48 thoughts on “Income inequality cannot be solved by taxing the rich: John Cox

  1. Typical fox. Look at the framing. The rich pay such a large amount not because of the percent. Because of the large separation from them to the next class. 83% of the handout aka tax cut went to the top 1%. The top 6 people make more then the bottom 50% of the country.

  2. 1) LOW marginal tax rates
    2) INVEST in innovation, infrastructure, equity, etc
    3) SKILLS TRAINING for low earners

  3. People will always be unequal. Only way to make equal is to bring everyone down to lowest common denominator

  4. No country in the world has ever survived a tax rate higher than 25 percent. EVER!! Income equality exists only in Communist countries. So move.

  5. Its really not worth even trying to profit as a business owner in US. Theres way less regulations & vacation days outside the US. Of course I buy $1000 curtains for $500, the government pays the half, or I gotta give the money to them. US is a disaster already

  6. Get rid of all the illegal aliens that work for less and receive welfare and free housing give the hundreds of billions to all working families.

  7. 3 PERCENT TAX

    If we were to implement a three percent flat tax on every individual, business, and capital gain, something really interesting would happen…

    Companies from all over the world would be scrambling to headquarter here.

    Right now most of our largest companies have re-headquartered in Ireland. Microsoft, Apple, Google, Facebook, Twitter, Intel, HP, Johnson and Johnson, and 700 other major multi-billion dollar US corporations have set up their international headquarters in Ireland, because the Irish government gave them a single-digit tax deal.

    That means all of that revenue – collectively over $60 trillion – is never seen or taxed in the USA. These companies are only booking their domestic revenue in the US, and we never see a penny of their international revenue, less whatever meager amounts they voluntarily repatriate.

    But what do you think would happen if we gave them that deal?

    Not only would all of those companies drop Ireland and start running all of their international revenue through the USA, but other companies around the world that currently have little or no US presence would start doing the same thing here that our companies are currently doing there.

    We would become the world’s tax haven, and everyone would be paying us.

    The US would instantly become the undisputed economic powerhouse of the world, the place where everyone wants to do business instead of run from, and our federal tax revenues would be higher than we’ve ever seen. Foreign companies that don’t even do business in the United States would be setting up their international headquarters here and voluntarily contributing to our tax rosters – and consuming none of our resources.

    What do you think our stock market would look like if the World’s largest companies had 100% of their global revenues going through this country? What do you think our federal tax revenue would look like if hundreds of millions of small and internet-based businesses from all over the world incorporated here and paid all of their taxable revenue to the USA?

    What do you think that would do for jobs, real estate, automation, manufacturing, and every other secondary benefit of becoming the undisputed #1 economy in the world?

    Three percent. No write offs, no deductions, no exemptions, no credits/rebates/trickery. That’s the magic number that makes it all possible. If you earn a dollar, you keep 97 cents and 3 cents goes to Uncle Sam. Simple. We could even have the banks automate this and eliminate the IRS.

    And it will never happen, for two reasons:

    1. Because the mob of uneducated masses don’t understand that a small percentage of a big number is a better deal than a big percentage of a small number.

    2. Politicians will never go for a flat tax (at any percentage) because doing so would mean giving up their ability to grant favors via the tax code.

  8. In America, specifically, the Baby Boomers screwed over the Millennials big time.

    Cheap primary, secondary and university education? That’s for Americans born between 1946 and 1964. Once these people grew up, they wanted nothing to do with high taxes to support cheap university education, especially. So they drew up the ladder of educational opportunity and more or less said, “Screw you, children and grandchildren! Our own parents gave us these great educational benefits without us taking on any student debt. So we got ours! Now you’re on your own!”

    Nice, world class infrastructure? That’s for Americans born between 1946 and 1964. Well-kept highways, bridges, tunnels and subway systems are for young people to use, not old people since most old people are going to be dead soon. Bridges that are well-kept, for example? Those last 50 years, and will mostly benefit the young. So the Baby Boomers also said, “Screw you, children and grandchildren! Our own parents gave us great infrastructure, but that means we have to pay higher taxes to keep this up. But we don’t want to pay for that! Now you’re on your own!”

    Cheap housing in large cities bursting with economic opportunity? That’s for Americans born between 1946 and 1964. Now that the Baby Boomers are old and have lots of property in these cities—especially nice coastal cities like San Francisco and New York—they don’t want high-density anything because it destroys “the character of the neighborhood.” The worst of the worst NIMBYist people are Baby Boomers who got in on this urban property pretty cheaply 40 years ago or so. And they want to keep those property valuations way up. So that means no high-density anything, which means crazy high property prices and very high rents. And who bears the burden of this? The young, the people trying to start their careers. So the Baby Boomers also said, “Screw you, children and grandchildren! Our own parents gave us cheap property in cities, but now we don’t want our property values to go down, even a bit. So no to high-density development, no to apartments, no to affordable housing! Now you’re on your own!”

    This is the harsh truth Millennials must face: the old are screwing us, the young, big time. And the old don’t like hearing this harsh, harsh truth because they don’t like to see themselves as the bad guys who achieved much lower taxes after the 1980s by ruthlessly cutting back on things that benefit the young, the things they themselves enjoyed when they were whippersnappers. The national debt is zooming upwards, and we the young are going to be paying for that, not the Baby Boomers who will soon depart. The old are always the victims, but never the bad guys.

  9. Tax rich to give to Mental Healthcare and Medical Gaslighting!!!! 200+Billion Annually to spend $1,500 – $6,000 A DAY, PER PATIENT up to $180,000 a month for Skid Row, California results. Healthcare corruption 1 Trillion dollars. Grannies getting $100 a month while waiting to get ss to pay for rent and groceries, TRUMP PLEASE END TAX DOLLAR FINDING OF MENTAL HEALTHCARE!

  10. OCASSIO CORTEZ , WHAT ARE YOU GOING TO DO WHEN THE RICH LEAVE THIS COUNTRY, TO AVOID YOUR HIGH 70% TAX HIKE , THEN WHAT ?

  11. Bush Jr. spoke the absolute truth, when standing before a political gathering dinner plate special of the 1%. He jokingly remarked, "Your my Base"

    Consider America Tax Post WW2 when Eisenhower raised Taxes on the Wealthy to 97% but not to give it to the poor ie Robbing the Rich to Give to the Poor. This was used to pay back the War Debt.

    Compare Tax rates before 9-11, which most paid Income Tax starting around 25% to Post 9-11. That tecniqually began a War on 7 Countries in the Middle East that had threatened the end to the Petro Dollar. IE, the "Rumsfeld Pan", justified by the FF attack on 9-11 that was used to start the undeclared war of WW3.

    Continuous Warfare, that has thrown America into Bankruptcy because it has been paid for by Credit card. To the benefit of the Rich, the Stockholders of the Military Industrial Complex.

    Tax cuts for the Rich during a war is unprecedented as is cutting the budget of the VA, yet Bush Jr. did both. I for one believe that is how Bush Jr., got the support of the Rich, by promising them they would not have to pay for the War. They would not only profit from the War but would also receive Billions in Tax cuts.

    Enter in the EIC of 2001, that is neither earned nor credit unless it is the money that is added to the Nation's Credit Card. A Pittance 0 fed taxes paid to the poor, meanwhile the richest get yuge Tax payment in the form of Tax cuts. With the bonus of creating a Class War, it also created the narrative that the Rich pay all the taxes.

    Disenfranchising 50% of Americans from the political process and consolidating the wealth of the country to the few. Something the Nazis did in Germany. Basically throwing half of America on Welfare in the form of EIC and labeling them as the Entitled Class.

    Throw in unlimited immigration that drives down labor costs by creating less competition with immigrants willing to work for pennies on the dollar. Because to them $10.00 is worth a $100.00 when they send it back home. Butchers that used to make $35.00 an hr now get paid $18.00. Add on Technology, Manufacturing, and Industrial jobs, wages for the Middle class, get moved overseas or down south across the borders.

    That means even less labor competition further driving down wages for the working class and destroying the Middle class. The Poorer the Poor, the Richer the Rich; Wealth is a relative perspective and a product of percentages.

    Welcome to America the Democracy of Corporatism and Corporatocracy, no longer a Republic or Capitalism. Fascism, where the Corporations replace the People and they control the Government not the People… the sick twisted mentality of Nazis and the NWO, "We the Corporations By the Corporations For the Corporations"…

  12. Who the hell are you people kidding? Trump has increased the deficit biggly. The wealthy should pay their share of that load
    And let's see Trump's taxes like he promised us he would.

  13. Tax the rich so much that they move out of America and then the USA is a third world country.
    This is the Democrat/communist party agenda

  14. Who is saying that: The Rich.
    Our debt is so high because politicians refuse to tax the rich.
    2 dollar tax on stock trades.
    Rich people saying do not tax the rich. LOL

  15. Yes! Pay those who will not even try, stay in school, or be lawful citizens, the same amount of money that is earned by those that do! Brilliant!

  16. How else will the leftists be able to support the voters they are allowing to stream in over the border?

  17. Yup and it cant be solved about talking about what wont work.
    Better get busy if you wana save capitalism. I can feel the wave coming

  18. There are approx. 255 Billionaires in America ,with an accumulated Gross wealth of 2.3 Trillion dollars.Take all their money, and you've only scratched the surface of our National debt. Taxing the rich to reduce the National Tax burden, is like a man standing in a bucket, pulling upwards on the handle trying to lift himself up.

  19. It can't be solved any other way. We are in this position because year after year we tell corporations to make more and pay less, then just let the citizens make up the tax shorts because the corporations use the extra money to purchase their own stocks to drive up value rather than allow it to "trickle down" to consumers. The middle class is literally paying big companies bills so they can make more on the front end and then charge us more on the backend because their stock is up after using our money to buy their own stock

  20. FAUX NEWS like it when America forgets it's history and the fact that during America's Golden Era of economic growth the marginal tax on wealthy was around 80%. Now, thanks to Trump…against what he campaigned on…it's gone from 35 to 23%. So after tax loopholes most wealthy only pay around 10-0% while the average middle class citizens pays 65-45% in taxes with no loopholes available.

  21. Its hilarious Trump has literally commandeered the United States of America to double the level of corporate socialism and continue lining his pockets on the backs of middle class taxpayers. And they're trying to smear Bernie Sanders, social justice senator and successful author, for being in the 50th percentile of net worth for a person his age…and still the poorest US senator. And worse FAUX is still using the already debunked and at this point elementary meme argument….."Bu bu but Venezuela."

  22. Yes, I know my life would be much better if the Fed got more money from the rich and gave it to some other country, or loaned it out for another war.

  23. funny how the richest are saying tax them yet this guy says they are wrong lol Seems fox brings on the most out of touch people to downplay the issues facing the majority of people but supports the rich getting richer and they add in the Venezuela comment invalidating there entire speech.

  24. the face that 20% of people pay 87% of taxes shows that there is a huge issue with this countries system and supports the inequality discussion. Stop attacking dems and GET PEOPLE WITH IDEAS TO FIX THE ISSUES TO SPEAK> VOUCHERS ARE NOT AN ANSWER. Bernie has been in goverment for 40+ years and only 2 million dollar worth? Most of it came from his book and his realestate worth lol its not money in the bank.

  25. we need income inequality, that is the rewards…most of us work with the building of a thing or have billable hours so we can plainly see if what we are paid is in line with the "profits" the company is making, thing about it , is there anything you do (or can sell) that is worth the money you make? Society or Business has to subsidize the people rather than the government…what is our goal?

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