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Valuetainment

Tax The Rich Debunked - What Lawmakers Don’t Want You To know

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 11 December 2023

⏱️ 19 minutes

🧾️ Download transcript

Summary

Patrick Bet-David debunks the narrative of "Tax the Rich" by explaining how much the top 1% actually pay in taxes. It is much more than you think, and data show that the people who pay the least in taxes are the .01% and there's a logical reason behind it. Purchase tickets to the PBD Town Hall with Robert F. Kennedy Jr on December 6th: https://bit.ly/3sog9qg Connect With Experts On Minnect: https://app.minnect.com/ Get best-in-class business advice with Bet-David Consulting: https://www.betdavidconsulting.com/ Visit VT.com for the latest news and insights from the world of politics, business and entertainment: https://valuetainment.com/university/ Subscribe to the VT Network: @VALUETAINMENT @PBDPodcast @ValuetainmentShortClips @vtsoscast @ValuetainmentComedy @bizdocpodcast @BrandonAceto @kvoncomedy Want to get clear on your next 5 business moves? https://valuetainment.com/academy/ Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Text: PODCAST to 310.340.1132 to get the latest updates in real-time! Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Transcript

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0:00.0

You know what's one of the craziest campaigns I've ever seen in American politics is when millionaires like AOC, Robert Reich,

0:06.4

Perny Sanders, Elizabeth Warren, get up and they say tax the rich constantly,

0:11.2

but when we show data, which I'm going to show you right now you're

0:13.6

going to be blown away by this you ready the top 1% the rich the people that have all

0:17.8

these exotic cars and houses you know they make 22% of all the income in America, but do you know what percentage of all the taxes they pay?

0:26.6

42%?

0:27.6

By the way, you know the bottom 50%, you know what percentage of the income they make in America today?

0:32.3

10.2%, but do you know how much of the income they make in America today? 10.2 percent, but do you know how much of the taxes that the government collects they pay? 2.3 percent. So who's getting shafted? I got a bunch of data to show you on what's going on with taxes and some tells me this is not

0:43.9

going to be a video that AOC Elizabeth Warren Bernie Sanders or the great the

0:49.2

phenomenal Robert Reich are going to want to see. So if you get value out of this video, give it a thumbs up and subscribe to the channel.

0:54.7

Let's get right into it.

0:55.7

We've got a bunch of data to show you.

0:56.7

Here's one of them.

0:57.7

The top 1% share of income taxes has increased overtime.

1:00.9

So if you look at this chart, you will notice the top 1% is that dark blue all the way at the top notice from

1:07.0

2001 they were less than 35% around 33% and today they're at 43% so their taxes keep going higher and higher

1:16.3

Meanwhile the bottom 50% all the way at the bottom the red taxes keep getting

1:21.3

lower and lower and even if you look at the green

1:24.6

which is the between 25 and 50 percent take a look at all one that were around 13

1:28.9

14 percent take a look at where they're at today around 8 percent it keeps getting

1:32.1

lower so the reality what they tell you

1:34.4

from stage the rich keep paying more taxes and middle and poor keep paying lower taxes based

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