Richard Wolff on Conservative Response to Warren's Wealth Tax
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- เผยแพร่เมื่อ 29 ก.ย. 2024
- "The fact is it's a highly unjust system, this property tax. It taxes cars, homes, and land. That's the property average people sometimes have, at least a better half of them in terms of income. 10% of the people owned 84% of the shares of stocks and bonds. They're the ones escaping from a property tax on the property they're rich enough to own."
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Prof. Wolff's latest book "Understanding Marxism"
www.lulu.com/sp...
Leftist: Why are you against this? You're not part of the 1%
Conservative: Yeah but one day I might be and then people like me better watch their step!
that or... "but my favourite grifter says the left is only being jealous!"
The chance of most people most becoming part of the 1% is slim to none.
Ha, and the Easter Bunny will arrive with a Cadillac in a basket on Easter Sunday.
@@sadmansakib6753 : DUH.
99.9999% of these conservatives wannabe millionaires will never come close. By the way If I found a way to amass $50 mil a year what do I care about? Even a moron can make 4% easy with that kind of money.
How about this, instead of a wealth tax how about we tax ALL income including investments at the same rate as wages? Guess what, most of these millionaires and billionaires will be paying a lot more in taxes that way.
Frankly, these obscenely rich people have jumped though tax loopholes to avoid paying taxes that would go toward the infrastructure of this country. It's the rest of us who are holding this country together on our backs while our wages don't increase and housing and cost of living is going through the roof.
With that tiny percentage, winning is everything. Even a symbolic loss is terrifying.
Is one of the main concerns that this will require selling of assets to pay if that is where their wealth is? Or would they transfer stock shares or assets to the government to possess and later sell?
Snake oil enterprise has a new spokeswoman. Her name is Pocahontas, a high cheek bone non citizen, tribeless native American with 1/1024 Cherokee heritage recognized by no one but in her imagination.
The Proletariat shouldn't stand for what doesn't even amount to half measures.
This is typically petit-bourgeois -- AND insulting to the working-class.
Ahead of FULL EXPROPRIATION, w/o 'compensation'..??
*1930s FDR 'NEW DEAL' LEVELS OF TAXATION, AT THE VERY LEAST*. I think a 90% tax bracket sounds JUST FINE for billionaires, right?
Why don't government just quit spending money and all us won't pay so much taxes. I don't buy a house because of property taxes to own it. I don't have new vehicles. Same car truck for 20 years . I tired of paying all these register fee's the state charges me. I don't buy anything because all you pay is taxes. it pays to not make much money because they just take it in a form of taxes. and inflation.
Do you enjoy living in a society that has roads, schools, police, fire departments, parks, social security, and a military to protect it all?
@@robograham12 He's probably not cognizant of the quality of the society we live in because of govt spending and hasn't been anywhere outside of the u.s or has never had to run anything much more complicated than a lemonade stand. It's easy to just focus on the negatives. A fully running society of over 300m people with billions of competition outside isn't as easy repairing your own vehicle for 20 years.
If the super rich pay their fair share of taxes by getting less tax-cuts-for-the-super-rich-and-their-companies, you need to pay less taxes. Trickle-down-economics (aka Reaganomics, supply-side economics, voodoo economics, pampering the rich for no work) does not work in real life. About half of the Federal tax goes for defense spending, where there are much cost overruns, and waste. This huge spending did not stop 9/11, although further increase in spending probably prevented more 9/11's.
They are upset because they would be required to pay taxes like the rest of us I suspect. Less of it but still taxes.
That is 75000 families freeloading of the state.
You have to really wonder: how can a democracy work that protects the 0.0002%?
It can't.
"democracy" never existed and never worked. it has always been captivated by capitalism.
Regarding Warren’s “Most clearly worked out and detailed plan”
Bernie’s plan also breaks down the progressive levels of taxation for different levels of wealth, but his goes significantly further than Warren’s plan (8% for wealth over 10 billion). It would cut the wealth of billionaires in half over fifteen years.
That is probably worth mentioning here.
That's why he should never, and will never be president.
Antonín Dvořák yes but unfortionately it appears prof Wolff has bought out to exclude these details 😒
@Bernie's Bro you already failed at life. Do you honestly think you're going to be successful at voting a dumbass loser into office? Lol, not gonna happen.
@mxt mxt and you will never be successful. That puts a smile on my face.
@Bernie's Bro I have a lot more colorful words for Jeff.He is whom Richard is speaking of the ignorant that don't want to learn and content with their stupidity.Bernie is the only hope we have.
are you kidding me? all this time they've been dodging this way? ugh rich people piss me off
"That just makes me smart!"
Corporations are the government, so I mean... Yeh.
99 cents on the dollar after 1 million.
Mere half measures...
:P
It should be 15% of filthy rich..over 50$ million
Give all to the working poor
It called robin.hood tax
why not 100%?
You people are disgusting thrives.
Sounds good to me 👌🏻
Only Bernie for me.
I live in the Netherlands where your savings account is also considered property, thus taxed. My income is already taxed but if I spend it on my energy bill it will be energy-taxed. over the sum total I will also have to pay VAT. So taxed 3 times over the same amount of money, this is considered normal in most western countries. Not complaining: I get a lot in return for it.
The problem is not taxation, per se. The problem is *NEOLIBERAL CAPITALIST* 'taxation' (and all the REST of Neoliberalism, of course).
Same in Canada to some extent. Taxed on your income, tax and regulatory charges on energy bills. Heck, there's at least four different taxes on gasoline, before the HST @ 13%
And we don't much in return for it either.
This TH-cam channel has 137k subscribers. Therefore it has value. How much value does it have? That's problem #1 with a wealth tax. Problem #2 Let's assume someone values this channel at $1,000,000 but it doesn't generate a profit for the owner of the channel and the owner has no money. How does he/she pay the tax? And if you think this is an unreasonable analogy just insert Adam Neumann and WeWork. WeWork has never made a profit but is valued at anywhere between 10 billion and 47 billion. Nor is the company public. How would Mr. Newmann pay the wealth tax of 100's of millions he'd owe??
The commentators analysis has the intellectual depth of Barney the dinosaur cartoon.
This is concerning. She needs to increase that by a lot.
Sounds reasonable, they will fight it tooth and nail.
'LOGIC" is never so, in USA... POWER IS ALL THEY NEED.
What a monster she would actually steal the hard earned money of those poor souls . 75.000 families will remain with the minimum of 50 million . Is this the country you want to live in ?
First they ask for a couple million dollars off the richest and the next thing you know they’re sacrificing babies to Karl Marx and enslaving anyone with a buck in their pocket. THIS IS HOW COMMUNISM WORKS.
I like this idea by Elisabeth Warren. Taking 2% over 50 million dollars. Very, very few people have over 50 million.
Wolff's math is wrong. 75,000/325,000,000 = 0.0002 = 0.02%. This is the wrong calculation though because there are 140.9 million tax payers as of 2019. Now, there are 75k family who will be taxed under Warren, but for simplification, let's say that each of those 75k represents one tax payer. So it's really 75k/140.9M = 0.00053 = 0.053%. Still a small number but don't want those on the right to accuse you of being disingenuous.
Let me guess, she's worth $49.9 millions. 😂
She's worth 8 million. You could have looked that up like I did. Lazy hater. I actually don't trust her as much as Bernie, but she has good ideas.
@@markgigiel2722 I'm not a hater, maybe lazy lol. I donated over $1300 to Bernie in 2016 being on social security and I still support him. Warren is a Hillary on steroids, just watch what she said about Hillary in 2002.
th-cam.com/video/HIYMzKONMHM/w-d-xo.html
@Cool.Hand watch how her integrity changed, one doner at a time. th-cam.com/video/HIYMzKONMHM/w-d-xo.html
😆 lol So true
@Cool.Hand please watch this till the Warren clip.
th-cam.com/video/tQLmz-YP49U/w-d-xo.html
You’re Dangerous
i think its too late sometimes...
Would someone please think of 0.002% ((((
you savages dont know what its like to poop on gold toilets. it would be inhumane to force them to live on our "standards". 😤
Limit wealth to 20 million. Even that much is more than what I can wrap my head around as an upper middle classer.
75000 families have that much money here? Good for them. I wasn't that lucky. Pay your tax and help the rest of us. It helps you too by circulating the money and boosting the economy.
@Do you Think bro? They probably do need tax money. There'd be nothing else requiring you to spend in it if you could use some non-fiat currency instead. Do that and you'd be killing the government's ability to spend for the public good.
@Do you Think bro? They use the tax to keep inflation under control.
@Do you Think bro? Our currency is BACKED. By the Petrodollar and the risk of bombs if they don't abide by it.
In Netherlands you pay 1.25% on your savings every year. Only the first Euro 40000 is exempt.
Love the Dutch
Establishing a starting point of $50 million in assets might seem to Elizabeth Warren as a strategy for minimizing opposition. However, those with assets under $50 million will likely see this as getting the tax collectors' foot in the door. A different approach might be to require individuals to record unrealized gains as income and subject those gains to the income tax. This approach does have complexity because in any given year an individual might experience unrealized losses by marking assets to market value. The key would be to remove the distinction between income earned as wages, salaries, and bonuses and income derived from passive and speculative investments. All income should be combined and subjected to progressive rates of taxation.
As I have written on other occasions, some level of individual income could be exempt, then above this exempt level increasing rates of taxation applied to higher ranges of income. It is common sense that the highest ranges of income come from speculation and rent-seeking activities. They are in no sense "earned."
Thanks Prof. Wolff, for both educating us and your moral perspective.
EiIzabeth Taylor: and guess what. I barely survive on much less han 25000 social security but if I get some small inheritance or something that brings my income to 25-34000 then I have to GIVE BACK HALF OF THE SOCIAL SECURITY WHICH I CAN BARELY SURVIVE ON.
I ❤️ RD Wolff but I'm also a math nerd so I have to say it: he did the math wrong. According to the 2020 census, there are 83,680,000 FAMILIES in the United States out of a population 332,601,000. So the correct percentage of effect FAMILIES would be 75,000/83,680,000 = .00089627 ~ 0.09%. That is, the top 1/10th of 1% would be effected. The rest of us 99.9% would not.
Prof. Wolff, I think your math is either slightly wrong, or you simply misstated the figures.
You said the percentage is 0.0002, but the correct figure, as stated in percent, is actually 0.02.
The math: 75,000 families, divided by 325,000,000 in population is (rounded) 0.0002. When converted to, or stated in, percent, is actually 0.02 percent
It doesn't change the qualitative point of your argument, only the accuracy of your figure.
There ARE taxes on capital appreciation of stocks and bonds. Also, why is your argument “ugh I found something that isn’t being taxed that people wealthier than me have, we should tax it” ??? Sounds self interested and bitter to me.
It's a myth that you can solve all the financial problems of the poor/unproductive by only taxing the super-rich. There just aren't that many of them.
Income tax was originally imposed on people making $500k or more. After implementation they lowered this to $500. Wealth tax will start at 50 mil but in 5 years they will reduce this to $50k.
Don't tax income. Taxing income taxes production. It is a disincentive. Tax consumption instead. Tax with the Fair Tax. The Fair Tax is a progressive consumption tax. It will widen the tax base. Everyone would be paying federal tax including illegal immigrants, criminals, income tax cheaters, people who work "under the table," and tourists. It can replace the payroll tax as well and corporate income tax. It would eliminate the tax compliance costs; no IRS. Taxing income distorts the economy. Rich people attempt to find tax shelters or take "capital flight." They invest in non productive assets like art.
Peter de Luca: Economist
This tax will not work.
Let's say I'm someone with a net worth of $2 billion.
If I'm to pay 50 million bucks every year, on top of all my other taxes just for the privilege of residing in US... well there are nicer places to live. And it's not like someone with a net worth of 2 billion needs to be physically in the US.
So rich people should pay more taxes because 1. the taxes dont touch the first 50 million dollars, 2. It is only 2 percent, and 3. Rich people are used to giving 2 percent plus 20 percent to hedge funds which invest their money.
1. What principle is followed to decide on 50 million? Or is that an arbitrarily chosen amount which doesnt matter because theyre rich anyway?
2. Same question.
3. This is nonsense. Hedge funds are investments that increase your money. Thats the opposite of taxes.
I still cant appreciate mr wolffs thinking and feel that he is a bit of a cultish figure.
This guy fucking scares me every time I watch one of his videos. He has this crazy 1,000 yard state like the Heavens Gate cult dude! Lizzy Warren also has this craze stare. Being serious here.
tacks the rich is the idiots way of how to solve the national debt..
my way is to stop BORROWING
you keep spending on credit (deficate spending) and you wind up in the shit
Good #’s to remember 2and20 rule. Hedge fund managers make 2% on assets and 20% from its growth.
It is 2% per year. How much is in cash? Probably not much. The rich would have to sell and be "motivated sellers" because there would be a time constraint to pay the taxes. The buyers would circle them like vultures. Bids would be low. The rich would have to sell below the intrinsic value of the assets.
Also Mr. Wolff, you shouldn't forget about "capital flight." You didn't mention that in your argument. Perhaps you don't know but the rich don't like to pay taxes. Neither does Elizabeth Warren. In Massachusetts, you have two options in the state income tax form. You can pick a higher rate to pay or a lower rate. Elizabeth Warren for years chose the lower rate until last year when she decided to run for President. Then she picked the higher rate. Wealth taxes were tried in Europe without success.
The income tax goes to the federal government. The property tax goes to the local government to pay for local education. When you make an income, you get taxed by the federal government. When you buy a pair of jeans, you must pay a state sales tax. Buying a house and buying jeans are a person's choice. With the wealth tax, you will be taxed a second time and the funds go to the federal government. There was no second decision.
Also, consider the fact that our real deficit is about 120 trillion if you use GAAP measurements like all corporations must do. Millionaires and billionaires won't even be able to scratch the surface of this problem and Warren and Sanders want to have free everything. A disaster in the making. It is called Market Failure when goods and services are not excludable. But they are rivalrous. Watch out for over consumption of medical and educational services. The clinics and hospitals will be swamped by people who over use the services.
The solution is a progressive consumption tax that spreads out the tax base and doesn't distort capital in the economy. Also a national excise tax on goods that we know cause ill health can be applied. Why not tax tobacco, alcohol, snacks, and processed foods. Why not tax it all except fresh fruits and vegetables? It would be the most equitable way to fund health care and it would actually reduce the demand for health care when people cut back on the consumption of those goods.
Peter de Luca: Economist
That 20% number is disingenuous too. They make it seem like that 2% adds up to a total of 20% of the total value of assets taken from the tax, but when you add it all up over 10 years its still 2%. The 20% is from the total amount taken from the tax after 10 years when compared to a single year total from assets--on average. So complaining about an aggregate to an individual year. That means they purposefully rummaged through the math to find a big enough percentage to complain about.
Instead of investing the super rich have been putting their assets in the stock market, this is easy and you don't usually get taxed. They need to put money back to work for the benefit of the whole society. I think 2% of >$500M is fair as an encouragement to invest in our country.
I don’t like the idea of taxing unrealized gains. You look at it as a matter of rich enough but I look st it from the view of company control. We should have income and capital gains same exact amount and both progressive they would fairly tax all economic activity more fairly. Just make income and capital gains the same
Thank you for countering the conservative misinformation campaign.
If your life falls apart after everything above your first 50 million gets taxed at any rate you really didn’t deserve it in the first place. When 50 million is not enough for you to live comfortably you need major mental help and probably need to be under supervision.
But if you tax stocks than the rich will pull out of that. Rich are rich because they make the rules. Read Grunch of giants
It's ridiculous to claim that stocks and bonds are "property". The property is the real estate (the land and the buildings) where the business operates, and that is already subject to property tax by the cities and the states where the property is located.
Rich people structure their entire financial strategy to minimize taxes. Because they can. We should not incentivise that by letting them sequester vast wealth in investments that don't get charged taxes.
e t more: her tax is not high enough. A tiny bit on over 50 million? disgusting. viva Bernie.
Aw, poor ultrarich jerks.
We allow a handful of sociopaths to wallow in and hoard wealth and simultaneously leave millions of decent men, women and children to live and die in penury.
We are humans and this is what they will write about us.
He's so generous with other peoples money.
Ok let's tax them twenty to thirty percent if you complain more and complain more we will take everything and call you
Drug Dealers
Bernie Sanders. 2020-2024
bernies goes farther
Send it all to tel aviv as you do .
I cant listen to Proff Wolff , my blood boils over when I see what is truly happening !!!
Fanny, so don't listen. Go back to your hole and stew about your pots of gold. But you can't stay in your little hidy hole long because the have nots are fed up and are coming for your hoard. Get used to it. Your greedy selfish attitude needs an adjustment.
Helen Garrett Helen, Fanny was saying she can’t watch Professor Wolff because the stuff he’s pointing out makes them angry. They’re your friend, not your enemy...
@@charleswashington3973 sounded like the usual trolls.
@@helengarrett6378 I am listening to Proff Wollf for quite some time now, I am awake and trying to wake up more people but it seems these elites are just getting away with it all!! And that pisses me off incredibly!!!
@@fannycasteel7118 I may be a little dumb but I really believe in honesty and decency, if we,who are moral people and know right from wrong, don't get too snotty and peacefully work for a new paradigm, we can only go up from this new political low. There are millions and millions of Democrats and fewer Republicans. I hope and believe this Trumpian deviation will be rectified by the good people of our country who behave like decent citizens. Folks are so distressed with polititians and the system that is so unfair to ordinary folks that they grabbed the wrong ring. Instead of getting the golden ring they got a lead handle that flushed democracy down the toilet. The bad behavior of Trump and his appointees must be reversed and this country must move forward for the benefit of all over us.
you have to comment about andrew yang...
How is wealth determined? Stock and bond portfolios? What about including homes, second homes, yachts ? And who places the current values on these items to adjust for inflation and growth? Is it current market value?
They also park wealth in art, jewelry and antiques, it's another way of escaping the IRS until they end up sold to galleries and estate jewelry shops. After the '08 crash jewelers and art dealers were flooded with bling and frills, people ended up selling their swag for WAY LESS than the price tag.
My parents both passed away and they had savings bonds. I had to cash them all out. HAD to...no choice, and wasn’t even able to spread it out over time. The earnings on those bonds were taxed, and it threw me into a higher tax bracket, too. It counted as income to me, rather than inheritance. The money those bonds were earning over time was not taxed annually...it was unrealized income...it only existed as an idea, a potential, until they were cashed out.
So I don’t understand what you mean by saying they aren’t taxed.
My heart bleeds for you. Oh how sad. You couldn't spent your dead parent's money. On the other hand, my kids won be able to spend what I leave them because there is nothing to inherit. When I die, they will have to figure out the cheapest way to get rid of my remains. I certainly have no burial plan. So my kids will have a final bill to pay. Sometimes all I can do is shake my head in amazement.
SHE WILL NEVER EVER GET IT THROUGH!
amazing that America doesn't tax stocks. just amazing. no wonder money of the world flows there.
@Dirk Knight is that supposed to be an insult? 🙄🙂 Americans... 😂
@Dirk Knight i believe it's a mix of both, though perhaps much more on the gamble end currently (gambling for those with too much money to be exact). heavy tax definitely makes sense. some countries tax stock income for specific issues, such as healthcare. might be a good idea for America. (I got the impression from this video that US doesn't tax stock income? that's why the comment.)
@Dirk Knight indeed it won't happen anywhere on earth. Injustice, or imbalance, is inherent in capitalism I guess.
Simple fact is we shouldn’t have a central bank. We shouldn’t be involved in foreign wars. We shouldn’t have income tax at all.
Brilliant break down of Warren's 2% tax on the rich. More professor! We want more!
0.02%
0.0002 = 75/325000
The conservatives and libertarians have many ways of “proving” that ANY tax on the wealthy will simply drive them out of the country and cost jobs since “only the rich” provide jobs. So, at least in my experience, it would be most productive to debunk those assertions.
1. The workers make value, and they are staying behind, they can just build cooperatives
2. We can place exit taxes to prevent them from moving money overseas
3. We can place capital controls to prevent them from moving capital overseas
4. They need customers to buy their goods, and if they want to sell her, they pay taxes here
5. Other countries can tax them too, especially other "western" countries
6. They already hide their money overseas in tax shelters, so nothing has changed
Pocahontas what a joke.
Richard don't worry,I will keep 50 millions in USA and the others in safe heavens.
Hamza Khan as if u are ever gonna make $50 million lmaooo
I love this guy... give it up for Mr Wolff
More taxes more government just what we all need .we are not regulated and taxed to death yet!!!
billy
Tax the interest earned from savings banks and fixed deposits also since income from stocks and bonds will be non-taxable. Simple. But why 50, why not 25 and above. Broadening the tax net might be good for any economy, is it not? And large money tend to make people go immoral at times, is it not?