This Millionaire Explains How Easy it is for the Rich to Exploit the System | Op-Ed | NowThis
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- เผยแพร่เมื่อ 11 ส.ค. 2018
- This millionaire revealed his tax return to show just how much the GOP tax law favors the rich.
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Eric Schoenberg is a member of the Patriotic Millionaires, a group of wealthy Americans deeply concerned about the United States' growing concentration of wealth and power. He's here to show you his 2016 tax return and explain how it is easy for the rich to exploit the current tax system, and how the GOP tax plan favors the rich.
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US logic, Use tax to benefit the poor is communism, but use tax to benefit the rich is capitalism.
More of that trickle down snake oil they've been selling for decades.
@@ipainthouses9591 obviously it's a ploy for them to give more money to their corporate donors.
What would a government rather have:
Thousands of intelligent, rational (mostly), elite, wealthy people siphoning money away from citizens which keeps the population's power in check
Or
Millions of well off people that could derail the country on a whim
If the elite were to get out of line it would be an easier problem to deal with than millions of average joes.
Whats bill gates gonna do against a military unit with assault rifles that wanna "talk" to him. Military laughs at money.
But millions of people who get out of pocket that collectively have wealth is gonna give the military a good fight. Armed US population(Thats ready to die) laughs at military.
I used to believe in 'the people' but after seeing how your average citizen acts, i dont believe citizens need more money. They need control. (look at the stupid ways people have been dealing with the virus.)
Did the elite use their military to force wealth away from citizens? No. The money was given away freely(If you broaden your definition of "freely"). When people talk about people being sheep, this is what theyre talking about.
Does a population that allows people to have extreme amounts of wealth deserve money or even say in politics? That sounds like a security risk to me. Do YOU want stupid/weak people that let elites take their lunch money, telling you what to do?
I do believe things can change but the populations prioritys need to seriously be put in order. If not, for the sake of the counrty, let the intelligent, rational(mostly) elites have the money.
@@terrancedavis2740 disposable income is what makes people intelligent. If people are constantly in a perpetual cycle of poverty - most Americans don't even have 400$ on hand for an unexpected emergency bill - they won't ever get any smarter. It becomes counter productive to keep people stressed, working non-stop with no time to rest, or learn a new skill.
The word play is key "Commune" vs Capital" one benefits all, the other benefits a few
I love who ppl first reaction is to shun him rather than appreciate the moment of education. When someone asks you what would you do if were a millionaire, is your answer "educate the masses", as this guy is doing. He is not the enemy, do some basic research and vote.
Absolutely I thought the exact same thing, those are the booze drinkers or they haven't gotten enough education to even comprehend a simple great idea.
Sam exactly...
right
you'de think the people with such a problem with the status quo would want the resources to be in their favor so they could change them if they see fit..lol democracy..capitalism..meh.
lol people sometimes..go fix it. stop complaining.get an education and a job
The rich has brainwashed people to pit the poor against the poor. When most people heard about increase minimum wage, they complaint about it. However, when top executives have 10,000 -100,000 more salary than average workers and didn't work 10,000-100,000 harder. Most poor people think that's perfectly fine.
That's the level of brainwashing we are facing now.
@@CuongNguyen-le5ic where are you getting all these round numbers?
Lol he has more dignity than our own president. We still haven't seen his taxes.
Show us your tax returns
Taxes 🤣
you think trump pays taxes? xD
Trump is too smart to pay taxes
Infinite Stratos about the only thing he’s smart with; avoiding paying taxes
Infinite Stratos smart you say? you mean arrogant
he paid approximately 18% of his income towards taxes. a person who makes $50k pays at least 20% of their income towards taxes.
that was his point though, no?
@@owo4470 Point of the video is that under the new GOP plan he will pay even less than that, from 18% to around 13%, while emphasizing the immunity granted to him by the plan once government has to pay off debt.
The government has kept spending vastly more than they could collect in taxes and eventually the government will have to pay back the debt they have accumulated(how spending bills are drafted and the fact that president is obliged to spend that money is a topic for another day) and this tax plan greatly benefits those who wrote the spending bills by essentially making themselves exempt from paying the debt.
I earn 28,000 roughly and pay 22% how is this fair? Corporate America with today's small business loans during the pandemic going to top massive corporations is an excellent example of why they need to take some responsibility.
Not only that, but the person who makes 50k has a higher % of their income toward paying for essentials such as food, clothes, rent, etc, which means they have very little actual money to use after their survival is taken care of.
Lets use this example for simplicity sake:
Clothing, food, internet, rent, etc, all costs 20k a year. That is 40% of the income of someone making 50k a year.
Clothing, food, internet, rent, etc, all costs 20k a year. That is 2% of the income of someone making 1M a year.
And on top of that, the person making 50k ends up paying a higher % income tax
Literal buttfuckery
Honest truth, "Joe sixpack" won't care and doesn't understand the significance of a "measly 2%."
The "criticism" the guy talks about receiving at the end is bullcrap, it reminds me of that Russell Brand quote: "When I was poor and complained about inequality they said I was bitter; now that I'm rich and I complain about inequality they say I'm a hypocrite. I'm beginning to think they just don't want to talk about inequality."
There's nothing morally wrong with making gains from the system legally. And you don't necessarily have to pay more taxes to support or point out a argument. Arguments stand strong by themselves
This is the healthiest TH-cam discourse I’ve ever seen....
It would be stupid to not take advantage of it. But it would be morally wrong to not point out the problems of it. Simple.
He forgot to say what Henry ford said. "I want people to have the money to buy my cars", consumption is important! Now, if the poor/middle have no tax benefits, and higher taxes, they won't have enough money to spend on consumables! It's also a great business decision as well lol.
@@stacyfamily I'd honestly want everyone to pay less taxes, not just the rich. I'd consider myself a Republican, but I still think people of every economic class should keep most of their money in their own pocket and decide what to do with it.
I expected to absolutely hate this guy, especially with the title of this video. I almost didn't watch it but this guys is actually preaching the truth
@b king Thats totally untrue and unrealistic, capitalism is the single best economic system out there. Dont confuse corruption and high taxes with capitalism, free market capitalism is the best system, which the US is clearly not.
b king Joseph Willis I don’t think being a “responsible” capitalist is impossible by any means. (And by capitalist I assume we’re talking about rich capitalists) It just means you’ll be nerfing your self for the betterment of people below you financially and hierarchically. The problem is that there are way too many people (the vast majority imo) who not only wouldn’t do this but also wouldn’t bat an eye at taking advantage and hurting other people for their own benefit. More over capitalism rewards that kind of behavior and punishes those willing to nerf themselves. Therefore capitalism does not work fairly for everyone bc we cannot rely on the generosity and selflessness of others especially from those who never struggled finically.
@@n00b_n00b_ no correct. You are confusing many concepts. Markets, taxes, and capitalism are all different.
I support a free market society with high taxes that allows for strong social safety nets, because I support equality of opportunity. Taxes are what allow us to provide for the needy, improve education, invest in the future, do government research which created the most important things we use like the internet and GPS, good nutrition (which would reduce medical costs which are sky high), etc.
If you believe in equality of opportunity, then the only option is a strong progressive taxation system with "freed" markets, not the current notion of free markets.
That's the beauty of the name "patriotic millionaires" - it labels wealthy people who would accept a system of higher taxes on them, and less loopholes, as patriotic.
@Cole Clapperton so what type of economic system do u support?
I can't believe how billionaires are against an unregulated capitalist society, while the poor and middle class are for capitalism. It's such an irony.
Is personal greed really that hard to believe in people who have way more money they they really need to live a comfortable life?
Devils Advocate did you actually read this comment?
@@sugarbee. he's uneducated, no wonder the mass are like this. Reminds me of middle age peasant who are ignorant of the world
I mean this guy isn't the rule. Plus he's millionaire, not billionaire.
@@legrandliseurtri7495 This guy is not representative of the wealthy class. There are hundreds of thousands of millionaires in this country and I doubt that even 5% of them agree with his views.
Thank you for sharing your personal income taxes with the world to help educate people.
People like him are rare these days.
His tax rate is even lower than those who makes 50k a yr……
Melissa Hill As he should. Those who have more can afford to give more.
I would love to make millions of dollars if I only had to pay less than 20% in taxes. I'd still be a millionaire, lol
@@ryana.7102
i cant read her mind but i think that was her point. that there are people in usa who arent even making gross income equivalent to the amount he paid in taxes.
Its not just straight income from a job - its also from investments.
At least we got some millionaires with sense and humanity
Faith in humanity restored... Kinda.
These people are worth way more than what their bank account tells.
You mean the sense of humanity that allows him to virtue signal? Claiming it is unfair that he isn't taxed more... yet refuses to voluntarily not use the tax breaks... or overpay on his taxers...
@@Chipwhitley274 Wouldn't you do the same in his place? Taking advantage of the advantages he has is not wrong, not even from a moral standpoint. But not pointing out how he gets those advantages at the expense of the masses absolutely is. Others in the top 1% don't even do that much.
@@raerohan4241,
If by do the same thing... you mean take advantage of the tax breaks? Then yes. But if you actually mean to not only take advantage of the tax breaks but to also complain that those tax breaks are immoral... yet choose to use them anyway? The no... because I am morally consistent.
My point went right over your head.
@@Chipwhitley274 I got the point. We are disagreeing not because we are misunderstanding each other, because our views on what is and isn’t moral are a little different from each other, from what I can tell. I don’t think what he’s doing is wrong. A bit tasteless, yes, but not wrong. Whereas you do view his actions as being wrong
It’s worth noting that yes- he is wealthier than most, BUT he’s a millionaire. He is a peasant compared to the super rich. Happy for his self awareness and for this info, however it’s the jeff bezos of the world we should be targeting first
i kinda want amazon to become a world conglomerate and turn the entire world into bladerunner.
Reasonable, thoughtful, seemingly intelligent... All qualities that we lack from our representatives in government.
Duh, because those people are a minority. The majority of people vote for people like themselves. If you have stupid politicians, it's because your populace is stupid and wants other stupid people to represent them because that's what they are familiar with.
This is the closest we’ll ever get to what it must feel like to see a video of a real life unicorn.
1:09 he's like the cartoonish corporate villain in every Pixar movie.
*Lowers pitchfork
"He gets a pass"
This dude really just paid 17% taxes in 2016. That is nothing!!! That's less than unmarried people with 40k income pay
Well his tax bracket was 39.6% at the time however as he mentioned, if you know how the system works, you can benefit from it. While most americans will be in a lower tax bracket, there are plenty of ways to save you money however he did say the system works for the rich more often than the middle class.
I’m pretty sure he has someone in employment to compute the best way to pay his taxes ... it doesn’t take away from him point tho.
@@MatthewDubin 39.6 is the marginal rate. Which is different from the effective rate or average rate. His effective rate is 17%. Most republican low income voters do not understand what is marginal tax rate vs. effective tax rate so they think as they get richer they pay more tax hence taking away incentive to work. Which is false. As your income raise, you may pay more tax dollars, but you absolutely still get more money in your pocket the higher your income. So no incentive problem here.
@@tuanseattle Don't forget capital gains tax rates. That is the main for his effective tax rate.
Republican Party has ALWAYS been the party of "borrow & spend"
Also not to mention during the civil rights movement really cemented the Republican Party we have today
It's actually only been since Regan, wich is why he's considered one of the greatest republican presidents. He let the corporate class run wild. Eisenhower was massively against the industrial military system we have now. Warned about it constantly. Teddy Roosevelt created the antitrust laws, and did the first major bust up of a bunch of different monopolies. That's why this is a stark difference in Forbes lists shortly before Reagan compared to about a decade after.
@@joshuapowers4623 Spot on about Eisenhower. If you look at the differences between Eisenhower and Regan the contrast is huge. Regan created our modern american economy, where the rich get astronomically richer every decade and more than half the country is 400 dollars or less away from needing to borrow or bankruptcy.
Good on you for calling it out.
I dont care if your rich when your born or came up from the bottom. It's what you do after and how you take it in. This man has a good mind.
Republican: “TRAITOR!”
Gosh! I love this mans clarity and confidence.
Thank you. We need more people like you.
In my middle 50s I married into money. It has been an eye opener. The average American has not a clue .
"To him that has, more shall be given; and from him that has not, the little that he has shall be taken away." - trump administration 2016
the USA did very well under much higher tax rates than we see today, under Republican prez Eisenhower. High taxes paid for a lot of infrastructure investment that all these billionaires depend on for their companies to function.
R M. How does that effect YOUR financial status? He made that much money because he EDUCATES himself.
PLEASE READ, IM GENUINELY TRYING TO HELP YOU.
Instead of watching g TV like you do, he's reading books.
Instead of entertaining yourself, he's educating himself.
How does that have ANYTHING other than your *financial literacy* .
Think about it this way. If you make $50,000 a year for the next 20 years, you will earn $1 million. 82% of Americans have less than $2000 in their bank account at all times. Which means the same person who was making 50,000 a year for 20 years, $1 million, has *SPENT $998,000.* Explain that.
It's not about how much money you make, it's about how much money you SAVE. If you make $100,000 a year, you should be living on no more than 40,000 per year. People that do make 40,000 a year seems to be living OK, they don't seem to be living a luxurious lifestyle but they're not homeless either. If you save 60,000 per year times 10 years you've just save $600,000. If you invested that money at 10% per year you would have double that money and turn the 1.2 million in the same period of time. Instead, what is up happening is that most people like I mentioned earlier is they only have $2000, because they lack EDUCATION.
R M. Imagine if everyone thought that way
yes, because infrastructure was exactly the same back then from what it is today....🤦♂️
Daniel Grutta so what about the people who work 2 jobs and live paycheck to paycheck or need to get healthcare services? I hope you don’t think the only reason people in the US are poor is because they don’t want to save money because of you do you’re a moron, otherwise you’re just Tryna be a good person which is fine.
@@gu3sswh075 hey guys its me tai lopez with my Lamborghini. Got it from all my books which gave me KNAWLEDGE
I appreciate this guy immensely. Thank you for your courage and caring about this country and your fellow man. When the heart speaks, those who have a heart, hear. And you can bet that those who are trolling him have something to lose from his words. Finally, no one wants to take from the rich. All we ask is that we all pay our fair share - and that is not happening now.
Thank you sir. This was very informative.
Do I believe him? Or the Disney lady Heiress? yes. My dad was an engineer, my sister is and I studied engineering too and when I was working, just to see how much they were paying me in comparison, I was feeling miserable.
I think I burned my eyes lashes for my degree and I deserve my reward, but still that extreme of inequality was so mean and ridiculous.
Education is laughable these days. You think “I will pay it off if I work hard. Responsibly.” But then they underpay you irresponsibly. Then you have other bills to pay. What a con. Education is a con now. You can’t even be sure of what you can earn anymore. It’s a gamble. Might as well go to a tech school
@@charnaeyoung9815 I mean it was a con when you started teaching everyone chemistry or figuring out a side of a triangle. Most of these skills go unused... yet doing taxes isn't a required class, nor is cleaning, nor is any survival skills.
Figuring out how to do long division though? It isn't like we have infinite machines to do that. Learn it.
Isn’t America the only MEDC where the rich keep getting richer and the middle class keeps getting poorer? (correct me if I’m wrong)
Most have moved up. Get a career graduate highschool and don't have kids out of marriage
@@biruss lol you are delusional. The middle class is shrinking because they are getting pushed into the poor class because of loopholes and other policies that literally tax them but increase the top earners money!
Something similar is happening in Australia since idiots keep electing the LNP as they've been able to propagate a myth that they are good economic managers, and the Labor Party are spendthrifts. Even though the LNP sells off public assets at an alarming rate, and repeatedly make decisions that won't benefit the vast majority of the population.
It's happening everywhere because working class people keep voting for corporate focused policies wrapped in a neat wrapping paper called tax cuts for everyone.
Russell H Oh that works just fine and dandy for the suburban white middle class, but the urban poor don’t have the luxury of higher education and a support structure to keep them in school
Thanks for the info
Good for you and thank you for your honesty you are a Patriotic Millonaire
This is a great person, would if more people were like him...
Uhh..... Can someone tell me the name/artist of the track that was being played during the video? Thanks!!
This dude is great! Thank you for putting this content out there. He makes a very good point about labor income vs. investment income. Another area the new tax law allows for exploitation is in real estate which has generally an even higher financial barrier of entry than liquid investments.
His honesty is refreshing.
Pretty sure the biggest loophole is “donations” to art museums they get someone they know to estimate what the art is valued at give it to a museum and can deduct whatever their friends values the art from taxes like if their taxes say they need to pay 100K they just need to get their friends to estimate it to be 100K then give it to an art museum then pay no taxes also the only real way I can see trickle down work is if you give them a tax cut don’t say anything just say it’s for that then try to get evidence that they did or didn’t give the lower employees a raise if they didn’t and especially if the raise is upper management take away their tax cuts and figure a way to make them pay more
I'm fairly certain the biggest theft is from tax shelters which hide the money before it is ever taxxed.
I love how this man takes the time to tell you all how to succeed and literally none of you are listening
No he didn't, all he said was loopholes. Those loopholes require you to make millions in order to take advantage of them.
G Progri - Not really. You pay a lower rate on (some) investment income than on labor income. That’s the golden nugget.
@@truthsmiles Takes time and money to have significant investment income, thus why it is such an unfair system.
@@truthsmiles The vast majority of people don't have enough in savings to pay for rent and food off of investments, even if they were making a 20% return. Your great idea is based in a world where you started with a bunch of capital.
Thanks for being brave and speaking up
preach it! OMGGG this needs so much traction!
Heros sometimes wear suit and ties.
He's not a hero. Just a decent person
He's not a hero. Just a decent person
He's not a hero just a decent person.
i like this guy
Thank you.
Thank you
the "greatest country in the world" is not so great apparently
it's just a third world country with iphone
A developing country wearing a gucci belt
Don’t be asinine.
@@eightytwo8282 It's true though. If the leader of Iran had threatened to send in the military to disperse protests, good ol' 'Murica would be saying "That tyrannical government trying to suppress freedom of expression!"
Mobey Us Trip I absolutely love this example
We have IPhone here girl.
This guy vs. Bezos.
Who's more to like?
Pretty clear to me.
Hes a very good man and i have high respects for him even for coming forward and revealing the problem
Hats off for this guy.
And the world's richest country still cannot understand why a not so rich country like Denmark have quality living standards than they do.
Depends on how you define rich? US Debt to GDP is over 100% while Denmark is only 33% - yes the US has a larger gdp to begin with, but if you're broke you're broke. I moved from Denmark partially due to the high taxes as I can get a similar quality of life and lifestyle in a lot of the other EU member states and pay something like half the taxes I would have had to pay in Denmark. Everything has its ups and downs and if you see something as exclusively positive or exclusively negative then you haven't looked at the issue deeply enough.
In finland he would have paid 500 000$ in taxes for that million
Not true
@@Frankenshein well if you take your income as dividend from your company you pay only 32% tax and if you take your income as normal salary you will have to pay 46.5% tax
@@myllis3807 there is loopholes you can abuse even in finland.
Myllis that’s evil
So...?
Great vid
This man is great person. And I do not say that often on the comment section of a TH-cam video
Why can’t all this be taught in all grades of all schools. So that the scales can be equaled!
Scott Covert Ah yes, much more important!
@Scott Covert Nah all I learned was how to recite parts of the constitution and declaration of independence to pass my history class lol
I'm from California and I can literally relate.
Isn’t it beautiful when the bourgeoisie betray their class?
I can appreciate the transparency
I appreciate you Eric.
He and Bernie are the only people we won’t go after when we finally eat the rich😘
Lol
@porschedriven918 Underestimation of butterfly effects.
I appreciate the education because it is necessary to see faults in the system. However, the question becomes how do you change what's going on?
Vote every single Republican and Corporate Democrat out of positions of power.
Move towards the left economically. Severe progressive taxing, expanding the social safety net. Investing in the working class. Closing loopholes, etc.
Dominic Silva stop focusing on other people's financial status and focus on YOURS.
PLEASE READ, IM GENUINELY TRYING TO HELP YOU.
He made that much money because he EDUCATED himself.
Instead of watching g TV like you do, he's reading books.
Instead of entertaining yourself, he's educating himself.
How does that have ANYTHING other than your *financial literacy* .
Think about it this way. If you make $50,000 a year for the next 20 years, you will earn $1 million. 82% of Americans have less than $2000 in their bank account at all times. Which means the same person who was making 50,000 a year for 20 years, $1 million, has *SPENT $998,000.* Explain that.
It's not about how much money you make, it's about how much money you SAVE. If you make $100,000 a year, you should be living on no more than 40,000 per year. People that do make 40,000 a year seems to be living OK, they don't seem to be living a luxurious lifestyle but they're not homeless either. If you save 60,000 per year times 10 years you've just save $600,000. If you invested that money at 10% per year you would have double that money and turn the 1.2 million in the same period of time. Instead, what is up happening is that most people like I mentioned earlier is they only have $2000, because they lack EDUCATION.
Thx sir
It's nice to see someone a bit more honest.
I am reluctant but yes he is right
My sincerest respects to you sir for sharing the knowledge. I don't have much, but if you ever come to my house a glass of cold coolaid surely awaits you.
But how can I go about changing that? I mean I hear the same answer “go vote”, but it seems my vote is just a drop in an ocean of a corrupt system. Constituents retain their power, the rich get richer, the middle class disappears, and we’re stuck feeling helpless. I want to make a difference, I want a fair and reasonable system, I just don’t know what to do.
by not voting you allow the current state of affairs to continue -- voting against a government in power is contributing to the effort to get an incompetent politician fired. WE, the voters are their bosses, our taxes pay their salaries, so if their incompetent, they should be fired, and the vote is the legal form to do that. You don't vote to elect a winner, you vote to fire an incompetent!
There’s a number of ways, vote, petition, or move countries.
Fair play to him pointing that out and actually having compassion for his fellow man. Shame it won't catch on though
Wowww...i cant believe people like this actually exist...much respect
I like this guy
The focus should be making life cost way less, to the point that the income doesnt influence quality of life.
Wouldn’t that make being rich pointless lmao
@@roi_k You dont need to be rich to make great things. Its a pretty twisted view of reality you got there.. why would you want to be rich anyways?
@@Personnenenparle because I want to enjoy the finer things in life and what’s wrong with wanting to be successful financially. I’ve always dreamed of being able to fly wherever I want and to purchase things I can’t now, so I don’t see why I can’t. I think it’s stupid to limit anyones financial potential just because some people are poor.
@@roi_k so making all those things cheaper would achieve the same result.. right? You dont want the money, you want the goods...
Money should never be a goal, its a tool to achieve your goals.. and its not the only tool either.
@@Personnenenparle Well yes I am not really obsessed with money, just the things I can get with it. But If I were to make for example 100 million dollars a year, and that would be a blessing, I would totally give up 75 percent of it to help others in need. I only need the money to afford traveling multiple times a year and do the things I want without worrying if I can afford it or not.
exactly, talking about policies rather than individuals
So true it hurts.
His supporters don't care... They think they are friends with rich people... So they now are Cool. 😎
Lets eat the rich everyone gets equal wealth and world hunger ends.
Finally, a patriotic rich American! Thank Goodness there is someone UP THERE saying THE TRUTH!!
I think he just restored a little bit of my faith in humanity...and what do you know.
The wealthier have access to many deductions and loopholes under the previous tax system. Reducing those allows for a more even playing field for both rich and poor. Fair to me is paying the same rate or percentage. 10% of 1 million is more than %10 of $100,000. Why isn't that fair? The government doesn't have a good track record of spending wisely and efficiently.
That wouldn't be fair. Take this example, a middle class family earns 50,000 a year after they have covered their essentials they have 20,000 left of disposable income. If as you suggest they pay 10% on their whole income then 5000 or 25 % of their disposable income is taxed. Now take a family earning 5 million, their essentials are the same so they have 4.97 million left after essentials. The 10 % they pay in tax is 500,000 or barely more than 10 % of their disposable income. Simply put an equal percentage tax for everyone does not put an equal burden on everyone.
It's not about equal outcome, or burden as you say. It's about equal opportunity. I'm not an expert. But it seems to me like having the same percentage for everyone is categorically equal.
@@Stefan-hf6xb not really because you're disposable income is what creates opportunity. Many people have almost none and therefore cannot put any money behind their ideas. If you have the money you can invest in good companies, take time away from work to better educate yourself and gain qualifications. A perfect example right now is electric cars and solar panels, if you have the initial investment you can eliminate your fuel and electricity costs but you must have the money to invest in the first place. Money makes money or more specifically disposable income creates opportunity.
Equal outcome is communism. Equal opportunity or equal burden are really the same and are the goal of most 'socialist' policy by which I mean policies like those of Britain, Germany and France.
Stefan Acheson stop focusing on other people's financial status and focus on YOURS.
PLEASE READ, IM GENUINELY TRYING TO HELP YOU.
He made that much money because he EDUCATED himself.
Instead of watching g TV like you do, he's reading books.
Instead of entertaining yourself, he's educating himself.
How does that have ANYTHING other than your *financial literacy* .
Think about it this way. If you make $50,000 a year for the next 20 years, you will earn $1 million. 82% of Americans have less than $2000 in their bank account at all times. Which means the same person who was making 50,000 a year for 20 years, $1 million, has *SPENT $998,000.* Explain that.
It's not about how much money you make, it's about how much money you SAVE. If you make $100,000 a year, you should be living on no more than 40,000 per year. People that do make 40,000 a year seems to be living OK, they don't seem to be living a luxurious lifestyle but they're not homeless either. If you save 60,000 per year times 10 years you've just save $600,000. If you invested that money at 10% per year you would have double that money and turn the 1.2 million in the same period of time. Instead, what is up happening is that most people like I mentioned earlier is they only have $2000, because they lack EDUCATION.
In England I'm a Conservative which is the American republican, however in America I side with the democrats. It doesn't make sense!
deanmoncaster We get it, you just hate Eastern Europeans.
Democrats are a soft right wing party akin to what the tories traditionally represented, republicans are extreme right and corrupt to the level of pantomime thats probably why, but the tories are heading that way too....
Good man God bless you.
Absolutely True
"me no pay taxes"
"poor people pay all taxes"
"me keep all my moneys"
Stonks
this guy seems to have an AI generated face, dont know why
So under the new tax rule this guy would’ve paid less than 13% on his million dollar income? 😳 this is crazy when my state, fed, FUTA, and FICA taxes combined more than 40%, how is this fair!?!?
its so cool when good people do good things
Wasn’t this country founded on the fight for lower taxes..?
Noah Fulks “No Taxation without Representation”. Although Tax increases by the British certainly didn’t help
also the amount of money people make these days doesn't compare to older times
The Taxes actually went up after the revolution.
+Noah Fulks - ....Please tell me you're joking.
Taxation without representation is tyranny. Considering how generous donations by big corporations are protected under the first amendment, I'd say the corporations have plenty of representation, probably of a disproportionately large amount.
Ironic it becomes permanent when the dems get back the Whitehouse
Millionaire Democrats taking bribes from business and letting them write bills in their favor.
Both parties could not care less about the working class.
@@theresewalters1696 The Republicans wrote the tax bill he is referring to. Are you even awake?
Love to see a follow up to this story linked to a pinned comment.
Thank you so much for explaining this. I knew that this tax bill was BS and now have a better understanding
Bruh if they're so patriotic why doesn't he go out to warehouses and fields and farms and fast food places and give out cash to his countrymen. Now that's patriotism. Gimme $20,000
America is designed by the rich for the rich in the expense of the poor 🤣
porschedriven918 U don’t even understand what those mean.....🤦♂️🤦♀️
This should be a Biden Ad, most middle class Americans will be interested in this stuff
Why would Biden promote this? He's part of the problem.
Well said. Greed for greed sake . Never a good look
And this is why the law must change. Tho a few small millionaires like him are not what makes the difference,
the super rich do. Being a billionaire is a crime against humanity and should at best get you seized down to a few million, at worst executed.
Ae Norist stop focusing on other people's financial status and focus on YOURS.
PLEASE READ, IM GENUINELY TRYING TO HELP YOU.
He made that much money because he EDUCATED himself.
Instead of watching g TV like you do, he's reading books.
Instead of entertaining yourself, he's educating himself.
How does that have ANYTHING other than your *financial literacy* .
Think about it this way. If you make $50,000 a year for the next 20 years, you will earn $1 million. 82% of Americans have less than $2000 in their bank account at all times. Which means the same person who was making 50,000 a year for 20 years, $1 million, has *SPENT $998,000.* Explain that.
It's not about how much money you make, it's about how much money you SAVE. If you make $100,000 a year, you should be living on no more than 40,000 per year. People that do make 40,000 a year seems to be living OK, they don't seem to be living a luxurious lifestyle but they're not homeless either. If you save 60,000 per year times 10 years you've just save $600,000. If you invested that money at 10% per year you would have double that money and turn the 1.2 million in the same period of time. Instead, what is up happening is that most people like I mentioned earlier is they only have $2000, because they lack EDUCATION.
Ae Norist by the way, as billionaires leave the country, YOU get screwed more than they do. Who else is going to pay taxes?
@@gu3sswh075 you sir are A mean ol caca head.
@@gu3sswh075 must be a billionaire
How to make EVERYONE pay their fair share in taxes;
Pay 15% of your annual gross amount. Period. No loopholes. No tax credits or deductions. Just pay a percentage.
Only one problem... That's TOO easy.
Imaging the headaches we'd save when doing our taxes. But the government has tax loopholes for one reason. To help the rich. That's because it's the rich that implement the rules to their advantage.
LOVE THIS GUY
Get this man some power.
This is not whitsle blowing , this is BRAGGING
Interesting!
This is what I tried to explain my friends and partners .
Those who benefit the most from a system have the greatest responsibility to that system.
I just LOVE the term "fair share". NOTHING is preventing this man from paying more taxes, its a matter of how he shows his income via the accounting process to the IRS. Why not a flat tax like on your assets like most local governments do?
Thank you for sharing! Yes this tax is so stupid. You can tell the the big wealth gap, and those who work hard, but the majority of us are the working class working for millionaires, and the poor are majority then the small handful of millionaires. Literally I struggle to pay rent, go to school, go to work full time.
For those who say he should just not take those 'tax advantages'it's because he knows it will probably not find it's way into YOUR pockets so what he is saying is 'charge' him a fair amount UPFRONT to begin with and then PERHAPS the BULK of that money will find it's way into the Social Programs that you and yours occasionally use or actually rely upon.
This is one if the best channels on TH-cam to garner some critical thinking skills.