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The Hartmann Report

WEALTH HOARDERS

The Hartmann Report

Thom Hartmann

News, Congress, America, Thom Hartmann, Climate Change, Democracy, Debate, Economics, The Hartmann Report

4.51.3K Ratings

🗓️ 14 August 2021

⏱️ 58 minutes

🧾️ Download transcript

Summary

Chuck Collins, scholar with the Center for Policy Studies has had his eye on the wealth of the super rich- how did they add over five trillion dollars to their assets during the pandemic? Why do we continue to allow the massive transfer of wealth to the very rich and away from the American middle class?


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Transcript

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0:00.0

This is the Tom Hartman program.

0:16.4

Let's talk for a moment about a scam that's been going on in the United States ever since

0:22.3

the 1980s when Ronald Reagan came into office and dropped the top income tax bracket down

0:29.2

from 74% down to 25% and 18 times raised taxes on average working people.

0:36.9

Did away with the tax deduction for your car loan, did away with the tax deduction for

0:41.8

your credit card loan, added a tax to your social security income, added a tax to unemployment

0:49.9

income, a whole bunch of things like this.

0:53.0

This has been going on and by the way Democrats have been playing this game as well as your

0:56.1

publicans over the years, although in this particular case the Trump tax cut, this was

1:00.4

100% Republicans, but pro-publica, it's a nonprofit news organization and they somehow have

1:07.3

gotten these IRS files.

1:09.6

They're the ones who broke the big story last month about how of the 20 richest people

1:16.8

in America on average paid between 1 and 3% income taxes and more than half of them paid

1:23.8

nothing in income taxes.

1:26.0

These are people who are making literally hundreds of millions of dollars a year, in some

1:30.3

cases billions of dollars a year, paying no taxes whatsoever.

1:34.3

Well it turns out that there's a backstory to this that pro-publica lays out and we just

1:40.2

need to, whether it's a Republican doing it or a Democrat doing it, this is something

1:44.0

that we need to fix.

1:45.8

In November of 2017 they're noting as the Trump administration was pushing to get their

1:51.2

tax cut through Congress, Senator Ron Johnson, the Republican from Wisconsin, came

1:55.8

out and said, he wasn't going to vote for it.

...

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