Economic Update: Capitalism and Tax Injustice

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[EU S14 E07] Capitalism and Tax Injustice
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This week's episode of Economic Update hosted by Professor Richard Wolff, we discuss Germany's recession, California fast-food workers unionize, How the war in Ukraine boosts US stock market, corporate stock holdings, while hurting most wage/salary incomes, In addition we ask what lessons from the protest/revolt of European farmers? Finally, the ongoing exposing of major injustices of the US federal tax system (tax exemptions for schools, churches, hospitals, and charities and social security's flat tax system)
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And as always, we thank for your attention, support and solidarity.
The d@w Team
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[@Muller_Andr]

Concerns of a potential debt default in China triggered a market sell-off, impacting both digital and traditional stock markets.

[@simone_maya]

Uncertainty surrounding Evergrande's situation fuels global financial fear as the Chinese haven't clarified their stance.

[@EmmaFritz90]

Japanese companies with operations in China, like Hitachi Construction Machinery, saw market value declines.

[@FranciszekPawal]

A potential Evergrande bailout could cause losses for Beijing banks and bondholders, with minimal global impact.

[@EmmaFritz90]

I've worked in construction across Asia, mainly Japan and China, The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Monica Mary Strigle ‘ . She's well-qualified and her page can be easily found on the net.

[@Muller_Andr]

Shorting the Chinese index is a bold move, is this a continuous strategy or just a one time thing and who is this Monica if I may and how did you make such a turn over?

[@gregwillett2710]

I don't listen to every upload - but I do consume about half of them. And EVERY TIME I hear the intro song I GET SO PUMPED! Such a great intro tune. Don't ever change it!

[@AhmedBushara-jo3os]

Thanks professor, what a great teacher✍️

[@jeanjacoby7884]

Thank you Professor Wolff. On the mark as usual.

[@greendragonspirit1646]

As usual Mr Richard Wolff never disappoints .

[@karlfitzmaurice946]

Best 30 mins of the week. Thanks Professor 🙏

[@thetasworld]

Thank you Professor.

[@user-sr7yd1pc1m]

Is realy in USA linear tax?????

[@mostly_harmless1]

Thank you as always Professor. Just for your information: The most important contemporary Marxist publishers and platform in Germany is the quarterly magazine "GegenStandpunkt". Many of its publications are available in English.

[@khurram4589]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult😊

[@Ahsjsjs-jx5pk]

when someone is straight forward and good at what he does best. People will always speak for them. For me I would say give Mr Clark a try and you will be happy you did

[@Ahsjsjs-jx5pk]

he's mostly on Telegrams, using the user-names

[@LydiaLopez-yh7wo]

Access to good information is what we investors needs to progress financially and generally in life. Here is a good one and am grateful

[@mirandarf82]

Dang, this thread is full of bots!

[@theageofgoddess]

Thank you Professor Wolff 🙏

[@sajidimran7186]

Special gratitude from Pakistan for always bringing up fair and just political and economic analyses that the world needs these days badly.

[@Mikey-mike]

Thank you, Richard.

[@Melbn-di6mi]

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life

[@raphfelimax2713]

That's awesome!!! I know nothing about investment and I'm keen on getting started. What are the strategies?

[@ivar766]

I'll advise you to work with a financial advisor.....Building a good investment portfolio is more complex so I would recommend you seek Fergus Waylen's support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams..

[@Ricgibs]

Wow. I'm a bit perplexed seeing him been mentioned here also Didn't know he has been good to so many people too this is wonderful, i'm in my fifth trade with him and it has been super

[@wells7147]

YES!!! That's exactly his name (Fergus Waylen) so many people have recommended highly about him and am just starting with him from Brisbane Australia

[@WelseyWalker]

What differentiate the poor from the rich is what they both do with information. The poor also have access to information the rich gets but chose to ignore it and that's why they stay poor.

[@rongardiner5397]

Just want to say thanks for your ongoing expertise. I understand this stuff much better now!

[@michealcurrie8272]

Enlightened. Thank you , Prof. Wolff.

[@MoranSE]

Great! Thanks!

[@advoyZ]

Listening to this while filing taxes.

[@user-dc6yc4xi3c]

Muchisimas gracias por esta importante informacion!

[@connorbrady5689]

The intro music goes so hard I always get fired up to listen attentively like 😤😤🤓✍️

[@nicholasmartin297]

I HATE that music!! It is so outdated and in a minor, menacing key.

[@connorbrady5689]

@@nicholasmartin297 It's not meant for you

[@nicholasmartin297]

Obviously not! @@connorbrady5689

[@mocoroco6028]

Excellent instructional material, well explained - thanks and keep them coming Prof. Wolff.

[@davidschluter6639]

Johns Hopkins in Baltimore is the largest land owner tax exempt. Forces poor city residents to pay extremely high property taxes to increase their profit margins.

[@MrDXRamirez]

The US Senate, The Catholic Archdiocese of NY, NYU, Columbia U, Railroad corporations, owns land in and through the entire continent of the North America, not to mention their material wealth in gold..but you think John Hopkins is the largest landowner, this tells me that the Left needs to do its research and publish a thorough analysis of the class nature of American society. The last study of this kind was written by Paul Sweezey in the 50s. This is how far behind the Left in the US is. Thus, we are all doing our own thing and have our own analysis or awareness, interpretations, and a whole lot of bullshit that make the Left a collection of weak oppositions totally useless in the struggle, plus the Left, like yourself, ( I am assuming because you are here) have no awareness of a class struggle in society that the average Trump supporter is more class conscious than the left. Who are the Land Aristocracy of the US needs a study? This rapidly changes as land purchased by billionaires and monopoly corporations on a large scale may supersede the old aristocracy of landowners, lands purchased as a result of dispossession such as Lahiana, Hawaii. In fact, there is not a piece of land in the US that is not the property of another. The only true public land Americans as a society own are the lands on the highways, such as rest stops, and meridians (the strip of land dividing the highway). The national highway system is a system mixes public and state ownership. By law if all cars parked and occupied the meridians of highways, they would not be in the wrong in that occupation. The State would take action against such an occupation only in the name of safety not for reasons that the land occupied is state property.

[@robertmartinez988]

I love this man.

[@moemimouni679]

DONT LOVE HIM ,ACT ON HIS ADVICE. CALL UR SENATORS TODAY. START TOMORROW BY BOYCOTTS ONE PRODUCT AT TIMES. BEST IF U CAN CONVENCE FRIEND or FAMILY MEMBER. UR ON UR WAY. Professor Walf Is BORN SCOLARE ❤

[@umeshbhattarai2992]

You are always right Mr. Wolff-❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤

[@jeremykuronya4391]

Thank you, good Sir.

[@daniellahootian6487]

Thank you Professor Wolff. Best regards from Sweden.

[@commie.franky]

We love you Dr. Wolff

[@jbellinger99]

Great show this week - thank you!

[@geraldmantel4955]

I saw the opinion expressed elsewhere online that Amerikans "will keep kicking the can down the road and hoping they don't run out of road." To that I would add that "we're not at at end of the road --- but you can certainly see it from here."

[@Dustin_Bins]

Agreed.

[@marcobsomer5574]

Excellent et à partager aussi en Europe. Merci.

[@ShardDesu]

I would love for you to chat with Gary of Gary’s Economics. Or do a chat with 2nd thought or Hassan.

[@kippgoeden]

He was on one of the very first episodes of The Deprogram

[@ShardDesu]

@@kippgoeden Thanks! I'll look for that.

[@nicholasmartin297]

Gary Stevenson is a British economist and former top trader in The City (London financial district). He helps to expose the iniquities of the financial world. He is from very humble origins but has done incredibly well for himself due to his talent and hard work. I think he and Professor Wolff would get along very well.

[@ShardDesu]

@@nicholasmartin297 Absolutely, my interest is to see if Gary, who heavily benefited from capitalism could see and agree that socialism in its various spectrum is a viable solution to the problems of end stage capitalism.

[@AntonioRomero-te4cb]

Excellent program again.

[@suki0venkat]

Professor Richard speaks! We learn!

[@paulh1862]

The puritans who started in Plymouth were absolute nut jobs

[@jamberry8026]

Because of that serf mentality they brought with them.

[@schloughed]

Why?

[@MrDXRamirez]

You know who were even crazier than Pilgrims were white American women in the South in 1965 who if they saw a black man on the street the women would freeze and start screaming in absolute terror right in front of the black man the poor guy would be in total disbelief that a white women would publicly freak out they were seeing a monster in the presence of a black man, they we absolutely NUTS! I witnessed such an event in Alabama in 65’.@@schloughed

[@schloughed]

No, you didnt.​@MrDXRamirez

[@shanejones578]

And the Salem witch trials have come around again…

[@user-ym8wd9td6z]

GOOD JOB PROFESSOR

[@bernardheathaway9146]

Thank you DaW!!

[@parthoprotimganguly2125]

Sir you live healthy and long and enrich us, like this, make us more responsible world citizen.

[@tarmotyyri6733]

🇫🇮❤this channel & its host.

[@victorcamilo7232]

Thanks!

[@Robert-qw3lr]

this guy cracks me up

[@muhammadtavakoli4679]

Excellent program

[@bully3808]

Kevin Schmidt replied: "Finally, you mom can be proud of your hard earned accomplishment." --------------------------- Poor little baabee got his widdle fee-wings hurt when I pointed out how childish he was. so little baabee ran to the moderators to shut me up. DRY YOUR TEARS WIDDLE BAABEE !!!!!!!!!!!!!!

[@DerekSpeareDSD]

Bring back your Ask Prof Wolff segments!!!

[@Ace1000ks19751982]

The tax system in the US is unfair for sure. In the end, the poor and middle class pay for most of the taxes. That tax can be income tax, property tax, or inflation. There is no way to escape it.

[@jamberry8026]

The poor are literally carrying the rich on their backs.

[@msisles6278]

No they don't. The top 10% pay most of the taxes. Where are you getting this information? Show us

[@Ace1000ks19751982]

@@jamberry8026 Exactly.

[@FASBLAQUE]

@@msisles6278 🙄

[@marklumpkin6109]

In 1996 I knew a guy who made 10 times the salary that I made. He made $500,000 a year, and I made $50,000 a year. He got a $12,000 tax refund that year and I had to pay $1200. He made 10 times what I made and got a refund 10 times greater than what I had to pay.

[@wyattgonzalez1964]

Well analyzed. TA is good but I find it truly baffling that all major crypto youtubers just look at pure T.A and completely Ignore the bigger narrative of why BTC Is Pumping and why the future outlook might not be as rosy as it seems. It's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major Pump at the peaks of BTC.. We were already on shaky footing with historically low volume and almost pure whale Pumps, narrowly avoiding a long-term bear market. more emphasis should be put into day trading as It is less affected by the unpredictable nature of the Market.. I have made over 9btc from day trading with Malone Jasper, insights and signals in less than 3 weeks, this is one of the Best medium to backup your assets incase it goes bearish....

[@catherinelyng1353]

Please how do I go about it, am still a newbie on investment trading and how can I make profit?🙏🙏

[@wyattgonzalez1964]

He often interacts on Telegrams, using the user-name...

[@wyattgonzalez1964]

@johnPtrader ⭐⭐⭐

[@wyattgonzalez1964]

@johnPtrader .....

[@catherinelyng1353]

Thanks for the information... I will contact him as soon as possible. I also want to gain good knowledge and stop losing.☺🙏👍

[@robertelias9174]

I am from Slovakia. The farmers here and in other european countries are first and foremost protesting against cheap grain from Ukraine

[@breft3416]

Thanks, Professor!

[@paosceptic]

What a great show - abundant knowledge presented in a clear and concise manor - WOW

[@mrbushlied7742]

I grew up in New England where abandoned textile mills were a common site. Way back in the 50s, even before my time, New England was the first area of the USA to de-industrialize. Back then, the textile companies shifted their operations to the south, not abroad. The big textile mill near the house I lived in as a child has now been divided into trendy condominiums. Even though this does not provide affordable housing, it's better than keeping the mill vacant to be used for God knows what and an eyesore and hazard to the neighborhood.

[@spanky7277]

Money comes in and money goes out , It just doesn't last . It's not easy when you are retired anymore . They take Taxes Out of your earnings for the government , So they give large Tax Breaks to the rich and they charge you the same amount of money for taxes as if you was making the same money when you was working . Try paying for everything when your making a Retiree salary and no social security .

[@jayobannon5359]

Another B.S. deal with SS tax is the cap. Why is it capped at 168K. If everyone paid the 6.2% on the earned wages, the amount would at least provide more into the fund. And if the IOU's that were started during the Regan administration were taken into consideration, we would not be talking about SS shortfalls.

[@msisles6278]

Because the benefit is capped. What is so hard to understand

[@tradeprosper5002]

@@msisles6278 Most countries do it as a flat tax with no cap. Do you think a poor person cares less about 1/10th of their pay versus a rich person? It depends on whether you look at it from the viewpoint of a communal society or strictly individual.

[@msisles6278]

SS is an insurance program, not a welfare program. So if you eliminate the cap, what then is the top payout? What about the employer portion? Eliminate the cap on them as well?

[@tradeprosper5002]

@@msisles6278 Most economists believe that the "employer portion" comes out of the employee's wages since they are probably paid less. The top payout should be limited, so keep the cap for the amount of benefit.

[@ExPwner]

The earnings cap exists because benefits are capped. You just want to rob people through the proxy of the state

[@CarefullyWatching]

I love that he uses a term like "they're freaking out" lol

[@Nemesisnxt]

Viewer here. Most of retirement is in the S&P500, so I’m doing great ! Thank you.

[@AlexDeLarge1]

I make just a few dollars over minimum wage and I had to pay a federal tax this year. I got a refund on my state taxes. It's insane what Americans will vote for.

[@msisles6278]

The standard deduction is $14k. How much did you make? Did you have any taxes withheld?

[@johnkruk6929]

All good men & women stand up & protest this unfair & unjust system & while you are at it demand the freedom of Mr Julian Assange 😢

[@jamberry8026]

and leave Eddie Snowden alone

[@yozhleszy]

товарищ Сноуден в безопасности

[@clarestucki5151]

Thank tou professor, you bring such absolute joy to our hearts telling us how the rich are screwing us!!

[@Zeppelin9899]

The rich are not screwing you, the government (who are also rich) are screwing you. Free market entrepreneurs create value, that is how they earn money. The same as you trading labor for money. Entrepreneurs trade their labor, time, and own risk of capital for money. You are a capitalist also btw. Trading labor for capital is part of capitalism.

[@JP-fb8ni]

@@Zeppelin9899 Oh, absolutely! Because we all know that every entrepreneur starts on a completely level playing field, right? And the risks they take? Just like the 'risk' millions face choosing between healthcare and rent. And let's not forget, the labour-for-capital swap is a totally fair game where everyone has equal bargaining power. Silly me, thinking there might be any injustice in this perfect system of ours!

[@RZA36]

Prof went ham on everyone today. lol

[@robertbergdahl]

When I listen to Prof Wolff I hear Christopher Walken. Power to the people!

[@yozhleszy]

power arises from ownership. if I own the land, I own the people on this land. if I own the production, I own the hired workers in the production. если я ничем не владею, то не владею даже собой.

[@strahilspirov1682]

Actually, i am honoured to listen to Mr Woolf, who " de facto " not only did read K. Marx, but did understood him and is teaching the youth, the only right Politeconomy. Do hope, its not too late, the young generation nower days, to understand. The World future, depends on it. My respect.

[@kortyEdna825]

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

[@carssimplified2195]

truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors

[@Pamela.jess.245]

this is incredible! how can I vet your advisor if you please? definitely would love to make money from the market too, but a complete newb..

[@Pamela.jess.245]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@svetlana7904]

Thankyou for educating us lovely man... if you can analyse situation in Australia... we are oppressed nation, meaning MIGRANTS, and at the moment, because of the inflation ordinaries are in a very difficult situation, the labour government instead of working for us is against us, closing eyes in front of unseen poverty and misery that we are put in... for is retired people is impossible to bye cheese, bread, vegetables?!?! Or to pay the bills and rates... seems like NO one cares, scary... I want to know why ordinary people should pay the price while the government sends billions to Ukraine and Israel with no consent, information or debate... people are totally voiceless because all our yes yes yes yes yes broadcasters are turned off for comments... and what is the solution?!?! I would really appreciate your opinion, thankyou for your lectures

[@danielopdenakker3010]

Thanks Richard for your detailed info about the way the taxation is applied in the Us. No wonder the rich oligarchs in the Us get richer by the second,while the hard working american people with a full job + part-time job,to make the montly ends meet are the ones loosing out..! Talking about inaqualities..! Glad to hear there is a movement that guaranties a minimum wage of 20$ in California. Hopefully that will soon spread to the whole of All the States..! The super rich, paying very little taxation,and having their money stashed in offshore accounts and Switserland,that ,by the way,is Not even in the Eu have to made pay their contribution to the Us economy too. Reform is very badly needed in your taxation policies,very soon. Otherwise your capitalistic model will collapse and same applies for your puppet state Euorope..!

[@BLACKWomeninMUSICFestival]

🌹

[@jaimedpcaus1]

What is the future of Germany in the next 10 yrs? Where do you expect them to be?

[@tommyd2680]

Wooo!

[@lv4077]

He should title all his talks “The road to Ruin”.

[@spanky7277]

Since the War Raytheon stock is booming threw the roof , making large dividends ?

[@jamberry8026]

Haliburton, the fed and Exon

[@geraldmantel4955]

How do you spell Amerika? A: S-T-U-P-I-D.

[@spanky7277]

From Greece ..

[@itsoktobehappy461]

The best way to fight capitalism is to embrace it

[@martinz9]

🙏

[@Cynjae167]

Wow 😳

[@aabidyousuf0123]

Why there is not daily show of Richard wolff sir on democracy at work, 1 week is too long at least there must be 2 or 3 show in a week

[@alexanderkesterson6338]

You talked about Union for the fast food workers in California but would you also talk about how successful Dick's drive through in Washington state is. It's not Union but it pays its employees $19 an hour with benefits and it's a relatively small business with only a few storefronts in the state

[@idontgetit2938]

at least somebody is saying the truth

[@mithrandir2006]

There's at least one place to go to. In fact there are many but they are disconnected.

[@sinaBehmanesh]

thank you

[@shanejones578]

I did a job at TCU this past summer. Every single student drives an m4 a brand new something, a Mercedes this. Apparently they’d gotten a 120m dollar donation from an alumni to rebuild their stadium last year….

[@shanejones578]

It’s crazy just how much some people have, and how little most people have…

[@janetcohen9190]

Can anyone answer these, to begin? What are the largest to the smallest government corporations in US, please list them? Of late US $34+ Trillion debt on human scale is about $101,000.00 debt on each newborn baby and everyone else until after in graves including their successors all plus interest / usury. To whom are the above debts plus interest owed? Why? What are their names? Why the relentless suggesting, fostering, urging, forcing everyone into debts e.g., Mortgages, equity-loans, reverse-mortgages, credit-cards, small business & farm loans, cash-advances, car loans, payday-loans, personal loans, student loans, etc all plus interest / usury? Why are there plethora of taxes? Why 60+% of US population lives payday to payday? Why demise of traditional family structures, and middle class, ever increasing numbers of people in poverty, landless-ness, homeless of all ages including veterans? Why the seizing of private property, lands, houses, farms, etc by government's local, state, federal although property were bought and fully paid for? Why perpetual taxation on private property, everything, everyone, labour, every task, event, process, exchange, travel, transport, etc, etc? More questions invited.

[@spanky7277]

That's what Happens when you get greedy ...

[@saramuhumphries9225]

👍💐

[@TheAshdan81]

It’s true, if religious institutions have to pay taxes, a lot of them probably won’t exist because taxes continue to increase but people’s attendance has been decreasing for some years. But I believe without any religious institutions, the rate of mental health illnesses would skyrocket because already in the western world, we are losing alot of third places. Places you can meet up and talk to other people. So I think it’s cheaper for the government to allow the tax exemption B/c the reverse would be more resources and taxes would be pouring into mental health. Just look at Covid.

[@brentslager1295]

Been watching ship data just recently ships are going to Ukraine cargo ships 2 choices moving grain or bring weapons in for the final battle

[@Cruelaid]

*Stand up for Julian Assange* 02/20/24

[@sean32038]

3:30 in what time zone?

[@julieweiner1623]

👍

[@jondoe1622]

And when can we expect a talk about "Communism and the Absence of Social Safety Nets"?

[@andyjblosser]

Thanks Prof. Wolff! I appreciate in particular the tax info--keep covering that! Also is Charlie Fabian a Fabian socialist? Is that his actual last name? Just curious.

[@samf2914]

Such a depressing episode regarding the tax system. What is the solution?

[@masthan001]

the Indian farmers' protest from 2020-21 is the gold std. disappointed that the prof never covered it in such detail!

[@DannyVega-DanielHall4Freedom]

OurName4Freedom WS ❤️

[@stevenhopper-hj5uh]

Prof. Wolff: Taxing has to be controversial; do you have a "fair" system of taxes for us? You must be happy that "rich" neighbor of yours pays more, not less, taxes! And those "indigenous" peoples you cite, whose land was stolen, you are doing your part by donating any land of yours, directly to them (paying the gift tax too). Then you're departing, returning to France-Germany, freeing their home from your trespass!

[@jdcjr50]

To workers, profits are taxes. As is inflation.

[@masterbelch1293]

Im PUMPED

[@richardthut7071]

Do think there is to many moving parts or lack of in the right direction 😮?

[@jillfryer6699]

Both

[@MrDXRamirez]

Imagine being Nat King Cole for second, living in a time when you are not the performer of magnificent talent, you were 1/3rd a man in America.

[@brentslager1295]

Afraid it to late to change things the domino's have started

[@eaton55r]

You look like a nice old gentleman (I do not), hoping for a better world. Maybe? What videos or info do you have on ways communism can work effectively with capitalism. Can you focus on this area for a while. I think... 2 or 3 years. :) We all need More cooperation after covid and the internet firehose of allegations. We also need to grieve for loss and not blame others so easily. Help me out here Old Feller. Everyone else out there. Try and talk differently. I think now is a good time for joy because things will change for the better in spite of our own worst efforts (mistakes). :)

[@wav3st3p16]

Sorry, but Richard is one of the last people that's concerned with real, positive changes. It is a good time for joy, indeed, but he doesn't see it that way. He sees bad feelings, and how he can exploit them. He never offers concrete solutions, not even little things.

[@sdrc92126]

Nobody should have to pay any taxes. They can always print as much money for anything that they want. Eg, Israel.

[@kindaplayerone4128]

Can you send me a list of 4 factors to affect economies? Thank Sir Mr. Wolfe.or any one in chats let me know.

[@mithrandir2006]

What do you mean by factors?

[@TennesseeJed]

It might be a worse situation to make Germany too uncomfortable. Historically they get nasty when they get uncomfortable.

[@mithrandir2006]

Or maybe they got nasty for being too confortable about themselves...

[@TennesseeJed]

@@mithrandir2006 yes, maybe that is a better observation.