We Have To Stop THIS ECONOMIC DELUSION

You don't lose your property when you pay property taxes

Gary is right and a real life hero. Tom, share the wealth mate. Society helped you get rich. It wasn't all you

Taxing income is almost as immoral as taxing wealth or inheritance. If you really want to tax EQUALLY and make sure the super wealthy actually "pay their fair share," then tax SPENDING. The Fair Tax is still the best taxation plan I've ever seen.

Tom straight lying to you like he doesn’t understand Elon takes out loans against his shares and he spends that as his annual income but gets taxed $0 for it. So he can literally spend that $trillion fortune on boats and babies in his personal life and at the end of the year WE would owe ELON a refund!

Private ownership of means of production, capitalism. People live under rule of law applied equally to all and elect political representatives.
>Socialism is communist-adjacent, government owns means of production. >Currently government and billionaire business are combining to exercise control over entire population and transferring wealth to themselves from the population which is fascist, hollowing out democracy. >Highways, hospitals, public utilities and communications are necessities of life & require government regulations not private profit. >92% are concerned about corruption in government. 66% majority agree those basic necessities of life require government regulations not private profit.> 1956 Republicans platform upheld these beliefs > Protests against the rigged system are occurring in Midwest and New England. ..takeaways from HR Cox, historian/professor

And yes, Gary does explain the central banking inflation concept many, many times. Just not in whatever you've been watching.

I think the way Tom reacts is unfair. "The most emotional economist in the world" does not exactly scream fair and balanced which is the platform he's running on.

With that said, if wealth is what you have and income is what you earn is the definition, there is a problem.

There are so many problems here to pull apart I don't think this video was made in good faith…

We can change tax wealth to tax the income from wealth, assets, debt instruments and projected revenues from assets in order to achieve Tom's " tax everyone fair and no one avoids it".

Second, is governments are poor because their outgoing expenses are greater than their incomes. They are in debt due to issuing too many bonds that they need to pay back, which in addition to the expenses of providing public services such as law enforcement, infrastructure upkeep etc, is outweighing the income from taxes and issuing bonds.

That's complicated, so to use Tom's analogy imagine the person consuming more and more calories is a dude with a tapeworm, until he gets rid of the tapeworm, he needs more calories.

Full disclosure, I agree more with Gary Stevenson, I am biased on Gary's side. Stopping deficit spending too abruptly leads to a lot of good people dying. Introducing some form of wealth tax, helps to remove the tapeworm.

I also like Tom, I think he has a lot of good ideas. I think this is a complex argument and no one here is fully right. Deficit spending is not reduced easily, wealth taxes aren't a magic bullet. Owning income producing resources on a finite planet can lead to those that don't own anything suffering, and, not improving income producing resources has a cost too.

Let's not dismiss ideas completely. Far right ideas have merit, they just have problems that outweigh it. If you can't see any merit to a popular idea, you probably have a problem with your emotions.

I hope this is fair, either way I'm feeding your algorithm Tom so… You're welcome 😅

You look awfully worried in that thumbnail Tommy boy. 🙀

The Economist is wrong too… why would the tax system need to be used to somehow pick a "winner" between the meritocracy and the "inheritocracy"? That's an idiotic concept as dumb as most of Gary's ideas. You should no more covet inheritance than you should income. People pursue merit to take care of themselves and then their family. So being able to pursue excellence and merit allows humans to provide for themselves and their family. They are all interlinked. Should people be allowed to keep the fruits of their labours. Yes, of course. Should children be able to keep the fruits of their parents' labours? Resoundingly, yes, of course.

As far as wealth taxes go, there just more of the same big government confiscation mentality. There's really no difference in my mind between the destructive force of the so called "progressive" tax system (it really should be called the regressive tax system) and wealth taxes. Although of course the commies like Gary would layer wealth taxes overtop of the already retarded progressive tax system.

A super rich guy saying wealth taxes don’t work… lolz nice try Tom

Tom!…TOM!!! Which part of the economy do you think isn't already broken? The one where you think the 1% are going to throw a life preserver to the rest of the economy? The one where you think the wealthy are going to pack up and leave the largest consumer base in the world rather than pay more taxes? The one where you think AI is going to save the world and create a golden age? Look around you, the golden age is already here and in the hands of those people who created the siphon-up economy (i.e., the trickle-down economy). This economy that you think has been a 40-year boom for the United States has been a 40-year grift to produce the exact result it is producing right now. Why save a ship that was designed to sink by the very people you think will abandon ship if asked to take responsibility for their design? Of course, they will, Tom, but I hate to tell you that they abandoned ship 40 years ago when they designed it to fail. Only a fool would think that our economy wasn't designed to fail in the exact way it is now. Let them leave! I am happy to donate funds to help buy their ticket!

To have equal purchasing power of 1980, minimum wage needs to be nearly $70/hr. So yes, we do need some form a wealth redistribution. And yes, if life gets extremely difficult for people they will revolt for food. I don't agree with Gary or Tom on this, they have both dug in to their own camp. One thing that Gary has said is a global wealth tax, so Tom's point of moving to another country is not possible. Many corporations already set up headquarters in other countries as it is, Ireland comes to mind. There is also an island that has more registered companies than its ebtire population. I propose a hybrid solution, some form of tax on ultra wealthy that goes directly to paying down the deficit. Government spending also needs a serious haircut and corporate money needs to leave politics asap. Zero lobbying (bribing). A big issue is that the people having these conversations and making the policies have no idea how many people truly are suffering. I'm not talking about the middle class with their air conditioning who may be facing pressure, I'm talking about those living at home at 40 or eating at soup kitchens. Low end wages need to go way up!

I'd like to see Tom and Gary find 10 things that they agree upon and go from there.

I think we can all agree, Billionaires and Trillionaires , who are 0.01% of the population "can" use their wealth to the detriment of the 99.99%, so let's agree at least on that. Elon proved he can throw money at the USA population and get a moron like Trump in , right in front of our eyes, so surely we can agree on Money = Power, and too much money = Too much power. Therefore we need some way to reduce this power, if not the money as well and spread it around to at least ensure everyone has a fair go if they were not lucky enough to be born into a super rich family.

THIS is a collab I can get behind phuc yeah, I am the poors but we need credible individuals pointing out the obvious. Thank you for bringing ‪@garyseconomics‬ up! His fight is legit and formative, we really need grassroots push-back against dangerously amassed wealth.

This British guy is talking but not saying anything 😂

Gary knows a million times more about economics than you

34:40:00 Negative Tom. The sensible way to approach it is: if you want to borrow against your assets, you pay tax at the time of borrowing. If you want to borrow 5 million against your assets, you pay tax on that 5 million. You can adjust it for interest. the detail will need to be worked out but If you want to actually close the loophole, it needs to be taxed within the year that you borrow it

Tom beat the economist gary

You keep saying easy money fuels innovation — but it's what builds the bubbles you spend the back half of this video worried about. It routes capital to whoever's first at the printer, away from the many savers who'd otherwise have the freedom to tinker. The Wright brothers funded flight out of a bike shop — no banker, no connections. Made a short about it.

As an economist I cannot believe that people really believe that Gary is an economist. I guess nowadays you are a girl only if you want to be a girl, although tomorrow you may turn out to be a boy anyway. Obviously taxes are this type of government intervention that is least desirable because of its destructive properties. It doesn't mean a state can exist without taxes but it does not negate taxes' massively negative impact.

This idiots take on bitcoin is enough for me to dismiss anything that comes out of his mouth.

Absolutely! You’re totally right in thinking this way. It’s not pure emotion, but systematic structure. That’s what’s quietly threading this tapestry of inequality that encompasses us.

He already reached a conclusion in his mind, pure arrogance, and it hurts him being told he's wrong.