They were like “he’s telling the truth, time to cut him off!”

I think people need to educate themselves more on videos like this. You see how Friedman can debate about flat rate tax in a reasonable manner, not the typical emotional driving argument for the so called "fairness"? Both sides get too hung up on the word "fair" which is always a reflection of their sentiments.

@1810jeff

3 жыл бұрын

The west will die trying to attain "fairness", hopefully those that come after us learn from our mistakes.

@galewosten2010

7 ай бұрын

Regardless of fair, the flat tax would be very damaging to the economy. Flat tax benefits the oldest generation the most, they are at the top of their income earnings and not contributing to the economy like younger adults who make less but are buying and furnishing homes and raising kids. Older tax payers are saving money for retirement aggressively. The logical argument against flat tax would be the sustainment of our economy.

Two of the greatest intellect in history. One devout Roman catholic and the other a Jew. They were lifelong friends

@feelmehish8506

3 ай бұрын

lol sounds like the beginning of a good joke.

I like how Friedman's argument is based on math and actual use of money, he is looking at it strictly from economic point of view not social where he argues fairness and equality and therefore it resonates on practical level more

@galewosten2010

7 ай бұрын

It needs to account for the math of demographics. People make more.money as they age but their highest expenses are often in their early adult years. Flat tax doesn't account for the impact on economy. A 25 year old has a house and student loan, is at their lowest salary, has to buy all the furnishings for their home I've the next few years, and probably a decent car. They also want to save up for a kid or two in a few years. The costs outpace income. The 50 year old is at near peak income potential and has kids moved out and likely paid off their home. The older, more wealthier people can afford the taxes but if you flat tax the 25 year old it delays home ownership and child raising. It might even delay child raising tot he point a couple is childless or one child. That is the ground work for demographic decay and setting up a problem like in China with the consequences of their one child policy.

@sean_haz

5 ай бұрын

​@@galewosten2010he was suggesting doubling the current exemptions...so the person starting off in life would pay no tax on most of their income

If we went to a flat tax, jobs in the accountant industry and IRS would be devastated over night. It would be awesome!

I wish we'd have listened more to prof. Friedman while he was alive :(

@robertmills3830

Жыл бұрын

His views will always remain true as long as the workforce is made up of human beings. Socialism kind of works when it's the machines doing the production and handling efficiency, then there is no way to corrupt them and incentives don't matter since feelings aren't involved. It is true however that in the current system even 5% socialism can destroy the economy

@yugiohfanatic1964

9 ай бұрын

you are so wrong @@robertmills3830

They cut it off right where he was talking about the losses for the middle class and arguing against the rich being inherently at the disadvantage.

The United States SHOULD be on a Flat Tax system of taxation. Every business and individual should pay the same percentage of income tax. This would eliminate the overly complicated and unecessary tax system we have in place in the US currently. First off, if all businesses and wage earners were proportionally taxed, it would be more fair to all. It would be a win-win situation. This would eliminate tax loop-holes. No more tax breaks of ANY kind for ANYBODY, would be a more fair and a refreshing change.The IRS would become strictly a Tax Collection Agency, thus able to operate with probably about 20% of the personnel it employs today. There'd be no 'April 15', as taxes would be deducted all-along-the-way, no more high-priced Tax Accountants or Tax Lawyers would be needed. With Flat Taxation, there would be a drastic reduction in paperwork and no yearly changes in the tax laws.

@billyte1265

11 ай бұрын

The complication of our tax system comes not from the graduated tax rates (tax brackets) but from the exemptions, loopholes, and other diddly BS. Changing to a flat tax system would not help one bit to make the system less complicated. I see you want to get rid of all that too, but you're not using the term "flat tax" correctly. It has nothing to do with those complications, so you're simply using the wrong term to advocate for what you want.

@rossmartenak5517

11 ай бұрын

@@billyte1265 Good points Billy, but what IS the correct "term"? Thanks, Ross

@billyte1265

11 ай бұрын

@@rossmartenak5517 Not sure there's a term for it. I mean "tax loopholes" covers some of it. You could use a term I just made up: "tax labyrinth" ; )

@garypiatt4666

7 ай бұрын

Instead of ANY income tax, I feel they should replace it with a federal sales tax- NOTE, I said replace it, not augment it! If there was a federal sales tax on new items only,( none on food), then everyone would pitch into the pot, including those who do not report their income at present. This would include, but not be limited to, prostitutes, burglars, drug dealers, tradesmen working “under the table” and anyone else not currently reporting their income! If there was a federal tax- with zero exemptions (other than food)- everyone would pay. Those awful rich people, that others like to hate, would most likely pay more tax, as they would purchase more new items which are 100% taxable. Those less well off could lesson heir tax burden by buying second hand items. Is there a more fair tax system!?

@Johnnysmithy24

6 ай бұрын

@@garypiatt4666 A more fair tax system is Land Value Tax(LVT) also known as Georgism. Milton Friedman himself agrees that it’s the best system, as did Adam Smith(the Father of Capitalism) But yes the system you propose is my 2nd option

IMHO the rate would be much lower if the fed gov got back to a rational interpretation of the Constitution and returned to it's proper Constitutional size and scope, i.e. MUCH smaller.

Sounds so good for my paycheck... wow ~19% flat tax.

@richerthananyMoFoer

3 жыл бұрын

You’d put more money back into the economy and you’d also be motivated to earn more money and be more productive. Better than govt taking your money and wasting it.

@thomaszaleski889

2 жыл бұрын

FICA Normalized is 15.3%. Add the lowest tax bracket of 10% and you are now at 25+ percent. Flat tax of 20% with zero deductions. Of course corporations etc. we still have to come up with cogs.

@littlelarry2912

2 жыл бұрын

Would be even lower if we cut gov't entitlements and decreased the amount of gov't agencies and spending. but with sociliast dems in office, this will never happen.

Incredibly underrated video

The man.

Run out of time!?!?! excuse me?!!!!!!!!! >:(

@askagorn

5 жыл бұрын

TV sucks. Milton should've been around in the era of KZread.

@JuanCruz-bp7yu

4 жыл бұрын

TV Convenientaly ran out of time just as he was explaining how elites cheat the system.

The problem is that governments are more concerned with using taxes as a means of controlling people rather than raising funds. So, a flat tax may even out or even raise government incomes, but it would reduce the government’s control over our actions.

Where can I get a chair like that?

Insane that they would cut him off.

There can never be a flat tax unless you change the apportionment provisions of the Constitution, Steve Forbes knew that very well, thats why he kept selling it, he knew it was politically advantageous but realistically impossible.

So what flat tax number are we looking at if we would like to cut the feds budget by 75$ and get back to basic forms of government...

Remember Elvis Presley ? He was STILL paying a 90% tax while he was in the United States Army . Bring on the flat tax with the wealthy paying a 90% tax .

Hopefully it isn't just nostalgic old guys like me looking up these 2 titans but the younger generations asking 'who was this guy, Friedman I keep hearing his name when I'm trying to learn why the Country is in this position?' Yes it's because Friedman saved us once, but 4 years later those in power can pretend he never existed.

@victor_2216

6 ай бұрын

If it makes you happy, I'm 18 and I'm currently learning economics and politics. I have great ambition to be like some of the greatest intellectuals to live like Friedman, Sowell and the Founding Fathers, for example.

@tommyl3207

6 ай бұрын

Good for you. And good luck. @@victor_2216

I like this guy. Also. States should not receive more in federal income/welfare than they contribute to the federal tax. Force states to raise their own incomes for their needs. Let states decide what is best for themselves.

This is why I am kind of against the Trump tax bill. It wasn't exactly tax reform, rather just changing some stuff in the code. It should've had flat tax and simplification of the code. I am against any tax bill that doesn't have a flat tax and a simplification of the code.

@rockinwithrich8423

3 жыл бұрын

Friedman at 4:00 advised doubling exemptions, applied negative tax AND flat tax. He said in the beginning the progressive tax rate we have now is more like a flat tax.

@insaneman571

5 ай бұрын

Your just a trump hater who hates America

Sounds like what trump did, now just do the flat tax part

@MCCrleone354

3 жыл бұрын

Funny story, I had a friend who was angry that Trump wanted a flat tax. He didn’t, as he specifically said he didn’t support one on Adam Carolla’s show. He never implemented one... From there I knew that people were lying about Trump to the point that they couldn’t even explain his policies correctly.

@scottyrobot3836

3 жыл бұрын

@@MCCrleone354 I was talking about doubling exemptions and making it easier to do your taxes,

@timeWaster76

2 жыл бұрын

Trump is a dick

@scottyrobot3836

2 жыл бұрын

@@timeWaster76 yeah well at least gas wasn't 4bucks a gallon and double for groceries, he definitely could have shut up but everyone was better off

@et34t34fdf

2 жыл бұрын

@@scottyrobot3836 His tax bill made it so that rich people now pay less in taxes(effective rate) than middle-class people, so no, you are wrong. But then again, you dont qualify as a real person, come her and i'll show you.

The flat tax is the only really viable semi-moral tax system available, especially if one takes out the sales tax. I don't really see why we need a sales tax, it just takes out potential economic activity that could have gone into other things, it's far better to have an accountant that produces his own money and pays taxes on it than to have the government hire the same man and pay his entire salary and only get part of it back in taxes. Taxes should be as low as is consistent with an effective, stable government, along with a prosperous society that grows as fast as it can sustain, one with solid social programs like healthcare, a negative income tax, a faith tax, a size and scale infrastructure tax etc. and without loopholes it could be done at 20% and 2.5% inflation, which would be a great deal better than paying a third of your income to the government and an additional 9% because of inflation for unwise causes like the proxy war with Russia which should really be their turf, not ours. It's true that we need a strong military, but mainly for defensive purposes, only going abroad in North America, and then only in absolute emergencies.

What accent is that?

@daviddiaz529

2 жыл бұрын

Mid Atlantic. A mix of Standard American and Received Pronounciation(British). Mainly taught in upper class prep schools and Acting Schools.

I wonder whether people who favor flat taxation oppose market price discrimination, or would argue it really negatively affects the businesses which apply it.

@Thisisaperson5677

5 жыл бұрын

Could you explain in more detail?

@pendragonshall

4 жыл бұрын

Petitio Principii I see this was posted a year ago and you didn’t answer the other persons question. However, I will try to ask this question. What does one have to do with the other? If a business wants to charge more to a person who only buys one item compared to a person or company that buys 10,000 what does that have to do with flat tax?

The Bible has over 100 verses about tithing and giving, which is defined as giving 10% of your annual earnings, productions, or possessions. Property and Sales Tax: up to State's power. State income tax also State's power. (I believe you never pay tax for something you already own) Income tax, capital gain tax = Flat 10% 1. A value-added tax (VAT) on the output or services generated by AI and robots, similar to the existing VAT on goods and services. 2. A corporate income tax on the profits derived from AI and robots, similar to the existing corporate income tax on business income. Use these additional tax for whatever people decide.

And the revenue lost by putting all the accountants and bureaucrats that are dependent on the current system out of work? Not to mention the flow on effects considering that they're generally at the high end of earners? The economy thrives on complexity and inefficiency. We need a completely different model.

Simple solution to this idiotic debate: Tax capital gains higher!

@patrickbateman1660

3 ай бұрын

No it makes markets less efficient. An example is housing. Higher capital rates means its harder to buy a house as less people are selli g.

@theskepticalskeptic1351

3 ай бұрын

@@patrickbateman1660 Capital gains taxes are higher for people in higher tax brackets. A big problem with the housing crisis right now is that a large portion of the housing supply is being bought up by big money interests who jack up the prices.

@patrickbateman1660

3 ай бұрын

@@theskepticalskeptic1351 prices are jacked up to their being no new supply. Housing needs less regulations. Getting permits in states like California can take years.

All I know is it is rich people every time who say that a flat tax is a better idea which tells me it is very likely not. The loopholes were put there via controlled legislators owned by the rich.

19% is too high.

He is talking about a proportional tax, not a flat tax. Flat tax is $ flat, proportional tax is % flat.

@J0shReed

5 жыл бұрын

Barely a semantic argument. Every source disagrees with you, as the majority of us are smart enough to understand that the "flat" part pertains to the rate, not the absolute amount.

@chrisdexter2940

5 жыл бұрын

@@tarkfarhen3870, how is that socialism, meaning the means of production are owned by government?

@chrisdexter2940

5 жыл бұрын

@@tarkfarhen3870, well no, not communist either. Wouldn't all taxes be taken by force, according to you?

@chrisdexter2940

5 жыл бұрын

@@tarkfarhen3870 again you're incorrect in your use of these terms. It is capitalism, because the means of production are privately owned... I see that you're probably not well educated in basic economic or political principles, which will make this conversation futile for me. But no, generally, taxes are not just redistribution from rich people to poor people. They often pay for things that cannot exclude free riders, and is deemed necessary for society. If one person owns a $20 mil property, and the other owns no land, wouldn't the former be getting more from the government just in protective services, that facilitate him keeping is wealth safe- i.e. police, fire, military? Or the wealthy who made money, which most do, through the government protections of patents/copyrights and the ability to form corporations (shielding your personal assets from risk), are they really not getting more from the government than someone making 30k a year? And to propose a number that was equal for everyone, we would land at a number that was higher than the income of many employees? We would end up imprisoning all of our poor and lower middle class people, costing absurd amounts of money to do so. And there would be no people to do the shit jobs anymore, and many businesses wouldn't be able to function. Or there would just be an outright revolution. Either way the economy would be no where near stable or sustainable. I mean if you even bothered to think about this for a second, you would hopefully realize how absurdly impossible this is, and probably why no one does this. I find it amazing that you're not a very low earner, based on my brief insight into the way you think. Rich connections or something?

@chrisdexter2940

5 жыл бұрын

@@tarkfarhen3870 so you're proposing not taxing a large group of people, but then at a certain income you just pay a flat rate? So you would essentially disincentize a huge group of people- near that salary- to not make more money, for if they make 1000 more, they lose a ton in tax? And if we had no corporations or patents, we would not be the wealthiest country in the world.

Don't watch this drunk!

So Milton is a socialist

@specialknees6798

2 жыл бұрын

This is your brain on libertarianism holy fuck

@timeWaster76

2 жыл бұрын

OFFS ! @@specialknees6798 Have you ever heard of sarcasm .... He also was a proponent of negative income tax.

@timeWaster76

2 жыл бұрын

OFFS !@@littlelarry2912 Have you ever heard of sarcasm .... He also was a proponent of negative income tax.

@specialknees6798

2 жыл бұрын

@@timeWaster76 there are “libertarians”(maybe even in this comment section) who would make the (absurd)argument that Milton was a socialist for not supporting the total abolition of taxes. Your comment didn’t make it readily apparent.

@timeWaster76

2 жыл бұрын

​@@specialknees6798 Just because you failed to get it doesn't mean it wasn't . Jjust take your lumps. Why do the libertarians say or thing anything they do... They're crazy. So just remember when someone started a question with 'So" there is a twist of some kind coming. The is not at all an uncommon rhetorical device. But I bet that it is more likely that Milton was proponent of negative income tax that would make a libertarian say that Milton was a socialist ... the abolish taxes thing has petered out... please tell me it has LOL The Sovereign Citizen Movement took over that after the "libertarians" dropped it because it became obviously ridiculous.. I thought they moved on to the flat tax.

A flat rate turns free market capitalism into monopoly market capitalism, Milton works for the monopolists it is that simple.

@JonathanSmith-kz2jo

10 ай бұрын

But lower tax decreases costs for small businesses and new corporations. This makes it easier for them to compete with bigger business, not harder. Therefore it actually hurts monopolists.

@homergee3381

10 ай бұрын

@@JonathanSmith-kz2jo A flat tax creates a monopolistic financial system, it is the goose that lays their golden eggs. If you want all-powerful, unelected, unaccountable private individuals to rule the world according to their whims then agree with Milton by all means.

@JonathanSmith-kz2jo

10 ай бұрын

@@homergee3381 as I’ve explained, the opposite would occur. You haven’t explained why your sentiment is correct, you’ve just restated your point, which is itself ignorant. It is very hard for most monopolies to thrive in a free market without providing better and/or cheaper goods and services. Most monopolies are either government run or heavily protected by government.

@homergee3381

10 ай бұрын

@@JonathanSmith-kz2jo Flat tax = no income limit. Progressive tax = an income limit. It is pretty basic and hard to misunderstand but you're doing a great job.

@preciousmousse

10 ай бұрын

The rich are already evading high taxation (as Friedman says, because it is high). The ones who have to suffer are beginning entrepreneurs who are delayed from making necessary investments by mandatory taxes (in the case of Germany for instance, health insurance tax where you can’t pick a plan that suits you and assume risks. Meanwhile careless people who relish in their unhealthy habits will have their expenses covered by the hard working person. I’d argue though that money being put into innovation is a win win).

I think a flat dollar amount would be most fair. $X.YZ

The United States SHOULD be on a Flat Tax system of taxation. Every business and individual should pay the same percentage of income tax. This would eliminate the overly complicated and unecessary tax system we have in place in the US currently. First off, if all businesses and wage earners were proportionally taxed, it would be more fair to all. It would be a win-win situation. This would eliminate tax loop-holes. No more tax breaks of ANY kind for ANYBODY, would be a more fair and a refreshing change.The IRS would become strictly a Tax Collection Agency, thus able to operate with probably about 20% of the personnel it employs today. There'd be no 'April 15', as taxes would be deducted all-along-the-way, no more high-priced Tax Accountants or Tax Lawyers would be needed. With Flat Taxation, there would be a drastic reduction in paperwork and no yearly changes in the tax laws.

@Rafe383

3 ай бұрын

What a stupid point. You can get rid of the loopholes without having a flat tax system.