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#CNBCTV: Former Clinton Labor Sec. Robert Reich on why US needs a wealth tax

Former Clinton Labor Sec. Robert Reich on why US needs a wealth tax

[ VIDEO POST ] Date: 2019-11-05 22:13:15 | Duration: 8:50 | Views: 44620 | Likes: 1271 | Dislikes: 127

Robert Reich, former Secretary of Labor and author of “The Common Good,” joins CNBC’s “Power Lunch” team alongside “The Profit’s” host Marcus Lemonis to discuss Elizabeth Warren’s wealth tax and the so-called war on wealth.

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43 thoughts on “#CNBCTV: Former Clinton Labor Sec. Robert Reich on why US needs a wealth tax

  1. Amazon 0 in federal taxes. I paid a shit load of taxes last year. I could use a tax break

  2. This video proves by showing how ruthless, selfish, rude, and aggressive the RICH capitalists are. They prosper by exploiting the whole society and it's entire infrastructure but DON'T WANT TO PAY A PENNY BACK TO THE SOCIETY which made them so filthy RICH to begin with. The rulling class simply doesn't wanna pay its dues to the society. They just LOVE TAX BREAKS. But LITTLE they know when they impoverish a society by their PREDATORY CAPITALISM, PEOPLE WILL EVENTUALLY REVOLT AND COME TO GET THEM in their ultra luxury mansions and palaces. THE RICH WOULD NEVER LEARN THIS FROM HISTORY. DO THEY??????

  3. He doesn't want to be penalised." Me, me, me."
    Sinds this system of tax breaks for the riches started, wages of most people stayed the same ( last 40 years) major costs ( housing, education, health) went up making wages inadequate to cover them, and the wealth is sucked to the top 10% of population.
    If nothing changed, and the trend continues, what is the outcome of this movement of wealth? Is there an analyst in the house? Someone to predict what is going to happen over 10 or 30 years if this continues?

  4. Avatar Paul Holland says:

    When you’re being fired as the CEO of Boeing making $62M and laying off employees, that’s not entrepreneurship. That’s left

  5. The real problem we have is that with so much money in the hands of so few, there is no need for risk taking by these super wealthy, so money becomes lazy. The super wealthy prefer safe havens, bonds that only earn 4%, because this wealth is so vast that even a 1% return on the asset is more than anyone needs to live a massively extravagant life.

    The impact of this is that the institutions that receive their capital must push all risk away, leading to an anti-entrepreneurial culture.

    But, if we let people be conservative in the first $50 million, and then tax all money above that at 2%, even if the earnings are not “gained” officially, at which point the money becomes income and gets taxed at capital gains rates, it will force the wealthy to find higher returns on the vast majority of their wealth, and that means finding riskier investments in order to keep growing the wealth. And that means more money must go into stocks, and venture funds, and small businesses.

    A 2% wealth tax will force the super rich to make their money work a bit harder, because this tax acts like a restaurant waiter who wants to serve you dinner, then move you on so new customers can eat. If the dinners sit too long, the restaurant loses money.

    Same with huge centralized wealth. If we tax 2% of it each year, and people sit with 4% bonds and use 2% to live on, inflation will eat the wealth away in 50 years. So then they will go out and take some risks, fund some new companies, etc.

    The wealth tax is a wake up call to rich people that says “snooze and lose”.

  6. You can be sure the hyper wealthy class does everything possible to evade taxes. Google didn't send its invoices from Ireland and Singapore for no reason. Until Trump, they managed to reduce their total corporate tax rate from 35 to 23 percent. They stole 12 percentage points from the American people. Now the EU has ended the Ireland scheme so Google had to return to the US. Luckily Uncle Donald slashed the tax rate from 35 to 21 percent, so Google doesn't suffer.

  7. Avatar BunzeeBear says:

    It shows you how GREEDY the RICH ARE, they do not feel it is fair to tax them 2cents on the dollar AFTER 50 MILLION. Most people will never attain 1 million, or $100,000 in their lifetimes and they work HARDER than any richbaby…who just got LUCKY. They who promoted a product, so that everyone eventually got one.(The car, the hulahoop, the Frisbee, the YoYo, the Big Mac, guns, alcohol, drugs…the computer, the cell phone, etc) Once they got the consumer interested then they just kept changing the product so as to charge more. (the car still has 4 wheels and eats gas).
    . The dude says he has 75 million. He has "OPM -other peoples money" otherwise his opinion is not worth a wooden nickel.

  8. Avatar ipikture says:

    I want to know why the people at the top think they can keep making as much as they want. You know like CEOs of credit cards companies making $10,000 an hour before their bonuses. But the workers are told well this is what your position makes in this area and that's what we're going to pay you we're not going to pay you anymore because that's going to cut into my bonus and my income at the top. In the meantime the cost of living at the low end especially real estate has gone up tenfold since the 1960s. But the working-class the service industry income has been relatively been stagnant. We e told we can ride to those ranks, we as workers are unlimited and what we can make the American dream. how can you ever achieved the American dream if you're struggling day by day to make ends meet. Then let's apply medical insurance, by the time you add up the premiums and deductibles you're looking at over a third of your before taxes. They keep portraying this farce, and they don't give a damn about any of us as long as it doesn't cut into their bottom line. CEOs making more than $10,000 an hour telling us that $10 an hour is just unrealistic. They've taken away our retirement funds, they've taken away our ability to even save. That's the real crime in this country. They spend more money fighting the working-class having a living wage then it would cost them.

  9. This video was such BS! A wealth is not penalizing or vilifying the wealthy! Weak ass arguments.

  10. Avatar Bohdi Jones says:

    Inherited wealth is not a strange concept to Marcus 🍋is is it? He really got defensive over people not working for their money.

  11. Since America has this freedom of speech thing I will tolerate the presence of R Reich as he must tolerate me. However, it's an alarming sign of the times when people such as Reich are out and about spouting extremist virtue. His views while not radical or extreme on the Democrat left, still seem much closer aligned to Marxism than capitalism.
    Not only is he extreme on policy, he seems very calm discussing forced wealth distribution and regime change. Given his enthusiasm for impeachment based on ideology rather than constitutional grievances.
    Reich would appear to be a very unhappy man with an anarchist portfolio. Makes me wonder what dark ambitions are driving his divisive rhetoric. In the heart of every revolutionary is the ultimate desire to control the masses through economic socialist control.

  12. Avatar Debbie Bunny says:

    Robert Reich is amazing! 😀

  13. Avatar Sedan Smith says:

    … Are these billionaires afraid that the two cents will cause them to go hungry?

  14. This anchors are full of themselves, advocating to continue the fail policies of Reagan.

  15. Avatar enohp660 says:

    Wow. Rich guy invests $25 million in small businesses…which makes him even wealthier. Marcus ain’t just investing that money because he’s so fucking magnanimous.

  16. Avatar Rachel K says:

    Typically talking points of Corporate media's anchors fighting unfairly with bob. How much do they get paid to say this stuff? Definitely 6 figures or more. They keep sticking up for wealthy Aholes instead of us who actually work our butts off everyday just to make basic needs met.

  17. The interviewer is such a douch

  18. Avatar James Smith says:

    Also agree drives inflation if these corporations start paying more the prices get higher it's a never-ending cycle

  19. Avatar James Smith says:

    People don't understand answer is in nature no sun or soil no crops no water no sun no rain we die everything is a cycle you take from the middle class artwork by labor and the wealthy get more wealthier while the average working person sees no benefit and get poor so what do they want everybody else to do fire up businesses where everybody is a Corporation? Common sense you have to put back what you take out

  20. Avatar Bill Cashion says:

    Okay, I get that rich people are getting crazy richer and the rest of us aren't but why is the political 'go to' penalize rich people for working hard and being successful rather than fiscal responsibility. This smacks of scapegoating.


  22. "Wages have been flat for 40 years." Or longer. In 1958 the ratio of CEO to average of employee wage was 20:1. Today it is 285:1 or greater. If your company makes a lot of money and a major portion of it goes to the decision makers and almost none to the actual laborers, some are going to become wealthy and it won't be the laborers. Add to that the huge tax breaks the wealthy have gotten since Reagan and, WOW, such a deal.

  23. Avatar Sonic Crash says:

    The 1% and 10% do not like it they are not part of the middle or working class. And The system has been rig for them. Reich points that out and they get very defensive. I think that's why they're scared of Elizabeth Warren and Bernie Sanders

  24. Avatar noado51 says:

    This issue will always be a minefield… Here's is where I stand…Eliminate income tax…adjust sales taxes to compensate for the loss of revenue.. Remove all taxes from anything associated with home building and home renovation land transfer or any other impediment standing in the way of rebuilding America's run down housing sector. Provide the low income folks with a minimum living income so they can afford the rise in sales taxes. Provide them free health and dental and eyewear. Free education up to 3 years of Job skills training at the community college level.. Talk about job creation.. Stand back and watch the rich get rich and the poor get healthier and move into affordable new housing. ..In this plan a rising tide will raise all ships… Taxing the rich is counterproductive.

  25. Avatar simjea says:

    It was very tough to watch and Mr Reich is definitely courageous to defends his ideas on this platform. But I think that rather than defending progressive taxation in general, he should made the point simpler. Whilst income is taxed, Wealth is not or very little. Rich people moved their assets from Income to Wealth to avoid taxation so let's create a system that apply the same principle to Wealth. Money in the bank is money, it shouldn't matter where it comes from when it comes to taxes.

  26. Professor Reich wasn’t falling for the old talking points lol

  27. Avatar Liam Hayes says:

    Lost what little respect I had for Marcus Lemonis. So disrespectful to Robert, and such a pusher of corporate propaganda. Gross.

  28. Avatar Simon Crow says:

    We are not different that a monarchy if all power is inherited.

  29. Avatar Douglas Hogg says:

    60 billion, 60 thousand million, I think he can pay more in taxes.

  30. Avatar psymi 1981 says:

    this bum should have retired when he was wrong about the TRUMP market

  31. Robert should stick to his guns; you didnt work, you dont work, you dont know the meaning if the word. Nobody EARNS billions of dollars. Id love these entitled jerks to live on 30k/yr. Theyre insulting the working class by stating that theyve “worked” for that money as opposed to the burger flipper whose in a hot kitchen sweating their ass off all day. O, thats not work, cause this asshole looks down on the burger flipper.

    This is about class. This dickus doesnt work, has never worked, wants to act like its work and still wants the masses to look up to him for screwing him over. Nobody cares about his sad, let him live in one if trump’s rat infested properties on min wage for one yr with no healthcare or vacations. Maybe what he has to say after that will be relevant. In the meantime we’re done kissing his ass.

  32. If this video pisses you off, Reich has a whole channel devoted to shilling for liberal partisan politics and dingbat socialist ideology.

  33. Avatar TypeORedPill says:

    "War on Wealth" Ha, like how game animals wage war during hunting season

    What's crazy is how some game animals side (vote) with the hunters

  34. Cry moar rich boy. Jesus.

  35. At what expense have the billions been earned . Maximizing profits by cutting employees benefits and wages. Large employers cutting benefited positions to outsource with temp type jobs. They haven’t self managed their profits ethically. It’s then time to step in to put the brakes on their greed. Enough lives have been destroyed by unchecked greed!

  36. Avatar Brian Camper says:

    It's complicated, if someone is a 51% owner and they have to sell off 2% to pay a wealth tax, they no longer have control over their own company.

  37. Reich worked for the corrupt Clinton crime family…. that says it all.

  38. This anachronism knows nothing. And the tax is unconstitutional. Beyond that, it's both uneconomic and immoral.

  39. Avatar aaron daniel says:

    The wealthy should pay their FAIR share of taxes- not campaign contributions to sell-out politicians that will protect their wealth with no regard for the middle class and poor that are struggling. You shouldn't have to pay LESS taxes because you are MORE successful.

  40. Wait a second, corporate news that relies upon rich companies buying ad space from them who have anchors that are paid copious amounts of money or arguing against a wealth tax?

  41. Here's something new: the monetary system can not sustain itself if too much wealth is collected by the wealthiest people of the nation. It's just math. Meanwhile, you have a decaying public infrastructure. People need to connect the dots and trust their elected representatives to spend their tax dollars appropriately.

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