“You DON'T Have The Right To Inherit” - Liberal Commentator DEMANDS 100% Inheritance Tax
Episode Stats
Words per Minute
211.65494
Summary
In this episode, we discuss the idea of a radical 100% inheritance tax to address wealth inequality, and why it would be a bad idea. We also talk about why it s not fair for children to inherit from their parents, and what would happen if their parents died and left their money to the government.
Transcript
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it's so funny that people want this are the people that didn't make the right choices
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tax inheritance at 100 okay so it's the only fair choice says lewis goodell okay i don't know who
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this guy is he's talking about tax uh and by the way this is not just him talking about it i don't
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know who this fellow is but uh he's a presenter for lbc co-host of newsagent podcast argues for
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radical 100 inheritance tax to address wealth inequality stating rob if you want to play the
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clip go for it what we've got at the moment is an aristocracy of wealth in this country it's also
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true of the united states as well so what i would do what i would do and i wouldn't be opposed to by
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the way i wouldn't be opposed to 100 inheritance tax or maybe let's say 99 you know my rule might
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be that if you can put it in two pee bags then you can hand it over that's fine 99 95 i'm being
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provocative but you see what i mean i would not be against a far higher rate of inheritance tax than
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we have at the moment which is 40 above a certain threshold i wouldn't be opposed to putting that
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to 50 60 70 why because i think the quid pro quo should be twofold one that helps fund public
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services which actually helps level the playing field in achieving a true meritocracy two it will
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help us reduce taxes on income because at the end of the day i want to incentivize work i want to
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incentivize productivity i want to incentivize people to get up off their backsides and do more
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you don't have a right to inherit what you should have a right to be to work while you're alive and
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get keep more of your own money that to me is more important way more important than your right to just
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inherit some money from mommy and daddy that you did nothing to earn so wait so wait so can i can i
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understand this guy correctly he's saying say you have 20 million dollars and i die and i want to
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give it to my family kids he thinks your kids should get zero and 100 of it goes to the government
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i hope this guy never ever gets into by the way he's not alone there's a lot of liberals like him
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that uh that that believe in this so tom your thoughts on this 100 inheritance task attacks that
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i think elizabeth warren and others have also spewed this type of nonsense with inheritance
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where do you what do you stand with this well i'll start with this guy so it's not fair for one
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guy to build a company and build a bunch of jobs for people and then his kids to inherit that it's not
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it's not fair for one but in the uk they celebrate the champions league and only one team wins it's the
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best team and that's 2.7 out of the 36 teams you see where i'm going benny so on one side of life we
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celebrate one rising above on the other side of life we're jealous of it which side do you want
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yeah which side do you want and how do you legit and you say well they worked harder they're the
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champions league your team didn't play defense your team was lazy your team was poorly led i could say
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the same thing about citizens and i love this i make this analogy for people and it causes people to
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kind of back off the argument a little bit except the ones that are just basically envious
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they're envious and their justification is what i think is a very weak statement that he made
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was like and it would be more for public services they're printing money and you're not getting public
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services so you're saying if government gets money from a different source government suddenly is going
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to be better at providing public services no you're justifying your greed and your envy with oh well
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public service will be there and everyone will get it that's so untrue and this is that when you have
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people who didn't do it when you have bureaucrats making laws about businesses that's when businesses
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get constrained and overregulated so when you have bureaucrats making laws about about um inheritance
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you now take you be careful about taking away that incentive to accumulate be careful so tommy right now
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if top pat i had 20 million dollars and i passed away and i have two kids how much are they how much
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is tax going on me can i explain this to you yeah go i'm going to tell you this tax thing i had to
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learn the the hard way so to speak uh we get taxed to oblivion in this country we all know about
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uh income tax and federal and state and local and people are moving out of new york and california
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then you have employment tax you have payroll tax you have all you have mortgage tax you have gas you
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have a car you have your back tax but then here's the deal you pay all these taxes and then you die
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and there's something called the estate tax the death tax i learned this because every year with
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welcome funds my other company i would go to this event called the heckerling estate planning
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conference it's put on by the university of miami and the entire premise of the conference
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is all the leading estate planning attorneys cpas all the biggest and the biggest the biggest
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uh tax professionals meet up at this one massive meeting and the whole premise is how do we save
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our clients our rich wealthy clients taxes when they die they're putting together trust and legacy
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trust and life insurance and islets and the whole premise is let's save that money when these people die
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you get taxed to oblivion and even when you die and what you have is what's called an exemption
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and the republicans always try to raise it i think under george w bush name for trump they made it
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collectively 20 million i want to say under obama he brought it down to 5 million because the democrats
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are always looking for more money to basically help pay for things so they'll tax tax tax tax tax
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republicans all right listen you already paid 100 million dollars of tax your life now you want
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another 20 million of the death tax so the whole premise is it's taxed to oblivion
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and even at your death the the tax man is going to say how much so how much adam if i want to give
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my my i die i have 20 million and i want to give it to my kids how much is the government going to
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take before they get it well it depends on what the exemption is it depends if you're married like
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that but right now the current exemption ask what the term don't say it's 40 no no no what's rob
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the current estate tax exemption i'm going to say when you're married so here's what would happen if
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you if you're not if you're not married you're single you got 20 million bucks the first 14 million
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it would be exempt so you're not paying tax on the first 14 but you would pay on the six say
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whatever a progressive tax the same way they do it 40 on it so 40 on the six million you would pay
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2.4 million dollars how with 2.4 million so really you're paying 2.4 million on uh 20 million bucks
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right but if you have a hundred million dollars you wouldn't pay anything on the first 14 then you
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would pay it on the 86 the 86 would still be taxed at 40 so 40 of 86 you're paying 34 million bucks
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on the number on money you've already been taxed so you make the money so let's just make a million
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dollars in a year half of it goes towards taxes you keep the half a million okay then you take that
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half a million everything you buy you're paying taxes on it you put that half a million dollars
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say you start saving it over the years later on on the half a million so the argument against it is
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the fact that you're getting tax on the money you already pay taxes on on the money that you spend
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that was already taxed why am i paying more taxes in the states i think elizabeth warren and bernie
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sanders made the argument for 60 65 percent estate taxes period but this goes back to the following
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why punish the people that made the right choices why punish the people that were disciplined with
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their finances long term i got a kid over at the house yesterday with this family you know who these
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guys are soccer uh we've spent time with the family and he starts asking me questions 11 year old
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kid you know i want to get into the investment field and i'm thinking i'm thinking about starting
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to invest now and all this other stuff and i'm showing him numbers i said you know warren buffett
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at 50 years old was worth 50 million dollars and he's worth 200 billion dollars right now what yeah
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you know how that happened how compound interest he's had his money working for him you know and he
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kept growing and growing and growing and growing and growing it and then eventually he's where he's at
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right now but guess what he's still living in the same house he lived in nebraska the 700 000
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auto house he's still living in the same house he can afford to buy the biggest house in america he
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didn't he played a very different game not the most exciting life he lived he lived a very different
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life but the guys were a couple hundred billion dollars but don't punish the person that was
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disciplined in their 20s 30s 40s 50s 60s so they can pass that down to their kids let them make the
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decision on what to do it you're going to hear some of these thoughts tom were you going to say
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something or no no i you you basically hit it as you were covering those points fantastic i'm with you
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we want to show you the campus especially those of you guys that are going to the vault so if you've
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already bought a ticket great rob's going to put the link here for you to go register if you bought
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a ticket you get to bring a guest with you just to see the tour some of you guys are going to be
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able to get on private jets and actually see what a private jets like and some of you guys are going
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to see some exotic cars and i'm not just talking about some regular cars i'm talking about some very
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weird looking cars that cost a couple million dollars that'll be this wednesday if you haven't yet
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bought your ticket we are literally two weeks away from the vault conference this is when all of a
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sudden everybody starts buying the tickets and oh my god i gotta get that together i gotta go i gotta
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go i gotta go which is great but this is causing tickets to sell out as well if you're somebody
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that hasn't yet purchased your ticket go to the vault conference.com the vault conference.com rob
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can you put the link below the vault conference.com if we have a qr code for them to go there as well
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get yourself a ticket generals we'll be able to network with around four five hundred people
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uh platinums and executives will get a tour by a couple of our associates anybody that's got a
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founder or ceo ticket i'm going to be giving you a tour of the entire facility excited to see everybody
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here we're going to have some hors d'oeuvres some food you know it's going to be some you'll see stuff
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before a lot of other people will see it so again if you're in south florida or surrounding people are
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traveling from you know uh from other countries here to just come for this but if you haven't yet go to
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all conference.com get your ticket and go register with the link below add a guest we'll see here in
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