Larry Summers and Robert Reich Clash Over a Wealth Tax

[@Slide61]

Why is Larry Summer's still getting a mic? Every policy this guy has ever advocated for or implemented has become a trainwreck. Him and Rubin almost single handily caused the great recession and, consequently, a large chunk of our national debt.

[@dezziliodevellini9533]

SJ, you are 100% correct in your assertion. His so called advice is absolute TRASH. Unfortunately for the incoming administration, he has been chosen as a top adviser. I am afraid that he will lead Biden to wrong-decision making and put block-roads into his (Biden's) administration. What is ever bemusing to me is the fact that they are the SAME people chosen to do the TOP jobs year after year... even if they are even less than mediocre in their advice in matters of policy. ALLAN DERSHOWITZ, RUBIN, LARRY SUMMERS and Robert REICH are only a few among the many. The US is controlled by men such as these. It is NOT getting better!

[@geraldallocca6858]

Robert Reich knows his stuff boy!! A wealth tax is needed to do all the things we need in this country!! The infrastructure needs it and so does schools and all government, city and state jobs!!!

[@Freckles303]

If Only MSM would have more discussions like this! Thank you Robert Reich for bringing truth to this subject of redistributing wealth.

[@victor-vq5eu]

WHERE'S THE FULL VIDEO ????

[@1m2rich]

We had to do it in the last century and we need to do it now. They have all the money and we need it to run the country. They pay workers low wages with no benefits while they live like kings. CEOs don't own the corporation and have no right to have 95% of the wealth. The shareholders, worker, consumers and community do. They work and add wealth to the corporation. We need to build roads, air ports, waste systems to make sure we all can do our jobs and live a life. Even our health care is being taken from our seniors and disabled. This is wrong and will destroy us.

[@TheHauntedKiwi]

They want to cut children's school lunches. They expect your kids to starve and die to fund their second yacht. Buy stock in wood, and large falling metal triangles.

[@chrissmith6495]

Larry Summers is now a voice of moderation and soon to be portrayed as a right wing extremist. We're in trouble.

[@TheHauntedKiwi]

Parasite

[@CasualMisinformationSpreader]

Larry Summers? That name sounds familiar. Is he one of Jeffrey Epstein's friends?

[@jlvandat69]

Looking forward to viewing the entire video. If you have come to the conclusion that the root cause of most all socio-economic and political problems in America can be traced to inadequate understanding among most citizens (e.g., read KZbin comments for verification), then it follows that discussions such as these are the antidote and nearly priceless.

[@jeffheinzel1977]

Why does some making 400k a year considered rich? Why is that person in the same tax rate as Lebrun James? Why don’t we have more tax brackets?

[@nopenoudidnt]

Adorable. "Rules". We have rules Mr. Summers. The PROBLEM is the rules are either not enforced, or so toothless the gains significantly outweigh the consequences and penalties. If I cheat my taxes, the penalties are easily 30-60% of my yearly gross. If Summers cheats his taxes it MIGHT touch 2% of his yearly disclosed income. The system has been intentionally evolved to favor those that have versus those that are trying to gain.

[@katherinestone333]

"[T]he history of the progressive tax over the course of the twentieth century suggests that the risk of a drift toward oligarchy is real and gives little reason for optimism about where the United States is headed. It was war that gave rise to progressive taxation, not the natural consequences of universal suffrage... Although the data on this are sparse, it... seems that US politicians of both parties are much wealthier than their European counterparts and in a totally different category from the average American, which might explain why they tend to confuse their own private interest with the general interest. Without a radical shock, it seems fairly likely that the current equilibrium will persist for quite some time. The egalitarian pioneer ideal has faded into oblivion, and the New World may be on the verge of becoming the Old Europe of the twenty-first century's globalized economy." --Thomas Piketty, Capital in the Twenty-First Century

[@enriquehidalgo630]

They tax you when you work(income tax). They force you into a government retirement system(social security). They tax you on a healthcare program(medicare). After those taxes, if you want to invest what is left of your money in the stock market you are tax your on that too. If you want to leave an inheritance to your kids they tax you on that too. When you fill you car you are tax on that too. When you open a business you are tax in that too. When you buy non food items they tax you on that too. Your utility bills have a tax too. They tax you on your property too. And I almost forgot the hidden tax inflation. God only knows what other taxes I missed. I get that taxes are needed to pay for government but this is excessive. Some of these taxes are there to promote "material equality", something that the government should not get into.

[@TheHauntedKiwi]

"I like the king actually, we should let them rule" - You in France 1790

[@asare240]

How is this Epstein guy still taken seriously?

[@legendfighter310]

Cause while he’s an asshole, he’s also one of the most brilliant economists alive today. He’s done everything from being an economic advisor to Reagan and Obama, secretary of the treasury to Clinton, chief economist at the world bank, and the president of Harvard University. I wouldn’t particularly want to be friends with him, but I certainly wouldn’t ignore his economic advice.

[@cantstartafire]

The Greeks have done so well with their finances... Please, lets all let Yanni guide us. Tell me more, wise sage, how do we fix the world?

[@yummybeers]

100% tax on inheritance over $500,000.

[@fabiogoncalves9728]

Yeap, sure. Wealth taxation will work....for the tax haven jurisdictions. They are probably very grateful to left-wing “legislators” who propose these pieces of work. Matter of fact, money has two properties: a)- it does not take insults; b)- it has no homeland (especially nowadays, with BTC, altcoins and digital assets)...

[@EpicStyleGamerchannel]

There shouldn't be a wealth taxation