Smart Card Know How
You got the Swedish flag wrong its should be blue were you had white
Except by and large most economic libertarians aren't concerned by increasing taxes of the top 1% being income earners of over $500,000 , it's more a case of the wildly unsustainably rich people forming the 0.05% of America. According to Business Insider, the top 5 richest men in the US are worth $435.4B, over 2% of the country's entire GDP. The problem with this video is that it falsely represents the idea of what is "fair" when it comes to income tax. Yes, taxing someone that earns $500k and $3+billion annually in the same tax bracket wrong, as there is a VERY big jump from those earning $500k, and all the people on the forbes 400 list. However the fact that the 1% make up 17% of all income and yet pay 37% of all taxes does NOT mean that they are "overpaying" relative to the bottom 47% (where the % of income tax in this video isnt given, just "little to no"). Think about all the utilities and necessity goods (toilet paper, food,water, electricity, petrol,gas, rent/mortgage etc) that these lower income earners have to pay for that, relative to the 1%'s expenditure for the same things, is drastically more expensive. The only case in which this videos use of statistics would really be "fair", is if the fairness was univariate, the only variable being what proportion of your income you pay in tax. But that's not the case. Take this study for example, http://money.com/money/5157625/ideal-income-study/ , showing that the optimal range for emotional wellbeing is ~$60k and $75k a year. More than 50% of americans don't meet this threshold. The fact that this video tries to equate these lower income earners as "underpaying" income tax relative to the big boys in the 1% is not only wrong, but morally wrong aswell
The rich don't pay their fair share. The actually overpay.
I'm not rich, I can't afford college out of pocket but, I don't care if someone out there makes billions of dollars, it's their hard work and has nothing to do with me or circumstances. I think that lazy or entitled people are the ones who are more likely to complain about other people's fortunate lives..
4:41 “no one wants to minimize the struggles of those at the lower end of the income stratus” Freudian slip or what
Leftists think the rich are the problem when they’re the ones getting rich themselves & become rich themselves. And I don’t envy those who create their own hustle to get where they’re today.
I think what PragerU misses in this video is that the current form of American corporate capitalism does a really poor job of accurately pricing work. Consider that Jeff Bezos makes ~600,000 times what the median annual worker pay at Amazon. That implies that an hour of his time adds about the same value as 600,000 Amazon worker hours to the economy. That's not true. What would be worse to the US economy losing 600,000 Amazon (or equivalent) workers or Jeff Bezos? The 600,000 workers. The wealthy pay more in taxes partially to compensate for this.
I would love to find a list of the studies that back all the facts described here.
Nobody's going to talk about the social security tax? He's a professor of economics, not law or history, so I guess we can forgive him for this one:
According to Hostile Takeover by George Newburn, the powers granted to Congress in the Constitution allow them to tax and spend for the general welfare, but do not grant them the authority to set up banks or financial accounts on the behalf of citizens (can you imagine if they could?).
Therefore, for SS to hold up in the courts, the bill had to be written as "tax and spend" or welfare type bill, but Americans hated welfare and opposed such expansions of federal authority. So, to gather public support for SS, the politician lied to the public, promising the program was "essentially retirement account" because people would be constantly paying into it, and, assumong the population and national wealth would expand indefinitely, assuming government would behave responsibly with all these new funds, there would never be any shortage of funds.
It's okay to be successful and rich, cis white male.
“Let’s make the gov taxes more to satisfy my envy”
They want to richt pay more because to him a çittle more is nothing but to other ricth is destroing.
The wealthy have access to better healthcare than the poor in many ways. I am not a proponent of universal health care unless politicians are held to the same benifit. However there are many things government can do to lower health care costs. Get rid of burdensome and unnecessary regulation. Break up medical monopolies. Eliminate frivolous lawsuits in healthcare. Stop the pharmaceutical and insurance industries from ripping off the people with exorbitant prices. Make those who made unhealthy life choices pay more for their health care through higher taxes and or premiums.
Our federal government gets enough money. It's how it's allocated should be the discussion. I'm Jacob Jensen for JensenU
Lets get ride of income tax entirely. Income tax was for war time. We aren't in any wars as far as I know. We should have to pay them. Instead of raising taxes get rid of them. When the government is given less money to spend they make less debt.
Capital gains tax should be higher
I agree with most of this, but I disagree with your view on Social Security and Medicaid. I did not volunteer to "Pay into" a system I may very well never get the benefits from. If, instead of being taxed at around 7% (Payroll), I was allowed to KEEP that 7%- I would most likely invest it in stocks or bonds that would end up earning me a rate FAR higher than the Social Security checks you receive from the Government.
At the end of the day it's up to the PEOPLE, as individuals, how they wish to spend their income. If they waste it all and have nothing to fall back on, that is their own doing- it isn't up to others who made the RIGHT decisions in life to subsidize those who didn't.
You're right about saying payroll taxes aren't really "taxes"
It's more like forced charity with threat of imprisonment.
WHY do ‘the right’ give a sh*t about these billionaires (who I must say, are typically Jewish)? Feed and help YOUR people…My native, ethnic nationals are my blood, my people, and I’d do anything to support them. If my blood, my people, are homeless whilst someone sits on a BILLION dollars in my nation… there’s something wrong in the balance.
No one should be paying taxes. Taxation is theft, government is violence, end the fed!
A business owner can write miles off, lunch, and business expenses that workers can't. Things that every day American still do or buy but becausethey do not own a business they can't. A worker should be rewarded just like a business owner. So I disagree with this video because it does notdiscuss the benefits given to only some. I voted for Trump and will again, but videos like this are what fuels the democrat workers to vote for democrat candidates. It's not the entire truth. Treat Americans equally.
In what world is he required to pay anyone else anything you should be able to keep what you earn. Everyone should have to pay a flat rate in taxes, you should not have to pay more because you earn more.
The man has given away alot of his money to charity. He owes nobody anything if you say he does, you are the problem with this country and you are a leech, go make your own money.
Bubu But the robots are coming…
I'd like to know how much of what someone earns is someone else's 'fair share'.
If poor people paid more taxes, the money wouldn't be significant and it would go right back to them anway
I agree 100%. It's funny how some millionaires and billionaires like Gates, Bloomberg, and Sanders would argue that they don't pay their fair share. I have no doubt that if the government raised taxes on them to meet their so called "fair share", they would complain.
The poor don't pay their fair share
Liberals think that all rich people are like Scrooge McDuckthat all their wealth is in a huge vault in their basement.that they visit every afternoon and swim around in the Cash.
Instead of actually being Investments in Property and Businesses
It really is understandable though that liberals think it is wrong that super rich people like Donald Trump, Warren Buffet, and Mitt Romney all pay a lower rate than people that make say… 100k.
Bill Gates said he has paid ten billion in tax. He has earned more than 100 billion. He has paid less than ten percent. In many states median and lower income people pay 8% of their income in just state and local tax. The Tax Foundation says it averages 8%. But in most states low income people pay a percentage higher than average. They pay federal gas tax, federal alcohol tax, China tariff taxes of about $1000 per year for a family. They pay more than 10%, more than Bill Gates. Before we consider even a penny of federal income tax many people pay they pay more than the 10% Gates pays. According to Gates. Bill Gates absolutely pays a lower percentage of tax on his income than other people do. He says it would be fine if he paid twice as much. I think he’s right. And I think Prager can’t do simple math.
As a European, I'm always suprised how Americans invariably showcase their ignorance whenever the're talking about European countries. You guys can't even get the Swedish flag right. (3:52)
But then again, you're audience consists mostly of other ignorant Americans, so you can get away with it. :p
He is talking about individuals. It's the corporations that are not paying their fair share. They do this by hiding there profits. RE: social security- Because of the cap on social security (132,900) people who earn more than that pay a lower percentage than I do (making $60,000). If there was no cap Social security would be there for our children and grandchildren. I am not a big fan of SS, but if I pay 6.2% out of my check, then the guy who makes $500,000 should pay the same percent.
Laughs in European, when USA talks about ''having too high taxes''
It goes without saying that far left psychos simply don't understand how capitalism works. As as all things go, they fear what they don't understand, and want to break it.
It's only entitled whiny babies that complain. The rich pay higher taxes that helps fund the country and those that leach off the system
We need flat tax
People become rich by producing a product you are most likely using today.
its not the rich tho its the super rich which own the monopolies paying little to no tax.
This only works if you only count income taxes, and ignore the sales taxes and payroll taxes that ordinary workers pay. It also doesn't distinguish between those that make their money working, vs those that make their money via investment income. Our tax code taxes the everlasting shit out of wages, but if you sit on your but and collect interest you pay only income tax, and even that you pay at half the rate of a wage earner. So no…the rich do not pay their fair share. If someone works hard and collects a high wage and pays taxes the like rest of us, good for them. The problem is with the idle rich sitting on vast fortunes collecting interest and deferring taxes while the rest of us toil under a crushing tax burden.
you can retire with a few million in assets even on a minimum wage job if you invest and live frugally. you'd be considered rich by the socialists that want to take your money.you worked your whole life to gain that wealth though. you are not some evil rich person that exploited people to gain your wealth. you're just the average millionaire that played their cards right… envious poor socialists dont even realize that they could become rich themselves if they'd simply learn personal finance and live frugally.
I hope he votes for trump
Thank you for the information. Bill Gates pays more then his fair share
He sold his soul to the Devil. That should be enough…
"US TAX system is more progressive" – Ok, ok, chill chill. I get it, but please still fix the VAT, ffs.
I swear, if I hear that "fair share" crap again, I may vomit. "Fair share " depends upon whom is saying it.Lefties define "fair share" as everything the "rich" earn.
50% tax rate is bondage. Slavery was abolished many years ago but high taxes enslave the population to the government. 10% tax rate for everyone except the extreme poor is fair.
If money is their thing, GO FOR IT! I don't care how much money a person makes….. as long as they don't try stepping on MY head to do it. Then we have a problem.
That's funny, a new Swedish flag! I have never seen our flag with white instead of blue. How did you get that basic thing wrong?
I know Bill gives millions to plan parenthood
In Germany we have something like a "Rich-tax" that taxes expensive stuff (like e. G. your own boat, super-expensive food) higher than normal stuff.
If you are rich and want to invest the money in your business, the tax does not affect you.If you want to rise your way of living over a certain point, you have to pay th tax.
Everyone is happy, why doesn't the USA establish such a tax?
What we need is a flat tax rate for everyone. Somewhere between 15% and 25% on everyone. Everyone pays the same percentage out of every dollar they earn, be it wages, investment gains, winnings, gifts, inheritance, what ever.
When everyone pays the same percentage then that is fair. When one group doesn't pay much or at all but demands that 'the rich' pay more, that isn't fair.
Oh, and I'd love to see a sort of "line item taxes". This is where YOU decide where your tax money goes each year. There would be a certain percentage that is allocated to military, police, fire and other necessary public services. But the rest, you pick which programs get your money.
Imagine how many leftist scams would be shut down if tax payers could decide where their money went.
Can someone share with me the study or anything that he shared at the end about how higher taxes basically equates to poor entrepreneurship? I need some ammo for an argument.
i don`t care 🙂 my country wastes all our taxes anyways… no healthcare, no good roads, no good food , no good anytihng…. i pay for nothing at all 🙁 in fact i only pay so they wont force me to go to prison.
When the liberals get control of the government (and they will at some point), tax rates are going way up and the economy is gonna tank. Sad but true.
I’m homeless and starving to death but I still think the rich should pay less in taxes.
In 2017, 40 million people struggled with hunger in the United States. The USDA defines "food insecurity" as the lack of access, at times, to enough food for all household members. In 2017, an estimated 15 million households were food insecure.
If you raise taxes enough, the rich will be the only people rich enough to leave and you won't have any more rich people. Problem solved!
I am a little disappointed in PragerU, I thought ye had gotten Bill Gates himself to do a show. I would have loved to hear the words: "I'm Bill Gates for Prager University"
Putain vous etes vraiment completement demeuré ma parole, "its "easy" to imagine 200 workers setting up the obelisk of the concorde in 1 day, now tell me how could 1 man do that by himself in 200 days" the value comes from the collective effort not a from a fuckboy who thinks everyone should lick his balls because he had money in the first place, putains de cons
Bill gates could not pay another dime in taxes and I couldn't care less.
What bothers me is him virtue signaling that hes gonna give 1/2 or all of it away and everyone praises him…yet hes still got it?
This video needs to be shown to all liberals or socialists.
This video hasn't presented a single coherent argument…
I don’t mind paying taxes. It fights the drug war, gives the police high grade military equipment, allows police departments to pay fines for corruption and excessive force without hurting them, it pays for bombs and wars, and it really does a good job hooking up corporations with all kinds of shady deals.
Define Bill Gates
In India, the police kill socialists
In the interest of having a balanced dialogue, I think a progressive would probably argue that a flat tax disproportionately affects ("harms") the poor. 10% of $20,000 is arguably more consequential for someone barely paying their bills than 10% of $100,000 (or a mil, or a bil). The progressive might say a flat tax is unfair in that instance, so we really need to have a more in depth conversation about what a fair taxation system really looks like..
If I daily risk death or injury to earn I living I think should get to keep every cent.
Why am I seeing mike Bloomberg ads on this? Kind of counter productive
very well said, Now if politicians would repeat that publicly,,
What about the corporate welfare we pay more to companies then we do to social security and Medicaid and what about the owner of Amazon he paid 0 in taxes last year and what about the 53% of all incomes go directly to the top the rich are getting richer and and they use their money against all the other American by putting out propaganda ads like this one
We've had a high tax rate before look at the 1930s through the 1950s which helped start social security and Medicaid and made it to where we had the best economy in the world but now America is under attack once again by the companies that look to take every penny out of your pockets
150k is not enough when you have to pay 5-10 dollar for an egg. In my home country, it is 10 cent. So, people with 15k per year income lives a much better life than somebody with 150k in California (for example).
Oh those poor wealthy people please lord won’t SOMEONE THINK OF THE WEALTHY
Bill Gates foundation supports abortion in Africa; racist if you ask me. It's funny how Mr Gates gets mad at liberals that want all his money. But yet for some crazy reason Mr. Gates supports liberal causes.
I'd prefer it if he'd dropped some actual statistics about Germany and Sweden.
No, he pays more than his fair share
You know who needs to what this video is AOC That bitch couldnt get her point across to a fish.
If Bill pays his fare share.. he would have to die.
And guess who comes and swoops those investments, “Chinese invenstors”. I see it happen all the time sadly.
It’s not so much about fair tax law. It’s about the loop holes in the law that make it unfair. For example, why can’t I reinvest in growing myself to avoid all income taxes while Amazon can? They reinvested all their profits to avoid capital gain tax. Don’t we individual have the same right as a corporate entity? They don’t pay healthcare tax nor neither do they pay social security like we all do and yet, they receive government aid just like us when they fail. I am referring to the 2008 corporate bailout. We sometimes don’t get bailout when we failed. If you make a tax law or any law that whoever have more lawyers or resources to hire good lawyers to exploit the system to win is an unfair law.
All I know is; fair ain't fun. God bless America God bless President Trump Trump 2020 – See Clearly
For once I’m glad professors have tenure.
Listen to the coastal liberals preach "the rich need to pay their fair share!" not realizing these same people are making $100K+ in places like NY or SF.
Some people are idiots.
We have wasted 50 million in the past three years investigating trump. I don’t think all these people who claim to care about the poor actually do. It’s all a sham.
So us people that are in the middle get screwed the most.
Everybody is overtaxed. If I had my way, everyone would pay 10%, and everyone would get a refund.
Let me ask a simple question since you’re going down this ridiculous notion does Bill Gates pay his fair share I’d like to answer this no and yes he could afford to pay more but here’s the thing our Congress has the ability to take more way but that is not the president‘s job so when people come in there and say this is what the presidents gonna do when I get first time right off the bat I am going to take more away from them that is not their job that is the congresses job what would be more fair if you want the top one to even say temper send to pay a fair share make it reasonable if they paid 20% and there was no deductions for them you would increase it quite a bit remember the bottom half pays nothing at all even though we give them money it all comes back to us so don’t say take more away from the top there are the ones that’s paying your paycheck
Socialism is theft. A hand of a thief ought to be cut off.
This is kabuki math, and completely false. Rich people use tax shelters to not pay any taxes. I am no liberal but this kind of altered reality math is just as phony as the liberals "everyone should get stuff free" math.
I don’t care on whether or not he paid his fair share. He had done so much good for the world and humanity in general.
Its not like we are going to pay our 20 trillion dollar debt. As long as we got our military we are good. Hooya murica.
What about large corporations?
Isnt the income tax unconstitutional?
Solution or solutions, better yet: Government control spending and cut small government.
There are many solutions and increasing taxes is not one. A fair tax could be a federal sales tax and at the expense of seriously reducing other taxes like income taxes. And don't worry on the price of items, competition and a free market will properly take care of that.
And remember, you cannot take the STUPID out of mankind but you can take them out of office.
I'm no social economics expert, but I'm starting to believe that wealthy people getting taxed so hard is causing further selfish acts of tax evasion, lower wage pays for employees and incentive to bring their businesses/factories elsewhere.Don't confuse what I'm saying as a claim that this is the only reason for corporate greed. There's plenty of greedy turds out there.All I'm saying is that if I wanted to earn a few million I'd have to make a few millions more and I'd be reluctant to pay 50% or more in taxes instead of moving to another beautiful country
Great video can u do similar videos on other taxes rather than income & payroll
The question is should people really be getting that rich in the first place or are they being disproportionately rewarded to begin with. Ik there are some very hard working rich people, but there's now way all of them contribute to society a million times more than your average worker. The discussion should be solely about tax, it should be about how much people are payed and how wages should be regulated.
0% would be fair
Nobody should have to give up their money by force. But at least keep 90% of what you earn.
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