Inequality is bad for everyone (with Djaffar Shalchi)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 9 June 2021

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re back to our favorite topic this week—TAX THE RICH! Beyond all the benefits that come from a well-funded social safety net, taxing the wealthy would lessen inequality, which would make most people—including the extravagantly wealthy—happier. Super-rich Danish entrepreneur Djaffar Shalchi shares the wisdom that Denmark understands: Inequality is bad for everyone. Djaffar Shalchi is an entrepreneur from Denmark and founder of Millionaires for Humanity, a network of wealthy people who advocate for raising taxes on wealthy people. He is also the founder and Executive Director of Move Humanity, a global initiative to mobilize at least one percent of the wealth of the world’s super-rich for the UN’s Sustainable Development Goals. Twitter: @djaffarshalchi OPINION: I’m a millionaire who wants to be taxed to pay for COVID-19: https://news.trust.org/item/20210329080742-gpnj6/ The American dream is now in Denmark: https://the.ink/p/the-american-dream-is-now-in-denmark Dear Mr. Deutsch: Come to “F***ing Denmark.”: https://medium.com/@humanact/dear-donny-deutsch-come-to-f-ing-denmark-ea6995bb684d Biden will seek tax increase on rich to fund child care and education: https://www.nytimes.com/2021/04/22/business/economy/biden-taxes.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Hey, pitchfork listeners. We're working on another Ask Me Anything episode and we need your
0:05.1	questions for Nick and the team. What do you want to know? Call us at 731-388-9334.
0:12.8	Leave us a voicemail asking your question and we might just answer it on our next AMA episode
0:18.4	of pitchfork economics. Again, that 731-388-9334. Looking forward to hearing your questions.
0:27.3	We get to talk to another class trader. That's right. We're going to talk to Jeff
0:33.5	R. Schalchi, who is a Danish entrepreneur and the founder of Millionaires for Humanity.
0:39.8	These people say I'm self-made. I always say that bullshit because nobody is self-made.
0:45.4	How popular is your view among your peers in Denmark? It certainly got to be more popular
0:51.3	than my peers here in the United States. Yeah, but you will be surprised.
0:57.4	From the home offices of civic ventures in downtown Seattle, this is pitchfork economics,
1:05.4	with Nick Hanauer, the best place to get the truth about who gets what and why.
1:16.2	I'm Nick Hanauer, founder of Civic Ventures. I'm David Goldstein, senior fellow at Civic Ventures.
1:27.3	Nick, on this week's episode, we get to talk to another class trader. That's right.
1:33.0	That's right. They come from all over and we're going to talk to Jeff R. Schalchi,
1:38.8	who is a Danish entrepreneur and the founder of Millionaires for Humanity and network of wealthy
1:45.6	people. We're advocating for raising taxes on wealthy people. He's a super interesting,
1:51.6	cool guy, and definitely fellow traveler. It's great timing, too, because Biden's
1:59.2	tax plan has just been revealed. It looks like he's going to propose eliminating the part of the
2:06.9	Trump tax cut that lowered taxes on rich people like you. There's going to be a slight raise in the
2:13.2	top marginal rate of the income tax from 37 to 38.6%. The bigger news is essentially the elimination
2:23.2	of the preferred rate for capital gains. You would be paying capital gains tax at that top rate.
2:30.4	That's right. I just got to ask you, Nick. If they eliminate that tax break for capital gains,
	...

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