10 Burst results for "Bernie Sanders Wealth Tax"

"bernie sanders wealth tax" Discussed on WBSM 1420

WBSM 1420

05:24 min | 6 months ago

"bernie sanders wealth tax" Discussed on WBSM 1420

"Dirt poor was taken in Fort Lee by his stern taskmaster grandfather he turned his life around Clarence Thomas ended up going Holy Cross he's thinking about going to Vanity school changes mine and then with the for law school is you know became a Supreme Court justice but not until we had a grueling grueling confirmation hearings that involved the accusation that he had sexually harassed Anita hill and in the documentary you find the Clarence Thomas is still still very very disturbed by what happened four theater locations to see created equal Clarence Thomas in his own words just go to justice Thomas movie dot com that's justice Thomas movie dot com you will not regret it now this business about race relations and improving can the assertion that Donald Trump can make things worse I told you according to an axial poll sixty one percent of Democrats see Republicans as quote racist slash bigoted slash sexist in a quote thirty one percent Republican few Democrats the same way twice as many Democrats and Republicans see the opposite party as racist sexist bigoted in a quote let me tell you what a gap that is between the way they feel the reality Chris Matthews who hate hate hate Republicans usually once said about Republicans party yeah I just keep keep in the list they want more people to Friday love executions they want people who don't have insurance to die on the Gurney in a hospital bed they want that to happen they went down the hall forget about illegal aliens gay soldiers forget about and they're not they're there to be booed if you're homeless for clothes on and they have a home for close on the people if your teacher fireman or a cop get rid of the guy I mean this this attitude of causing cruel pain on people and getting cheers for it okay this is a guy who has no real love for public and obviously hate Donald Trump but a few months ago perhaps an unguarded moment she's we said about white people in voting for a racist it's for white people because white people won't vote for a guy most them if they think they're racist most white people would not vote for a guy if they think they're racist then what's this business about Donald Trump sending a dog whistle to racist white people to vote for him when Chris Matthews says any person is perceived as racist would not get white people folks now Bernie Sanders is increasingly likely to win the nomination and the left is scared to death here's Bernie Sanders on with CNN's Jake tapper what's your response to these Democrats who are worried that you're going to hurt them in more moderate districts well the truth is that our gender is precisely the agenda for the overwhelming majority of the American people want we're going to grow the voter turnout in Iowa with the turnout was not as hard as I wanted it to be among young people people on the twenty nine years of age we increase the voter turnout by some thirty three percent so you'd voter turnout and we do that all over the country I think you're gonna see incredible gains for down ballot Democrats look at the end of the day the American people want to raise the minimum wage to fifteen Bucks an hour they want to make public colleges and universities to which brand cancel student debt by a lot of stocks on Wall Street speculation the American people understand healthcare is a human right not a privilege the function of health here is not to make a hundred billion dollars for the drug companies and the insurance companies the American people understand we have got the deal with the existential threat of climate change our agenda is the agenda of working class and middle class Americans they want us to take on corporate interest and the greed of the drug companies and the insurance companies in short half the country believes as a free lunch at the other half is stopping them from eating it even bill Maher has a problem with Bernie Sanders wealth tax I yes I I think it's bad politics and also I'm not for that much socialism I always say socialism capitalism plus what we have people forget we have a lot of socialism in this country and I'm for most of it you know Medicare and social security and stuff like that that's not socialism this welfare state that's a different thing socialism is government ownership of means of production having a welfare state is different than having a socialism state and even the head of Denmark cast I Bernie Sanders for calling us socialist we're not socialist we are a welfare state to be sure we believe and competition we believe in capitalism we believe in free enterprise enterprise we believe in free trade but a wealth tax can I say a word for the wealthy place because I've been very poor I I woke up with roaches crawling across my face for a couple of years so I don't feel bad.

Fort Lee Clarence Thomas
"bernie sanders wealth tax" Discussed on News-Talk 1400 The Patriot

News-Talk 1400 The Patriot

05:32 min | 6 months ago

"bernie sanders wealth tax" Discussed on News-Talk 1400 The Patriot

"Race relations and improving in the assertion that Donald Trump can make things worse I told you according to can actually pull sixty one percent of Democrats see Republicans as quote racist slash bigoted slash sexist in the photo thirty one percent Republican few Democrats the same way twice as many democratic Republicans see the opposite party as racist sexist bigoted in a quote let me tell you what a gap that is between where they feel reality Chris Matthews who hate hate hate Republicans usually once said about Republicans party didn't I just keep keep on the list they want more people to Friday love executions they want people that don't have insurance to die on the Gurney in a hospital bed they want that to happen they went down the hall forget about illegal aliens gay soldiers forget about they're not dead or they're there to be booed if you're homeless for clothes on and they have a home for close on the people if your teacher fireman or a cop get rid of the guy I mean this this attitude of causing cruel pain on people and getting cheers for it okay this is a guy who has no real love for public and obviously hate Donald Trump but a few months ago perhaps in an unguarded moment we said about white people in voting for a racist it's for white people because white people won't vote for a guy most them if they think they're racist most white people would not vote for a guy if they think they're racist then what's this business about Donald Trump sending a dog whistle to racist white people to vote for him when Chris Matthews says any person is perceived as racist when I'd get white people folks well Bernie Sanders is increasingly likely to win the nomination in the left is scared to death here's Bernie Sanders on with CNN's Jake tapper what's your response to these Democrats who are worried that you're going to hurt them in more moderate districts well the truth is that our gender is precisely the agenda for the overwhelming majority of the American people want we're going to grow the voter turnout in Iowa with the turnout was not as high as I wanted it to be among young people people on the twenty nine years of age we increase the voter turnout by some thirty three percent to use voter turnout and we do that all over the country I think you're gonna see incredible gains but down ballot Democrats look at the end of the day the American people want to raise the minimum wage to fifteen Bucks an hour they want to make public colleges and universities to which bring cancel student debt by a lot of stocks on Wall Street speculation the American people understand healthcare is a human right not a privilege the function of health here thought the make a hundred billion dollars for the drug companies and the insurance companies the American people understand we have got to deal with the existential threat of climate change our agenda is the agenda of working class and middle class Americans they want us to take on corporate impressed and the greed of the drug companies and the insurance companies in short half the country believe that a free lunch at the other half is stopping them from eating even bill Maher has a problem with Bernie Sanders wealth tax I yes I I think it's bad politics and also I'm not for that much socialism I always say socialism capitalism plus what we have people forget we already have a lot of socialism in this country and I'm for most of it you know Medicare and social security and stuff like that that's not socialism this welfare state it's a different thing socialism is government ownership of means of production having a welfare state is different than having a socialism state and even the head of Denmark cast I Bernie Sanders for calling us socialist we're not socialist we are a welfare state to be sure we believe and competition we believe in capitalism we believe in for your four enterprise we believe in free trade but a wealth tax can I say a word for the wealthy place because I've been very poor I've I woke up with roaches crawling across my face for a couple of years so I don't feel bad about having money and I can't remember the last year when I didn't pay over fifty percent of the government I mean California has insanely high state tax so you add the thirty nine plus thirteen so if you're already over somebody give me over half and what I've managed to save after you took over half now you gonna come after that with a wealth tax I think there are more better ways to get the money that we do have a horrible income inequality system but you know yes you can even threatened a good liberal like me when you've lost bill Maher Bernie Sanders now how is your new year's resolution going to form talking specifically about the one you made to get out of pain to do something about your neck and back pain your shoulder hip or knee pain this is exactly why Pete insect Talbot the father son owners are really factor created the three we quick start and then discounted it to just nineteen dollars and ninety five cents they're on a mission to get you out of.

Donald Trump
"bernie sanders wealth tax" Discussed on 860AM The Answer

860AM The Answer

05:29 min | 6 months ago

"bernie sanders wealth tax" Discussed on 860AM The Answer

"Great relations and improving can the assertion that Donald Trump can make things worse I told you according to an axial poll sixty one percent of Democrats see Republicans as quote racist slash bigoted slash sexist in the quote thirty one percent Republican few Democrats the same way twice as many democratic Republicans see the opposite party as racist sexist bigoted in a quote let me tell you what a gap that is between the way they feel reality Chris Matthews who hate hate hate Republicans here twenty one said about Republicans party didn't I just keep keep in the list they want more people to Friday love executions they want people that don't have insurance to die on the Gurney in a hospital bed they want that to happen they went down the hall forget about illegal aliens gay soldiers forget about they're not dead or they're there to be booed if you're homeless for clothes on and you have a home for close on the people if your teacher fireman or a cop get rid of the guy I mean this this attitude of causing cruel pain on people and getting cheers for it okay this is a guy who has no real love for public and obviously hate Donald Trump but a few months ago perhaps an unguarded moment we said about white people in voting for a racist it's for white people because white people won't vote for a guy most them if they think they're racist most white people would not vote for a guy if they think they're racist then what's this business about Donald Trump sending a dog whistle to racist white people to vote for him when Chris Matthews says any person is perceived as racist would not get white people folks well Bernie Sanders is increasingly likely to win the nomination in the left is scared to death here is Bernie Sanders on with C. N. N.'s Jake tapper what's your response to these Democrats who are worried that you're going to hurt them in more moderate districts well the truth is that our gender is precisely the agenda for the overwhelming majority of the American people want we're going to grow the voter turnout in Iowa with the turnout was not as high as I wanted it to be among young people people on the twenty nine years of age we increase the voter turnout by some thirty three percent so you'd voter turnout and we do that all over the country I think you're gonna see incredible gains for down ballot Democrats look at the end of the day the American people want to raise the minimum wage to fifteen Bucks an hour they want to make public colleges and universities to which bring cancel student that by a lot of stocks on Wall Street speculation the American people understand health care is a human right not a privilege the function of health here is not to make a hundred billion dollars for the drug companies and the insurance companies the American people understand we have got to deal with the existential threat of climate change our agenda is the agenda of working class and middle class Americans they want us to take on corporate impressed and the greed of the drug companies and the insurance companies in short half the country believes that the free lunch at the other half is stopping them from eating even bill Maher has a problem with Bernie Sanders wealth tax I yes I I think it's bad politics and also I'm not for that much socialism I always say socialism capitalism plus what we have people forget we have a lot of socialism in this country and I'm for most of it you know Medicare and social security and stuff like that that's not to socialism the welfare state that's a different thing socialism is government ownership of means of production having a welfare state is different than having a socialism state and even the head of Denmark cast type Bernie Sanders for calling us socialist we're not socialist we are a welfare state to be sure we believe and competition we believe in capitalism we believe in free enterprise enterprise we believe in free trade but a wealth tax can I say a word for the wealthy place because I've been very poor five I woke up with roaches crawling across my face for a couple of years so I don't feel bad about having money and I can't remember the last year when I didn't pay over fifty percent of the government I mean California has insanely high state tax so you add the thirty nine plus thirteen so if you're already over somebody give me over half and what I've managed to save after you took over half now are you going to come after that with a wealth tax I think there are more better ways to get the money that we do have a horrible income inequality system but you know yes you can even threatened a good liberal like me when you've lost bill Maher Bernie Sanders now how is your new year's resolution going to form talking specifically about the one you made to get out of pain to do something about your neck and back pain your shoulder hip or knee pain this is exactly why Pete inset Talbot the father son owners are really factor created the three week quick start and then discounted it to just nineteen dollars and ninety five cents they're on a mission to get you out.

Donald Trump
"bernie sanders wealth tax" Discussed on 760 KFMB Radio

760 KFMB Radio

05:10 min | 6 months ago

"bernie sanders wealth tax" Discussed on 760 KFMB Radio

"No alternative they act as if there's an alternate but there's no alternative to the capitalist system we have right now many alternative I suppose is Bernie Sanders wealth tax all the rest just take some persons money over there and then moved over here and that's gonna be great for everybody because Michael that's your solution yeah the idea that there's a wealth inequality in America and that's bad but in socialist systems no inequality there for good that's insane you look at every socialist country and there's a massive any quality who is the richest person in Venezuela Q. go shop as his daughter hunter Biden is bad it's the leaders it's the well connected with the corrupt regimes around the world and all the socialist governments that are the richest people the poor people live a literal crumbs you're a loser Hugo Chavez's daughter so are you jump in a great line of the his victory speech today about that could you imagine if I did what dijo one hundred they could you imagine of all good luck to you where I thought gosh you've been making billions right now funny funny but I here is my main point when it comes off as and the stuff so we've done it with that I've I've made this point a million times but it's a good one wise is that one must decide point the analysis that that guy did with pies it doesn't take into account welfare payments for the lower income groups so when someone as literal crumbs that does not include the welfare they receive in those calculations which changes things are quite a bit so the big picture big picture point let's say Bill Gates let's say it's not worth a hundred thousand times more than yours so he has a hundred thousand times more money than you do and you're jealous yes but he's not gonna live a hundred thousand times longer than you he's not gonna be a hundred thousand times happier than you he doesn't love his wife or loved by his family a hundred thousand times more than you he is at a hundred thousand I'm closer to god than you are food does not taste a hundred thousand times better to him then you truly one of the most important things in life do you what are the most important things in life rattle off make a list the top three most important things Bill Gates is not enjoy or have those things a hundred thousand times more than you do he was asked recently what makes me happy he said for thanks first staying true to your commitments to get one so being a an honest person of integrity it makes you happy but that's a good answer he's not a hundred thousand times better at that than you are therefore is at a hundred thousand times happier the new giving generously no matter how much you have obviously he's gonna more but that's not what matters is that giving that makes you feel good take care of your body Bill Gates cannot work out a hundred thousand times harder than you or feel a hundred thousand times better after work out or during a workout than you the fourth one is spend time with your family the time that Bill Gates spends with his family is not a hundred thousand dollars more to fill in the time that you spent with yours these are the things that matter in life and Bill Gates as No leg up on you or anyone because of all of his money you can buy a bigger house nicer cars all that whatever as of this matter that Superbowl party you had last week his was not a hundred thousand times better sure he had a wall of TV's and the nicest leather recliner ever but you had more fun I guarantee it there's a Netflix show there is enough like show about his by him and he was asked what the worst day it was the worst day of your life it wasn't the day that Steve Jobs accused of stealing it wasn't what he had to fork over one point three billion in anti trust finds the worst day half of his life was the day my mother died he feels the pain of loss just the same as you not a hundred thousand times less this house is sixty six thousand square feet yeah I was told was about two thousand so it's houses over thirty times the size of yours I have is worth more money than he is at the time of the met Mitt Romney put meant I have a store that's worth more money than he is I have a what a store a store that he S. that's good.

Bernie Sanders
"bernie sanders wealth tax" Discussed on POLITICO Money

POLITICO Money

14:58 min | 8 months ago

"bernie sanders wealth tax" Discussed on POLITICO Money

"Welcome to politico money. I'm benway today on the show. I'm going to try to explain the wealth tax trump's trade tweets and negative interest rates with Algerian spill Talk just getting. That would be a little bit boring. No offense Allen instead I'm GONNA try to get my mom up to speed on these issues so that she'll know what to watch for when she's trying to figure out just what the heck is going on with the news And my my mom is an white. She's talking to us from Roanoke Virginia where she retired after twenty years teaching history in Washington. DC She's got so she's really smart or whatever Anyway I'm on. Hello Been Nice to be with you today are you doing. I'm doing well interested in talking about economic topics today indeed indeed We'll try to unpack them somewhat complicated things and See what you know at the beginning and what you know at the end and hopefully along the okay some folks listening will get a better insight into this stuff too so if you don't mind I thought we'd start with the wealth tax which is a big topic in in the Democratic presidential campaign. So is that cool with you to talk about the wealth tax. That is very cool to talk about the wealth tax. Yes when I think about it I think well. That's a tax on the rich. which what else do you have to know about it? Well a few things. So the way we're GonNa do this is We're GONNA talk about well taxes and Elizabeth Warren and we're going to start with an Elizabeth Warren tweet But it needs a little setup so I will start with the setup. The setup is Bill Gates. That's Microsoft billionaire. Bill Gates said this to my friend. Andrew Ross Sorkin Talkin about a wealth tax at a recent New York Times event. All right. Here's what Gates said. I've paid over ten billion in taxes. I've paid more than anyone taxes if I had to pay twenty billion it's fine but when you say I should pay a hundred billion when you say I should pay one hundred billion okay. Then I'm starting to do a little math about what I have left over over and here is how Elizabeth Warren responded on twitter. I'm always happy to meet with people even if we have different views at Bill Gates. If we get the chance I'd love to explain exactly how much you pay under my wealth tax. I promise it's not one hundred billion dollars okay. So do you understand this tweet from Elizabeth Warren. What she's talking about well in general yes Sh- but she doesn't really say what she's talking about. She doesn't answer his question and he already pays taxes. What does she say is going to be? The relationship of her wealth tax to the income tax pays is that a relevant question that is a relevant relevant question. She is certainly not explaining all of it in the tweet. What she's saying is that he's wrong that she's not going to tax him one hundred android billion dollars? So why do you think he would think that she's GonNa tax him. One hundred billion dollars. Well that raises a question in my. My mind is to what her purposes which. He doesn't say I mean is she saying this because she's trying to somehow bolster the argument against income inequality that rich rich people are dead and so they have to be taxed to the ultimate degree. Is She doing that your question about whether she she saying. Rich people are bad Offers us a chance to to pull back the lens a little bit And Talk About Warren versus the super wealthy. And you're or somebody who reads my story's pretty carefully So you probably remember one that I wrote about Elizabeth Warren Versus Corporate America. Remember that story I think so okay. There's one thing being in particular you might remember about it It featured a billionaire named Leon Cooperman as a hedge fund billionaire. Oh Yes yes they got in a fight yet. Something very kind of specific acidic that he said about what Warren is doing Including some colorful language. I don't know if you remember the quote that Leon Cooperman had to say about Elizabeth Warren one I I do remember. I think you had to put you over a word or two. I think there was a a swear word in there. Wasn't there there were two. He said this is the FAA America to this this caffeine American dream. She is being. Okay so yeah and that started a firestorm between Warren Cooperman and Warren An and the wealthy In particular. So it seems to me that you think that You know Warren really is sort of running a campaign to suggest that you know billionaires in the rich something fundamentally wrong with them is that kind of what comes through to you that is suggested for sure. Yeah Yeah. Does she intend. That's come through. Do you think well she says she doesn't but I think she she kind of does I mean she's certainly running on there. Being fundamental problem the American economy and with economic inequality and the rich getting richer and everybody else not making Enough but let's get back to kind of the specifics of Bill Gates and the wealth tax. And this tweet in particular So Do you know what Warren has actually proposed when it comes to a wealth tax. What she wants to do no I don't I don't know what she's actually proposed all right so as of now she's basically said she would put a two percent tax on fortunes ends over fifty million dollars and a six percent tax on fortunes over a billion dollars so gates right now has around one hundred billion billion dollars in wealth So I don't know does it sound to you like six percent tax on one billion dollars would Cost him one. One hundred billion six percent on one billion no no certainly not bright so This is where I think. Warren has it right in her response. That it's not gonNa Cost Austin one hundred billion dollars. Okay theoretically could Over three decades. If you're paying six percent on one hundred billion dollars every year here for decades then you might get up close to that number that gets US talking about but also Over that period of time one would assume that Bill Gates wealth gets a lot bigger as he's as accruing investment gains and getting richer every year right so it could be that. Eventually he's paid a hundred billion taxes. This is under warrants plan but each year it's just six percent of one hundred billion so It sounds sounds like Warren kind of Is Right about that piece right right right okay. All right but there are some other problems with The Wealth Tax and one of them is a big legal issue. and I wonder if you're are familiar at all with what the big legal issue is surrounding the United States trying to put a wealth tax on people. Well only vaguely. I've wondered that myself. Is it constitutional. I was thinking about the fact that we had to have an amendment to the constitution to get the income tax. Now is it really constitutional to tax people people just because they're rich. Is that what. What is the legality of that or the constitutionality of it well Bingo? I mean you're right on on the point. And the question is It's absolutely unclear whether it's constitutional or not Constitution essentially says that the federal government cannot collect direct taxes other than income taxes without distributing. The money That is accrued to each of the states according to their population Far as I can tell. That's not really what Warren has in mind For Use of that money. Do you have a sense for what Warren wants to do with all all this wealth tax money that she is trying to to get through the position of these taxes. No that's another thing you can tell me. Because I really don't. Unless unless she's proposing to pay for Medicare for all with that is that her plan or does she have some other goal in mind. Yeah no that's that's the big piece of it. That's why she went. She was originally. I think at three three percent on You know the people who have a billion dollars or more and then she bumped it up to six percent because she needed to make the numbers work for Medicare for all but in that sense she would be putting on a wealth tax That would be used by the federal government to pay for giant federal program not to distribute among the state. So there is this big question whether it's even constitutional at all to to put a wealth tax on and there's some other You know significant problems. Other countries have attempted to do well taxes and then junk them. I don't know if you've read anything about that. or or why countries have kind of sad. Maybe this isn't the greatest idea in the world. I think he I don't know details but I think thank you mentioned that in your column or in story I I remember reading it and I think it was what you wrote but this thing what you just said is interesting. Because I hadn't grasped that the idea that the the income tax has to be distributed. You said among the states. Is that what you said. Now exactly it's anything other than the income tax if the federal government tries to impose a direct tax other than the income tax then whatever it collects from that has to be distributed among the the population. Now of course or it's got all sorts of constitutional law scholars who are working on this and If she were like the president and attempted to Put a wealth attack on She would make the case Somehow that it doesn't violate the constitution And it would go through the Supreme Court and then we eventually get a ruling on it but there is a pretty compelling argument that she couldn't do it at all but anyway the other issue the reasons that countries have tried it and junked it is because it's really hard to figure out From year to year. Exactly what. People's estates are worth And how that's changed from year to year and it's expensive to figure it out difficult to figure occur at out So you know another issue that people have with both the Bernie Sanders Wealth Tax and the Elizabeth Warren Wealth taxes that would be potentially unconstitutional And potentially very difficult to implement As has been the experience in other countries but so that's sort of what the the The situation is with with Warren and the Wealth Tax and I thought now maybe I would go back and reread the original Elizabeth Warren tweet to you and see if we've made progress on getting a little better understanding of what this is all about all right so this is what Warren said. I'm always happy to meet with with people even if we have different views. Bill Gates if we get the chance. I'd love to explain exactly how much you pay under my wealth tax. I promise it's not one hundred billion all right so explain that tweet to me all right. Warren is talking about her wealth tax. And what I have learned from talking to you. Is that Gates this was overreacting in terms of what he would pay. He's not going to pay what he said because she has said specifically the percentages that she would put on this wealth wealth tax and the amount of money that she would put the percentages on I've also learned that there's a big obstacle here with the constitutionality of this because.

Elizabeth Warren Bill Gates Bernie Sanders Wealth Tax Elizabeth Warren Wealth federal government Warren Cooperman Warren Leon Cooperman Warren An Roanoke Virginia Allen Andrew Ross Sorkin Microsoft Washington New York Times United States
"bernie sanders wealth tax" Discussed on Why Is This Happening? with Chris Hayes

Why Is This Happening? with Chris Hayes

14:17 min | 8 months ago

"bernie sanders wealth tax" Discussed on Why Is This Happening? with Chris Hayes

"Wherever you get your podcast I should note that you have worked with you and your your colleague Emanuel says have worked with the campaign of Elizabeth Warren on her wealth tax proposal so just to disclose that? What would the wealth tax? How would it work and we also worked with the campaign of Bernie Sanders on your wealth tax proposal and so let let me describe very simply how it would work? Let's take the Warren Wealth Tax it starts is at fifty million dollars way. Means that if you own fifty million. LS You pay zero if you earn modern fifty million. You'll you have to pay some tax. You're going to have to pay two cents on any dollar above fifty million as Warren says which means the module tax rates on wealth of millions going to be two percent and if you have more than a billion dollars the marginal tax rate is going to be six six percents. The idea is to include all assets net of debts in the base value. Everything that very the rich people own at the market value and then you have tax two percent six percent the Bernie Sanders Wealth Tax is pretty similar. The main difference for instance is that it starts bitten lower in the wealth distribution at thirty two million dollars it is similar in the sense that also has higher rates for billionaires else as high as eight percent of ten billion dollars in the sender's version. What's important to understand with these wealth? Texas is is that they would be a very small fraction of the population so you less than zero point one percent of the population which means that it could be who would it be easy for the IRS to have ready high rates especially if the irs funding which is something that both warnin centers other candidates are proposing making sure that the taxis already beware enforced in that volume is reduced at at a low level. If avoidance was was fifteen percents. Let's assume there is some tax avoidance. What we estimate is that a wealth tax like the one wealth tax would generate about three point five if trillion dollars in revenue over the next ten years? That's about one point five percent of GDP every year. It's a substantial amount damage revenue for such a small group of depopulation. That's something that again and you know. Childcare are free college for between universities and so yes you're talking to three hundred fifty billion dollars. A year in the federal budget is is a significant amount of money that can fund very significant programs. It's this is not it. It's it's a lot of money assuming that the tax can be reasonably well enforced and there is a debate. About how much avoidance there would be and and some people have that view that because the wealthy can hire the best lawyers accountants. It's impossible to tags them and I think that view is misguided because look tax avoidance tax evasion. These are lose of nature. These are essentially policy choices. If you have a law that's well written with. No exemptions is no deductions or assets above fifty millions of taxable at the market value. And he's there is strong enforcement. If there is the political will to make the tax work I think the lesson from the new deal era tech system from post World War Two. US Tax System is that Progressive Gift Exhibition can work in such a context again. It's possible to reduce avoidance too low. So that the counterexample people gave is there. A variety variety of OCD countries that have tried wealth taxes and then essentially repealed them because they were not workable. There's a few that still have them if I'm not mistaken but the general general idea is look where you're talking about people with this much money and with this much online. I mean when you think about the difference between having one billion dollars in two billion dollars is GonNa be six percent that second billion dollars like. That's a Lotta money. What does that sixty million dollars? Yes six sixty million bucks a lot of bucks okay. So if you're looking at okay. I'm worth two billion if I could get it down to one billion I can save sixty million dollars. That is a lot of incentive to go spend spend forty five million dollars on people that can come up with something seen scheme to hide the income. Yeah but how are you going to do that. Look if a few but there's a lot of the they seem to be doing a lot of it right like there's all these like there's all these crazy Caribbean countries I've ever heard of. The people like have have their corporate vessels in the incorporate there and there's nested shell companies that in the Seychelles. I I mean I'm this is not my expertise but they do pull it off. They do they do it. If policymakers let them do it. That's very important to understand if there is a pretty cool wheel to fight tax evasion. Tax Avoidance that's possible. Let me give a number of examples. You were talking about is Caribbean islands and Cayman Islands. and Ba Muda. We'll people create shell companies and hide assets and this is a reality. This is reality that was tolerated for for very long time and then there was a change that happened. In Two thousand ten Congress enacted the Foreign Account Tax Compliance Act which forces foreign financial institutions from Oto Ville the world to send information to the IRS. About the bank accounts counts of the US clients and other threats of economic sanctions and so before two thousand ten there was absolutely no exchange of bank infomation so it was really easy to hide assets in the Cayman Islands since the free account tax compliance. Act It's much harder and not saying that tax evasion has disappeared. I'm not I'd say that the very same bankers who for very long time were helping the clients hide assets. Sometimes you know smuggling diamonds into toothpaste tubes hooves. I'm not saying that these very same people are now old. Honestly cooperating with the IRS. Some of them are violating the law. But however what you see is is that policymakers can decide to enforce Xi's better and new forms of International Corporation can materialize in order to be short of time. I remember because I started studying economics. I study May PhD to nine which was just before this law and at the time when you know looked looked up just to me that country US been countries should have a law like that. No forcing freeing banks to send information to enforce the income tax and when I was saying that at the time people looked at me and they said look. You know you're crazy. This would never happen. How can you force Switzerland or tax havens to send data will never happen and and now it's the reality Okay and so there is a lesson in there which is that yes? Those are pretty cool wheel to enforce. Xi's lots can be so. Do you chalk up. The revocation of these attempts wealth taxes and some other OECD countries particularly in Europe to just like failure political Wilbon. Yes yes it is. It is essentially a big political failure in Europe and a big intellectual failure so many countries use to have some of them still have wealth taxes. There is nothing inherent in wealth taxes. Which means that it should fail? You know it's a choice. And European policymakers curse have been very bad on a number of dimensions first of all. They're tolerated tax evasion. Many Wealth Europeans did have Swiss bank accounts Johnson declared they had to wait for the US to pass a frantic contacts complaints. Act to do something you know. They never were aggressively. Came to trying to enforce the law and fight tax evasion so they tolerate you tax evasion. Second problem perhaps even bigger is that. They embraced tax competition. So let me take the example of of France France used to have a wealth tax. And if you were a very wealthy person in France and you wanted to avoid the wealth tax you could simply a plea move to Belgium. Let's say you move to Brussels. It's a ninety minutes train. Ride from Peres. Very close. Very convenient. Great high-speed train. In as you know and from the day you moved to Belgium. That's it you don't have to pay to French and fortunately the US is is different in the sense that if you are US citizen and you move abroad the taxes follow you. US citizens are taxed. It's based on citizenship. Not on where they live which means that the US wealth tax would be much less vulnerable to tax competition Shen than the European wealthed Xi's were because to avoid A. US Wealth Tax people would have to renounce citizenship the the only way that you can avoid thorough taxation and citizenship. Renunciation is a pretty extreme move. Yes in both the Warren end end of Sanders proposals that would be an exit tax on the stock of wealth at the time of citizenship pronounciation for instance into weren't proposal it's tax of forty percent will a hundred billion dollars and you renounce citizenship you have to be forty billion upfront and and sometimes cheaper say oh you know that's horrible you know it's bad policy but no my answer to that is look there is already an exit tax in the US Wesson citizenship. PRONOUNCIATION doesn't exit tax on unrealized capital gains. Warren would do is just make it under stuck of wealth offbeat self which would reduce incentives to renounce citizenship resents quite dramatically. Yeah I mean the only example I know of is Eric Prints The founder of Blackwater who quite famously renounced his American citizenship. I think he said for the lower taxes which is remarkably patriotic thing to do The the the other thing that you hear and I don't I mean I'm GonNa make this argument I think to me the advocacy argument has some teeth to it. Just because it does feel like you know you can't essentially policy your way out of the political will problem right there. Is this kind of political economy problem which is deep. which is these are very powerful people they they a lot of incentive to hoard their wealth and not let tax it and they will do a lot of things to gut whatever policy happened? But I hear what you're saying that if it's well designed there's political you can do it. The other argument which is a more philosophical one and again. I don't think this is that persuasive. And it's largely made by people who are themselves billionaires just basically it's better for Bill Gates to spend that marginal dollar than it is for the. US government like Bill Gates knows what he's doing. He's ending malaria in sub Saharan Africa. Kaz and he's doing all sorts of great stuff and you busy body French Socialist Gabriel Zukerman. Of course you WanNa take his money away away from him this brilliant job creator and have the you know. The bureaucrats of the ginormous state wasted on whatever stupid pet projects. You want to see funded. Yes and that's the debate about charity and the fundamental problem is that charity is just not democratic. uh-huh saying let's leave Bill Gates Choose How to spend his wealth and fine except that it is this is just a return to like nineteenth century Victorian? UK where this is how things well done you know. The government was was small very little tax revenue collection. And and you know you let the wealthy give money here and there depending on whatever caused they want to to advance and I think we've made collectively as nations as communities. We've made some progress. Since the nineteenth century was the development of the social fuel state and the welfare state and progress of of democracy in general and. I hope you're not going to return to that form of Od Yucky and let me just. Yeah no response what you are saying about. Oh yeah this. Is this French Socialist. That's trying to introduce wealthed exit in the US. Think this misses disappoint. Because what we're trying to do in our book is in fact to help the West reconnect with its own tradition of tax progressivity and in particular wealth taxation. This is something that's not well known but many states had for a long time wealth taxes X.'s. I'm not talking about property. Taxes on real estate and land and talking about taxes on all of wealth including financial says including equities and bonds and so on Francis Massachusetts as far back as the seventeenth century had a wealth tax which remained in force and one thousand nine hundred fifteen a number of other than states had their own wealth Texas which were extreme modern for the time More broadly V. Wes had the most progressive progressive tax system in the world the US invented too key. Progressive Fiscal Institutions One is the shopping progressive progressive income tax with almost confiscatory marginal income tax rates of crews to one hundred percent in the middle of the twentieth century. The other where is the very progressive state tax with against attacks on wealth one time but with tax rates close to eighty percent. And what I want to say is that.

US Bernie Sanders Wealth Tax Elizabeth Warren IRS Bill Gates Texas Bernie Sanders Xi Belgium Emanuel Europe irs Progressive Gift Exhibition Seychelles Congress
"bernie sanders wealth tax" Discussed on Radio Free Nashville

Radio Free Nashville

09:06 min | 10 months ago

"bernie sanders wealth tax" Discussed on Radio Free Nashville

"The value of the house in interest rates were capped at one percent and the the the issue that made this all operational was that the federal government for the first time stepped in and said we will ensure the mortgages of all of these homes that are purchased under the terms of these programs in the inner city for the first time so what mortgage insurance meant the FHA wasn't lending money but it it told the banks that if someone to falter goes into foreclosure we will pay the loan off in it essentially removed all the risk from from the banking industry and this really helped to crack wide open the urban housing market and and completely unprecedented ways and so now you have speculators who were coming in who are buying up properties many of which had already been condemns or they were in very poor condition they'd do it cheap rehab which often just thing involved a quick coat of paint in they would flip them to poor and working class families that were desperate for housing in one of the things that I look at him in the book is the way of that black mothers black women who are living in public housing who welfare recipients were particularly targeted by the the the real estate partners in this program on that that the hope that they would go into default and that they would for clothes because the the the banks from making their money not just because the the loans were insured but they made their money for every loan that they secured am on the closing costs of selling the house in the first place and so the more foreclosures the more that they could take the same house that was in poor condition in salad and repeat this process over and over again and so many of these families when they move into these homes within a matter of weeks and months realizing that they were and such deep disrepair in themselves being on extremely fixed incomes would just walk away in so the the hud programs were not the the the basis for all of the abandoned and in in cities during this time there are a lot of different factors that include the out migration of of of whites that include the the beginnings of the movement of some African Americans to the suburban periphery so there many different pressures that are existing go out with them at the at the housing market in neighborhoods at this time but the the the role of of hide can't be underestimated because one of the issues that arises is that as these properties some of many of which the the value has been inflated because hide his hired part time real estate agents as appraisers who it's a low wage job they are susceptible to bribes the real estate agents bribe them to inflate the value of the homes and so when these houses go back to hide they can't be resold because they've been over valued and so that is why it hurts housing river reserves becomes so large and so what they do is they start selling having open options for these houses selling them for anywhere between a dollar and a hundred dollars which then invite speculators to come back and to buy the house is it to begin the process all over again so even if I had wasn't responsible for all of the abandonment issues that are happening in the cities at this time these actions certainly weren't helpful and I'm wondering also there are some housing advocates who especially in the African American and Latino community who have claimed for years that there was a political purpose as well as a racial racial bias in federal housing policy they point to the the nineteen seventy four think community development act that specifically set out a goal of spatial the concentration of the inner city too and it in essence because there were as you pointed out that the government was so worried about the Ryan sand and all unrest in the inner city that there was a political project to remove African Americans and Latinos from the inner city in essence to defuse the danger to urban America well there certainly was a debate about it I don't think that there is a a consensus position even you look in the the within the Nixon administration Daniel Patrick Moynihan since the the mysterious liberal who ends up and you know that it's coming up with all these conservative positions a man is an adviser to Richard Nixon definitely favored a a political project of deep concentration meaning the pushing African Americans into the suburbs speak at a moment when black people are concentrated in cities which for the first time becomes the basis of political power in this is coincides with what we see is the emergence of add the black political class and black elected officials add new mayors African Americans being voted to to to to Congress the congressional black caucus forms informally in nineteen sixty nine informally in nineteen seventy one so this is all happening at this time but for someone like Nixon there's a problem which is that you know he is spent those the first term of his administration carefully curating as as the coalition of disaffected angry white suburban homeowners in part of the appeal but he makes to them is that I will keep your neighborhoods and communities white and so there is a big debate about where because one of the things that the high tech does is that it mandates Congress to produce twenty six million Jews units of new and used housing Rehat rehabilitated housing within a ten year period and so one of the big dates debates that emerges were well where will this housing go it's very expensive to build in cities because of insurance costs because of land cost and so this means that you know to keep this housing cheap and where there is plenty of space it should be built in suburbs white people in the suburbs don't want affordable housing low income housing in their communities because they know that that will bring African Americans into those neighborhoods within black politics there's a debate among those who see the the the potential for the development of black politics in black elected officials based on the concentration of black people in cities but but people in search of housing know that as a captured market within the city that it limits their housing choices it places downward pressure on the conditions of the housing and upward pressure on the price of housing when they are confined to one aspect of the market so many African American working class and poor African Americans want housing where ever they can secure it so all of that is to say that this is this is a highly contested issue where African Americans I should live both from white conservatives in white political operatives but also within the black community itself going to break and then come back to this discussion want to ask you about Bernie Sanders wealth tax and also this fifth anniversary of the growth of the black lives matter movement candy amount to Taylor is a professor at Princeton University her new book is just out it's called race for profit how banks in the real estate industry under mine black home ownership this is democracy now back with her in a minute future people my Alabama shakes this is democracy now.

"bernie sanders wealth tax" Discussed on WMAL 630AM

WMAL 630AM

12:31 min | 11 months ago

"bernie sanders wealth tax" Discussed on WMAL 630AM

"Property. president covered a lot of ground in this speech to the United Nations but of course that was not the big news of the day this was the big news of the day addressing a six committees to proceed with their investigations under that umbrella of impeachment inquiry the president must be held accountable no one is above the law. a quick question what law did the president break. yeah that's I I saw that everywhere no one is above the law no one is above the law no one is above the law we support this because no one is above the law. what law did the president break where is. where is it Biden said it and hello she said that that was the talking point nobody is above the law what law did the president break. can anybody answer that question. anyone. well we we get right to the heart of the matter that's the accusation what is the law that the president broke. that was the reasoning given for the Nancy Pelosi to endorse an impeachment inquiry by the way a lot of Republicans are merely have back and said well this actually means nothing. there's no vote. now before you started in page or you need to have a vote are you gonna put everybody. on record does everybody want to go on record now in the Democrats. yeah you know it's not going to happen in the Senate so this will go. absolutely no work well even the house does do they you know we we they they've got the count of what is that I saw last I saw two oh two but do they want to go officially on record for an impeachment inquiry as I said hello she can't do this on our own. yeah because of if they know that they know what's going to die in the Senate it's not gonna go anywhere in the sent. so. the only thing this is about is putting it on record. so do they want to yeah. do they wanted on do they want it on record it's no it's not going anywhere is are just pointed out it's not going anywhere except. impeachment. presidents not going to be removed from office no that's not going to happen right from the from the allegations of the information that we have right now right. that that isn't happening. and and so by the way we we predicted this couple weeks ago but we have this discussion supposed young this is only place are gonna gal I mean I wasn't surprised yesterday I saw a lot of outrage I can't both why what rage mean have you not been paying attention the last two and a half years this was the only this is the only place to Democrats could go they're not about substance are about. political rhetoric there there is still in shock because they because of their delusional a motional state that their ran believe that the election was not legit. based on what we don't know. we saw what happened for the last two and a half years. where the Democrats were screaming that the president colluded with the Russians that had the election and then it became to change the outcome of the election and what we found out is the exact opposite happened. yeah I'm. they do do they have the votes do they. actually want to go through with. because you wanna motivate his base. as if they're not motivated yet yeah go ahead. you're talking about you're talking about likely something that would motivate his base. two to No Way it really. because you you push this through. it goes no where in the Senate he's still president he's still running his campaign and he takes that out like the martyr and all the sudden his base grows as a result of it. we weren't surprised by this because we believe that with the inspector general's report coming out with William bar on the job looking at everything surrounding what happened in the twenty sixteen election the Democrats need something. it's interesting that pelo C. endorses an impeachment inquiry on the day that trumps job approval rating. it's it's best spot in two years Jessie Rasmussen by the way fifteen hundred likely voters a huge sample fifty three forty five approval of trump's jobs from job. down from the the the the likely of voters are coming up on the show blows universes impeachment inquiry but does that mean anything we just mention that the White House the or not they're good except that we've just of the closing doors as impeachment inquiry on the day the trumps approval ratings hit the best spot in two years we'll tell you more about that the White House says it will release a transcript. they were released a transcript later on today and also a document that shows that the whistle blower had political bias and the inspector general noted that political bias and that political bias was an anti trump bias and a promotion of an opposition candidate. Senate Democrats hesitant on the impeachment probe the debate on using children for adult political debates continues Bernie Sanders wealth tax you just see that he said yesterday there should be no billionaires right. no such thing as a billionaire no such thing. eight percent wealth tax. Jeff Bezos would get hit with nine billion dollars in taxes a year a year yes you would in essence because robbery they he would do this for anybody who makes over this would be if your wealth is over thirty two million for forget about billionaires they're going after millionaire right. because if it's and this is on top of income tax and everything else this would be a separate now it's not going to happen now but it's just important to note what these people actually wish to do. there should be no rich. that the government should acquire all of. all of the wealth that exists because in a ten year period. unless you have some pro growth in your wealth. in ten years eighty percent of your assets. are gone. yeah I'm I proposed. that no one. on Capitol Hill make over twenty five thousand a year. and very few people Wall Street journal picked up on it we talked about it yesterday also Europe looks to trump and the and US presidential leadership to get a new deal with Iran yes all. the way we need to comment on this the president and the tone at the U. when yeah definitely not in rally mode no I actually I literally fell asleep watching it on a live on what. this morning or yesterday morning literally fell asleep watching it I don't think I've ever fallen asleep watching the president live. ever. but I felt I felt asleep watching it look it was calculated I'm. they did that on purpose but not not want to but I'm and by the way I thought it was a I thought the substance of it what content was great it was a it was was a great. each I I I don't know why they decided to go with such a mellow why yeah because I believe this was calculated is did happen to do that is we know trump is is a much more of an animated person then we saw at the U. N. so obviously was calculated and maybe was calculated to big because they they realize that there's been great movement that and we've said this before doesn't matter who the president is the world always looks to the United States for leadership. you know we may hear you may have you may have the we need to lead from behind by the way is that the dumbest statement to ever be made political statement when it delayed from behind yeah. when he said when Obama said that I said that's basically the Buffalo Bills mindset but and that's not happening. the old Buffalo Bills not not not not the not not not this season now I can I can say that I'm a bills I can say it too I hate about you not even paying attention of football this year I know that's why the United center that's why when you said I hate football but I'm a bit probably I think it was calculated because the baby he wants they want to tell me I understand that this helps the president that the president now that this is good news when you have brought up Great Britain France and Germany. I agree with the president are looking for US leadership and they wish they agree with the United States ana ran they agree that a new or ran deal is needed when that's a monumental now it's getting lost in all the impeachment talk we don't want to get we don't want that to be lost because it was a huge moment for this presidency huge moment I'm sure you know when I was watching this speech he covered Iran the border with Mexico and and trade with China. and he covered all the points that you that needed to be covered in each of those and knowing especially when he's talking about around. knowing that he was going to get that he has that support now international support and the fact that he was at the U. N.. was was very interesting to watch. play out this up you'd turn only don't it it's that's that's that's basically the the tone of the U. N. unless you're sixteen then. then your tone could be different. but the I do believe it's our it's going to be interesting to see. because I'd like to see that same support for each for trade with China. I would like to have seen that same support the problem I think that they ran into the administration is that they were wheeling and dealing with every friendly trade partner. at the same time and so I think no one could really trust them on trade and didn't want to jump into the game with China right well while they all agree. in terms of especially intellectual property rights. I don't think they want to get into the game and and and jump on board with the U. S. in that effort because of the lack of trust well part of being of a president is actually building building coalitions and you build coalitions but as you see the world wishes to build coalitions but with the U. S. as a leader that's just the reality of it we said this before when I remember when Obama was running in we we get calls from people saying well we don't want to be the policeman we don't want to be the leader sorry that's the cards you've been dealt yeah right just the reality we're still the world's where the world's lone superpower still today. and then it falls on you those of the cards.

president China. United Nations US Bernie Sanders Jeff Bezos Obama partner. Iran Mexico two years nine billion dollars eighty percent eight percent ten years ten year
"bernie sanders wealth tax" Discussed on 77WABC Radio

77WABC Radio

12:43 min | 11 months ago

"bernie sanders wealth tax" Discussed on 77WABC Radio

"Market barriers heavy state subsidies currency manipulation product dumping force technology transfers and the theft of intellectual property. president covered a lot of ground in this speech to the United Nations but of course that was not the big news of the day this was the big news of the day correction has six committees to proceed with their investigations under that umbrella of impeachment inquiry the president must be held accountable no one is above the law. a quick question what law did the president break. yeah that's it yeah I I saw that everywhere no one is above the law no one is above the law no one is above the law we support this because no one is above the law. what law did the president break where is. where is it Biden said it and hello she said that was the talking point nobody is above the law what law did the president break. can anybody answer that question. anyone. we we get right to the heart of the matter that's the accusation what is the law that the president broke. that was the reasoning given. for the Nancy Pelosi to endorse an impeachment inquiry by the way a lot of Republicans are mentally hit back and said well this actually means nothing. there's no vote. no before you started impeachment inquiry you need to have a vote are you gonna put everybody. on record does everybody want to go on record now in the Democrats. yeah you know it's not gonna happen in the Senate so this will go. absolutely no work well even in the house does do they you know we we they they've got the count of what is that US west I saw two oh two but do they want to go officially on record for an impeachment inquiry as I said hello she can't do this on our own. yeah because of if they know that they know what's going to die in the Senate it's not gonna go anywhere in the sent. so. the only thing this is about is putting it on record. so do they want to yeah. do they wanted on do they want it on record it's no it's not going anywhere is just pointed out it's not going anywhere except. impeachment mmhm presidents not going to be removed from office no that's not going to happen right from the from the allegations of the information that we have right now right. that that isn't happening. and and so by the way we we predicted this couple weeks ago when we had this discussion supposed young this is only place are gonna gal I mean I wasn't surprised yesterday I saw a lot of outrage I will why what rage mean have you not been paying attention the last two and a half years this was the only this is the only place the Democrats could go they're not about substance are about. political rhetoric there there is still in shock because they because of their delusional a motional state that their ran believe that the election was not legit. based on what we don't know. we saw what happened for the last two and a half years. where the Democrats were screaming that the president colluded with the Russians to hand the election and then it became to change the outcome of the election and what we found out is the exact opposite happened. yeah I'm. they do do they have the votes do they. actually want to go through. because you wanna motivate his base. as if they're not motivated yet me and go ahead there. you're talking about you're talking about likely something that would motivate his base. two to No Way it really. because you you push this through. it goes no where in the Senate he's still president he's still running his campaign and he takes that out like the martyr and all the sudden his base grows as a result of it. we weren't surprised by this because we believe that with the inspector general's report coming out with William bar on the job looking at everything surrounding what happened in the twenty sixteen election the Democrats need something. it's interesting that pelo C. endorses an impeachment inquiry on the day that trumps job approval rating hits its best spot in two years Jessie Rasmussen by the way fifteen hundred likely voters a huge sample fifty three forty five approval of trump's jobs trump's job. right now from the the the the likely of voters are coming up on the show blows he endorses impeachment inquiry but does that mean anything we just mention of the White House or not they're good except that we've just of the blows endorses the impeachment inquiry on the day the trumps approval ratings hit the best spot in two years we'll tell you more about that the White House says it will release a transcript. they were released a transcript later on today and also a document that shows that the whistle blower had political bias and the inspector general noted that political bias and that political bias was an anti trump bias and a promotion of an opposition candidate. Senate Democrats hesitant on the impeachment probe the debate on using children for adult political debates continues Bernie Sanders wealth tax to see that he said yesterday there should be no billionaires right. no such thing as a billionaire no such thing. eight percent wealth tax. Jeff Bezos would get hit with nine billion dollars in taxes a year a year yes you would in essence because referee the he would do this for anybody who makes over this would be if your wealth is over thirty two million Ford forget about billionaires they're going after million right. because if it's and this is on top of income tax and everything else this would be a separate not it's not going to happen now but it's just important to note what these people actually wish to do. there should be no rich. that the government should acquire all. all of the wealth that exists because in a ten year period. unless you have some pro growth in your well. in ten years eighty percent of your assets. are gone. yeah I propose. that no one. on Capitol Hill make over twenty five thousand a year. in very few people Wall Street journal picked up on it we talked about it yesterday also Europe looks to trump in the and U. S. presidential leadership to get a new deal with Iran yes all. by the way we need to comment on this the president and the tone at the U. when yeah definitely not in rally mode no I actually I literally fell asleep watching it on a live on what. this morning or yesterday morning I literally fell asleep watching it I don't think I've ever fallen asleep watching the president live. ever. but I felt I felt asleep watching it look it was calculated I'm. he did that on purpose like no no one but and and by the way I thought it was a I thought the substance of that Wisconsin was great it was a it was was a great speech I I I don't know why they decided to go with such a mellow why you know because I believe this was calculated is did happen to do that is we know trump is is a much more of an animated person then we saw at the U. N. so obviously was calculated and maybe was calculated to big because they they realize that there's been great movement that and we've said this before doesn't matter who the president is the world always looks to the United States for leadership. you know we may hear you may have you may have the we need to lead from behind by the way that the dumbest statement to ever be made political statement we need to lead from behind yeah. when he said when Obama said that I said that's basically the Buffalo Bills mindset but and that's not happening. the Buffalo Bills not not not not the not not not this season now I mean I can say that I'm a build up I can say it too I hate the bill and you don't even pay attention of football this year I know that's why the United tension of the language that I hate football of but I I it it probably I think it was calculated because he may be once they want to tell me I understand that this helps the president that the president now that this is good news when you have brought up Great Britain France and Germany. I agree with the president are looking for US leadership and they wish they agree with the United States ana ran they agree that a new or ran deal is needed when that's a monumental now it's getting lost in all the impeachment talk we don't want to get we don't want that to be lost because it was a huge moment for this presidency huge moment I'm sure you know when I was watching this speech he covered Iran the border with Mexico and and trade with China. and he covered all the points that you that needed to be covered in each of those and knowing especially when he's talking about a rent. knowing that he was going to get that he has that support now international support and the fact that he was at the U. N.. was was very interesting to watch. a out the sub due to tone don't it it's that's that's that's basically the the tone of the U. N. unless you're sixteen then. then your tone could be different. but the I do believe it's it's going to be interesting to see. because I'd like to see that same support for each for trade with China. I would like to have seen that same support the problem I think that they ran into the administration is that they were wheeling and dealing with every friendly trade partner. at the same time and so I think no one could really trust them on trade and didn't want to jump into the game with China right well while they all agree. in terms of especially intellectual property rights. I don't think they wanted to get into the game and and and jump on board with the U. S. in that effort because of the lack of trust well part of being of a president is actually building building coalitions and you build coalitions but as you see the world wishes to build coalitions but with the U. S. as the leader that's just the reality of it we said this before when I remember when Obama was running in we we get calls from people saying well we don't want to be the policeman we don't want to be the leader sorry that's the cards you've been dealt yeah right just the reality we're still the world's we're the world's lone superpower still today. and then it falls on you those of the cards.

president China. United Nations US Bernie Sanders Jeff Bezos theft Obama partner. Iran Mexico two years nine billion dollars eighty percent eight percent ten years ten year
"bernie sanders wealth tax" Discussed on Newsradio 970 WFLA

Newsradio 970 WFLA

05:25 min | 1 year ago

"bernie sanders wealth tax" Discussed on Newsradio 970 WFLA

"IRA's or how to get the IRS out of their IRA's are MD's, by the way required. Minimum distributions. And if you're somebody listening that seventy and a half or older. Wow. Be careful of the double tax trap coming up this April. First, not April Fools day, but April tax fool's day because many people get trapped into not understanding how to handle these required. Minimum. Distributions. The good news. Is folks you can reduce them. And in some cases completely. Eliminate them. Now, if you're listening and saying well, Chuck them, not I'm five six seven eight years away from eight seventy half. Great. You've got a runway of time in a perfect tax reform plan. That's got at least a couple more years to go under this current president that there's never been a better time to get your money untaxed in to prevent you from having higher or even having required. Minimum distributions. Let me give you a couple examples of why this is so important. It's one thing to why we're focused on our tax returns to get more focused on the return of tax the tax that we should have returned that. We're unnecessarily paying and we see this time in time again, especially with their tax team in our proprietary tax saving software. But why are we focused on tax will folks taxes are predictable? There's predictably avoided as they are predictably overpaid. Many people don't have a tax plan. They have a tax accountant. Let me give you a case. In point. We had a client this week that said. Tax planning. You mean your tax team you and your tax team get together with clients before the end of the year. So that you can plan for what tax strategies can save that particular year. I said, well, of course, he said well. My my my CPA doesn't have time to get with me barely enough in the first quarter of the following tax year. So there's not any time to do tax planning. Folks. That's customary some people I've talked to said, no, I'm still doing my own taxes, and they're missing the boat. They're missing the fact that there's a difference between a counting which is checking the right boxes by the filing filing by the right deadlines and tax planning, which isn't just recording history. It's preventing history from being made. In other words, you have a proactive approach, right? Offense wins games. Excuse me. Offense sells tickets, but defense wins games was once said, right? And what you you can defend what you don't have to pay. Right. And that's more predictable. Let me give you an example. Just this month, we addressed serious unnecessary taxes from brokerage accounts. We had one client who ended up losing about eight percent last year. The got a capital gain tax Bill for fifty thousand in his mutual fund retail. Mutual fund account, which we thought was bad, which that was an unnecessary roughly ten thousand of tax was being just thrown to the wind that same week we met with a client that got a phantom tax Bill for two hundred sixty seven thousand which was costing him fifty two thousand extra year, and then that same week when we didn't think it could get worse. A client got almost a fan of tax Bill for four hundred thousand it was three hundred eighty seven thousand last year. Still lost about twelve percent on the account ended up still getting a tax Bill and has to fork over almost another seventy six grand just for the sake of having an inefficient tax brokerage account right now think about your thinking in that that's just waste. But it's as these three gentlemen in in in their wife said, we didn't know what we didn't know. Right. Another business owner we met with this week, right? Has a has had the same historic CPA for years had no idea with the sale of his business with one proven tax savings. Strategy could save him two million and unnecessary tax on the sale. His account knew nothing about it. Okay. Just this week. We had another client. Well, we'll call it a retired couple and they had three hundred thousand or IRA's in their required. Minimum distributions were forcing eighty five percent of their social security tax their brokerage account inefficiency of tax was generating more tax. Right. And there was pushing them into a higher marginal tax bracket, and what it was translating into is they were given up an extra roughly fifteen hundred a month of unnecessary tax. So we simply did to remember two words if you don't remember anything else shifting in timing. Right. Shifting and timing to save tax folks in take advantage of this tax window. I think the two pressing calls to action here or while it's top of mind with tax season. Learn not just the the filing of your return, but the return of your taxes, but the return of the taxes that you shouldn't be filing taxes on or should need to be filing taxes on and think about your thinking more taxes are coming financial transaction. Tax proposed by Bernie Sanders wealth tax proposed by Elizabeth. Warren. Free government paid income proposed by. Cortez out of New York with the green new deal. That's definitely going to cost many of us a lot of green. And it sure doesn't look like it's much of a deal. So folks, there's things that you can do. But the timing couldn't be more important for two reasons. One with this tax deal windows going to close soon. To the higher taxes are on their way, just look at any democratic presidential running candidate. And they're calling for a multitude of taxes that are clearly coming folks, here's what you can do..

IRS MD Bernie Sanders Chuck accountant president Cortez business owner New York Warren Elizabeth five six seven eight years eighty five percent twelve percent eight percent