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The Inquiry

Can we make the super-rich pay more tax?

The Inquiry

BBC

News Commentary, News

4.61.7K Ratings

🗓️ 1 July 2021

⏱️ 24 minutes

🧾️ Download transcript

Summary

Rich people are often able to pay little or no tax compared to their wealth because of the way the system works. In recent years, many have called for changes and reforms so that instead of income, wealth is also taxed.

But, wealth taxes are not a new thing. Many argue that they are key for addressing inequality but some say they simply aren’t an effective way of gaining revenue.

Charmaine Cozier asks can we make the super-rich pay more tax?

Producer: Olivia Noon Researcher: Bethan Head

(Activists March In Manhattan NY, calling for a tax on Billionaires. Credit: Spencer Platt/Getty Images).

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to The Inquiry. I'm Charmaine Cozier, each week, one question, four experts, and an answer.

0:12.1

August the 14th, 2011. The New York Times newspaper publishes an essay with the title,

0:19.1

Stop coddling the Super Rich. The writer shares his opinion on America's millionaires,

0:24.9

billionaires, and taxes. The message is clear. Lawmakers must make them pay more.

0:34.8

The surprising thing about the piece is that it wasn't written by an anti-wealth activist,

0:40.1

but by one of the richest men in the world, Warren Buffett. He was clear he should be paying more taxes.

0:47.2

A few weeks ago, a news story spread around the world that some of the wealthiest people in America

0:57.1

pay almost no income taxes and only a tiny fraction of their wealth in taxes. Among the famous names

1:04.4

was perhaps one surprise, Warren Buffett. As the fortunes of billionaires continue to rise,

1:14.0

the calls for them to pay a fairer share are getting louder. So this week we're asking,

1:19.7

can we make the Super Rich pay more tax?

1:22.9

Part 1. Buy, borrow, die.

1:43.1

What we found is that the ultra-wealthy are effectively outside of the American tax system.

1:49.1

Jesse Eisinger is a senior reporter and editor for ProPublica, an online newsroom.

1:57.1

He spent months with his team of journalists researching, analyzing and verifying raw financial

2:03.2

data for a major story. Some of it went back as far as 15 years.

2:09.1

It's one of the largest amounts of information that has emerged in the history of the American

2:16.5

government. Then in June this year, the first of those investigations went live with a headline

2:22.8

that surprised many. Some of the wealthiest people in the world pay zero in federal income tax.

2:29.6

So Jeff Bezos, who's the world's richest human being, paid zero in federal income taxes in 2007 and

2:36.9

2011. Elon Musk runs Tesla and has been the second richest person in the world, paid zero in

2:44.8

federal income taxes in 2018. And we have a host of other people who paid zero in federal income

...

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