Robert Reich: Saying Rich Won’t Invest If Their Taxes Are Raised ‘Really A Red Herring’

Democrats announced their corporate minimum tax plan on Tuesday, which would require companies that report more than $1 billion in profits to pay at least a 15 percent tax rate. Robert Reich, former labor secretary under President Clinton, joins us with his analysis.

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[bradforward]

That's like saying "The rich won't try to make more money." Don't be ridiculous.

[cmack]

This is simple.

The primary reason for "investing" is the belief that money can be made due to an existing, or a soon to be existing, market (people spending money on goods).

If that market actually exists and capitalism works as I am told it does, if they do not "invest", someone else will because THE MARKET IS THERE!

[chrisjohnson]

Invest in what, a closed loop that circles back to them and not infrastructure or social programs, while they make use of the infrastructure to make their money.

[craignelson]

The rich saying they won't invest makes about as much sense as "trickle down economics" did. It was the biggest bunch of bull.

[myfestivus]

Lol of course they will still invest. This is just a temper tantrum.

[keto]

Oh poor billionaires, how will they get by?

[mitersangeeta]

Elon Musk made $36 billion on Monday. It would take a typical American worker more than 800, 000 years to earn that. But Musk now warns that a tax on billionaires would eventually lead to higher taxes on everyone else. The truth is the opposite: if billionaires don’t pay their fair share, the rest of us will have to pay more to make up the difference.

[truth]

Pro-trump bots are in attack mode like it matters 🤣

[michaelrch]

Will someone please spare a thought for the poor miserable billionaires 😢🎻

[pkghalm]

Corporations don't pay taxes. They pass the cost to the consumer. They also cut jobs. How about the government stops spending recklessly

[JustineAdlong]

Thank you Joy for recognizing how hilariously ironic this all is.

[raymathews]

They aren't investing now. They haven't been for decades. They keester their money.

[mrabudabi]

Yes they will. Greed will make them invest. Holding cash is a bigger problem then making money and paying tax

[charlottesghost]

Greedy people are not going to stop being greedy. They need to pay to have access to the US market. That's how they do us.

[NCPPGpilot]

Closing loopholes isn't such a bad idea.

[spocksvulcanbrain]

Wait! What! You mean the rich are telling us that if we tax them more, they won't invest? That's the absolute dumbest statement I've read today. First, the ONLY way the rich get richer is by investing. They're not going to let a penny go by without working to make them more money. Second, I've never heard of a rich person who just stuffs money in a vault. It's always in some investment, bank, land, etc. that makes them money, but is also used by a 3rd party to create income. Even land requires property taxes, upkeep, etc. all of which is money going out. Anyone who thinks the rich don't invest to make up for those expenses and then some is not clear on the concept.

[teutonalex]

This is the kind of law that people champion who don’t understand how money works.
There are plenty of real estate loopholes alone to invest money away from this tax.
As usual, they will find a way to tax the less resilient middle class in the end.

[all-knowing]

The rich are not investing in Americans that are not rich.

[andypozuelos]

The whole point is to encourage them to spend more than they would have in taxes. They won't stop investing, it's just not gonna be as much or as common.

I'd say it's better for them to spend that money here in America rather then letting the government spend it on stupid foreign aid, like gender studies in Saudi Arabia.

[markstocker]

Mitt Romney wants to deduct his car elevator and his wife's dancing horses.