Ask Prof Wolff: Tax the Rich? Yes We Can!

A patron of Economic Update asks: "Here's a question coming from Switzerland: Very often, when you raise the question about raising rich people's taxes, people will tell you that you can't do that, otherwise these rich people will just go live in another country, where they will pay less taxes. So by raising taxes on the rich you would actually lose money, from a local perspective. What data do we have about that phenomenon and what can we propose to prevent that?"

This is Professor Richard Wolff's video response.

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“A magnificent source of hope and insight.” Yanis Varoufakis, Greek economist, academic, philosopher, politician, author of Talking to my daughter about the economy.
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[pamala]

Taxes and Texas - they have the same letters but only one of them can keep your electrical grid running!

[DanA-nluo]

Richard Wolff 2024 for the people's party

[jimmytimmy]

As long as lobbying, aka, legal bribery, is still allowed, no progressive legislation will be passed. We need to raise awareness and assemble nationally to demand structural changes, like in the 60s.

[paulschumacher]

Up through the 1950s and 60s and 70s in the U.S., the top tax rate was 95%--and that was the period of greatest general prosperity.

[melaniel.s]

Good show always good to see Prof Wolff. 👍

[maggazilla]

Three billionaires disliked this video.

[Tom-Travels]

The rich are killing me. Go own without me. Leave me here. I'll hold the rich off from pursuing you as long as I can...

[Gabriel-mfwh]

How about this: you leave, you lose your property

[Mark]

New Jersey’s biggest export is millionaires, because of their high taxes. They even had to adjust their budget when a billionaire moved out.

[eron]

Can you believe that here in Brazil there is no taxation on the distribution of profits by companies to its shareholders?

[bloodybonescomic]

It seems to me that concentrated wealth has so securely grasped the reins of power that reform is impossible. Only one method of reform has any chance and that is out and out violent revolution.
Revolution though, is the worst option, the least desirable, and brings no guarantee of a better system.

[cliffordmaxwell]

Corruption and rich people go hand in hand! Tax the living shit out of the rich! Time to fully fund the IRS and go after the tax cheats with a vengeance! No more damn loopholes!

[joyn]

If I, as a working class blue color worker, can be limited on how much of my own money I can withdraw at one time from my own bank account, then they can do that crap to the parasite class as well.

[thecatsbackyard]

Professor Wolff also touched on this in his book, "A Cure For Capitalism" about worker self directed enterprises. He talked about how unions can use cooperatives to deal with the problem of employment when large firms leave, like they did in Detroit.

[Domi_]

To tax the rich is a step in the right direction. We all know that it should not stop there.

[milesobrien]

Notwithstanding the fact that a higher (fair?) rate of taxation on the wealthiest of individuals will not solve any real shortfall in government revenue. Corporate taxation is where the money is. But raising corporate tax rates and in fact collecting any tax at all from many, many corporations will lead to higher costs of products and services which Americans are loathe to accept. Refusal to pay taxes has lead to the procrastinating of even basic infrastructure maintenance. One could even relate this to the condo collapse in Florida.

[jamespurcer]

That's what they say about the issue of taxing the rich here in California. They came to California because this is where the money is - the fifth largest economy in the world. This is where the talent comes to find their goose that lays golden eggs. Those that leave our state out of principle are making bad business decisions.

[TTTzzzz]

Described laws will never be implemented in the US.

[John-wfif]

Imagine taxes did not exist...what other ways could people employ to oil society?

[abumotorola]

Ans still, I can't think of a single politician who dared called their bluff. Why? Because everyone of these politicians know they can't have a career (in today's world) if it wasn't for capitalists' money.