How Much The Rich Should Really Be Paying In Taxes (HBO)

It’s that time of year again–tax season. And on the campaign trail and Capitol Hill, Democrats are on the warpath about the super-rich not paying their fair share in taxes.

Sen. Elizabeth Warren’s plan for a wealth tax is the major policy proposal of her 2020 campaign. “Millionaires and billionaires” are still a centerpiece of Sen. Bernie Sanders stump speeches. And Alexandria Ocasio-Cortez, the Democratic Socialist freshman representative from New York, advocates for raising the top marginal tax rate to 70% (it’s currently 37%).

These politicians have a point: ten percent of Americans now earn nearly half of all the country’s income. Economic inequality is at near-record levels, and is growing. But over the last 30 years, the tax rates paid by high-income people have actually come down.

“More of their income comes from investments and so-called capital income. And through lobbying or through changes of policy, they have gotten the rates for high-income people and for capital income cut over time,” said Austan Goolsbee, the former Chair of President Obama’s Council of Economic Advisers and an economics professor at the University of Chicago’s Booth School of Business. “The rich could definitely afford to pay a lot more as a share of their income than they pay now.”

But taxing the wealthy isn’t as simple as raising the rates. So, ahead of #TaxDay, VICE News asked Goolsbee to walk us through ways to narrow the gap.

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[VICENews]

Taxing the wealthy isn’t as simple as just raising the rates. So, VICE News asked Austan Goolsbee to walk us through ways to narrow the gap.

[josephstiglitz]

Economics Student here... When he talks about microeconomics is ridiculous... The model is true when people have low or middle incomes, in that case the deadweight loss is terrible for economic because generates a big Impact in consumism and the economy but With high incomes the deadweight loss is very very low tending for 0 and its very intuitive to see mathematic ( the inclination of the line function) and with simple logic sense.

Why dont talk the % of tax paid/ income?? And compare with the middle class ? A good system of taxation can resolve a lot of problems in U.S. And people dont get brainwash to people say: " Comunist " " Become like Venezuela " See the examples of Finland, Denmark, Sweden, Netherlands,

[DasJaegar]

Putting high taxes on the rich will create a serious economical problem, remember that these “rich” people, donate to charity, provide jobs, provide loans to employees and pay benefits to employees and etc. Don’t forget that

[BIGTUNES]

They talk about rich people like they’re not people smh ... this whole wealth inequality is based of jealousy and ignorance

[MS-]

Ending loopholes is literally the only way to get this done.

[tlotpwist]

The first problem is making sure the rich who owes



in taxes, don't fraud to only pay

$$$

[SeanMohundro]

The effects are over the top, but the info is good.

[DeesBees]

The obnoxiously loud clicking keyboard sound effects were unnecessary.

[MC-dnif]

Unsurprisingly Vice omitted several key numbers in this.
40% - Amount of all tax revenue that the 1% pay.
51% - Percent of workers who pay $0.00 in federal tax.
17% - Tax revenue over GDP; this has been constant for the life of the income tax; no matter what top marginal tax rates are.
40% - The effective rate of the top 1% when we had 90% top marginal rate.
11, 998 - pages of loopholes for the rich in the tax code when the top rate was 90%.

If you want fair taxes institute a flat tax, no deductions, no credits, everyone pays the same rate. Problem solved.

Income inequality isn’t a byproduct of tax codes, it’s a by product of modern monetary theory where the government prints money & hands it to the rich in spending programs.

[ProfessorMoolaGaming]

The rich (top 1%) already pay about 48-49% of all federal income. I’m for a flat tax and no bs Tax brackets. Everyone pays the same percent of their paycheck and if you’re more wealthy, you’ll still be paying more.

[starcrib]

The American Aristocracy: French Revolution Time. I'm so sick of everything - and them especially.

[puro]

I think Universities should pay taxes, I think we can all agree on that

[DeeDeeCHAUNCEY]

A pre-1978 rate isn't high enough. The purpose of this video is to move the goalposts. Vice News is owned by an investment company, TPG Capital, whose explicit goal is amassing fortunes.

[Shave-ice]

I'm from the one percent. I strongly believe that we should not be taxed more. We create jobs, we are the ones who took the risk and investments sleepless nights to make the business work. I like the same tax percentage. Don't tax us more. 😬

[planecrashcorner]

Yea im sure raising income taxes on ultra wealthy people will cause so much damage to the economy that it would be a bad idea... who is falling for that?

[nickgehr]

*If everyone pay their taxes fairly, poverty will be an ancient story*

[shadowdrift]

Nothing is gonna be done about tax codes. Both political parties love money too much.

[shinobi-no-bueno]

If we want fairness why don't we have a reasonable flat tax? Everyone can pay their fair share of 15-20%.

[Autonova]

So much wealth being horded and less and less circulating in the economy is just dangerous.

[michaelg]

On a non political note: did anyone else notice at 2:04 when he said thirty years but the flags we're actually forty years apart? Just an observation. Continue on with the politics.