Why Taxing The Rich Is Stupid

On this video today, I'm going to talk to you about the fact that why taxing the rich is hurting the poor or why taxing the rich is stupid. Now, when I say taxing the rich is stupid, I don't mean that the rich shouldn't pay taxes, but I mean that a person should not be taxed more just because they make more money. That's a dumb idea. That's the idea that a politician came up with to attempt to garner votes from someone who believes that they're doing bad because someone else is doing well. Okay, I hope I didn't say that too fast. And I get it. There are a lot of opposing opinions around political ideas and concepts and you're entitled to your opinion. I'm entitled to my opinion. But I know that taxation, like over taxation and taxation without representation is a bad idea. I remember back when Barack Obama was president, Joe Biden was the vice president. One of the things I heard him say, which made me wonder.

If he had ever read a history book, was when he said that if you make more than $250,000 a year, it is your patriotic duty to pay more in taxes.

And when he said that, I thought to myself, well, that's about as dumb as a box of rocks.

Has he, has he not heard of the Boston Tea Party? Like that the whole, quote, revolutionary War, war for independence, whatever you want to call, was started on a tax revolt.

And you're saying it's somebody's patriotic. The patriots were the people who were fighting against the taxation without representation. But you're saying it's somebody's patriotic duty to pay more in taxes when the whole conversation concept of a patriot was to pay less in taxes anyway. So. But I'm going to tell you why it's bad for poor people over taxing rich people is bad for poor people. It's also bad for middle class people. In fact, it's just bad for everybody.

Except politicians. Short term. The only people that benefit from taxing overtaxing rich people are politicians. And the only reason they benefit from, they only benefit for a short period of time and otherwise it hurts everybody. So why? Because it forces smart business owners to seek asylum.

Which costs the American public millions of jobs. One of the reasons, one of the reasons.

So many people have lost their, quote, good jobs is because companies have been forced by the government to go to other countries to manufacture and to hire other people that do all kinds of other service work in their businesses. Because the taxation in the United States of America is obsessive. It's not as obsessive as some other places, I get that, but it's still obsessive. And then you've got big, you got lifer politicians who love the idea of big government who want to charge. And I know, here's what people are thinking. Here's, here's what people were thinking. Somebody said, so why hashtag Trump? Because I knew it would cause you to watch this video. Okay? So that's why the thumbnail title or the video title said hashtag Trump. Okay? Because I knew it would make you watch this video. Okay? So that's the, that's the real reason. And I don't generally respond to comments, but I saw that on there. Okay, so.

Keeping it real. Okay, so.

Here'S the problem. Here's the problem. When you overtax people, they look for ways not to be overtaxed. So a lot of people don't understand this. When you start a business, there is so much risk involved and you're taking on that risk. The risk itself is risky enough. If you have a job, you know that you're going to get paid on Friday, you know, or Friday or Monday or whatever, the first of the 15th, or whenever you get paid, you know when you're going to get paid. You know how much you're gonna get paid.

It doesn't matter how good your company does, you're gonna get paid. But if you're the business owner, you literally every month don't know where the business is coming from. You know it's gonna come from somewhere because it always does, but you don't know where it's coming from. And so you gotta take on this enormous risk. And some of you, oh, poor you. That's not the point. The point is I'm taking on a risk. And not only am I taking on enough risk for me to make enough money to take care of my family, but. But I'm taking on enough risk for me to hire people so they can take care of their families. And there are families and more families and more families and more families that are looking forward to being able to take care of themselves because I started a business or because somebody else. Entre XYZ entrepreneur started a business. And when the government starts taxing us, what they're literally doing is they're taking money that we could pay the people who work for us. They're taking that money out of our pocket and putting it in politicians pockets. That's real. And people say the rich should pay more in taxes. I got news for you, baby. We Already do.

I'm not saying we already do. I pay more in taxes per quarter than some of you pay in a decade. Per quarter.

Fair share. What does that even. That's such a non measure. They should pay their fair share. That's not measurable. That just sounds. It's a sound bite. It's an insanical soundbite, but it's a soundbite. And so here's what's really mind blowing about that. Not only, not only when I become an entrepreneur am I taking on the risk of starting a business, but I'm also taking on the risk of I have to now work for the government without getting paid for it. Say, what does that mean? If I have employees and I do, I have to collect taxes from my employees.

I have to pay to collect the taxes. I have to pay somebody to figure out how much taxes should be collected. I have to pay to remit the taxes that I collect and I don't get compensated for that. When I am an entrepreneur, not only am I paying more in taxes, but I'm also a forced unpaid laborer for the United States government.

I know you didn't. Like, I never had to think about this until I had to start thinking about it. I'm like, I gotta pay somebody to collect taxes and I gotta pay somebody to remit taxes and I don't even get paid for any of this work. And then people are looking at me like I'm the bad guy, like I'm the reason the job exists. And me and people like me, entrepreneurs are the reason the jobs exist. Like every time a politician says they're gonna create jobs, they are lying.

All politicians can do anyway. They're lying. They're not. Politicians don't create jobs. What they do is they create policies that kill jobs. Most of them. Some of them create policies that empower entrepreneurs to create more jobs. But it forces business owners like, it's why so many big American companies have manufacturing concerns in China, even though China is not. China as a nation, is not a fan of the United States of America as a nation, but companies will go there because of the tax burden of work manufacturing your stuff. China is not as great. Oh, I'm not saying China's better than America by insurgency, but I'd rather live here. So before any of y' all start coming at me, it's not my point. My point is I'm just telling you why this whole idea, we're in an election year and all these politicians are going to tell you they're going to I'm going to. We're going to. We're going to tax the rich to cure income inequality. Okay, that sounds good, but income inequality has nothing to do with who pays the most in taxes. Income inequality is the result of something because income is the result of something. What's income the result of income is the result of value creation, which means income inequality. There are exceptions to this. There are exceptions to everything. But as a rule, income is the result of value creation. Income inequality, therefore, is the result of value creation inequality.

And if you're not making as much money as somebody else, maybe instead of looking outward for the problem, maybe you say, hmm, I wonder why I'm not creating more value for more people. And then you could make more money.

Do you understand that your job pays you for the value you bring to them? If you have a business, your clients will pay you for the value you bring to them. They will pay you for the value they desire to have, not the value you desire to give. Myron, you don't understand. I'm really good at digging holes. Well, unless somebody wants to pay you to dig a hole, it doesn't matter how good you are at it. Doesn't matter how hard you work at it. You have to create something that someone else values enough to pay you for it. Okay, so it forces business owners to seek asylum. Number two, it punishes creators and innovators for making the world better. What does that mean? Like excessive taxation? Like when we say the rich, isn't that funny? Like the rich. Like, like, like there's one category of rich people. We need to tax the rich. As if there's one category of rich people. There are different. There are different levels of wealth, but there are also different categories. There are some people who are rich because they're criminals. Right? There's. And you don't have to worry about whether or not they're paying taxes. They're doing everything in their power to avoid it and to evade it. Right? I'm not saying taxes are bad. I get it. It's nice to have infrastructure that the government builds. Interstates are nice. They're nice to have. Right? Airports are nice to have. So I'm not saying that we shouldn't pay any taxes, but let's make taxes.

Instead of an all you can eat buffet for fat cat politicians to take as much as they'd like, instead of making it that, why don't we make taxation for making the lives of the American people better in the arenas of protecting and serving? Because it is the government's Job to protect and serve. Not protect, serve and provide. Oh, snap. Yeah, I said it. Okay.

So.

Think about. Think about the fact that entrepreneurship makes the world better.

Entrepreneurship does more good in the world than almost any other concept. Wrap your mind around that. I get it. There are some evil entrepreneurs. I've met some of them. There are some snakes, some absolute evil people. Dishonest. I get it. That's not most of them. Most of the entrepreneurs I know are good people. Good people who love their families and they work hard and they want to make the world better and they want to serve the people who are their clients. And I'm telling you that the world is better because of entrepreneurship. Like, entrepreneurship does more good in the world than charity. That's why I don't like calling giving to charity, giving back. Like, that's like fingernails on a chalkboard for me. Giving back. I'm giving back. I'm not giving back. I'm just giving. There's no back. I didn't take anything from the charity I gave to. I'm not giving it back. I'm just giving it. And you say, why does that matter? Because if I say I'm giving it back, it's implying that I took something in order to get what I got, and I didn't take anything from anyone. And I'm unwilling to use that terminology because words matter.

So how can I say that entrepreneurship does more good in the world than charity? Think about it. If there were no entrepreneurship, there could be no charity. You can have entrepreneurship without charity, but you cannot have charity without entrepreneurship. Because the people who give to charities have to get the money from somewhere.

And usually they get it from a job that they got working for somebody who started a business. But the government, not the government. Politicians, greedy, evil, unskilled, low level politicians, lifers, want to come and confiscate the money that's being created by people who create because they don't know how to create anything except a law to legally, not lawfully, but legally steal other people's money. Okay. Anyway, I don't have any opinions. If I did, I'd never voice them in public. Okay. As you well know. Okay.

Here'S another way. So. So when you overtax entrepreneurs because we do so much good in the world, it literally gives us less money to do good in the world. Like, it literally, like one of the things that we do is we support widows and orphans, like to the tune of thousands of dollars a month. That's what I do personally, and that's what my company does. As well. And so.

Not my company, my ministry does as well. But when you over tax me as an entrepreneur, you're limiting the amount of good that I can do in the world. Rich people, like entrepreneurs, are the ones who create the houses that we live in, the stores that we shop in.

All of the stuff, the clothes that we wear, the food that we eat. All of this is started by people who are taking on risk. And now the government and Hollywood wants to make us look like we're the bad guys. But the reality is, if you take some money out of your pocket right now, everybody take out some money and hold it in the air. Money. Something that represents money. A credit card, a debit card, a checkbook, your iPhone. If all you have is Apple, pay, whatever. So.

Repeat after me. The only reason.

I ever have any money in my pocket, in my bank account or anywhere, is because somebody somewhere sold something to someone for profit. That's called entrepreneurship. Y', all like entrepreneurs, make this work. Make this happen. This happens because of entrepreneurship, because somebody started a business. The government says you're evil. How dare you start a business and hire those people and make sure that they can have a paycheck that they can count on. And how dare you, like, collect taxes for us for free. And how dare you, you're so evil. And then pay to remit that tax to us and you're still the bad guy. We're coming for more. Really?

Okay.

So, but then.

If that's what happens, and it is what happens. So now it's another reason. It's bad for poor people, middle class people. The wealthy entrepreneurs who started the business have to pass that tax onto their clients as an expense. So what they do is they add how much they're being charged to the price of the thing they're selling. So now the end user who's buying the food, buying the clothes, buying the cars, buying the houses, buying the stuff, they end up having to pay more. Because the government, because the politicians are greedy, because the lifer politicians are like they have an insatiable appetite for other people's wealth.

Well.

And the last reason that I'm going to talk about that, I think taxing over, taxing rich people is terrible.

Is.

Because you don't kill an appetite by feeding it.

Did you hear what I just said? You don't kill an appetite by feeding it. You kill an appetite by starving it.

Imagine.

You have a child.

And this child becomes a teenager. And they think that because you're rich, they're rich.

And so what they do is they overspend on everything. And when they overspend, they come to you and they say, mom, dad, give me more money. My car is out of gas. Okay, but I gave you the car. I know, but I need some money for gas. Then you give them money for gas, then they wreck the car. Mom, dad, I need $1,000 for my deductible to get my car fixed.

But I gave you the money for the car and I gave you the money for gas. And then like.

If you had a friend and every time their child came to them and demanded more money and they gave it to them, you would think this person is insane.

Am I telling the truth? You think nobody does that. You don't solve a financial problem by throwing money at it. Throwing money at financial problems only makes it worse. You cannot. If you taxed all the rich people all of their money, if you taxed all of the rich people all their money, took all the rich people's money.

To pay off the national debt, the national debt would only get bigger because you don't kill an appetite by feeding it, you kill an appetite by starving it. And if you're unwilling to manage the money you're already confiscating, you're not going to be able to manage more.

The more money you get with poor money management habits.

The more magnified and amplified the money problems are. Which is why we have a multi, multi, multi, multi, multi trillion dollar debt deficit in the United States of America. Why? Because you have a bunch of greedy lifer politicians who want to come and confiscate wealth that other people have created and they fear. Well, we'll just, we'll just spend more money on more stupid stuff and then we'll just take more money from more people. You think you like it, but I'm going to tell you something else. I'm going to give you one last reason that I didn't even have on have on my sheet. And that is.

You think taxing rich people more, more money is a good idea because you're not rich yet. I promise you, the richer you get, the less you're going to like that idea. Think about it. You get close to what feels like the finish line, closer, what feels like the goal line, and because you're making more money, they move it.

Hmm. That's not very inspirational. That's not very motivating. And so.

Literally, if you are one of these people who are.

I've often said there are two types. There are two types of people when it comes to the economy. How many types Two, there are makers and there are takers.

And makers ain't takers and takers ain't makers.

The reason makers make is because making stuff feels good. The reason takers take is because I don't want to have to think about how to make something. So I'll just take something you made because clearly I know better what to do with it than you do.

You say, Myron, what's this video about? The video is about you understanding why you're going to be better off if you decide to be a maker than you are if you spend your whole life as a taker or somebody who's cheering for takers to come take more from somebody else. Because I promise you, this is what's not going to happen. What's not going to happen is the takers that are lifer politicians with insatiable appetites when they come and take more money from rich people in taxes that they're promising to make your life better. I promise you, none of it's getting to you.

It all goes to feed the machine. I remember a statistic about. I don't remember where I read it, but only 25 cents out of every dollar that the welfare system collects goes to the person who's receiving the welfare in the end. Which means 75 cents out of every dollar of the welfare system is used by the government. Is consumed. Not even used, just wasted by the government. There are more reasons than this, but one of the reasons the government overspends on everything is because it's not their money. I care. It's just money. I'm just gonna take some more from somebody else. Like, we have to stop acting like that's noble. I believe that we should all pay our fair share of taxes, but I believe that fair share should be defined. And it would be ideal if it was defined. And maybe it would be a flat tax, maybe it's just a sales tax, but everybody paying the same percentage. And then let's get rid of some of these lifer politicians whose only idea is to collect more and spend more. Because you cannot spend your way out of a hole and you cannot borrow your way out of a hole and you cannot inflate your way out of a hole by printing more money. The only way to get out of a hole is to slow down the outgo. You gotta patch the holes in the money bucket.

And so as an entrepreneur who understands what it's like to be on the poor side of the equation and the rich side and the middle class, all of it, I'm here to tell you that if you are poor or middle class, regardless of what the government, the politicians tell you while they're running for office, taxing rich people more money is not going to make your life better. And if you think it is, just look around. Hadn't happened yet. It's not likely to start anytime soon anyway. Hope this video enlightens you, inspires you, challenges you, opens your eyes and helps you make some decisions that will make your family's life better. In the meantime, in between time, stay blessed by the best and we'll see you on the next video.