Joe Biden declares war on billionaires with minimum wealth tax

There's a tax war that's about to start on billionaires. I'm not sure this is a good move. Biden, the US president, is reportedly unveiling a new tax proposal where he is proposing a billionaire minimum income tax, which would set a 20% minimum tax for the ultra-rich. They define ultra-rich as people worth £100 million or more. Now, a flat 20% tax rate on its own doesn't seem so bad, but there's a part of this that I think is ridiculous, outrageous, penal, and I really don't think that this should happen. So the thing that A few months ago, the progressives were pushing for a tax on unrealized gains, and apparently Biden is about to announce that this 20% minimum flat income tax for the rich worth more than $100 million includes unrealized gains. Now, first off, I'd love to know your thoughts on this. I've got strong thoughts on this. Look, I'm not a billionaire, so it doesn't affect me, but it does. These, these decisions from our government, you know, that trickle down, they do affect us. And if the government, US or UK, start taxing unrealized gains, then I think that's the thin end of the wedge of 80% tax and more. I already pay 70% tax on what I sell and what I draw and what I buy. Corp VAT, corp tax, income tax, national insurance, blah blah blah, on what I buy, and then VAT and tax on, uh, the things that I purchase. And then the products and services that I sell have VAT on, and then to take the corp tax and the income tax off and the national insurance for my employees and for myself, it's 70%. And what a lot of the billionaires do is they don't draw masses of money because the tax is fucking ridiculous. So they leave it in stock and then they gear against the stock. Now, I don't think governments take responsibility for how high the tax is. So apparently in the US, there's a $360 billion deficit. $360 billion deficit. So they think, I know what we'll do, we'll charge a flat income tax rate of 20% for billionaires. Now, here's the thing, because it's spin, on the surface of it sounds quite fair, sounds quite reasonable. Nice one, government, 20% tax rate, tax the billionaires, yeah! But if taxes to draw weren't so high, if corp tax and income tax wasn't so high, the billionaires wouldn't leave it all in and roll it all in a stock. So the, the tax is too high in the first place for them to want to draw the money. I know that because I experienced that myself. Corp tax going up from what, 18, 19% to 25%. Income tax is already 45%. So you're talking between 50 and 60% of your money already gone just on corp an income tax. So no wonder company owners want to roll it in and keep it in the company and not draw on it. But here's the thing I think is outrageously wrong: to tax unrealised gains. Number 1, how do you measure what the real gain is, and who measures what the real gain is? Number 2, if they tax unrealised gains, then think of all the consequences of that. You know, maybe business owners will have to sell off stock to pay a tax bill. How's that going to help fuel the economy, fund growth, fund manufacturing, fund production? What's pissing me off right now is that the government locked us down. Right or wrong, they locked us down. The government made it difficult to trade. They shut the supply chain completely. There was no production, no manufacturing. The economy ground to a halt. So surely for the government to generate revenue, wouldn't the best thing to do be to fire up the economy again? How do you fire up the economy? You incentivise entrepreneurs to produce, to manufacture, to create, to innovate. You support them, you maybe give them subsidies or tax breaks or whatever, but they're doing the opposite. It's a massive freaking tax grab. Taxes are already really high, and it's all this spin from the progressives on the billionaires and how they pay no tax. Elon Musk paid the most amount of tax anyone has ever paid in history this year. This new tax will have him pay about $50 billion more a year. Now, of course, all the people, you know, who are— what would be the right words for this? Receiving money from the system, they would champion taking all the money off the billionaires. But he's the one that produced electric cars. He's the one that is evolving humanity. So if you rob all the money off all the billionaires, that humanity's evolution and the progress of humanity will slow down, because it's the billionaires and the engineers that progress humanity. Anyway, I'd love your thoughts in the comments. What's happened is that, um, US President Biden is reportedly planning to unveil a new tax proposal, um, and it's called the Billionaire Minimum Income Tax. It would be 20% minimum for the ultra-rich, anyone, um, where the household is worth more than $100 million, and it's targeting apparently the 700 billionaires in the US. Now Matt said here, what about all the MPs? What about their pay rises? What about the fact that we've probably got too many politicians? The fact that much of our tax revenue is going to pay them? And then what about the backhanders that they get? What about the billions spent on an app that didn't work, the track and trace app? What about the billions spent on PPE equipment that they've had to write off? What about the billions spent on COVID loans where The wrong people took the loans and they've had to write off billions in loans. And so now what they're doing is they're taxing the rich and penalising the rich for messing up how they're managing their money. Now here's the problem I have. The problem I have is it's fashionable to say tax the billionaires because they think the billionaires are having it away. But let me ask you this question. Let's say there's £10 billion of tax-paid money. Who do you think is going to invest it best? Elon Musk or the US government? So, $10 billion. Who's going to progress humanity and invest $10 billion wisely? Who would you rather give $10 billion of taxpayers' money to, Elon Musk or the US government? Because I can tell you, in the UK, I'd rather give $10 billion to Richard Branson and say, hey, go and help humanity with that, than give it to the UK government. So they waste tens of billions on PPE they have to write off, on apps, you know, track and trace apps that don't work properly, on loans given to the wrong person. And then their answer is not to take responsibility, to not fire up the economy. Their answer is to tax the rich more. It's freaking ridiculous. It's not going to work. It's just going to slow down the production from the billionaires and the big companies that the billionaires run. The big companies and the billionaires— okay, look, most people don't like corporatism, I get the downside of corporatism, but it's the billionaires that are creating the manufacturing and the industry and the production, and these are the things that grow the economy. And when the economy grows, there's more tax revenue that flows. But the government don't seem to understand that there's more than one way to generate revenue. I have no idea who in the government has actually run a real business. Who in the government has entrepreneurial experience? I cannot see anyone because they think the only way to generate money is to tax. But I'm already paying 70%, which means you're paying not far off. It can't go much higher. But what about if they thought, why don't we fuel and fire up the economy, increase production, increase manufacturing? Why don't we incentivize and encourage entrepreneurs to create useful and meaningful products and services? Oh no, no, no, they don't want to do that. They don't want it to work because they want communism, Dawn has said. So if unrealized gains are taxed, that's going to force company owners to sell shares to pay tax, which is going to slow the growth of the companies down that provide us the products and services that we all enjoy. Also, how do you value the price of a stock? Who's going to value the price of a stock? Oh, and let me ask you this: if the stock price goes down, are the government going to pay the billions back to the entrepreneurs and the billionaires? Of course they're fucking not. So what they're saying is, when you have unrealized gains, we'll tax you. We'll— and therefore Who's going to define what those gains are? Of course the government are. So this isn't going to be, um, unbiased and neutral. The government are going to dictate what a stock and a company is worth, and then on unrealized gains that aren't real because they haven't been realized, they're going to tax. And so therefore company owners are going to have to sell shares to pay tax, and then when the value of the company goes down, the the government aren't going to pay the fucking money back. Oh, that was my daughter just running. Didn't say that word. I don't care. This is ridiculous. But the problem is it's so fashionable to say, yeah, tax the billionaires. Yeah, but you take 50 billion off Elon Musk and give it to the US government. Are you comfortable and confident that that's going to be invested wisely? Are our roads going to improve? Is our healthcare going to improve? Are our towns and cities going to improve? Is our infrastructure going to improve? Is the quality of our products and services and lifestyle going to improve? I haven't seen any of that improve, not in the UK. In fact, service across the board has got worse and worse and worse and worse. But inflation is higher and higher and higher. Our cost of living is higher. Gas and oil and fuel is at record highs. Inflation at record highs. Therefore, quality of living very relatively low. In fact, The tax burden is the highest it's been in the 1940s when you compare tax to GDP. This is insane what's going on, yet no one speaks up about it except people like me because it's so fashionable to say, 'You're attacking the billionaires.' All you're going to do is take money off people who produce, who innovate, who create, who manufacture, who design, and progress humanity forward. You're going to take the money off them and you're going to give it to politicians. Well, whoopie-doo. Let me know what you think. Hit the share button because I think— look, okay, this was announced in the US, but of course what happens in the US, that's the dog, it wags its tail and everyone else follows. So all I want to say is Boris, Rishi, UK government, Don't start even thinking about taxing unrealized gains. You're already nicking off of us. Inflation is tax, and tax is theft. 70% of an entrepreneur's money is tax. That is insane. Why would an entrepreneur want to create more? Why would they want to take more of a risk and have a risk of, you know, more employment and having more jobs and more overhead? Why would an entrepreneur want to take that risk? So Biden is reportedly planning to unveil a new tax proposal, the billionaire minimum income tax, which would set the minimum income tax for the ultra-rich at 20%. That in and of itself doesn't seem too much of an issue, seems reasonable. But the levy would apply to all forms of income, including unrealized gains from stock. Tax you on the way up, don't pay you on the way down. Don't worry if you have to sell stock in your company and reduce the growth of your company. We'll have the money and we'll waste the money. Households worth more than £100 million will be subject to this new tax. Progressives have been clamoring for a wealth tax to tackle the rising inequality, but critics say such a plan is unworkable and will have unintended consequences, like they'll have to sell their shares just to pay tax. It's crazy. It's utterly crazy to tax unrealized gains. What's next? Um, there'll be a thought tax. Oh, did you just have a business idea? Did you have a thought about a business? Right, we'll tax you 50% of the business idea. We will tax your thoughts. We will tax your breath. We will tax your idea. You can't tax unrealised gains. It's nuts. Freaking nuts. I'm getting pissed off here, so I'm gonna have to tune out and go and relax. Exactly, Brandon's completely right. Many people will say, 'Oh, well, it doesn't matter, it's the billionaires, they can afford it.' But it'll trickle down and it'll happen to all of us. It starts at the top and it trickles down. Just like they cancelled Joe Rogan, they'll cancel every podcaster if they don't like the narrative. So you have to speak up and stand up for the things that you think are wrong, even if they don't affect you. Thanks for tuning in. Remember, if you don't risk anything, you risk everything. And let me know what you think in the comments, and please hit the share button. They must not tax unrealised gains. If the government were better at managing their money, they wouldn't have to think about taxing unrealized gains. The US budget deficit is about $360 billion. Look, I'm not in government, but I am an entrepreneur, and I've been one for 16 years. And if I penalize all my customers, that doesn't make my business grow, which is what the government are doing to entrepreneurs. The best way for me to grow as a business is to create better products and services. Maybe increase my prices. Maybe think about how I can improve my products and services. Maybe think about how I can offer something different and unique and better or more production. Government don't seem to have any clue. Thanks for tuning in everyone. Let me know what you think in the comments. Hit the share button and remember, if you don't risk anything, you risk everything. Careful, 'cause they'll tax your thoughts next. Did you just breathe? They'll fucking tax that. Did you just have an itch? They'll fucking tax that. Oh, did you just look at someone? They'll fucking tax that. 'Cause there's not much left they can take.