We don’t need a wealth tax.

Robert Reich lying about tax policy? Must be a day that ends in Y

and you even steel man their argument by assuming their assumptions on new tax revenue is correct and would hold discounting any behavior changes it still doesn't work

Hilarious that these creeps' definition of "fair" is "it impacts someone else, not me".

Wealth tax is the dumbest thing ever. They're eventually going to start taxing the wealth of everyone. People don't realize that a wealth tax means you pay based on what all your stuff is worth (minus debts,) NOT on income. So you could be someone living on your great grandparents old farm land and make $40k a year, and you're gonna have to pay taxes based on the current value of all your land and buildings etc on it. Not the amount the great grandparents paid for it in 1900 or whatever.

Still waiting for anyone to explain how to get the government to use our tax money more efficiently. Giving wasteful fools more money fails to solve money management problems.

To enforce an Annual Wealth Tax, the IRS has to determine who is actually above the wealth threshold. That would require appraisals, audits, accountants, lawyers, IRS agents, and valuation disputes. They would have to create a massive bureaucracy that would cost BILLIONS OF DOLLARS EVERY YEAR just to figure out what people owe, before collecting a single dollar in tax. Wealth is tied up in assets not cash, so where does the tax payment come from? They have to liquidate assets (this practice is literally written in the Communist Manifesto) which would then evoke Capital Gains Taxes. So that "5%" Tax then turns to over 15%. And not only that, the value of Assets drops immediately when a Wealth Tax passes. And the best part, all of what I said above is IRRELEVANT because before any of this took place, you would see Capital Flight. So when the wealthy leave, how do you now pay for the Free public college + higher teacher wages, Free childcare and paying stay-at-home parents, a fund to build schools & factories across the country, etc. ? The answer is that WE will have to pay for it. OUR taxes will jump by a lot to be able to afford it. That’s why countries such as Sweden, Denmark, France, and several others quickly abandoned wealth taxes after almost ruining their economies. And now they have the highest income tax rates (not even gonna get into the VAT Taxes as well) to afford their welfare programs. But they also have some of the strictest immigration and border policies to protect those same welfare programs.

The people saying greater tax revenue would help the people have clearly never worked for govt. it’s the most inefficient use of, and biggest waste of money.

Curious as to what was the top 0.1% in the 1950s income was in current dollars and what share of total income did they take versus today?

The govt is an insatiable, corrupt, grossly inefficient beast. We need reform, not taxation.

Most of a billionaire’s wealth is in stock. A wealth tax would require them to sell huge blocks of shares but with no one to buy those shares ultimately it would crash prices, the stock market and the economy.

How would even tax unrealised gains, would you force musk to sell stock? That sounds like a terrible idea.

I was hoping you would mention Land Value Tax as an alternative. Did you ever have a video on that? It seems like your kinda topic.

Great counter points but the substance of their argument is really just "other people have money/status and I want it"

Elon musk might have 20 million dollars liquid and can’t be taxed based on the price of a car or something like that

Wealth tax, to the economically illiterate - read that as Democrats - would take productive capital out of the economy and give it to government bureaucrats who would use it for counterproductive programs, waste, and their own corruption. This would make life worse for everyone.

Robert Reich is as smart as he is tall (Seriously though, look up how tall he is)

Private property/wealth should be considered sacred. Off limits.

Well done, ty

Robert Reich is a commie goblin

correct, it's related why the california train can't get built

I always enjoy your analysis and communication. You have have me appreciate our economy more.

Great post man

Good stuff. Easy to understand.

Great video. My hunch is that even if a wealth tax is limited to billionaires that it would still overall harm ordinary people indirectly. Might be hard to make that point with a short video, though.

Taxation is theft.

Yep. Taxation is theft

Great post like usual.

Dude, it's just liberal economics. A lower income bracket, when more wealthy, means that the entire country progresses faster in development, in ALL areas. We DO need to trim the knees off these giga wealthy If you don't, them things are going to end up one way you don't want.