While Sen. Bernie Sanders proposes an important increase in the estate tax, Republicans are gearing for its complete repeal. Morris Pearl of the group Patriotic Millionaires, talks about how the Republicans’ plan would help the rich from ever being taxed
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Lying is really a bad thing for the society, PEOPLE pay tax for many things whenever they buy or sell property they pay tax, people also pay tax on their income, how this guy CLAIMS THEY DON'T PAY TAX WHEN THEY MAKE A MULTIMILLION DOLLARS COMPANY FROM THE SCRATCH, WHAT A BIG LIE, DO YOU THINK BILL GATES AND OWNERS OF APPLE HAVEN'T PAID TAX IN THEIR ENTIRE LIFE? Bill Gates is a liar, if he wants to give away his wealth and leave nothing for his children, then what is he waiting for? He can do it right away, Sanders is a stupid communist.
I could make a lot of money to if i could rig the system like they have for the last 40 years.
Not talking about the right people. The people of interest are in the lowest half, no wealth to little wealth. They should not have to pay any estate taxes at all. The extremely wealthy should pay all the estate taxes & even more than currently is OK with us.
Law should do both things!!!
"Do not weary yourself to gain wealth, Cease from your consideration of it. When you set your eyes on it, it is gone. For wealth certainly makes itself wings Like an eagle that flies toward the heavens."
"we have brought nothing into the world, so we cannot take anything out of it either. If we have food and covering, with these we shall be content. But those who want to get rich fall into temptation and a snare and many foolish and harmful desires which plunge men into ruin and destruction. For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs."
"What is the source of quarrels and conflicts among you? Is not the source your pleasures that wage war in your members? You lust and do not have; so you commit murder. You are envious and cannot obtain; so you fight and quarrel. You do not have because you do not ask. You ask and do not receive, because you ask with wrong motives, so that you may spend it on your pleasures."
"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.”
"You are those who justify yourselves in the sight of men, but God knows your hearts; for that which is highly esteemed among men is detestable in the sight of God."
"Behold, the pay of the laborers who mowed your fields, and which has been withheld by you, cries out against you; and the outcry of those who did the harvesting has reached the ears of the Lord of Sabaoth. You have lived luxuriously on the earth and led a life of wanton pleasure; you have fattened your hearts in a day of slaughter. You have condemned and put to death the righteous man; he does not resist you."
That graph alone should shock and horrify anyone with a basic grasp of economics. One should never see that kind of inversion of the curve, where the people who are already very wealthy start to absorb the wealth of 95 PER CENT OF THE POPULATION – this isn't about "envy" or "hating the rich", it is about the rich using their power and wealth to gain even more, so much more that they would make Louis XIV blush. In a normal, healthy society, 95% of the population would own at the very least 50% of the wealth – distributed among so many people, this would simply mean a normal working and middle class. If 1% own more than 95%, there is something very, very wrong – this is basically a return to the kind of wealth distribution that existed in feudal monarchies. Finally, how ridiculous is it to suggest that a tax on the estates of multi-millionaires is an issue affecting… farmers and family ranches? If a farmer (or ranch-owning family) possesses multiple millions, they are not "regular folk" – they are the modern aristocracy, minus the titles and coats of arms. Naturally, estate tax reform is the ambulance at the bottom of the cliff – capital gains taxes are the way to go, as the mega-wealthy increase their wealth mainly by such means. Still, the fact that a society can elect people who still think rich people need tax cuts as their wealth reaches feudal proportions suggests the real problem is basic education – only a deliberately brainwashed and mis-educated population can seriously believe that the very rich are having such a bad time they need to pay EVEN LESS IN TAXES! This is not a question of "socialism", either – just basic common sense. Think about it – what form does most wealth consist of? Property and stocks/shares. If 95% per cent of the population owns less wealth than 1% – you are already in a feudal aristocracy because most people do not own a home, do not own stakes in a business, and do not have the means to survive job loss or serious emergencies of any kind. There is a word for that kind of existence: serfdom. But even the serfs were better off – if their lord was no good, they could simply leave and find somewhere else to live. Everyone needed physical labour then to tend the fields, mind the animals, an almost unimaginable list of things which needed human labour to get done. Nowadays, machines do a lot of the work – and there simply isn't anywhere else to go. Now, have a nice day, people! Perhaps you can still find happiness in slavery… otherwise, best plan for revolution because no politician exists who can change the system – after all, they are either IN the 1% or they are slaves like you as well.
What a great interview. Thank you Morris for so clearly and compassionately dismantling the right-wing attack on the people.
Theses people don't seem to see that America's infrastructure is falling apart, that lots of people don't have heath care, people living rough family's going hungry. America is obscene.
Only thing they inherited, is Slavery money.
Sanders I'll play ball so I can retain my seat ; so I'll play your game of corruption even though that is what I ran against , two wrongs don't make it right ; Besides that he is a independent and if you can't win your own state after holding it since 2007 without fear of the DNC then you must not being doing well by the people in your district . He is a sham along with the DNC .
tax them AOC
Hold on just a minute. Did I hear "…move more people into the 1%?" Agreed. Let's move 99% of us into that group. :))
The average 0.1% 'er pays seven per cent now. Trump's talk is confabulation. He is just trying to distract from his taking over the country. If he can declare a fake National Emergency based on the Congress not being able to keep the country secure, he can leverage that day by day into complete control of the country. Keep in mind that the President is demented. He is not capable of the planning and implementation of what has been done to destroy the country thus far. He is the face of the coup. We are officially a Plutocracy.
This guy has no idea what he is talking about. We pay taxes that were not even dreamt of back in the 50 and 60's. A flat tax on all purchases with absolutely no exemption is the only fair solution with no question about who is paying what….until then all you are doing is trying to take wealth that you have no right to. It is none of your business who gave it to them…..you certainly did not earn it.
If Steve Jobs spent his whole life on a deserted island, would he have created everything he gets credit for? Would he have accumulated all his wealth? Of course not, society is essential for creation of both, there is a genuine debt owed to society.
Interesting segment. Would be interesting to know how many people this proposed tax affects and how much would be collected pr year? Does it stand a chance of getting passed?
If your chief complaint is that agricultural legacies bear a disproportionate tax burden, then wouldn't an easy remedy be to either exempt these types of inheritances or reduce their tax rate proportionate to their earning capacity relative to their overhead costs?
i think you should not be able to pass wealth from generation to generation and that will make every person born is on a level playing field or at least have a cap of how much can be past to the next generation .
For those who praise the coming of New Earthly Lords:
You will never be rich; you will never be a part of the higher echelons of society; you will die an obscure death with the rest of the peasants. The estate holders do not see you as a part of their circle, they never will, because they view the rest of humanity—including you—as sub-human trash that they have every right to exploit and discard. They command the murder of thousands a day so as to keep their operations running smoothly, and they have done so for centuries; Neo-Aristocracy and Feudalism is the name of the game, and you are a bit piece. Pretend that, without Government, you will rise, recognized and exalted, as some new captain of men. Parrot the gospel of your pseudo-Liberal mantra for your masters, proud slave—they own the government and they own the economy, ergo they own you. Carry on, and do as Milton and Hayek commanded: love your gilded chains; skulk in the shadows of those who would view you with cold contempt. Buy, but also sell—sell, sell, sell.
Some billonaire who fires his workers and invests in robots.
"Now we've given them this fantastic opportunity to go out there and create their own wealth."
There are some very envious people here. Many people who are successful now, were poor. Most of came here with just enough to pay a lawyer for papers. Living in a 1 bedroom for 10 years. Working hard to earn their wealth to pass down to their children. Saving their money, not buying useless garbage as consumers.
Teach people to save and stop consuming.
You're all mindless and have never run a business before. You have never employed people.
Maybe some tax might have some benefit, ONLY if those taxes are tied to certain programs. Not to put it in a general fund. Government taxing is horribly inefficient.
Stop thinking taxing people and growing government, will help society.
We have stories of Robinhood, who are showing you taxing is what causes the pain of the country. It's ridiculous to push for government to tax anyone more. Stop being mindless, more taxes does not help society.
$3.5M is not significant wealth. Today that’s 350 acres of good farmland. That will earn the holder in a good year with LOTS of work maybe $50-100k/yr. if you destroy those small farms you consolidate monopsony into larger corporations.
You…DO realize that they paid taxes on their money…when they earned it, right? If I buy a car, it becomes my property…if I earn money and paid my taxes on it, it is my property to do with as I see fit. If that means leave it to my family, that’s my prerogative. Who in the flying hell are any of you to tell me that you deserve a cut of what I have worked for?
These people have made their money off the backs of workers. They would have nothing without their workers. Their greed is appalling!
please don't play any more fox "news" BS
money was invented as an instrument to buy and sell goods and services. if you hoard money, it never gets exchanged, so is it even money? billions of dollars sitting idle is not even money anymore- it is power. taking a huge chunk of money out of circulation dramatically and negatively affects the whole economy. if these uber-rich hoarders were hoarding their wealth in say, gold, instead of dollars, they would still be rich but they would lose all the POWER over everyone else that their hoarding gives them. i say there should be a limit on hoarding the national currency, and for any amount over a billion by any person, every dollar that goes uncirculated for more than a 10 year period is forfeited, period.
Republicans demonstrate their "advanced" concept of social responsibility.
In the past wealthy owners of large business or the heirs themselves would often protect their estates by purchasing life insurance policies that would offset the estate tax their heirs would pay, so avoiding the necessity of selling the business/farm to pay the taxes. Insurance benefits, by the way, are not taxable. The costs were thus spread out over time and became just another cost of doing business and ensured an orderly transition upon the death of the owners.
Fox is ridiculous. This is a way to reduce income inequality. No matter how innovative you are or how had you work, no one should be hoarding billions of dollars. Your kids damn sure don’t deserve to be billionaires solely because they were lucky enough to be born into the right family.
Every time money changes hands whom ever gets the money should pay taxes. Just as your employer(owner of the company) pays taxes upon the money he earns when he pays you you pay taxes on that money. The 'death tax' is a misnomer.
I agree. There should be no estate tax. Congress under the democrats thinks it has the right to our money whenever they please. America fought a revolution over taxation. The Declaration of Independence say no taxation without consent. Where does Congress get the idea We do not have money to pay for things because of the trillions Congress approves for war. Congress does not have point blanche claim on the monies of the wealthy, the middle class or the poor. I hope the wealth keeps hiding their money from the greedy figures of the democratic Congress. They continue to by the party of tax and spend.
Not only should Congress be held accountable for the double taxation on inheritance, it should be held accountable for the double taxation on the social security received by poor senior citizens. Where is the Wal-Mart argument for taxing social security? What approving citizens did Congress represent when it enacted those taxes?
It is a lie that capital gains it not taxed. It is a lie that inheritance passed on is only capital gains. A business' wealth comes from the income it has made over the years. Capital gains is income gains from being in business over the years. He would like to have us think that Wal-Mart made its wealth, capital gains merely by just opening its doors. It made its wealth by selling products, making income on those products, paying taxes on that income including what is left over called capital – capital gains. Capital gains is taxed when earned. Then taxed again when passed on to heirs.
Not only is capital gains passed on to heirs, so are homes, other properties, savings from income earned… all purchased with income that was taxed. Then depending on what was purchased it is taxed again like with property taxes. When that property is passed on it is taxed a third time.
Time to let Congress know that our monies are not automatically theirs to take from as they please. Time to hold Congress accountable for the monies they already take from us. This should also be true for the state, local and county taxes. Then there are the fees we are required to pay. We cannot even have a mate in life without paying the government a license fee. We cannot fish without paying the government a license fee. We pay for the legal system with our tax dollars and then have to pay again, a second time when we use the legal system. We pay for the court house, the jails, prisons, and the salaries of all employees including judges and prosecutors. Then have to pay an additional fee to use the taxpayer funded courthouse. Time for government to stop adding to the poverty of the American people.
Oh, and this aint hatred of wealth, it's hatred of how greedy and selfish they can be and how unfair a system we have that creates such inequality. The rich benefited from the implicit investment society as a whole made in them. Now's time to see some returns on that investment for society. If I had that much money I'd be more than happy to repay the sytem that allowed me to become that rich.
Ha haaaaa. That lady just said "we should be talking about how to move more people into that 1%". It wouldn't be the 1% then, would it, unless you increase the population! But on a more serious note lets end the notion that equality of opportunity and reward for the aspirational is the be all and end all of it. If economic policy doesn't make everyone better off then imho it is bad policy.
If we were all in the 1%, then we'd be the 100%. Apparently Fox News hosts can't pass Grade 3 math.