WE’LL NEED TO FIND OUT MORE ABOUT THAT.
ABOUT THAT. THANK YOU.
THANK YOU. IT’S TIME NOW FOR MONEY, POWER,
POLITICS.
POLITICS. THE BIG QUESTION WE CONTINUE TO
ASK.
ASK. >> ARE YOU BETTER OFF THAN YOU
WERE FOUR YEARS AGO?
>> YOU MIGHT NOT BE.
BUT YOU KNOW WHO IS?
BILLIONAIRES.
BILLIONAIRES. THERE ARE NEW NUMBERS THAT SHOW
BILLIONAIRES ARE NOW PAYING A
LOWER TAX RATE THAN THE MIDDLE
CLASS ACROSS THE BOARD FOR THE
FIRST TIME EVER.
SO DOES CAPITALISM WORK?
SURE.
SURE. JUST NOT FOR EVERYONE.
AND IF THIS BOTHERS YOU JUST A
LITTLE YOU WOULDN’T BE ALONE.
THERE’S A RISE IN AMERICANS WHO
ARE TIRED OF BEARING THE
COUNTRY’S FINANCIAL BURDENS AND
ARE READY FOR CHANGE.
IT IS THAT FEELING THAT SWEPT
PRESIDENT TRUMP INTO OFFICE AND
HERE’S THE THING, IT IS NOW A
KEY FACTOR IN THE RISING SUPPORT
OF ONE DEMOCRATIC CANDIDATE,
ELIZABETH WARREN.
ELIZABETH WARREN. HER RISE IN THE POLLS HAS LEFT
MANY BIG MONEY DEMOCRATS NERVOUS
THAT SHE’S GOING TO COME FOR
THEIR BIG BANK ACCOUNTS.
BUT SHOULD THEY BE?
JOINING ME RON INSANA, SENIOR
ANALYST AND COMMENTATOR AT CNBC
AND BLOOMBERG VIEW COLUMNIST JOE
NESARA.
NESARA. YOU WROTE A PIECE I THOUGHT WAS
EXTRAORDINARY ARGUING ELIZABETH
WARREN IS NOT JUST NOT A
SOCIALIST SHE WOULD BE BETTER
FOR BUSINESS THAN DONALD TRUMP.
I DON’T KNOW.
I WOULD SAY CUTTING THEIR TAX
RATE DOWN TO 21%, IS AS GOOD AS
IT GETS.
IT GETS. >> ON THE OTHER HAND HE’S
CREATED SO MUCH UNCERTAINTY, THE
TRADE WARS HAVE BEEN BAD FOR
BUSINESS.
BUSINESS. THE IMMIGRATION POLICY HAS BEEN
BAD FOR BUSINESS.
I MEAN HE’S KIND OF BEEN LUCKY
REALLY THAT THERE HASN’T BEEN A
SORT OF FINANCIAL STYLE CRISIS
SORT OF WONDER HOW WOULD THEY
FIX IT.
FIX IT. BUT THE THING ABOUT ELIZABETH
WARREN SHE’S UP FRONT ABOUT
SAYING I BELIEVE IN MARKETS.
I BELIEVE IN MARKETS.
I JUST WANT THEM TO WORK BETTER.
AND A LOT HER PROGRAMS ARE ABOUT
TRYING TO DO SOMETHING ABOUT
INCOME INEQUALITY AND FORCING
BUSINESS TO CARE MORE ABOUT
EMPLOYEES AND, YOU KNOW,
CREATING MIDDLE CLASS --
MIDDLE-CLASS JOBS AND A
MIDDLE-CLASS LIFE THAN THE
CURRENT PRESIDENT.
CURRENT PRESIDENT. I MEAN IT’S REALLY THAT SIMPLE.
>> RON, DO YOU AGREE WITH THAT?
ON THE SURFACE GIVEN JOE’S
ARGUMENT OF THE KIND OF
CAPITALISM SHE CARES ABOUT THAT
SEEMS LIKE THE SAME ARGUMENT THE
BUSINESS ROUNDTABLE IS MAKING
AND THE BUSINESS ROUNDTABLE IS
LED BY THE BIGGEST CEOs ON THE
PLANET.
PLANET. >> YEAH.
>> YEAH. JAMIE
JAMIE JAMIE DIE MON BROUGHT THAT UP.
BARACK OBAMA TALKED ABOUT
CAPITALISM THAT HAD RULES OF THE
ROAD.
ROAD. 1990s, BILL CLINTON TALKING
ABOUT STAKEHOLDER AS OPPOSED TO
SHAREHOLDERS THAT MAKE UP THE
ENTIRETY OF THE GROUP OF
INDIVIDUALS THAT CORPORATIONS
SERVE.
SERVE. YES, AND NO.
ON THE ONE HAND I AGREE WITH
JOE, CERTAINLY THE MIDDLE CLASS
WOULD LIKELY FAIR BETTER.
CORPORATIONS FROM A PURELY
PROFIT ORIENTED PERSPECTIVE
WOULD PROBABLY FAIR WORSE GIVEN
THAT ELIZABETH WARREN WANTS TO
RAISE THE CORPORATE TAX RATE,
NOT BACK TO WHERE IT WAS, BUT
CERTAINLY ABOVE WHERE IT IS AND
SHE’S ALSO TALKED ABOUT WEALTH
TAXES AND OTHER FORMS OF LEVIES
THAT MIGHT HAVE AN ADVERSE
IMPACT ON CORPORATE
PROFITABILITY.
PROFITABILITY. THAT’S HAVE FROM A SHAREHOLDER
POINT OF VIEW.
CORPORATE TAXES AS A SHARE OF
FEDERAL REVENUE ARE AT THEIR
LOWEST IN HISTORY.
IT’S NOT JUST BILLIONAIRE,
CORPORATIONS ARE PAYING THE
LEAST THEY’VE EVER PAID IN U.S.
CORPORATE HISTORY AS WELL.
>> JOE, EVEN IF YOU MAKE THE
ARGUMENT THAT HER PLANS THAT
WOULD REQUIRE PEOPLE TO READ
THEM AND ABSORB THEM ARE GOOD
FOR BUSINESS, OR THE COUNTRY AT
LARGE, HER BRAND ISN’T
NECESSARILY.
NECESSARILY. SO DOES THAT BRAND HINDER HER
ABILITY TO GET SUPPORT FROM MORE
BUSINESS-MINDED VOTERS OR
LEADERS?
LEADERS? >> OH, I THINK IT WILL
DEFINITELY HURT HER, AT LEAST IN
THE SHORT TERM.
YOU KNOW, WE HAVE A LONG WAY TO
GO.
GO. AND THE THING ABOUT ELIZABETH
WARREN IS THAT SHE -- SHE’S
IMPRESSIVE WHEN YOU SEE HER AND
AS MORE PEOPLE SEE HER AND THEY
SORT OF REALIZE THAT HER PLANS
ARE -- THEY’RE NOT PIE IN THE
SKY.
SKY. THEY’RE PRETTY FOCUSED AND
WORKABLE, I THINK SHE WILL BRING
AROUND SOME AND NOT EVERYBODY,
BUT SOME.
BUT SOME. LOOK, IF A BILLIONAIRE IS GOING
TO GET TAXED AN EXTRA 3%,
THEY’RE NOT GOING TO BE HAPPY
ABOUT IT.
ABOUT IT. THEY’RE NOT GOING TO BE POOR,
BUT NOT HAPPY ABOUT IT.
IF HER IDEA FOR A CORPORATION
TAX I THINK IS BRILLIANT.
SHE’S BASICALLY SAYS, I DON’T
REALLY CARE WHAT CORPORATE TAX
RATE IS.
RATE IS. I KNOW YOU HAVE LOOPHOLES.
I’M GOING TO TAX 7% OF THE
PROFITS THAT YOU DECLARE TO
SHAIRS
SHAIRS SHAREHOLDERS AND THE SEC.
NO LOOPHOLES.
NO LOOPHOLES. WHATEVER THE PROFIT WE’RE GOING
TO TAKE 7% OF IT.
I THINK IT’S A BEAUTIFUL IDEA.
>> RON, YOU SIT IN THE CNBC
GREEN ROOM, YOU KNOW THOSE
GUESTS INSIDE AND OUT.
ARE ANY OF THEM EVER GOING TO
ACTUALLY SEE HER AND HEAR HER
AND HEAR -- AND ABSORB THESE
PLANS?
PLANS? >> YOU KNOW, I THINK SOME OF THE
BILLIONAIRE CLASSES ALREADY
ACCEPTED THE NOTION THEY COULD
PAY WEALTH TAXES AND MANY HAVE
WRITTEN OPEN LETTERS THEY WOULD
BE WILLING TO GIVE UP SOME OF
THEIR WEALTH IF IT WENT TO
PRODUCTIVITY ENHANCING
PRODUCTIVITY ENHANCING GOVERNMENT ORIENTED PROGRAMS.
>> I DON’T JUST MEAN THE
BILLIONAIRE CLASS.
BILLIONAIRE CLASS. >> CEOs ARE A LITTLE MORE
WORRIED I HAVE TO SAY AND WALL
STREET WOULD BE WORRIED THAT
THERE WOULD BE A CHILLING EFFECT
ON THE STOCK MARKET AND BY
EXTENSION THEN ON THE ECONOMY.
BUT WHETHER OR NOT SHE TAXED TO
THE CENTER REMAINS AN OPEN
QUESTION, SOMETHING WE’RE NOT
ABLE TO DISCUSS AT THIS JUNCTURE
IN THE CAMPAIGN SEASON.
>> SHE MIGHT NOT NEED TO TACK TO