2020 Democrats Tangle Over Best Way To Close The Wealth Gap | Velshi & Ruhle | MSNBC

2020 Democrats Tangle Over Best Way To Close The Wealth Gap | Velshi & Ruhle | MSNBC
2020 Democrats Tangle Over Best Way To Close The Wealth Gap | Velshi & Ruhle | MSNBC
Reshaping the tax system is a focal point in the 2020 Democratic primary, but so far there is a split on how to approach the issues. Senator Booker has proposed to a different path, regardless of party affiliation. People understand across this country. Our government is working better and better for the billionaire the challenge as well. They just got different ideas on how to fix it. So let’s talk about that joining me now: Megan McArdle, iconis of the Washington Post. I haven’t seen in quite a while and policy priorities. You wrote this quote: what do you make of these two very different policies presented by the the dollars that those people who have taken too much and that the fundamental economic problem that America has? Is it a little hoarding more and more of the growth that the question is look for Cory Booker? What he’s saying is, if I go in a Newark like taking money from a billionaire, is that fix the problems? Newark has there’s something that we need to do about growing businesses, making it an easier environment for entrepreneurship. How much absent from what Elizabeth Warren is saying that you can try that sort of square that Circle by saying the reason that small businesses can’t grow in New York? Is it billionaires, have too much money what’s happening in Newark? Whatever is going on there? Whatever is going on in the places in the rule in America that aren’t growing, it isn’t because billionaires have too much is because something is broken. Taking the money from billionaires isn’t going to fix that problem, unless you can somehow figure out a way to funnel that money back into creating economic growth, and that again is really not on Elizabeth Warren’s agenda. What she’s talking about is things whether or not you think they’re good in terms of making people more comfortable with their health care and making people more comfortable with their child care. It isn’t about sort of creating those new businesses, creating the economic framework for opportunity and success within places that are currently struggling. You are an article back in January in favor of Senator Warren’s plan to tax the ultra-wealthy. Why is the ability of middle-class? What’S the benefit from a growing economy and a symptom of that Brokenness is accumulation of so much wealth by billionaires, really solid reasons why we absolutely need to start concentration of wealth is so extreme now that it’s distorting economic growth, it’s distorting our politics and its really Blocking opportunity for lots of low and middle-income people. The second reason why we have to do so, something that I give credit for the extent to which untaxed in this country is massively underappreciated. Essentially, if you’re someone that Megan was talking about that person with a hundred million or a billion taxation for you is essentially voluntary, you only pay taxes on your wealth when you quote realize those gains meaning when you, when you sell that, and even there there’s tons Of loophole, paycheck Runners have to pay taxes every couple of weeks through withholding and annually through their income tax and then finally, the the third point is is that we clearly need Leeds automatically to growth. It’S what you do with it. So what horns talkin about making college education more affordable childcare for people who want to work to it., Just improve the living standards of the people who been left behind but give them an opportunity to participate in the economy. These Mega billionaires, never pay tax and they’re. Never going to because they can afford to game the system just like math and corporations can so is her plan detailed enough that it will create a system out of cheese to finally close these Loops question and you’re, absolutely right, you get the tax avoidance that you Plan for I do think the plan is detailed enough to really change the flaws in the system that you just articulated, but it won’t happen unless Congress to do so. We definitely have the mechanisms to tax wealth, maybe not exactly the way she said by the way. There’S a lot of other options to do that, but it won’t happen if we don’t find the IRS. For example, we’re leaving tons of Revenue on the table by just are funding the IRS auditing. You know about a third of the cases that we used to do. Four million – or so we could do so, but we have to decide to make a solid effort answer a wealth tax are is, it is pretty sketchy, as is the idea that we re words, idea that we’re going to raise a ton of money by cracking down On tax avoidance, look, I think that it is a good idea to have for the IRS, but if you look at Congressional budget office that perhaps a third of the money that that Warren is counting on Warren’s estimates are a huge outlier. Compared to what most reputable Economist think you could actually real, isn’t that you were most of the money in the economy is in the upper middle-class and if you look actually even at arguments about Mobility, if you look at our Raj Chetty from Harvard who’s on this Wonderful huge massive panel data study on on the problems of intergenerational ability. Actually, matters is not the distance between the the 1 % and the rest is the difference distance between the top 25 % and those are the people that Elizabeth Warren, those are actually people who matter the most in terms of giving opportunity to people at the bottom. Rape – videos,
Reshaping the tax system is a focal point in the 2020 Democratic primary, but so far , there is a split in how to approach the issue. Stephanie Ruhle is joined by Washington Post columnist Megan McArdle and a Senior Fellow at the Center on Budget and Policy Priorities Jared Bernstein to discuss the split among contenders on how to close the wealth gap. Aired on 11/25/19.
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2020 Democrats Tangle Over Best Way To Close The Wealth Gap | Velshi & Ruhle | MSNBC

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