was paying 37%, and Buffett was paying 0%.
@@HVACSoldier vox gonna vox 😜😅
I live in a state where two counties control the vote of the entire state. 80% of my state votes differently than those two population centers, and those are the ones saying "Tax me harder." I am taxed without representation.
New York?
I think it’s the same for Canada, too.
California
Vermont? Or any number of "blue" states.
It's the same with people in the cities telling farmers that they need to pollute less.
Warren Buffett: It's outrageous that rich people like me pay less in taxes than normal salary workers!
Also Warren Buffett: **only pays the minimum amount of taxes instead of paying what he thinks is a "fair share"**
In fairness, he's also donated over $40-billion.
@@mvmlego1212 So? He got tax write-offs for a lot of that, I'm sure. Aside from that, why would he give that money to charities instead of government? Nothing stops him from giving more money to the IRS
@@reubenoakley5887 -- _"He got tax write-offs for a lot of that, I'm sure."_
Yeah, but the value of that write-off is nowhere close to the $40-billion that he's donated.
_"Nothing stops him from giving more money to the IRS"_
If he believes that the government uses money less wisely than he does, but more wisely than other billionaires do, then it makes sense for him to advocate for higher taxes without paying extra taxes voluntarily.
@@mvmlego1212 it also makes sense for him to advocate for raising taxes, given that doing so encourages investing, which makes his firm grow, which makes him billions more.
@@mvmlego1212 He never made an argument of practicality, he made an argument of "fairness". He believes (or at least claims) that it would be more fair if he paid more in taxes, yet he does everything he can to pay as little in taxes as legally possible. He actively works to be less fair, if we take everything he says at face value.
My question is…
Why would anyone super rich, want to give themselves more taxes? Unless they had something we didnt know about
I would have asked the dude who used to work at blackrock when he's mailing the check to the US Treasury for what he thinks is his fair share.
He should be donating his money instead of begging the government to tax him.
So here's the problem I have with the "loan and forfeit" technique: normally, if you had all your money in stocks and needed money to live off of, you would sell some of the stock, which would A: allow someone else to buy the stock if they wanted some, and B: carried with it the risk of reducing the value of your remaining stock. However, the "loan and forfeit" technique results in your stock going to a bank, which may choose to just hold onto it instead, and does not run any risk of your remaining stock losing value because it wasn't a sale. Also, you can take a salary equal to your interest payment and pay no income tax because interest payments count against your taxable income. This results in both 0 risk and 0 taxes, because even if your stock fails you can just default on the loan and the bank can only take what you put up as collateral, which is the now-worthless stock. This completely flies in the face of the idea that higher risk should result in lower taxes.
that's not a tax problem though, that's a government problem. Several banks have had to resize / whatever just this year because they had loaned out approximately 10x the value of what they had and could not produce collateral. Their basis for this? That the federal government would bail them out as it often does. The banks would be taking a "risk" but instead the government is paying them off. So, in the end, the stock owner gets paid while the bank can then invest money it doesn't have in attempts to make profit.
@@nathanielbass771so in other words the person who’s smart enough to get the banks to trust them but then fails is passing the buck to the banks. This guy thinks we should feel sorry for the banks for being so dumb lol
As a Tennessean, really wish they’d stayed.
There is no way that black rock dude believes what he's saying. I feel like I yelled "no shit" too many times at this video. Taxing unrealized gains is the dumbest thing I ever heard.
If he did he would just pay what he thought he owed willingly instead of paying the bare minimum that he is billed each year. He can send an extra check to the IRS any time he wants, in any amount he wants. They'll take it.
Any policies argued for by oligarchs will not hurt the oligarchs
I'd also like to point out that Tim's example is actually _worse_ than it should be _even as-written,_ because not only do you not know how many of those eggs will hatch, but _chickens lay WAY more than one egg per year._
You could have literally just one hen and one rooster and owe like 20 chickens by the end of the year - but only if you're lucky, and didn't _get_ many eggs!
i had a coworker who had a saying (that i will paraphrase since i don't fully remember it), "a poor person won't hire you"
I am a simple man. All these tax laws and numbers confuse me but once I saw Tim Pool described it with his chicken example, it all made sense.
And, in Tim’s signature style, the example is directly related to Tim’s experience.
Tax what?
Chicken butt.
@@TheFredmac *Chickussy
The analogy was useful, but flawed in an important way. Taxing the number of chickens that someone owns is a form of wealth tax, not a form of capital gains tax.
@@mvmlego1212 You missed the part about Taxing the egg as if the egg would become a chicken.
My oldest used to think like this until I told him it would directly impact our retirement. He says "but ya'll worked hard and saved to make sure you'll have lots!" We'll be multimillionaires to be clear. I told him the government doesn't care HOW I got it, just that I have it. He changed his tune after that and understands now that just because something is presented in away to sound like it's a good thing doesn't mean it's not going to drastically impact people they don't want you to think about.
...That was something I learned as a child. What happened there?
Profits are taxes at an extortionate rate but why are losses are not taxes at all? 🤫
My don’t they ever ask state and federal governments to just lower the income tax?
Would people still complain if we got rid of current federal income tax and replaced it with a flat sales tax that Milton Friedman and Thomas Sowell has suggested in the past?
Of course they would. Theyd claim it was still unfair because the rich are paying the same rate the poor are and completely ignore how thats a sliding scale thay litteraly makes it as fair as possible. And people are dumb so they would believe it😂
I'd say shred all tax laws (and most laws) then rewrite them with a limit of 5 pages per law
You'd be amazed how hard it is to find loopholes when you take out most of the words
Yes, they would, since their argument is that the "rich," by virtue of being "rich," could not have "paid their fair share." It's the premise of "fixed wealth" where there is only a specific amount of wealth to go around, and if someone has more than others, then they must be doing something wrong.
They would because its not about equality. The flat tax on sales "disproportionately" affects people who are exempt from income taxes under a certain income bracket because suddenly taxes affect them equally. There are already campaigns for a reduction or removal of sales tax for "essential goods". Who decides which goods are essential can then choose to tax or not tax certain goods which certain parts of the population might only buy. Female menstrual hygiene, baby products. But also to be sceptical, in reality companies will just charge what they can in the market so the prices will probably not decrease and the consumer will be hurt in the long run.
@@hcook1023 Some issues are complex and require large bills. So it's not viable to have a strict limit.
Wouldn't raising the death taxes really hit generational wealth? What about people working in a family business? Could you imagine a dad dies in a car accident and the tax man takes the family business?
Happens a lot with farms.
@@freethebirds3578 I was imagining a pizza place. The son starting out as a pizza boy
That's how most family farms got bought out.
@@freethebirds3578 Yup, and then these huge agra-conglomerates buy up the land and assets.
yes thats the point, they don't want you to inherit anything.
"Own nothing, control everything"
That's what the rich live by.
This series is so informative while remaining humorous!!! Love it!
There is this nifty thing where you can just GIVE the government more money in taxes. The government will more than happily take more money, yet they don't bother paying more than what the government says they have to.
The reason they say they are for higher taxes without just paying more is because they know that 1) It won't actually happen AND 2) Even if it did happen they would find some way to avoid it and the burden would be put on the middle class investors.
And the taxpayer money would just be paid back to them via government subsidies into their enterprises - like we saw in COVID.
They even say "Can't be taxed unless it's turned into real money" yeah duh. That's the whole point.
Its almost like you can only take what actually exists. Shocker.
"I'm gonna take 20 cookies from you, because you are estimated to have 100 cookies."
"But I don't have 100 cookies. I just have an oven and some supplies that I guess could be used to make cookies."
"Yes, therefore you have 20 cookies. So hand them over."
"But what happens if my oven breaks before I even make a single cookie?"
"...."
I love everything you do but the Debunkers have quickly become my absolute favorite. Love everytime I see a new episode drop. I know these take a lot of work and it is much appreciated!
Buffet can make a large donation to the IRS anytime he wants.
God bless you for being able to watch programs like Vox, Vice, CNN, and MSNBC without losing your mind!
The people who say taxes should be more never think they'll be the ones paying more.
That's because they're usually broke college students.
Because they generally don't make money lol
And/or never voluntarily donate at the rate they think appropriate
I guarantee they don't even know how much they currently pay in taxes each year.
@@xSilentZeroXx the people I know who say this stuff make much more than I do.
I could have understood that raising taxes for stocks is dumb. The fact that liberals can’t see this OBVIOUS truth is crazy.
TAX EVASION IS A OBLIGATION
I’d be willing to see Congress make a one-time exception and tax Buffett at 10,000% of his investments. He spends all his money funding illegal abortions in African countries and also Planned Parenthood and Marie Stopes, the two largest abortion businesses in the world.
Okay but, Congress would just spend the money on the same things...
@@realrickyshea We'd spend it inefficiently chucking money at the military. Better than Buffett.
I'd rather see congress pass a bill that allows someone to be taxed at a flat 5% or lower rate but they have to give up their voting rights for 4 years. If they want to renew the deal then they can every 4 years before elections. Buuut we know that won't happen because it goes against the uni party and MAGA Americans aka real Americans would run the country
And if they can do that to him, then they can do that to you. Beware what you support.
Yeah, but...
Our goal as taxpayers should be to get Congress and the House to spend less on boondoggles and earmarks. What do you think they'd do with the money they got from taxing the 1 to 5 percent into oblivion?
I see debunkers. I watch debunkers. I also wish not to catch the stupid.
Even they couldn't avoid it, but through intensive rehabilitation came back stronger. We all catch the stupid sometimes, keep an open mind an open mind and a closed bolt! Always strive for truth, not confirmation.
The biggest problem with raising taxes is that people will only pay taxes up to the point that it costs less to not pay those taxes.
This is AWESOME.
"The more you pay in taxes, the more time you're working for free." I think if we could get this truth of the situation to be commonplace, the taxation argument could collapse under itself.
Seems I need to make a sign haha.
@youtubewantstosilenceme8905
What do you mean "theoretically"? It is done all over the world! Why shouldnt it also be done in the United States?
This is until you realise how much the government already pays for and with actual better spending on social services the average person could be better off. The other choice is everyone pays for every little thing at point of use and health care is a great example of why that's dumb with worse outcome for higher prices.
@@abdiabdi3225 you do realize things like Healthcare and colleges cost what they do _because_ they are government subsidized and not the other way around? They've been skyrocketing in price the past few years because they know full well the feds will foot the bill without asking. In an alternative situation to grants, competition would drive price gouging out of the market.
Alongside the fact that it doesn't even need to be the government's job in the first place to handle things. Crowd funding and private sector businesses still exist if the government stopped stealing money out of every single transaction point.
Plus, government funded social economic programs have been the joke of multiple generations. Poorly funded fronts that then bloat their costs and don't accomplish half of what others are capable. There are more solutions in life to a problem then solely the morons in congress deciding where to send _more_ money they don't have, then figure out how to squeeze that deficit out of us afterwards.
40% of the average American's income goes to taxes.
In other words almost half of the time the average American is working, they're doing so as a government slave
Don't care what bracket you're in...everyone is feeling this admin.
Not the super wealthy. They're doing great
The problem is not that investors are undertaxed, but that ordinary workers are heavily overtaxed.
When all taxes are considered a productive worker is taxed around 50% of what they produce. Back when slavery and serfdom were common, the most heavily exploited on record kept at least 90% of what they produced and never had to give more than 10% to their masters.
The income tax, which was promoted by communists in the name of fairness, is the most extreme form of slavery ever devised by man.
More concerned about government waste (bad foreign policy, really stupid funds), inflation, government bloat (globe trotting, unnecessary projects/agencies/departments/etc), money laundering of our taxed money, etc.
Let us not forget that 79 years ago today, the greatest generation of men stormed the beaches of Normandy.
June 6th 1944.
They were massively killed...the best and brightest of men of the West were sent there to die. War was already over ...but our 'rulers' had to slaughter as many wonderful Western men as they could
Heartbreaking. No more brother wars
If only we fought the right enemy
Mind blowing
You know who else thinks inequity means something? A monkey getting a fully nutritious diet when his mate is getting only grapes...
"Let's raise taxes for the rich!"
"Oh no! The rich all left with their wealth and assets! The country is poor now!"
“And now the government is taxing everyone else more because they want to maintain the same amount of spending!”
Which is the story for every Socialist nation.
Yes please, get these clowns to stop spending our money on nothing.
#1 - not a "loophole" - it's an explicit thing in the code.
#2 - you get stepped up basis because those assets are subject to estate tax. So it's not untaxed. You pay a tax on it at death and your new basis is the value that was taxed on your estate return. They are advocating for taxing the same money over and over again.
Question: was "dor taxing" supposed to be "for taxing"?
@@SteveSega yes, edited. Thanks. Stupid big thumbs
Loved that you brought up Blackrock buying regular Americans out of home ownership. Rent is absolutely nuts in my hometown (Atlanta) due to companies and Airbnb twits buying up all the property and turning it into rentals. 65,000 homes have been bought by companies like Blackrock and about 7.5k Airbnb/Vrbo rentals. These “investors” are making it impossible for regular Americans key to the function of our economy to find housing.
Would be hilarious to see a large group of people squat BR new build housing all at once, right after construction finished and they've bought the things.
I think it's important to mention the other side of that equation which is zoning laws, rent control and other housing and construction regulations that prevents the creation of new homes. A lot of people turn homes into Airbnb/Vrbo because of restrictions on how much rent they can charge and the reason Blackrock invests so much in housing is because it's an artificially scarce commodity. The things you mentioned definitely make life harder for the average person but it wouldn't be nearly as bad without the local government regulations.
@@blunderingfool it would be nice but the amount of capital and red tape would be tremendous for a non-corporate entity
We don't even need most taxes. They/government just create money out of thin air & the burden falls on the people in the form of inflation tax. So they government doesn't lack money.. Whatever money they need they just print it , if there ain't enough money. Inflation tax & regulations has caused everything to become so unaffordable .
This is exacerbated by corporate entities buying "blind" and outbidding locals.
How can someone be so wrong? Are they literally this oblivious? Or is it just malicious hypocrisy?
Can you debunk the Claim Benefits commercial that run in every single CZcams video, including this one, advising everyone they should claim their benefits?
It's like they want all Americans reliant on government and for inflation to just continue unchecked.
Thank you for dropping such a truth bomb. I make 1.6 mill a year as a landlord. I pay $682,742 just in taxes every year with a yearly take home pay of $917,258.
$550,164 of my taxes is federal
Fica taxes eats $44,914
State taxes eats another $87,664
For the total of $682,742
I invest when and where I can in the stock market to try to grow my wealth. I didn't get to where I am now by being lazy. I lived in a skoolie (a school bus converted to an RV) buying property 3 or 4 acres at a time with nothing on them but trees. Over a year I dug wells by hand, chopped down trees, burned out stumps to make roads, build 50×50 foot cabins, greenhouse, livestock pen, chicken run/coop, geothermal cooling for the cabin and the greenhouse, and I build off grid electrical systems to power it all. Then I would buy another piece of property a move on. I charge 2500 a month and have now 640 properties all occupied.
It was a lot of hard work. I feel if anything taxes need to be lowered not raised. The whole tax the rich just doesnt seem logical. If someone raised my taxes I can afford to move...I could liquidate the properties take my money and start over anywhere.
Damn, that's down right impressive, regardless of all the other issues, congrats on managing such a thing.
When people say “tax the rich” they typically mean multi-millionaires/billionaires.
Give me some money
@@PatrickTrent Bingo
Don't forget to *heavily* account for depreciation on those properties.
If there was no income taxes (which is the biggest scam in history) people could invest more.
I think most people don't realize income tax how we know it now wasn't around until the early 1900s
Property taxes aren't great either. You don't own your land, you merely rent it from the government.
I disagree with your idea that people would invest more if there was no tax. Example: in Canada, your limit for RRSP contribution is 18% of your gross income. If you make $100k, you can invest $18k per year and the government will refund all of the income tax you paid on that $18. How many people actually do this? I might be the only person in the entire country who does this. Everyone else just pisses their money away on nonsense.
Removing income tax would dramatically increase consumer spending and boost the economy. It would not increase investing, for the most part. I personally would invest more, but I'm not most people. Maybe rich people would invest more to meet the increased consumer demands from the consumers having 30% more money to spend.
Well done.
Capital gain taxes are asinine. Income tax is also asinine. The idea of punishing people for trying to earn a living or investing in their futures is idiotic.
Find a different wat to fund the government. Not that they spend responsibly.
In 10 years of working, on average a single person making just $40k a year will be taxed $100,000. If you've gotten a raise and such things through that decade and stayed above that, it's even more. Me and my wife don't file Joint yet, I paid $13k and change in Income tax. Federal and Local Government will tell you that Corporations don't pay enough or that prices are too high. So you telling me them taking $100,000 in a decade is not the problem? and all of us had the money to give them, which means if WE kept it, we could have done whatever we needed with it and we got through the decade without it since we gave it to Fed and Local Government. Rent raises do suck, Inflation does suck, but those thousands that go toward local and fed Gov is the real issue here and nobody ever addresses it. You already have the extra for inflation increases, medical, emergency, investments, and such, it's just that Government takes it.
They have already found a different way of funding themselves/government. They print money & fund themselves & people have to indirectly pay inflation tax with price of everything inflated.
@@drjonesey5 I believe the average American family pays over 33% of their income in taxes when all forms of tax are counted. If you look at business owners or the self-employed, including small businesses, even those who could be considered middle to lower middle class it shoots up to over 50%.
Go somewhere like New Jersey and the average person will pay almost 60% of their lifetime wages in tax. Move to Alaska and you'll pay the lowest, closer to 22%, which is still astronomical.
Most people don't even grasp this, they look at their income tax and call it a day. They don't usually look at the other taxes they pay on a daily basis. There are 97 tax codes in the US.
Buy a dog? Live in Maryland and flush your toilet? Receive a gift? Drive your car? Put gas in that car? Have a library in your city you don't use? Have a neighbor whose kid goes to school while you don't have a child? Professional sports stadium in your state even if you don't watch sports? Want to go to an indoor tanning salon? Make a telephone call? Turn on the lights in your house? Want to buy a drink to forget about all these taxes? You're getting taxed for that.
*Land Value Tax has entered the chat*
Glad that you are giving humble chicken tenders like Tim a chance to share his ideas on your platform!
Ranch dressing.
Best cameo 2023
Hehe you said chicken tender
My favorites, truth and logic, what a concept!
It's an easy way to destroy upward mobility.
I want to see the receipts of these super wealthy peoples donations to the IRS because they desperately feel they need to pay more taxes
I’m curious how this would change if a new tax bracket were introduced.
Still, paying more money to the government doesn’t mean there’s more assistance for the people. They’ll find more ways to spend it. If I recall, our national debt has already surpassed our annual GDP. I’m not sure how you recover from that without huge spending cuts.
It's important for people to speak in plain, correct language when referring to demons who want to steal everything you have and then kill you. Never give them an inch, always refer to them as evil, because they are.
There is no law stopping those people wanting higher tax rates from giving more or all their money to the government. I won't hold my breath.
One reason not addressed for why the capital gains tax is lower is that corporations are already paying corporate income taxes. Eliminate the corporate income tax and I’d have no objection to taxing all capital gains and dividends the same as other income.
More Tim Pool chicken analogies, please!!!
As someone who is currently learning about money and economics in preparation to become an accountant, this video was extremely helpful to me. I especially love the chicken analogy, since it cleared up some confusion I had before about how stocks work. Thank you for making this video, I learned a lot from it!
The chicken-farming analogy isn't great, because it portrays capital gains tax as a wealth tax, but it isn't.