It will never change unless we close the tax loopholes. But this won’t happen as politicians who create the laws, also enjoy these same tax breaks.

@jarehelt

Жыл бұрын

Inflation is a tax on poor consumers, as long as inflation outpaces interest rates you are loosing money NOT being in debt and who can play the credit game bettter than the rich? the corporations? the government? Not to mention the wave of assets they have that can simply whether inflation spikes just sitting there. Insted of taxing the rich we should stop taxing the poor because then we know it will actually wind up in the pockets of the poor and not some beaurocrats

@CC3GROUNDZERO

Жыл бұрын

@@jarehelt GDIAF capitalist

@danceswithdirt7197

Жыл бұрын

Not with that attitude.

@ALuckyDonkey

Жыл бұрын

Not exactly. Politicians aren’t flipping property or earning equity stakes to avoid taxes, but they are abusing charitable organizations. But, the ultra wealthy and the corporations they control are big donators to campaigns. If donations are not going to your campaign, they’re going to your opponents. Campaign financing laws need an overhaul to really change legislation. In my opinion.

@patmat.

Жыл бұрын

WIRED is actually a Big Media (Condé Nast < Adv. Publications), owned by the billionaire Neuhaus-Epstein family. Born rich and got richer by buying all the newspapers in a small citiy and then inflating Add prices, aka Parasites.

The real problem is that our government officials also want to be obscenely rich. So their interests are counter to tax system reform. Insider trading in US congress is the most insane thing I've ever heard.

@747heavyboeing3

Жыл бұрын

It's the Biden Administrations fault.

@UkSapyy

Жыл бұрын

The UK government also. This is why people in the UK are protesting in the workplace. People need to be political, to stop corruption and make companies spend some of their profits in the economies that make them so bloody rich.

@everythingisawesome2903

Жыл бұрын

This reminds me that your politician Nancy Pelosi openly does insider trading, yet she is not in jail. I wonder why?🤔

When people complain thinking poor people try to cheat the system when there are RICH people doing the same thing.

@DB742

Жыл бұрын

Yea poor cheating is free food to eat & healthcare while a billionaire avoids enough taxes to buy an island or a city

@maxgee1691

Жыл бұрын

...but on a massive scale. Folks gunning for the poor are going after the wrong people

Fine, fine. I won't become a billionaire then.

@9051team

Жыл бұрын

What a hero. Deserves to be a billionaire or something

@dratylapio

Жыл бұрын

single-handedly saved the economy

@Zachery_

Жыл бұрын

Millionaire is fine, won’t mean the same by the time I get there but it’s good enough

@mrrd4444

Жыл бұрын

The goodwill for millionaires has never been better, so you still have that to fall back on

@Genny-Zee

Жыл бұрын

I feel you man

It’s really weird and sometimes frustrating to think about money and wealth, the gap between income levels.

@Handleyocandleghee

Жыл бұрын

People complain about minimum wage but won’t do anything to help them selfs, get a degree for a higher paying job, try start a buissness, do somthing instead of complaing about the gap, millionaires earned there “gap”

@dazedneptune

Жыл бұрын

@@Handleyocandleghee you’re out of touch with reality on multiple levels. And didn’t you hear what the video said? More billionaires inherit their wealth.

@Handleyocandleghee

Жыл бұрын

@@dazedneptune stating that people will complain about other people money while doing nothing to improve there own financial situation is not “out of touch” with reality & one way to solve that is find a way to become a billionaire then

@dazedneptune

Жыл бұрын

@@Handleyocandleghee nope. You’re assuming a lot of things incorrectly. Like how people are poor because they’re lazy. That’s just not true for the overwhelming majority of people.

@Galtj38

Жыл бұрын

@@dazedneptuneand that is false. Over 70% do not and as for the rest, it’s nobody’s business.

I'm sorry, I'm still trying to wrap my head around the idea that 60% of people polled think billionaires are good for the economy. Who the heck are these people?!

@gaywizard2000

Жыл бұрын

Most people are stupid, why do we listen to them?

@spailer5478

Жыл бұрын

i know many people who think that if it werent for billionaires, there would be this massive vacuum of millions of jobs that were lost, as if we wouldnt know what to do or how to make stuff without them

@HeavyMetalGamingHD

Жыл бұрын

Probably Americans. Americans are not very bright on average. those same people also voted for trump, a notorious liar and racist.

@ihave7sacks

Жыл бұрын

Americans . . .

@michaeldromes3948

Жыл бұрын

The actual working class that relies on the billionaire's practically guaranteed job offers even in middle of nowhere, as well as their efficiently scaled up productions of their companeis that allow for the cheapest goods ever with high quality standards across their franchises.

For years I've been saying that we now have more kings and queens than there has ever been in history. The only difference is that instead of owning a country, they own most of the expensive stuff in the country.

@pedrocavalcante5822

Жыл бұрын

And they don't have a crown on top of their heads.

@embededfabrication4482

Жыл бұрын

it's a corporate monarchy, nothing will change until they ban lobbying and limit what politicians can use to get elected.

@shroomyk

11 ай бұрын

Well they definitely own large chunks of countries. I'm specifically thinking of large real estate and investment companies that buy up entire neighborhoods and towns in order to make all the homes into rentals and charge whatever they want for it.

Billionaires are terrible for the free market, because they tend to accumulate wealth and slow the overall flow of money through the economy. It doesn't "trickle down". Whether we go capitalist or socialist, one things true either way- the multi billionaires have got to go.

@mohammadwaled409

Жыл бұрын

Dude they don't just keep billions it in a vault somewhere and swim in it scrounge McDuck style it's all locked up in company shares assets and investments. And that's on top of the fact that the top 1% pay 40% of the federal tax

@abdulwahidalhassani5129

Жыл бұрын

I guess a healthy amount of communism can help

@bonteski2997

Жыл бұрын

Look , its imaginary wealth, elon mask didnt pay taxes cose he had no property or salary. you cant tax him because the stock market says his company is worth 999 billions. The company profits are taxed. but i see half of the story here.

@richardshipe4576

Жыл бұрын

That's not at all how finance works. You store money in a bank, the bank then...can you finish the sentence?

@tithonusandfriends8519

Жыл бұрын

@@richardshipe4576 Contributes to a housing bubble and crashes the world economy? Requiring a bail-out of everyone else's money? That strangely only makes the billionaires richer?

A big shoutout to Reagan, a precident of a president who mapped the GOPs practice of tax breaks for the rich. Thanks, Ronald. We owe you one.

@johnfitzgerald7618

Жыл бұрын

And he gutted competition law. No more breaking up corporations who control the supposedly free market.

Yesterday I was watching CNN NEWS, Binance CEO was talking about how investors and traders can make millions. And he recommended an expert called Charles schwab please can someone tell me more about his trading services..?

@cliffordoscar9043

Жыл бұрын

This must be an investment with Mr Charles schwab

@lucianowesley3344

Жыл бұрын

He helped me recover what I lost trying to trade myself

@morrisjaime342

Жыл бұрын

Mr Charles schwab is the right person to start trading cryptocurrency with.. he knows he's way around the crypto world.. he has been helping me increase my investment every day for over months.

@kahlanelaine9265

Жыл бұрын

Long term investment is the best now. I invested $6,500 in march last year with Mr Charles and i top up my trade with $500 every week. Now, I'm having over $147,000 on my dashboard. Toping up your trade is really important.

@shacari2491

Жыл бұрын

Wtf are all these bots

Okay. Once I become a billionaire, I'll report on what could be done better to help people. I'd like to experience this problem for myself before I comment much about it though...

@JusNoBS420

Жыл бұрын

For science right?!? 😂

Glad to see Gary Stevenson getting more recognition

The wealth isn't real until they sell stock or take out loans using the stock as collateral

@lbatemon1158

Жыл бұрын

At least, that's my understanding.

@1370802

Жыл бұрын

True. This makes them hold on to that wealth even longer. Instead of withdrawing money and spending it, they just keep it invested in stocks, which impedes the free flow of money

@MRLONG758

Жыл бұрын

@@1370802 the more stock you sell, the less influence you have over the company.

@1370802

Жыл бұрын

@@MRLONG758 Yeah. That's another reason not to sell, and exactly my point. Billionaires have every reason to keep their wealth instead of withdrawing and spending it. They don't sell stocks because, as you said, they lose influence over the company.

Hopefully this will actually reach people and educate people on some basics being on this channel

@nicsan2448

Жыл бұрын

It's always the poor ones or ultra wealthy defending them.

@onkelpappkov2666

Жыл бұрын

Glass half empty type here: The video only reaches those who already know. It's preaching to the choir. We watch it because it makes us feel better and less alone. They make it because it gives them views. The people who think rich people will shine a holy light upon them via trickle down magic don't care and will not watch this.

It’s really quite simple I feel. Money is information. Information to direct the economy to meet the needs of the people. When the people have the money they know what they want and they direct the economy to meet their needs. When the billionaires have all the money, even if they direct the economy to meet what they PERCEIVE to be the needs of the people, they’re still not going to know well as each individual 🤷‍♂️ I’m not calling for anything dramatic, just pointing out the problem of inequality as I see it

like separation of church and state, we need separation of corporation and state, the law makers are making laws that benefits the rich because they themselves are business owner

@lbatemon1158

Жыл бұрын

Ask a Mortician just did a video about how a greener death practice option was banned in a state because the representative who fought the bill and killed it was an owner of a casket making company, and other traditional funeral industry businesses. He was never held accountable for his actions and how he didn't recuse himself as an interested party (the honorable thing he should have done).

Nice to be involved with this! Plenty more information on the rich and the economy on my channel!

@maxgee1691

Жыл бұрын

Nice exposure here! Getting the word out!

I love Wired, I subscribe to the magazine but having studied Economics I find the presented solutions and redistribution of wealth naive and below the level of Wired. I suppose the only result of the vid will be a few more reasons to 'hate the rich'

@willsrlutz6842

Жыл бұрын

So you think that the few ultra wealthy becoming even wealthier during the pandemic is a positive economic sign? You believe that the greater concentration of wealth within the top few elite hands, at the expense of the poor and working class, is normal? Well I'm sorry, but I just no longer fall for the flawed "trickle down" theory. Certain people tell me it's true, but I'm not buying it.

Next week: Why water is actually wet

“They give to charities they own” 😂

@DejayClayton

Жыл бұрын

...which happen to employ their family members 🤣

They do this because it’s more glamorous and they get more attention and praise to give away a huge chunk than to just pay your workers fairly and pay your fair share of taxes to begin with

@mohammadwaled409

Жыл бұрын

The American top 1% pay 40% of the federal taxes and infact America is the top healthcare spender per Capita in the world. how the government is allocating these funds is the real issue imo.

@abdulwahidalhassani5129

Жыл бұрын

Indeed.

@onkelpappkov2666

Жыл бұрын

@@mohammadwaled409 Wait, they have 16 times more wealth than the bottom 50% and yet they only contribute 40% of taxes? That's crazy.

@mohammadwaled409

Жыл бұрын

@@onkelpappkov2666 the bottom 50% pay like 4% of the taxes.

Having been around and worked for a few very rich people including multi millionaires, I can say that these people are some of the cheapest people you will ever meet. The richer they get the more of a miser they turn into. They would try to save pennies on things that made no difference to a deal and spent enormous amounts of time on saving a few bucks, while blowing tones of money on other things. They would save money on people's salary for example. Yeah very rich people don't spend money like normal people and it's not great.

@DejayClayton

Жыл бұрын

Yep, this rings true with most multi-millionaires I've encountered. It's almost like they read "The Millionaire Next Door" and were then told that if they didn't remain ultra-stingy, they would lose all their wealth immediately.

@tarkamlokar9709

Жыл бұрын

"Yeah very rich people don't spend money like normal people and it's not great." Why is it not great that they don't spend money like normal people?

Alright then there goes my dream

Patagonia - Avoided tax, ownership remains with the family 🌎

Their billions are not in savings... smh

oh c'mon, when they talk about Philanthropy/Charity first thing come up on my mind is tax evasion **shrugs**

@marisacognetta4985

Жыл бұрын

That’s exactly what all their “philanthropy” is about…

@bradbell4022

Жыл бұрын

In the US, a charity only has to spend 5% of it's income on projects. Source: kzread.info/dash/bejne/m2yrldOJp9PgiqQ.html

This is even devastating to other "middle sized" companies, in countries where they have to pay more taxes its usually more worth to sell these companies to a bigger company in a country that pay's less taxes like what my countries "biggest" companies have done (sold to usa and china)

A common sliding 0-5% tax on inheritance is the quickest way., that plus a change in law such that only people can own anything - companies have to list the owners of all assets (even if it is just an explicit list of the top 1000 shareholders owning the company - it just can't be a Matryoshka Doll listing of 'companies/funds that own companies' but instead has to name the underlying major *people*). The rich (i.e. people who live on wealth for most of their working lives rather than income) won't even feel it, and it will start to redistribute. The people who offshore wealth can't anymore because their name comes up immediately (as opposed to a web of companies that takes years to bottom out).

Uhm... and there are people that is actually genuinly surprised by this?!

The problem isn't billionaires. It's regulation and high taxes. No one with money wants to risk their money if the benefits will just be taken away with taxes. Im not necessarily talking about billionaires but the multi millionaires and decamillionaires. The reason we have so many billionaires and crumbling middle class is because scared money wont invest and be entrepreneurial, which create jobs. Billionaires and extremely rich people and mega corporations choke out the little guy(small businesses) because the stock market bets their scared money on sure things because low net worth people dont want to risk their little capital on risky investments. Billionaires and mega corporations have way more options and can risk way higher than multi millionaires and decamillionaires. In other words, taxes and regulations create funnels for everyones money to get dumped indirectly into billionaires' pockets because it's the only safe bet. We need more competition not less, and a wealth tax is extremely dangerous to the idea of more competition.

And water is wet

inflation is a tax on poor consumers, as long as inflation outpaces interest rates you are loosing money NOT being in debt and who can play the credit game bettter than the rich? the corporations? the government? Not to mention the wave of assets they have that can simply whether inflation spikes just sitting there. Insted of taxing the rich we should stop taxing the poor because then we know it will actually wind up in the pockets of the poor and not some beaurocrats

@JAMs6504

Жыл бұрын

Yes! We also don’t need all that money in government where it gets lost in the bureaucracy. Just like in CA with the homelessness crisis and the money used to solve it. The billions of dollars has bought very little. We should have no taxes for the bottom 20% and less money for government and less cronyism and lobby money buying off politicians to get laws passed that help keep these companies as monopolies

@shanegee8651

Жыл бұрын

Looks like there is someone that has actually thought through this in the comments after all. I hate how they equate taxing the billionaires more with no more homeless people. Ever consider that 50 million of it might also go to bombing a bunch of kids in the middle east or giving rats cocaine to study? How people don't see the Federal government as the source of these exact issues they are saying more funding to it would solve is absolutely beyond me.

1:18 - *He said it right there.*

@Ryanisalive

Жыл бұрын

What?

@kylekozak3033

Жыл бұрын

What’s your point? You wouldn’t be making $50,000 in the first place if it weren’t for the entrepreneur providing your job. It would be a lot more difficult if everyone employed themselves. Large corporations are beneficial since they provide the vast majority of our goods and services and all thanks to the wealthy ones who risked their money to invest in capital goods, labor, natural resources, and technology for more rapid production. Don’t victimize these risk takers who are the very few who actually put a lot at stake. Yes, the workers are very essential for the goods to be produced and distributed for us to simply consume them, and much credit belongs to them. But, remember, they wouldn’t be so fortunate to be in the position they are in if it weren’t for the extremely ambitious and passionate one who has a vision and sees a need for society.

A strong middle class is the cornerstone of economic growth - and that has very little to do with billionaires.

@mrsmucha

Жыл бұрын

Yep.

@sunshine3914

Жыл бұрын

That’s because the middle class pays the highest percentage of taxes, while billionaires pay the least.

@mrrd4444

Жыл бұрын

@@mikko3 implying billionaires aren't constantly taking advantage of social programs and tax benefits

@mohammadwaled409

Жыл бұрын

Huh? No the top 1% pay 40% of the federal taxes. Not only that but america is the top healthcare spender per Capita in the world. The problem isn't low taxes or tax "loopholes" it's that the government spends them stupidity.

@JAMs6504

Жыл бұрын

@@sunshine3914 billionaires don’t pay the least. I pay less than the billionaires. And I make roughly 50-60k a year. I get money back on my tax returns every year.

Myth of exponential growth.

4:28 What's with Zuckerberg's uncanny head movements here.

@kylekozak3033

Жыл бұрын

😂

Great video!

To be civilized is to master more than ones inner beast

im so bad at economy thats i dont really understand how spending can boost economy

@spailer5478

Жыл бұрын

if people have money to spend, that means shops and any other service providers have more income because people can afford their services. if people dont spend money/dont have money to spend businesses suffer because no one buys their stuff. also in the process of spending money you pay taxes which can be used for public services

@lbatemon1158

Жыл бұрын

It's good of you to recognize that you need more information! If you live in a country that allows democratic elections, I hope you will seek educating yourself on issues before you vote. Voting is such a responsibility that, sadly, so many don't take seriously. I used to vote just by my registered party. But then as I got older and realized there is very little difference in the stump speeches and rhetoric of politicians, and I actually began looking at voting records of politicians on issues I cared about, I was shocked that actually, my personal beliefs aligned more closely with the opposite party (good ol' American two party system not giving people more choices). The onus is on the voters to research and understand issues they care about, and consider if our perspective is correct. Nothing about the system will change until the voters begin to seek real representation on the issues that matter most to them.

@abdulwahidalhassani5129

Жыл бұрын

@@lbatemon1158 truth is presidents are chosen not elected, what you see on the tv is all drama.

A rise in interest rates in the US is already intensifying conflicts in Iran and elsewhere around the world. Economic poverty is often the decisive seed of conflict and strife. Since we cannot give people equality of outcome, we must at least do our best to ensure equality of opportunity. I think the US interest rate hike is an irresponsible and reckless step that trampled on the hopes of ordinary people. So, unless the US Federal Reserve changes its stance as soon as possible, international disputes are highly likely to intensify in the future. Even if the United States is criticized by the world for causing international conflict, it will be difficult for the United States to have any more legitimacy or justification. It is expected that the possibility of international conflicts and disputes will increase significantly due to the actions and decisions of the US Federal Reserve around the world. This is a disaster.#

Important

yet another hit piece

What about Hov

I never want the type of wealth these people have. I think they are going to have a lot to answer for after this life is through. All that wealth, it stays in this world, and makes your children love wealth more than you.

@willsrlutz6842

Жыл бұрын

No amount of money can buy you a pass to the upper paradise. Only your soul can do that. That's true.

@willsrlutz6842

Жыл бұрын

Neither do I. I'd feel very guilty. My conscience says no.

Somebody watched Adam Conover's video

im still gonna be a billionaire tho

1000 million dollar companies do way more for the economy than one billion dollar companies.

@Ryanisalive

Жыл бұрын

Facts!

It is so much power for a little grup of people that's so unfair

Ok but, where are the "statistics" saying that most US wealthy people got their assets/money by inheritance

Wierd is a wired is a pretty mainstream KZread channel Why would they let them post this

Yep totally agreed with this. Think about student debt has been on hold this whole time. It’s arbitrary. If billionaires were required to give back more, the middle class would be able to boost the economy again.

@mohammadwaled409

Жыл бұрын

No they just buy cheese burgers

@avacadomangobanana2588

Жыл бұрын

@@mohammadwaled409 if you got 1000$ would you buy 900$ worth of cheese burgers???

@mohammadwaled409

Жыл бұрын

@@avacadomangobanana2588 mmmm hambuege 🍔🍟

They weren't already?

This video is so painfully wrong. The economic issues that we face are made and caused by poor monetary and fiscal policies. Wealth aggregation of the superrich is a byproduct of these policies. If you want to blame anyone, blame the demagogue politicians you keep voting for

So long as there is corruption and greed there will be billionaires.

@avacadomangobanana2588

Жыл бұрын

Other way around…. As long as there are billionaires…

@EvTheLock

Жыл бұрын

@@avacadomangobanana2588 You need corruption and greed to create the billionaires. How do you think the oligarchs came to be?

Not gonna lie, I thought billionaires were actually benefiting the economy in every way, shape or form until I clicked on this video

@DejayClayton

Жыл бұрын

Billionaires don't stay billionaires by benefitting the economy. They do so by gaming every system and rule they can. After all, it's trivial for a billionaire to hire a hundred lawyers, politicians, and accountants! How many of those can *you* afford?

@Cynja_

Жыл бұрын

@@DejayClayton If someone can "game the system", isn´t it the system that is broken?

@lbatemon1158

Жыл бұрын

Glad you clicked on the video! Wish more people were willing to challenge their ingrained beliefs. But it's human nature to want to stay complacent.

@willsrlutz6842

Жыл бұрын

Don't get brainwashed by your Tory family. I've been suspicious of the super rich for quite a while.

@themuskrat5776

4 ай бұрын

@@lbatemon1158 except everything in the video is wrong.

Thanks for shining a light on this, but why is it only NOW you all want to start chirping on this topic? This has been going on for so long now!

why does it feel like a communist rant with a lot of made up statistics

The government DOES over-tax the rich and no, its not fair. However, a very large portion of that money goes towards preserving and increasing our country's military might. So if you enjoy living in your mansions and driving your Bugattis in the richest and "free-ist" country in the world...stop bitchin', you're blessed.

UBI?

Hardly anyone mentions how much tax money governments waste so when people complain about rich people should pay more in taxes - which I agree with - I also understand their viewpoint of when they question how much is wasted

@lbatemon1158

Жыл бұрын

This! If the highly intelligent people running these business turned their eyes on the government and cut out the inefficiencies there, if government was run on the idea of trimming the fat, maybe there would be some improvement. But then that would give more power to the government, and there are already too many in America screaming the government has too much power (looking at you, Ayn Rand fans).

@mohammadwaled409

Жыл бұрын

Believe it or not america is actually the top healthcare spender per Capita in the world.

@maxgee1691

Жыл бұрын

But some governments covertly use our tax money to siphon off to party donors - the super wealthy - through vested interests which keep them in power and their rich friends happy. It's not waste, it's repurposing of public money. Or stealing, if you will. There's enough money in the system, it's just in too few people's bank accounts

@1370802

Жыл бұрын

Mohammed Waled, if that’s true that just means it’s incredibly inefficient given that countries that spend less can offer more. Like free healthcare

@shroomyk

11 ай бұрын

@@lbatemon1158 You are assuming that the ultra-wealthy are highly intelligent. This is not necessarily true. They get obscenely rich through exploitation of others and inherited wealth. That doesn't mean they know anything about anything.

"... How you earning 50 thousand a year..." *makes under 20k a year* 😭😭😭

They have way too much wealth

When billionaires save, they inflate assets, like buying empty houses, raising housing prices and inflating asset prices for everyone else. Cap capital that can be controlled by billionaires. Not take away their property, just take away control.

@deeps6979

Жыл бұрын

Tax excess assets (second+ homes, blighted/unused property, rental properties) to a point where owning too much is more expensive than it's worth. Then the middle class can afford to buy in again.

@DejayClayton

Жыл бұрын

This observation is spot-on: billionaires can endure a level of inflation that would be insane to anyone else, and thus they are willing participants in a system where the rich drive up prices for everyone else by not saying "no" to extravagant purchases. And then they try to make up for their spending by pinching pennies on any purchase less than $10,000.

@kylekozak3033

Жыл бұрын

@@DejayClayton Sounds decidedly socialistic. Since when should they be penalized (the ones who earn it honestly)? The ones who gain the wrong way should indeed be punished. Putting that aside, is that constitutional or even virtuous? Should we all have a red flag up in our heads when we hear of or see a successful person?

Wired? More like based!

Welp glad I’m not average and like to spend money all the time INVESTMENTS is the way FOREVER

Creating a factory especially in high tech industries is not the same with buying lands. Landlords basically don’t create values, but companies like Amazon helps trading easier and faster.

The fact that billionaires can use their billions to literally change public perception about them via Sponsored KZread Videos (kurzgesagt), Newspapers, paid bots on social media and literally paying off politicians to ensure that no one touches their money should be concern to worry.

@willsrlutz6842

Жыл бұрын

Thing is, around half of it isn't even their money.

So, the plot at 1:55. What are the units on the vertical axis? Which geographic area is this "data" applicable to? What kinds of investments do or do not count as an "investment" for this chart? How reliable is the underlying data? This presentation is so stupid, you can't even tell if it's right or wrong.

@kylekozak3033

Жыл бұрын

I agree.

That makes no sense

Wait what? Greed, isn't a good thing. . . But but but. . . Hollywood told me to celebrate & glorify Greed - so your saying we've been lied too. Never!

billionaires shouldnt pay more taxes the average person should pay less

@supdawg_27

Жыл бұрын

Agreed.

To think this was a good channel for accurate information.

Well said, a few people having excessive wealth has no benefit to the economy. More Small and medium sized companies is what will create jobs. And, effective global wealth taxes is the best way to fund the green transformation we need to deal with climate change. About 86 billionaires currently have as much wealth as the poorest 50% of the worlds population. This is obscene!

@coopsnz1

Жыл бұрын

Franchise are small & medium business

Blaming the CEO billionaires for the problem doesn't do anything.. people will always act in seft interest. And they don't control the tax system, they do have political connections and power but, we need to protest, pointing the fingers to the people abusing the loop holes isn't going to do anything because anybody would do the same. we need to point fingers at Congress to update and close the loopholes

It doesn't matter what you think about wealth inequality - this is a really, really, really stupid take. Of course billionaires have their wealth invested - the vast majority of their wealth is literally equity, not money.

Based

60%???? no chance

We been knew

"Oh, so you're advocating for socialism or communism, heh?" No. It's about having a sane economy where almost everyone prospers, excess earnings are kept in check, and money is made through legitimate means.

@themuskrat5776

4 ай бұрын

excess earnings? Karl called...

While I don't think every rich person hordes their wealth, buys up all the assets, and goes through tax loop holes to pay little, the vast majority seem to

A lot of claims, but no sources... I wonder why. /s

Based take I hope.

The middle class is all but disappeared . . .

This is an important message that people have to understand

"But....but....they're just smarter and worked harder.....! We shouldn't punish their success....!"

@lbatemon1158

Жыл бұрын

Amazing how the comment directly above yours at this moment says, "just another hit piece". 🤦🏻‍♀️

Economists don't suggest that mandatory accounting/finance in the schools. The don't say much about planned obsolescence either.

Long live trickle down! 🤒

Antony Davies destroyed this entire video lmfao

lol Wired is like two Karl Marxes, a Keynes, and a Piketty too late. Not sure they deserve to say "actually" in the title. This is utterly banal. We KNOW you guys. That's what we've been saying...for more than a century. And long before that too. Glad you caught up though! Tell your friends!

@lbatemon1158

Жыл бұрын

Except, a lot of people don't know, if their video is correct that 60% of people think differently.

@falsificationism

Жыл бұрын

@@lbatemon1158 😬 touché

"Why Billionaires Are Actually Ruining the Economy" There is literally not one way in which people who horde wealth are NOT ruining the economy, unless you don't know what an economy is.

@batatanna

Жыл бұрын

I hate double negative sentences

@michaeldromes3948

Жыл бұрын

How do they hoard wealth? They're the most active investors and all that "hoarding" is just their companies gaining in value in publically traded shares. My house gained almost twice its value over the last few years, did I "hoard" half a million?

@DejayClayton

Жыл бұрын

@@michaeldromes3948 how many houses did you purchase under a shell company whose revenue is funneled to an offshore company? Wait, you didn't do that? Sorry, you'll never be a billionaire.

@mohammadwaled409

Жыл бұрын

​@@DejayClaytondid he hoard half a million?

@jjaj1243

Жыл бұрын

@@michaeldromes3948 why do you think you’re anywhere near the level of wealth that’s being discussed as an issue here? Go look at a scale showing the wide gulf between half a million dollars and hundreds of billions of dollars. Also, it’s the house you live in, so by definition it’s not hoarding. If you bought another house you’d technically be hoarding one house. The people causing these massive, societal level issues own thousands of homes, and thousands of properties. Stop doing the “temporarily embarrassed billionaire” shtick and realize you will never even begin to approach the levels of wealth being discussed

Please do proper and full research next time.

Does anyone think that billionaires are NOT ruining the economy? 😅 I guess so, but TBH I find that shocking.

Won't the billionaires just move out, if they are taxed more in a particular country?

@n8dawg640

Жыл бұрын

Yep, that they will

@benjaminwaddings5949

Жыл бұрын

They won't move if all their factories and sources of wealth are in that particular country. Musk could move to Samoa right now, but he won't cause his Tesla factory in the US, and he has to manage that place. There are countries with very high tax rates like Denmark in which the billionaires don't leave because they have to manage their businesses there.

@azpont7275

Жыл бұрын

They can’t if they are coocked or grilled.

@HeavyMetalGamingHD

Жыл бұрын

@@benjaminwaddings5949 Switzerland does not have a very high tax rate. it is a tax haven within europe. All the surrounding countries have way way higher tax rates.

@benjaminwaddings5949

Жыл бұрын

@@HeavyMetalGamingHD Ah my apologies. I've updated it to be a country with an actual high tax rate. Thanks for correcting me.

Great video.

Calling these tax loopholes isn’t necessarily correct. These are legal rules that anyone can use, they just add more value for the ultra wealthy. Calling it a tax loophole implies that they are doing things shady or getting creative. Some of these are very basic rules (e.g., long term capital gain rates) which is how they are supposed to file their taxes as. Completely eliminating some of these rules would also hurt normal people. IMHO we need some tax incentives for normal people to invest.

@akshayhere

Жыл бұрын

I guess the point is to let some legislature come to pass.

@microcomputermaster

Жыл бұрын

Some of them are shady though, like creating holding companies which exist purely to lose money, so you can claim the losses as a write-off on your taxes. With enough creative accounting, you can make money by "losing" it.

@rapfreak7797

Жыл бұрын

@@akshayhere agreed but it needs to be good legislature. Often times people think these rules only help the ultra wealthy but complete removal of some of these rules would also hurt middle class people who are saving and not just spending.

@mega12194

Жыл бұрын

The “Law” was/ is still used to deny citizens of the earth basic human rights. Just because something is a Law doesn’t always mean it’s inherently good.

@DejayClayton

Жыл бұрын

Do some research into why companies like Microsoft are or were legally based in Delaware, and you'll see how much of their revenue depends on tax schemes.

If billionaires are ruining the economy, can expropriation of their wealth and giving it to poor save it?

@JR-em3mo

Жыл бұрын

Taxes, money goes to the public. That will be best. Money towards public services/goods - infrastructure.

@sunshine3914

Жыл бұрын

If the wealthy were still paying the same tax rate as they did in the 1960s ( or even the same as the middle class has ), it would be a booming economy, & we wouldn’t have near as much crime.

@Marksman3434

Жыл бұрын

I mean yeah, through taxes. The issue of course is where those taxes are allocated, and hence why people should vote for those who aren't beholden to the wealthy or are corrupt themselves, and even then, that's only really possible in functional democracies with strong institutions and its population are generally well-educated.

@Patrick_Ross

Жыл бұрын

It would only be part of the answer but an excellent start.

@azpont7275

Жыл бұрын

Yeah, ofc. Sieze it and redistribute it. These bastards only hoard it, the middle and lower class could spend it, booating the economy by it. (Hey, the death penalty is also a thing in the US, just saying..)

Very Nice Bro! Get Good People/Ummah! Insha'Allah(SWT)!

These guys perspective was talked about even back in the 70s as the "Fixed Pie" outlook. It has been argued many times but I don't think it holds up very well when faced with the facts. And showing homeless as a result of billionaires is really disengenous as well. And finally I genuinely don't understand the argument that taxing anyone whatsoever grows the economy. Governamnt does not produce anything, so outside of spending it, thats not a growing economy - it typically just wastes it.

@shacari2491

Жыл бұрын

Dumba$$ lmao

I would strongly hesitate to praise the “growth” of the 50s & 60s. A lot of that was suburbs, cars, and roads, all things that have proven to be horrible in the long term.

@spailer5478

Жыл бұрын

true but the wealth was there to create all this stuff, it just wasnt spent well

@jasonb9562

Жыл бұрын

It also fails to take into account that that US, in the 40s and 50s. was essentially the only economy still standing after the war.

Contemplate these: • “The most dangerous creation of any society is the man who has nothing to lose.” - James Baldwin • “All of this has happened before, and it will all happen again.” - J.M. Barrie • American Revolution, French Revolution, Bolshevik Revolution, Great Proletarian Cultural Revolution (China), etc ... all violent reactions to inequity and imbalance. It is not a matter of if. It is a matter of when.

@Ryanisalive

Жыл бұрын

Ah here you are.

@KimberlyGreen

Жыл бұрын

@@Ryanisalive Thanks for seeking out my actual comment. Rather annoying that a spammer grabbed my comment. But the silver lining is that my point gets double exposure. ¯\_(ツ)_/¯

@Ryanisalive

Жыл бұрын

@@KimberlyGreen Actually very annoying!