THE WEALTH OF NATIONS | PART 2 (BY ADAM SMITH)
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Adam Smith was a Scottish economist, philosopher and author, and a very successful one at that. His masterpiece “The Wealth of Nations” was released in 1776, and was at that time considered very controversial, but it has laid out the groundwork for pretty much all economics since. Smith is often referred to as “The Father of Economics” or “The Father of Capitalism”, for good reasons.
The Wealth of Nations | Part 1: • THE WEALTH OF NATIONS ...
Top 5 (additional!) takeaways from “The Wealth of Nations” by Adam Smith:
00:00 Intro
00:20 6. Accumulation and employment of capital
03:23 7. Globalization - the shortcut to increased wealth
07:29 8. Why free trade is superior, and why government shouldn’t interfere
10:23 9. What’s the purpose of a government?
14:10 10. How should a government be financed?
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
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No.. that would be the insurer
That's a NO on the wealth tax. The wealth tax is usually imposed after regular taxes are paid, which encourages the most productive people to move to a country without such a tax.
France 2012.
Wealth tax is one of the most egregious overstepping on the side of our governments. It is direct theft from people and outright makes social mobility harder.
"Most productive" people? What do they produce for a country?
Wealth tax isn't feasible. The richest people in the world have most of their wealth in the form of their ownership of their business. Is the government going to take their businesses away from them? Business owners will just leave if such a thing is imposed.
Look to norway. All the rich are fleeing. Just as according to plan by the commies and other totalitarians.
“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable. ”
― Adam Smith
Yes, my politicians should stop taking 2/3 of my money
(i hate old english)
paraphrase 1: No civilization can thrive and be happy if the vast majority of its members are poor and unhappy.
paraphrase 2: No community can be successful and joyful if the vast majority of its members are destitute and unhappy.
Yes , the tricky part is how to make most people equally productive to society
@@bambiwaddlefeet yeah, which is why I got the contemporary version of this book.
@@t.j.5574 where do you buy it?
I just wanted to say thank you for these videos. Basically every time someone suggests me a book to learn trading I go on your channel and find these very helpful videos which make me learn A LOT in WAY less time.
I just wanted to than you for the work you do, just by taking notes watching your videos I got a lot of knowledge in investing :D
Guys don't listen to this guy in this comment replies. Look at his profile, it was created today and has no videos: he just copied the name and the image of the real Swedish Investor probably to scam people.
Report and don't use the number he sent.
Free trade between government is the key to get more work & opportunities for all countries! Love the example of IKEA for 🇸🇪 Great video!
It is important to note the difference between average gains and individual gains. Free trade on average produces greater gains overall, but that's split between the bottom, who gain more, and the top who gain less or even *lose out* in the transaction.
That is, in real world terms, to say that the average American, who compared to the rest of the world lives like a king, will lose prosperity for the overall gain of the aforementioned rest of the world (eg, China). Total prosperity will definitely increase, but it comes at a price to most Americans.
Even those transfers of prosperity aren't uniform though. The tip top, who earn from the world as a whole regardless of where the prosperity is, will benefit handsomely. Unfortunately, the displaced worker in, say, Appalachia, will see significant loss with almost no prospect of benefit.
For those of us in the "developed" world, if you value all of Humanity over your neighbor and country, Free Trade is an absolute good. If you value your Neighbor/Country over starving kids in Africa, though, free trade is almost always bad.
Just food for thought.
Governments are not stupid. If you allow complete free trade, the profiting business tends to become a monopoly. By nature of monopoly, buisness from home company cannot compete with a monopoly. After a point the only way to deal with a monopoly is through a government intervention. Examples of monopoly - Standard Oil and British East India company.
If a government fails to deal with a monopoly it will become something like british east india company becoming more powerful than the government.
@@shravanshetty347 Most monopolies occur because of cronyism. In a truly free market, monopolies would be nigh impossible to occur and would usually only be short lasting.
@@etaaramin9361 Ironically, Africans would benefit the most if we stopped subsidizing shitty agriculture here in the west. Subsidies force newcomers into an artificially more competitive markets. Bananas are 10x cheaper to produce in some tropical countries, so why the f are we subsidizing them for our farmers.
Free markets lead to freedom which is a necessary condition for prosperity.
governments always work for corporations, so big government actually causes monopolies, because corporations use government for special benefits to keep them ahead of competition. Governments are always bailing out massive corporations but if some small business goes under nobody cares
Preparing own food and cleaning the home will free mind and make him more productive during his duty hours as an engineer. The ultimate goal is poductivity, not money.
Also can go for a self sustaining life. Depending on others for all our needs is becoming slavery to them.
Bro, humans are a social species, we depend on each other (or we are willingly "slaves" of them, by the tone of you comment) for something greater than our "absolute freedom".
A practical example:
- You become a "slave" of the law in your country when you become a citizen, you surrender your "freedom" to kill your neighbors because they are disagreeable/loud/heretics of your faith, etc...
- In exchange, the laws of your country "slaves" your neighbors to do the same.
- So, none of them will kill you in the night because you are awfully loud or me for being disagreeable.
- The we can sleep in peace and ve prosperous, both of us.
Remember that peace, prosperity and safety are NOT a natural state of life, we killed each other for food, gold or (worst) people (slavery) some centuries ago. It may sound awfully out of the times, but remember, time is relative, we lost the advances of imperial Rome for a 1000 years, we may lose the advances of now if we get too complacent with our ideals and beliefs. Peace is not easy, it takes effort to hold it, prosperity too, be a little more pragmatic, for the sake of all.
My latest update.
By eating raw uncooked foods like coconut, banana, etc and doing gardening for our own food, we can live in peace. Can create abundance to others also.
@@user-vf4no3yo8h I think this is just a simplified example. If you stick to the details, then he cannot rest to watch a movie, which should be considered a waste of time. The real case is he doesn't need to cook, unless he can benefit from it, e.g. rest his mind, enjoy the cooking or healthier food.
thankyou all for your insightful reply. ☺
Glad to see how big your channel has become! Keep going!
Thomas Sowell answers your last question very well "what do you think is your fair share of what someone else earned".
Awesome videos mate.
Thanks 🙏🏽
hello, in which of his book so that I can learn a bit more.
Very good visualization to make the concept understand. In takeaway no 9, most probably, Health is one section that the Government must take care of in addition to defense, justice, etc.
Awesome tips and advice, I’ll be taking these forward on my channel!
i just wanted to say thank you for all the good content your are making. When i'll buy a book, I will use your link to support you. Cheers from France.
Thank you tonyHern865, I appreciate that! Cheers, and best of luck with your investments!
Keep up your channel. It's been of immense help to me.
This is a heck of a book !! We should all read this on our teenage era ! Nice Work Polar bear 💪💪 ⭐
All the videos from you are just brilliant. Good going
Thanks for making these! I'm taking a history of social theory class this semester with heavy reading. We're starting off with some readings from the Wealth of Nations by Adam Smith and your breakdown made me a little less nervous for the course lol
Haha, I appreciate that! Best of luck with the class!
a very great channel. Thanks for your good sharing.
Summed up:
Free-market economyism produces wealth, whilst command market economics leads to poverty.
E.g. Compare the market leaning economy 'Monaco', w/ the command market-leaning economy, Venezuela 🇻🇪
Imagine how wealthy a true free-market place would be (I.e. a place w/o any business regulations and taxation, free from coercion).
I can imagine place where there is no any business regulations... And I don't want to live in it since it will be land of smog and industrial waste dumped anywhere out of immediate way. As much as I will agree, that no(or at very least as low as possible) business regulations are good thing, environmental regulations are mandatory, as top business owners don't care if they shit where their companies operate since they live out of reach most of pollution they would cause.
I'm not tree hugging hippie, but if we don't care about environment we exploit, we can't keep exploiting it forever. Or even keep living in it at some point.
@@arturskibior you're a tosser or an idiot for arrogantly thinking that people would be allowed to pollute w/o business regulations. In a market economy, we would fine them severely in a private court and if they refuse any of the private courts, they would be dealt w/ directly for their aggression against others' rights to a natural, unpolluted, benign or good environment.
In a completely free market without regulations and taxation, there will be no government, because you just eliminated their function and source of income. Then, the black market become normal market. So, you can imagine all the banned items, guns, drugs, prostituition all done without regulation. A free market means money talk. Yes, a lot of people will become richer, because they know how to use money to grow money, which includes normal typical investment, but also using money to gain favours, such as assassination or corruption. It is basically siphoning money from the victim to the rich. Although in pure meritocracy sense, it is the survival of the fittest, it isn't really a harmonious society in any sense.
A perfect system is really one that can balance between free and controlled. Enough freedom for creativity, but not excessive freedom to be unruly. Enough control to support the weak, but not too much to suffocate the rich. Feel free to disagree, I wish to hear your rebuttal too. Thanks.
@@stlouisix3 They are not allowed to pollute now... so what happens when businesses that follow present environmental regulations, only because they are not willing to risk consequences of dumping waste to first most cost effective place they can find, can finally do it without too big consequences?
Private courts? W have them now, so question is, are they effective? And they still need to have underlining regulations to be able to do anything. If no regulations are broken, then its just one word against another, at which point I would be extremely surprised if they would rule against polluters. Not to mention lack of resources on private individuals side to endure prolonged legal struggle.
Direct dealings? Even under siege from mobs with pitchforks and torches businesses would be only bothered when it would influence their bottom line. So only small to medium businesses would be affected, once they scale to be big enough they would not be bothered. And even if, without regulations what is stopping them from telling lies to people just to get them go away and keep doing what they are doing (ok, maybe changing it little bit to make it less obvious IF and only IF they have no other choice).
Besides, who would take up those torches and pitchforks, when they are getting new 5G network to get those social media posts load fraction of a second faster, or youtube videos few seconds faster (or whatever other thing)? To hell with trees in cities or anywhere else. There are protests about it now, and is it stopping anything? And you think things will be better without any business regulations?
@@arturskibior you make very good senes I am so happy to see someone thinking about more then just them selves.and the amount of money we has people would be exploited for even more time and money then we already are if that was to happen.
Thanks for the video
Great video. 👏💯 Explained well
Yes I love Adam Smith he’s the best
Very interesting video! Please make more videos about Adam Smith, specially the book called "The Theory of Moral Sentiments" that is better than "The Wealth of Nations".
fantastic information
Thank you for such knowledge bro... Some of us can't afford these books
Nice vid bro. It’s so rad.
great video man
Thankyouu so much for your constant videos! I’ve learnt so much through here & always recommend even people from my channel to yours & more. Thanks again! Can’t wait to dive in to watch this 😊💃🏾 I also hope to make a huge impact on my channel like yours! 😊❤️🌏
This Michael Porter style value chaining (outsourcing) worked Great for me UNTIL the Triangle of Sadness like situation weve been in post pandemic. Where I am we have no labor class.
The “Stairway to Money” bit had me dying 😂😂😂
In general if there is money (trust in govrnment), then there will be taxes in different names to consume our labour.
Please review this book,
The five rules of successful investing ..
Hi Swedish Investor, I enjoy all your videos. Please cover Capital in the twenty-first century by Thomas Piketty
That's a tough one haha! I might give it a try at some point though.
I'm curious. You have read many MANY financial books on trading. You are one of the best, most informative channels on youtube for this topic. Have these books made a difference to your trading? I understand you will have learned something but have you noticed your investment choices improve with the more you read on the subject?
On a side note, I love your channel and I'm looking at buying some of the books you have reviewed buy your affiliate links are all US (I am from UK).
A humble suggestion: Add affiliate links for other countries for your non-US viewers :)
Thank you Michael Duffy for your kind words and for your suggestion! I will check if it's possible to add affiliate-links for other countries too, I would be very grateful for any purchases through the links as it helps both me and the authors of the work.
My investment strategies have changed quite a lot as a result of reading these books. I'm primarily inspired by Warren Buffett, Benjamin Graham, Philip Fisher and (shocker, perhaps?) Nassim Taleb, and their teachings have made me think about investing in a different way than before. I highly recommend all of their works/everything that has been written about them. Cheers!
Nice
Great
Please do review on " a man for all markets" recommended by Charlie munger
Some tend to get more "justice" than others. You just described my country, Kenya.
Thank you🤗❤👌 Swedish investor 🌟
Thanks Eric 👌👍 Im trying to grow but you keep accelerating away! lol
Hello Good morning from London 🙏🙏
Hi, early morning in America
Hi what software/app do you use for your animated video ?
do you share this visualization anywhere? i think your visualization is a great way to retain memory of what I learn from this video.
You should teach the EU commission.
80% of millionaires & billionaires in the US are first generation millionaires & billionaires. In other words, they earned it by working hard or working smart. 1. Wealth taxes have been tried and have failed in most countries, because the rich move or hide their assets. 2. Paying a yearly wealth tax would require them to either sell their business(s) or assets. Rich people usually don't have huge piles of unproductive cash lying around. 3. Unless they're illicit drug dealers, pimps, etc, they've ALREADY paid income taxes on their earnings. Wealth taxes would thereby be double taxation. Remember, government doesn't actually produce anything, it just confiscates it from others and redistributes (usually in-efficiently).
Agreed with most of this. The way that Adam Smith suggests implementing a wealth-tax is by using real estate as an estimate for wealth. This has the advantages that it cannot be hidden and it cannot flee the country like corporations or cash in bank accounts can.
@@TheSwedishInvestor But that's exactly what will happen if implemented. The rich aren't stupid. They hire acciuntants and tax attorneys to legally avoid taxes.
When adam smith supported the idea of free market, he patently stated that in a free market "Capital and Labour " both can flow freely. That is the whole debate of Brexit today to free circulation of british goods and capital without free movement of labour into UK. A market cannot be competitive unless labor is allowed to move, what this does it that this free movement of capital actually produces poverty for example make shoes in UK cost 40 quids a pair , move that to china where they will be paid almost inhumane wage but viola you can make them in 5 quids and sell that in UK or else for 200 ( See the case of Air Jordans and other nikes )
“There ain't no such thing as a free lunch.”
― Pierre Dos Utt
No wealth tax is baad because taxes fixed assets like land , building , machines etc . A wealth tax can demotivate people who are highly productive because the government takes a bigger cut out of what they make this can lead to lower productivity . I think so
sajin paul true but there are many rich people who have found ways to escape from paying taxes. A relative of mine (in real estate business) have found ways to pay little or no taxes and even brags about getting on government social programs (from reporting low income).
@@johnl.7754 That is true people will always find ways around the system but overall economic growth can lead to widespread prosperity
Isn't an income tax even more demotivating for productive people?
I think the sensible thing to do is to let those who produce something, keep their money during their lifetime and tax them as they die, instead of giving all of the money to their perhaps less productive children.
@@Will-be-free if u do that the government will only get taxes after a persons life time . if it take more than 75 years to generate revenue the government will no longer exist becs their is no funding to keep this running
How do you create videos like this? Very curious! Thanks for the value!
Like the video suggests, invest in a service that will teach you how. Maybe check out skill share.
Can you do book review for Stan Weinstein’s “Secrets for profiting in Bull and Bear markets” please? Seem this book has been one of the highly recommended book for Traders...
I disagree about vacation. Experience in general, like travel, in my opinion have high value. Experience in general give you an intangible asset, thereby is a valuable investment.
It is only a detail, I appreciate your amazing contents.
My top takeaway: 'People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices’ Adam Smith.
What about mix of wealth tax and income tax?
What if income tax bracket you are in was determined by your wealth not amount of income?
But I guess in general wealth tax is always bad idea, especially if it leads to paying tax multiple times on same assets/valuables/liabilities(own house, etc), or if it forces to liquidate said assets/valuables/liabilities to pay wealth tax based on them.
Hello Swedish investor please make video on sapiens (or which have similar topics)
I would like to leave a suggestion: The Theory of Value Investing by John Burr Williams ;-))
¿Could you make a vídeo of the book "the global macro edge"?
Having a wealth tax is attractive to target the 1%. However they will move their assets of leave the country to avoid the tax. And the incentives it creates for the middle class more than our weight the benefits. Therefore even though it’s intuitive attractive it is a bad tax.
You mean all that land they can just pick up and move away with? Land equity is a huge factor in how the 1% survive
Yeshua Briles it isn’t about the land for wealth tax it’s about the value of your assets and money. Rich people can always take on more debt to lower their net worth or move out of the country, but they can set up a separate entity/business that takes on the land pretty easily so the land isn’t in their name but the entity’s name.
You are right though land is a big thing. Got tonnes of property investors/developers etc
Finlay Sutherland everyone can always move their assets. Land is the only static thing they can’t control. Even if they put it in somebody’s name- there’s still huge amounts of taxes you can levee on it.
Of course you’ll never be able to fully take their assets- they could convert all their money to art and be considered worthless. But land itself- if sold can then be utilized by someone else.
Also think about churches
You don’t have to pay income tax if there’s no income
taxes should be made by proportion and i say this as someone whos wealthy and just inherited a fortune: if youre just going to tax people based of a fixed value or if your justice system works based off fines these institutions only exist to opress the poor and to suppress talent in the lower echelons of society, a goverment should be as small and result-oriented as possible, with little bureocracy and focused on meritocracy,this goverment should be hable to interfere with the market if necessary be for protectionism and the survival of the nation but if possible it wouldnt hold a interventionist stance, it would also have a very complete basic education system where childeren are taught world history in a deep level,economics,mathematics,biology,sports and other subjects of importance: if we had a system where no talent went to waste how much better would the world be?
Please make a summary on "Capital in the 21st century" or "Fault Lines by Raghuram Rajan"
Thanks for the suggestions Shubham Tiwari! Capital will have to wait a while I think, this was tough enough to get through, but I'll check out the other one
I think the current 2024 china vs taiwan and semiconductors issue is a pertinent point about/against delegation and outsourcing
No wealth tax. Since, Wealth or assets represent accumulated savings . Savings are the left overs after tax and consumption.
What if the wealth comes from corruption?
@@rajaaldo then you should solve it through the justice system, not taxes which applies to everybody(not just the crooked)
@@charlylp88 great answer
Its been 1 month now waiting for you next summery video. 👍👍👍👍👍👍👍👍🌟🌟🌟🌟👍🌟🌟🌟
It's here now, hope you enjoy it! Sorry that I've kept you waiting, but it took something like 6-7 times as long as usual to produce so ..
please make a video on
Against the Gods: The Remarkable Story of Risk
Book by Peter L. Bernstein
No wealth tax. Income tax, variable rates eventually, but that's the only thing needed (except for some particular things like tobacco, alcohol, etc).
I think that in an ideal world, we should only have 2 types of taxes. The first type, the most important, should be consumption taxes. Most of them should be as low as possible (to have a functionning society and government), while some should be prohibitive to force the market to solve important problems that it would not solve naturally (or at least, not as quickly as needed) : one example of such a problem is climate change (and the associated oil taxes or CO2 taxes). There should not be any income taxes. Lastly, and this is the most delicate point, there should be a very small wealth tax (if inflation could affect every asset and not only money, this wealth tax would not be needed). This wealth tax should be extremely small, maybe around 1% a year (this is a complete random proposition, in all actuality I have no idea how low it should be) ? This tax would serve two purposes : it would make it so work (i.e. creating wealth) always stays the best way to get richer without hurting too much those who save and want to retire because they already have produced enough wealth (for themselves and the society as a whole), and slowly redistribute wealth with time and from generations to genrations without hurting those that try to improve their own condition by being exceptionnal individuals who create large amounts of wealth.
My answer is a No. because th revenue that was earned to pay for the asset is already taxed. An asset sitting there doesn’t create any income until it’s sold. So just for having money one shouldn’t get taxed.
I hope you're doing well, I am wondering when your next video is coming?
It's been too long, but it was released about an hour ago! Check it out!
2:59 One caveat though: Since your workers' wages are also dependent on supply and demand, education without businesses to employ the workers is basically a way to push, nay, kick people out of your country.
No, wealth tax is not a good idea. People should be motivated to act within their self-interests and achieve the highest amount of personal profit as possible. This is because in the long run, the entire society as a whole will benefit.
in the loooooooooooooooooooooong run
Needs Summary:
1. What It Takes: Lessons in the Pursuit of Excellence - Steve Schwarzman Summary
2. Nine Lies About Work: A Freethinking Leader’s Guide to the Real World by Marcus Buckingham Summary
3. Trillion Dollar Coach: The Leadership Playbook of Silicon Valley's Bill Campbell by Eric Schmidt Summary
4. The Surprising Science of Meetings: How You Can Lead Your Team to Peak Performance by Steven Rogelberg Summary
5. How to Get Sh*t Done: Why Women Need to Stop Doing Everything So They Can Achieve Anything by Erin Falconer Summary
6. The Non-Obvious Guide to Emotional Intelligence by Kerry Goyette Summary
7. The Empathy Edge: Harnessing the Value of Compassion as an Engine for Success by Maria Ross Summary
8. Book Summary: Nine Lies About Work
9. Ditch the Act: Reveal the Surprising Power of the Real You for Greater Success Summary
Thanks1!
I don't recall Adam Smith being in favor of an income tax on labor. Taxes as he described was for assets and investment income (speculation I believe he called it).
I'm still not sure after all these years that national tax on the labor of its citizens is even moral or ethical. Besides, if you don't tax the citizen's labor the State will get paid when the citizen purchases either capitol assets (and tax all the wealth generated), tax the income from equity investments, or tax the accumulation of real property.
The wealth tax denial would fit the 'pie' analogy: to grow it then share; but as time passes and inequality rises, a fairer society solution is the Welfare State based upon high taxes supporting quality public services (as in #1 HDI Norway). In that matter - as Piketty suggests an international tax on financial market trades - maybe the wealth productivity goal could reduce it's pace for the good old humanitarian sake
R is not greater than g because the third gwnerations fritters away the money
Nprway has been good in spite of taxes. Not because of. Now a big portion of the productive people are moving out in order to let their businesses be competitive. There is a 1.2 ish wealth tax in norway. That means the business has to pay out 2 percent of its value to allow the owner to pay the tax. That burden leaves industry uncompetitive. Jist leace people alone
Everything sounds good on paper
dude! seriously? furniture? you guys make the best ball bearings in the world! You quite literally make the modern world go 'round...
And tanks for Germany...and think of all the bullets!
Modern Sweden is built on exports.
Sir please please the little book big profits form small stocks summary
You are making an error in your example with Michael beginning @3:22. Michael cannot get 30/hour whenever he chooses. He will most likely have fixed work hours. So it makes sense for him to cook his own food and clean his own house when he is not at work.
And Adam Smith was short sighted in the second and third order effects of globalization- it might not have been such a hot idea to empower China and build them into a superpower by outsourcing manufacturing to them. What good was a short term economic boost when you build a long term political rival in the process.
Wealth tax.. hmmm thats very complicated question.. I myself am not born to a very wealthy family, and going to accumulate wealth in my life time.. so i will benefit from it now and for most of my life.. But is it fair that, some guy born to a rich family, with a lot of wealth, a wealth of his father grand father and GGGGGG father payed for, while gathering it.. should he pay for born to a rich family ? I'm not sure... Really need to think a lot of it. If he generate cash flow from that wealth than yes, he should pay from the cash flow he earns from that wealth.
The wealth tax prohibits mega-wealthy people from giving an empire to someone who has not worked for that wealth.
You can give your heirs enough to take care of themselves, but if you hand them an empire which they have not worked for your decendants will become a threat to the entire free world.
Can you make summary of sell like crazy
No for a wealth tax. Wealth is tricky to calculate because it could change at a moment's notice.
Answer to your question depend on each individual who are wealthy . If a wealthy individual provide an opportunity to earn a living for others via whatever he does he/she should be taxed less. So he/she can allocate additional capital to create more opportunities (to earn a living )for people
Hadir menyimak, walau belum paham bahasa inggris 😢
Yes a wealth tax is a good idea. It should be the main source of the defense expense. Because, if I have more assets they will need more defense, not only soldiers but police. This is a principle used in the romam republic/empire to tax patricians and was one the main tax. Today, I see as an alternative to worst tax like sale taxes that reduces demand and are a unequal burden in the poorest. Besides, nowadays there is no shortage of capital to invest, the main constrain is consumption. So, a wealth tax is far more eficienty than many belive.
I don’t think there should be a wealth tax, because it would provide an incentive for them to either put their wealth in offshore accounts or flee to a country that doesn’t have a wealth tax. And if the people that contribute lots to society (high income earners) leave then the government will have less tax income. Thoughts?
how can we get in touch with you ?
7:23 hope so!
I think education should be subsidized by the government. And education frameworks and policies should be made to ensure maximum reach and effectiveness . That's an investment which will pay in the long run.
12:00 “In the old days” 😂😂😂😂
THANKS FOR THE VIDEO...A wealth tax.... As for me,, I think it should not be there.
Simply because assets are already contributing to society in form of jobs, salary payments and all the maintenance costs.
But anyway this is just an idea.. Let me dive into the book and also make research on this topic, to make an educated comment later.
Your argument of basic education can be applied to wider and wider aspects of life. If you have people born into poverty society won’t get the full benefits of their potential. They are more likely to go to prison or become addicts or become homeless which all costs society more. So would it not be important to have a basic standard of living and programs to prevent or treat the symptoms of poverty because it pays off more for everyone in the long run?
Did Adam mention about the power of government to bully other nation in trade agreement ?
i think a wealth tax isn’t necessarily a bad idea but it would have to be enforced strictly in a way that doesn’t allow for the rich to avoid it easily
No income tax should ever be taken out at the time wages are earned. Citizens should have to write a check once a year on a specific day to feel the pain of taxation. That day should be the day before election day. Instead, we have a system where "tax day" and election day are about as far apart as possible, and mindless drones believe they are getting "free" money from the government in April when it graciously gives back the "overpayment" of the money it stole from us in the first place.
some of these principals don't hold water in the contemporary world.
globalization trends are eroding societies
Yes, I think there should be wealth tax. However, it should not be so much that it acts as a disincentive to work and capital accumulation.
"A wise and frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned."
Thomas Jefferson
Look at the housing market in Munich , Germany and watch the results of Government intervention scaring away the industry. Through norms and regulations and endless bureaucracy the government made building a house a terrible investment. Hence the capital was moved from this industry even though the demand is extremely high.
Of course instead of understanding their part in this problem, the government decides to build homes for the poor. A Populist and collectivist undertaking in which they fail since decades and make the problem worse.
Wealth tax is good.
Suppose there are two persons namely A and B, A has wealth of 1 billion dollars and B has wealth of 1 thousand dollars and war broke out and enemy comes inside the country and looted the wealth of A since wealth of B is not impressive so in order to save the wealth from war ,theft and such things wealthy need to pay more to army and police then that of poor guy.hence wealth tax must be taken by government.
Wealth tax must be minimum so it does not crush the incentive for smart people to create wealth in right way and not hoarding property in order to increase it's value and using property for wealth creation for country.
But those who hold land and doesn't doing any productive use they get huge shock from wealth tax.
Comeback please...😢😢😭
Hehe, there's a new one out today!
I don't think for the last question
Following the logic of Adam Smith a wealth tax only makes sense, if the government can invest better, than the private sector, otherwise the country is inefficient in allocating capital and (activly) gets poorer.
Looking at my country (Germany) it is definitly not efficient in allocating Capital:
autobahn tax for Foreigners, which failed (Ausländermaut de.wikipedia.org/wiki/Pkw-Maut_in_Deutschland , Corruption inside the goverment with politics (the case of Amthor www.tagesschau.de/inland/amthor-101.html ), corruption in the energy sector (who pays for radiation waste and who gets the profits? www.deutschlandfunk.de/atommuell-entsorgung-staatsfonds-macht-verluste.769.de.html?dram:article_id=454601) and horrible defense spending decisions (euro hawk drone flops www.welt.de/wirtschaft/article205423643/MQ-4-Triton-Die-Drohnen-Posse-der-Bundeswehr-geht-in-die-naechste-Runde.html )
So germany would activly get poorer in raising a capital tax.