Sen. Elizabeth Warren: Defining a “Fairer” Tax System

Squawk Pod

CNBC

News, Investing, Business, Business News

4 • 494 Ratings

🗓️ 28 April 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Senator Elizabeth Warren (D-MA) held the first hearing of her newly formed Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth. She discussed her vision for a fair tax system and the need to raise taxes on corporations and the wealthiest Americans. President Joe Biden will address Congress tonight to pitch his new proposal of $1.8 trillion in investments and tax credits aimed toward children and families. CNBC’s Ylan Mui breaks down what’s in the bill. Microsoft and Google’s parent company Alphabet reported earnings Tuesday after the bell. Alphabet’s big beat came amid a rise in online ad sales and Microsoft saw its biggest revenue growth since 2018. Stephanie Link, chief investment strategist and portfolio manager at Hightower, discussed how investors should approach these results. Plus, where's the beef? And Squawk Pod is a Webby Nominee! Cast your vote by May 6th for a People’s Voice Award here: https://bit.ly/2QZKzfp

Transcript

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0:00.0	This is Slack Pod. I'm C. M.C. producer Katie Kramer today on our podcast.
0:06.0	Senator Elizabeth Warren on what she'd call a fair federal tax system.
0:11.0	The 99% in America pay about 7.2% of their total wealth and taxes every year.
0:17.0	But that top 1 tenth of 1% they're paying about 3.2%.
0:25.0	And calling out Wall Street for not paying its share.
0:28.5	How do you think the tax code ended up like it did?
0:31.5	It ended up like it did because companies like Amazon set armies of lawyers and
0:38.0	lobbyists to craft every possible loophole that they would be able to use to pay nothing in taxes.
0:46.7	That interview plus big tech makes big moves.
0:49.6	They have done so well during the pandemic.
0:52.2	So do they want to reopen? Do they really stay where they are? And beef? It's what's not for dinner.
0:58.8	Even I can say that's crazy. I've given up. I've given up. I've given up.
1:02.2	I've given up. It's Wednesday, April 28, 2021. Squawk God begins right now.
1:08.0	Good morning, everybody. Welcome to Squawk Box here on C. M. Beky Quick, along with Joe
1:13.8	Kernan and Andrew Ross Sorkin and the US Equity Futures this morning.
1:17.3	First up today on the podcast, Big Texts, Big Numbers, as Americans continue to work, learn, and watch at home.
1:26.3	Google Parent, Alphabet, and Microsoft reported quarterly earnings Tuesday evening,
1:30.5	and both companies are making lots of money.
1:33.2	Alphabet's revenue up 34% from the same period a year ago,
1:37.5	thanks to online advertising, their cloud business, and YouTube. Everybody's and YouTube.
1:42.8	Everybody's watching YouTube.
1:44.4	A recent Pew report said that American adult use of the video platform
	...

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