Here are my thoughts on the proposed Wealth Tax, what this would do for the market, and whether or not this would work as intended. Enjoy! Add me on Instagram: GPStephan
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A new proposal was created which would impose an “Ultra-Millionaire Wealth Tax” on all fortunes above $50 million dollars. This is estimated to generate $3 Trillion Dollars worth of tax revenue over the next decade, without affecting the remaining 99.95% of American households who DON’T have $50 million dollars.
The plan would impose an annual tax of 2% on all net worth above $50 million dollars, and a 3% tax on all net worth above $1 billion dollars. The taxes generated would help fund a strengthened education system, healthcare system, and would be invested back into community infrastructure. In addition to that, they would call for a $100 billion dollar investment to rebuild and strengthen the IRS, a 30% minimum audit rate for high net worth individuals, a 40% “exit tax” on net worth above $50 million for any US Citizen who wants to leave, and new tools to determine the value of assets.
Now, in terms of the actual WEALTH TAX in question…this is where things get interesting.
PRACTICALLY…calculating the net worth of the wealthiest people, and then taxing them on it, will be EXTREMELY challenging. Many assets are not publicly traded, like stocks – and determining the AGREED-UPON value of potentially hundreds, thousands, or tens of thousands of individual assets is going to be nearly impossible.
Second, there’s also the worry that the wealthy would begin HIDING their money if such a tax went into effect.
Third, other critics argue that a 3% tax would require investments to GROW beyond a rate of 3%, adjusted for inflation, just to pay for it without losing money…and that’s a tall order.
Fourth, since this would be a tax on NET WORTH – it would become necessary to SELL a portion of those investments, JUST to pay the tax…and, by SELLING those investments, you’d be subjecting yourself to even MORE taxes in the process.
Fifth, IF a wealth tax was implemented, it’s said to have a negative impact on the economy…it would reduce national income, discourage saving and encourage consumption, and lead to more foreign investment.
Other countries have tried implementing wealth taxes, as well…but, without much success. Since 1995, over 60% of countries who have enabled a wealth tax have now repealed them…and their findings was that it disincentivized risk taking and entrepreneurship, harmed innovation, and impacted long term growth.
What the U.S. Can Learn from the Adoption (and Repeal) of Wealth Taxes in the OECD
In all reality though, I’d be surprised if this ever passed, and most likely – nothing is going to happen, so you’re not going to have to worry about your fortune above $50 million dollars. What I DO think will happen, though, is that – MOST LIKELY – we’ll see all tax brackets start to go up over time, ESPECIALLY if you’re earning above $200,000 per year…and I wouldn’t be surprised if Capital Gains tax was eventually increased, and honestly, I’m all for it.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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This will never happen. It’s just something Democrats will talk about before elections to get dumb Bernie supporters to vote for the corporate Dem the establishment chooses to be the candidate.
what about a multiplier max? like, CEOs can only make 1000x as much as their least paid full-time employees. And, those who want full-time work, should be given it if there’s the opportunity. for example, walmart’s often refuse to give people full-time work, and then have a ton of part time employees, so that they don’t have to provide proper benefits -this should be not allowed.
It’s thanks to discovering your channel in September 2020 that I’ve increased my financial literacy from almost zero, set up three retirement accounts that I’m on track to max out, and I consciously spend and live below my means, and I love it. It has really turned my life around. Thanks, Graham.
I strongly agree the solution for poverty is education. Not just financial education but also some hard core education then just benefit. I personally knowing people chose not to work or go to school but having their life long dream as living in government housing and benefits.
My fears about this new credit model are if they start implementing the Chinese model with this model. I’ve heard rumblings of them wanting to use your Internet search history and other social decisions that you make to be included like whether or not you get your vaccine. I know they want to implement more of a Chinese style social credit score system which would be horrific for freedoms in our country. They always make it seem like a good idea and try to spin it with the fluffy stuff but I have a feeling this goes much deeper than just helping out the little guy. I can almost guarantee this will grant people more control over our lives. I feel so lucky for coming across some guys. I was in bankruptcy and glued to crushing student loan debt which I still battle in my mid 40’s. Thanks to the team at 101expunge•Com.. I am no longer in bankruptcy & all negative marks erased and to top it off they assisted me with my student loans, which I no longer have! I can now move forward in my life and live a life free of financial hardships
Switzerland has a wealth tax on individuals with assets worth of at least 500,000 CHF that are located in Switzerland proper. Tax rates vary between Cantons but are mostly between 0.2% and 0.5%.
I think the tax system sucks and rasing it dosnt work need to re work it
NFT has entered the chat
The economy is heading towards a severe recession and everyone seems to be nonchalant about it, There’s a Chinese saying how does a tiger kill an elephant, it bites it every day, The economy is going down as the clock ticks
My greatest worry is how do we recover from all these economic and global troubles? History has shown that world took a very big hit the last time it experienced such a pandemic.
Every person is affected by this directly or indirectly. Taking myself for instance, Investments or stocks still retain their values very much but I’m still at crossroads o deciding if to liquidate my stocks or hold on to them cos I’m scared they might lose value.
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“Better you than me!” As the saying goes.
Yang Gang
just taxed the like button
if I become a billionaire on GME, this law will is going to kind of hurt me hahahahahahhaha
@Graham Stephan you are going to show me the scam secret thanks
Anyone else’s like button turns white?
Great video! Kind of changes my thoughts on the rich tax.
When is the cool Ford GT driving montage video
Millionaires don’t pay taxes. Higher taxes on wealthy only means higher taxes on everyone.
The capital gains tax is great for those who can afford to take part in it. Most Americans are unable to do so in a meaningful amount.
That being said, I agree with your assessment.
What people who support this don’t realize is,
once billionaires don’t want to be here, you wont either.
Its ridiculous, in Argentina we have that and it causes unemployment, lower capital investments and increased government spending which is worst for the economy.
Capital gains is only half the reason why the ultra wealthy pay less tax (as a percentage of their income) than the middle class or the poor. The other half is deductions. Wealthy people will do things like buy an old painting at a discount, re-appraise it to a higher value, and then give it to a museum as a charitable donation in a year where they made a lot of income. Then they can use the newer / higher value of that painting as a huge tax deduction to negate their income, or a portion of it. There are other concerns like AMT (Alternative Minimum Tax) but there are loopholes in that too that the super wealthy can exploit.
I can’t disagree with this analysis more. The stunning wealth inequality is the product of policy and it will take policy to fix it. I am not sure a wealth tax is the way to go either, I do agree with that. I would increase capital gains after some amount in a year, like 300k or so. The income taxes need to go way up, especially for the ultra wealthy. The estate tax needs to be way higher and with a lower threshold. There is a definite need for a higher stock transaction tax to kill the high frequency traders. Go back to companies buying back stock being illegal. We should definitely vigorously fund the IRS and have then audit high net worth individuals like crazy as they are hiding assets and using accounting fraud as a normal business operation. Also, it is false to assume the US is actually a meritocracy. Financial education is not going to help against all of the crushing systemic policies that keep people poor.
What’s up Gram is guys here! Anyone else here that??
They never taught me to smash the like button in school. How absurd is that?!?
So a 23% tax on capital gains is “absurdly low”? It is my money that I created with my business, and its taken by force to use on things I don’t like. That’s called theft bro.
I don’t even know my valuation since I’m just starting but I’ll be there soon got dammit
I agree with the importance of financial education and literacy but it does not help someone who is struggling right now. Maybe its better to do both education and financial supprrt for those who need it
You know a system is wrong when they threaten to take almost half of your assets if you leave. Berlin wall USA.
you know what bridges the gap – work
tax all income levels- flat 10% instead of 47% not paying income tax
Tax Millionaires…. stop them from using their money to expand and create more jobs… yea not a smart plan.
EAT the rich. we need to revamp our tax system, and i think the main majority of people want to tax the crap outof billionaires, not really millionaires. Theres a reason the rich get richer, investments and our tax code need an overhaul.
liked because I do agree, taxes suck
@Graham Stephan scamboi
Please run for President, best idea ever.
Graham it’s pronounced PLETH-o-ruh not ple-THOR-uh
I love that you do things like this so please don’t stop doing them. My opinion on the matter is that the government doesn’t deserve one cent more because they can’t even use what they already take in and it gets worse year over year.
Socialism is very dangerous.
How many rental properties do you own?
When it comes to forex investment it is the king of the jungle especially when one knows how to trade as for those of us that has no knowledge in trading there are tons of brilliant investors you could invest with that would yield good results
yeah i totally agree with you on this that there are good forex brokers that one can invest with and get back huge returns because during the pandemic I reluctantly started investing with Laura Allen and its unbelievable how my life has changed since then
I and my family have greatly benefited from trading with Laura Allen this year, we’ve moved into our new house which we got the money to acquire it from by investing with her
@@silvermaureen9770Silver I’ve actually heard about her, but I don’t know how to get in touch with her.
@@anthonyjames4069 @investwithLaura
How many of us noticed he said hello Graham?
Taxation is theft.
@@user-oq8wc2jr9q thank you for the reply, Brother. Your YouTube course was awesome, BTW.
None so far.
Pretty sure youre a bot.
I was the 21 thousandths person to like the video NO JOKE
I hope that never passes. It’s only opening the door for the government to pry into everyone’s house at anytime to look at everything. Would the auditor come in with a warrant? If they start with the wealthy, than it will trickle down to everyone else.
I don’t know why I thought this wouldn’t stupid. I did it to myself I guess. Very ill-informed.
One thing the government forgets is that the more money people make, the more jobs they provide and money they spend which provides more jobs to more people. The less $$ in pockets, the less $$ for house cleaners, landscapers, restaurant workers, airports workers, etc.
They also invest in many other businesses in the stockmarket & probably directly too which helps them thrive, and they build houses and buildings which fuels the whole construction industry.
Why take $ from people who manage wealth well and give it to the government which is like a leaky bucket giving thousands of dollars out all over the place for the most random reasons.
I don’t agree with your assessment. The capital gains tax is already double taxation and at an astronomical rate. Stocks are bought with after tax money, then you’re taxed again on any gains. If we want to encourage investment then let people keep all of their gains and think about something like raising taxes on purchases. Tax the crap out of buying a private jet or a second house, things that only really wealthy people can buy.
Thanks for a logical, non-political examination of the topic. Of course you might get cancelled for this because logic is frowned apon
The GT looking nice in the background!
Unfortunately while there is no direct income tax in the Cayman Islands 🙌🏼, there are still many other taxes like duties on goods, work permit fees for expats and certain property taxes. Nowhere is 100% tax free on this planet 😂. Although less tax is still amazing.
What’s up graham is guys here hahaha😂
Fixing infrastructure is like fixing the hole in the bucket. To learn more, smash the like button.
dude all your thumbnails are the same
On tele gam @marialopees……..
More practical concerns. Wealthy people invest in companies that produce things that the market values. Taking some of that money and instead using it to hire more bureaucrats (such as more IRS employees and tax court cases) and incentivizing wealthy people to hire more tax experts – that means more people doing fake work and less people doing real work (and less focus from high achievers in the private market on continuing to lead). Also, Money is just a ledger (it’s a way of organizing human behavior). Taxes do not create wealth – they simply add overhead (paperwork) and incentivize people to change behavior. Of course there are trade-offs. For example, maybe some of the money from the taxes could fund jobs in other areas that are useful. Although there’s a general concern that the government tends to be less efficient than the market. Another concern – incentivizing people to sell stocks will damage investing markets for everyone else.
why social capitalism is good.
Labor should be taxed less than capital gains.
What’s up Graham it’s guys here😂
Am i the only who heard that?😂😂
What they should actually be talking about is taxing everyone higher
I now look back at high school and thank heaven financial literacy and economics were mandatory to graduate life after hs with a budget made for your first year out.
I got a dishwasher commercial right after he said “basically what they’re proposing is this:” 😂
40% exit tax? So even if you disagree with this and decide you didn’t like it, you pretty much can’t leave. Shady.
I fucking hate the fact that Joe Biden wants to raise the capital gains tax to over 50%. It’s stupid and I am pretty sure that America is going to see lots of businesses leave because most businesses grow by investing in the stock market.
did you get a hair transplant?
Keep it up Graham 💗 miss you
Graham 2032 – NO TAXES! Love it!
Income taxation is serfdom. The government owns the fruits of your labor and decides how much you get to keep.
Taxing labor hurts the middle class most.
taxation is theft.
It’s guys here
Graham again spitting some reasonable solutions to a problem! Financial literacy being taught in the education system would be a huge benefit. Internet literacy would probably be beneficial too. 🙂
💯 on the need for schools is to teach financial literacy! Way more valuable than calculus! Agree with your taxation ideas as well.
Yeah, scrap the wealth tax, raise the estate tax. – A friendly tax CPA from Atlanta
Taxes at all levels are a percentage. Why does it make sense to demand a HIGHER percentage as more money is made? Doesn’t it seem counter intuitive? Seems like to incentivize more money generated and to reduce incentives toward finding ways to offset taxes that a percentage reduction could be granted because more money at the same percentage or even a lower percentage of taxation is more taxes paid and fewer games played.
40% exit tax? Wow! Is that on your whole net worth or only on the unrealized untaxed part?
On tele gam @marialopees
7:56 BAAAHAHAHHAAAA
Taxation is theft. And Roosevelt was a commie who should have been sent to the gulag.
I think putting a limit on tax write offs or deductions would be a good thing. I think elon musk or bill gates/Jeff bezos should not pay a lower percent in taxes then I do at 25k a year. Yes they can write off things but there should be a cap on deductions and write-offs.
They shouldn’t be taxed higher but they should have less or limited tools to lower the amount of fair taxes the are required to pay. Big business should be able to grow and deduct expense but put a cap on it based on profit. I think allowing small growing business to deduct alittle more isn’t a bad thing.
One thing I know at least two of those companies could do alot more for their employees with all those write offs and deductions.
Intro idea: What’s up guys, Graham here, if you could, launch a cryptocurrency and name it Graham Stephan, then infiltrate Tesla and then pitch the currency to Mr.Musk so he post about it on Twitter which really would help spread the good word for my channel.
@@user-oq8wc2jr9q You got it. Won’t be overzealous next time.
Interesting, came here from millineal money broadcast… so capital gains tax increase could happen… what would that do for asset prices? there’s a lot of ways the gov can calm down asset inflation without raising rates. Thanks for the video!
Wealthy tax – that is ridiculous. How about full transparency about where our taxes are going. Throwing more money at a problem does not mean it will solve it!
I see people comment how inefficient the Government is or putting more money into the Government is like throwing money at a fire pit. How about all of you people do something to your communities/people around you. There is no black or white situation. The Government although not as efficient is doing what it can to help people get out of poverty and grant them funds to prosper(providing employment). Of course there will people who don’t really need the money or are parasites and take money from the government. If any of you criticize the government and do nothing, you are just ignoring why the government spends so much in the first place. If you are unwilling to do anything about the places and people nearby then pay more taxes, let the government use that money for the better. If the country was a better place and wasn’t as financially fucked (example: everyone in the U.S helping each other out) there wouldn’t be higher taxes
I dont even live in America, why am i watching this
I mean taxes don’t even go into education or housing they go to the military to terrorize people around the world.
My first thumbs down ever on one of your videos.
No more taxes. We are already taxed to death.
Cutting spending is the only logical and moral answer
great viddeo!
LOL. suck it up bro you are going to be taxed to pay for all this its world wide there is no where to run either
Anyone who is rich but doesn’t want to pay taxes really need to get their priorities straight. My parents have loads of money and have said they are happy to pay over 50%. They’ve got more than enough whereas others in the world don’t. No one needs billions of dollars to live when others are starving.
This is not in USA though. Other government actually knows how to spend the money right. Not spend it on crap like a big army.
Honestly you saying your government sucks and trying to hide your money so you don’t pay taxes solve nothing I’m afraid. You need systemic changes where that money can do good for some people.
*Thanks for the review*
*+<<1<<2<<1<<3<<2<<9<<7<<4<<3<<9<<0* *M<
big army is good thing, and why pay taxes to go to poor when you can just cut out the middleman and give the money to the poor
When I’m asked to press a ‘Like’ button, I make sure to press the ‘Dislike’ button. Stop asking, it’s redundant.
Thanks for your feedback, for more guidance
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Well financial literacy is only practical if the lower income individuals have that extra money for them to manage and invest.
Anyone else glad they’re poor with a networth of $45M.
This video was highly relatable 👍
Is it like this in the UK?
Wealth tax is better than income tax. Flat 2.5% wealth tax across the board is ideal
This is Graham’s longest money play, making it seem that it’s such a burden to raise the taxes on the Uber rich that we shouldn’t even bother.
dividend tax 20%->40%
Are there any EU Graham Stephan’s please?
The problem is not directly about rich versus poor. So putting numbers to “who is rich and should be taxes” is ineffective.
The real problem is that passive income is TAXED LESS than real work income. So whoever is doing the real work in the economy is paying more taxes… And whoever gets wealth once (by inheriting, being lucky, or actually doing something really well) is just sitting there and automatically becomes more and more rich without any additional effort.
This is a direct root cause of the GROWING wealth inequality.
And I would like to emphasize that I have nothing against wealth inequality. But the fact that it is GROWING what worries me. We had rich and poor people 70 years ago when the economy was booming too. But now the gap is way much wider than what is healthy…
What about a land value tax instead?
Ayy Graham for president 🙌
indeed, the wealth tax as proposed sounds impossible to implement.
considering capital gains and dividends in the same category as salaries is probably much easier.
also, allowing to reduce your taxes when you lose money on investments is like requesting the state to reimburse your losses at the casino, which it doesn’t, hence should not be possible.
then again, the US should save a lot of money by reducing their military spending by a large amount, which would imply not going to unwinnable wars against the rest of the world.
No mention of wages at all! Great job framing the conversation for your team
I agree with stephan, if the taxes were actually used for something good instead of going in a giant money sink along with corrupt officials’ pockets a lot more people would support it
This was just passed here in Taxachusetts.