INVESTIGATIVE REPORTER SPECIALIZING IN TAX ISSUES.
SPECIALIZING IN TAX ISSUES.
HE IS THE CO-FOUNDER OF
DCREPORT.ORG.
PROFESSOR BROWN, LET ME BEGIN
WITH YOU.
THESE PEOPLE ON THE TOP 25 LIST
OF AMERICAN BILLIONAIRES ARE
BEGGING FOR A WEALTH TAX.
JEFF BEZOS SENDING HIMSELF OFF
INTO SPACE ON HIS SPACESHIP.
WE HAVE REALLY FULL GARVULGAR VI
BOB KRAFT, THE OWNER OF THE
PATRIOTS, BEING GIVEN A BENTLEY.
HE COULD BUY SEVERAL WITH HIS
MONEY.
THEY LITERALLY DO NOT KNOW WHAT
TO DO WITH THEIR MONEY, BUT ONE
THING THEY DONT DO WITH IT IS
SEND IT TO THE UNITED STATES
TREASURY.
>> THATS EXACTLY RIGHT.
AND THEY ARE POSTER CHILDREN FOR
MY BOOK "THE WHITENESS OF
WEALTH" WHERE I SHOW HOW TAX
POLICY IS DESIGNED TO BUILD
WHITE WEALTH.
THE ONE DISAPPOINTMENT I HAVE
WITH THE STORY IS HOW IT IGNORES
RACE.
EVERY PERSON IN THAT STORY THEY
TALK ABOUT IS A WHITE MAN.
BUT THEY DONT TALK ABOUT THE
FACT THAT ITS PART OF THEIR
WHITENESS THAT HELPS THEM BUILD
WEALTH.
SO WHAT WE SEE IS A TAX SYSTEM
THAT IS DRIFRENVEN AND HELPED AL
BY RICH WHITE TAXPAYERS TO PAY
LESS IN TAXES.
>> DAVID K. JOHNSTON, I GUESS
IM THE ONE HERE WHO HAS WRITTEN
TAX LAW IN THE SENATE FINANCE
COMMITTEE, AND WE ALWAYS, ON THE
DEMOCRATIC SIDE, MAYBE ONLY ON
THE DEMOCRATIC SIDE WHEN WE
WRITE IT, WE WERE ALWAYS
CONCERNED ABOUT ENFORCEMENT.
WHATEVER PROVISION WE WERE
WRITING, WE WERE ALWAYS SITTING
THERE TRYING TO ANTICIPATE,
OKAY, THIS IS GOING TO WORK,
RIGHT?
AND WE COULD NEVER ANTICIPATE AT
THIS END OF THE INCOME SCALE, AT
THIS END OF THE WEALTH SCALE HOW
THEY WOULD REACT TO ANY KIND OF
TAX LAW THAT WE PUT IN FRONT OF
THEM BECAUSE THEY JUST HAVE SO
MANY MANEUVERS AND SO MANY
ACCOUNTANTS WORKING ON IT.
>> WELL, WHAT PROPUBLICA HAS
DONE HERE IN THE MOST IMPORTANT
TAX STORY IN THE 55 YEARS IVE
BEEN WRITING ABOUT TAXES, I WISH
I HAD GOTTEN THE DATA, BUT I
DIDNT.
WHAT THEY HAVE DONE IS
ABSOLUTELY UNQUESTIONABLY
ESTABLISHED THAT WE DO NOT HAVE
A PROGRESSIVE TAX SYSTEM IN
AMERICA.
THE SYSTEM IS PROGRESSIVE UP TO
ABOUT $2 MILLION A YEAR OF
INCOME, AND THEN IT GOES THE
OPPOSITE DIRECTION DOWN TO WHERE
YOU HAVE JEFF BEZOS IN TWO
RECENT YEARS PAYING NO INCOME
TAX, MICHAEL BLOOMBERG PAYING
ABOUT A 3% TAX RATE ON HIS
INCOME.
PROPUBLICA USES INCREASE IN
WEALTH.
WE DONT TAX WEALTH, WE TAX
INCOME.
IF YOU LOOK AT MICHAEL
BLOOMBERGS INCOME, 3% OF $10
BILLION.
I PAY MORE THAN THREE OF THE
FOUR PEOPLE THEY FOCUS ON AS A
SHARE OF MY INCOME.
THIS IS AN ABSOLUTE OUTRAGE AND
MAYBE THE PUBLIC WILL WAKE UP TO
THE WE HAVE AS
DOROTHY BRILLIANTLY POINTS OUT
IN THE EASY TO UNDERSTAND BOOK,
WE HAVE A SYSTEM DESIGNED TO
INCREASE THE WEALTH OF THOSE WHO
ARE WHITE AND WORKERS SHOULD BE
SAYING WHY IS MY TAX BIGGER
EVERY YEAR?
>> PROFESSOR BROWN, DAVID JUST
MADE AN IMPORTANT POINT ABOUT
SOME RICH PEOPLE.
IF YOU LOOK AT THE LOWER END OF
RICH IN AMERICA, INCOMES
$400,000 AND ABOVE, SAY,
$400,000 UP TO $2 MILLION, THOSE
PEOPLE ARE MOSTLY EARNING WAGES.
THOSE ARE BASICALLY BIWEEKLY
PAYCHECKS.
WITHDRAWALS FROM THEM.
YOU KNOW?
THOSE PEOPLE DONT HAVE ANY OF
THOSE TOOLS FOR ESCAPING ON A
GRAND SCALE FROM A TAX BURDEN
THE WAY THE ULTRA RICH DO.
>> THEY HAVE INCOME FROM STOCK
WHICH IS TAXED AT A LOW 20% RATE
WHICH IS WHY BIDENS TAX PLAN
WHICH WOULD INCREASE THE RATE ON
STOCK FOR THOSE WITH GREATER
THAN A MILLION INCOME THEY WONT
GET RITHIT BY THAT BUT THE INCOM
IS WAGES SO THOSE RICH PEOPLE
ARE PAYING HIGHER TAXES THAN
SIGNIFICANTLY HIGHER INCOME
AMERICANS.
>> PROFESSOR BROWN, WHAT IN THE
BIDEN AGENDA, LEGISLATIVE
AGENDA, MIGHT ADDRESS THIS?
>> THE FIRST THING IS THE PLAN
TO INCREASE TAXATION ON INCOME
FROM STOCK WHICH IS WHY WHAT A
LOT OF THE BEZOS AND MUSK AND
BLOOMBERG, THEY HAVE A LOT OF
INCOME FROM STOCK AND WHY THE
TAX RATES ARE SO LOW AND BIDEN
PROPOSES IF UP MORE THAN A
MILLION DOLLAR IT IS TAXES ON
WAGES WILL BE THE SAME RATE AS
THE TAXES ON CAPITAL GAINS BUT
WHAT THIS ARTICLE TELLS US ALL
IS A THING TO ADD IS A MINIMUM
FAX.
RIGHT?
A REAL MINIMUM TAX SO MANY YOU
MAKE $46 MILLION LIKE BEZOS DID
YOU CANT GET AWAY WITH NOT
PAYING TAXES.
THAT IS NOT IN THE PLAN BUT