Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
We're an even more low tax country than we were before President Trump took office because of the 2017 tax cuts.
And this would sort of push the U.S.
in more of a direction toward places like Canada and France and Germany.
that are similar in terms of their developed status, but just have larger social programs, larger welfare states.
As opposed to what Senator Warren's proposing, those countries tend to use value-added taxes, taxes on retail sales and business activity to fund broad social programs.
They have taxes that tend to be somewhat regressive, that tax middle-income people to pay for programs that benefit everybody.
And Senator Warren has a little bit of that in this employer piece of her health care plan.
But broadly, what she's trying to do is the opposite of that, is to have broadly applicable social programs financed almost exclusively from the very top.
Yeah, there are obviously some details we don't know.
And it's a campaign.
That's the way these campaigns go is they put out some detail, but they're not putting out legislative text.
They're not filling in all the blanks.
But we've got enough sense of where she's trying to go.
And I think it's worth looking at where she's trying to go on the capital gains side of things.
Right now, you only have to pay capital gains taxes if you sell an asset.
And that means that you can have virtually no income taxes if you don't sell.
If you are Warren Buffett and you accumulate large piles of stock and you just don't sell them, you're just not triggering income and triggering taxes.
And what she would do is change that.
She would raise the rates on capital gains.
And then she would also say that you have to pay every year regardless of whether you sell or not.
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