...i happen to be turning 35 next year. no, i won't be on the ballot. what's your number? join this channel to get your name in the deep dive$ credits + bonus content: ua-cam.com/channels/YUIRADK9CuJU92EAp2CNPA.htmljoin
250,000 in a high-ish interest account. Could net around 3G's a month. I could make that work and be happy with life. (Including my work income in that figure)
@@InputExecutioner That takes 14.5% interest rate.... That's not high-ish interest, that is absolutely insane, which tend to be either risky investment strategy or outright scam. I suspect you might have year/month mixed up somewhere. The reality is, it does more or less take a "millionaire" to be able to retire relatively comfortably in this day and age. Due to inflation, millionaire doesn't mean what it used to when that term was coined. You need to consider that inflation will keep going forward now, so even if you can get 3k a month and be happy with that right now, that might not be the case 20 years from now. Which is why part of your interest/return need to go back into the account to counter inflation. This is why the general rule is expect 7-8% return but only spend 3-4%, the rest is to keep up with inflation. With that, if you need 3k now, you need a million in the "bank" Either that or a piece of real estate and reduce your cash needs, but either way, net asset of about a million total. There are a lot more millionaire than you might think, many people in earlier generation qualify based simply on the fact that they own their home.
@@InputExecutioner Check your math, I think you did something wrong. I left a more detailed comment earlier but I think YT ate it because it involves too much math (which could be false flagged for being a scam cause... you know...) In case you don't/can't see it... check your math.
Cam 4 prez! For real, no pressure, I wish more people like you would run for office. You do great research and have a sensible point of view, and you seem humble. I'd vote for you easily if you were in my district.
@@CamJames Looking forward to the future episode on how poorer communities are hotter, and the impacts of long term low to moderate level heat stress on life outcomes.
I lived in Roswell twice when I was a kid. Moved from Chicago. Wherever we lived was ridiculously beautiful, though the home we lived in had an infestation. The trees were so big and the foliage was amazing! I bet it looks better with regular color vision.
As a public service employee, I face a future of mandatory overtime and health issues associated with high stress and lack of sleep coupled with poor working conditions. I will never know true wealth. I have never known wealth. I hope this video reaches just the right person to make the changes necessary to solve these challenges for our society. In the meantime, I can only try my best to help others do better than myself.
All the while dealing with a public who blame you for ever declining services, despite the fact you aren’t the one who set your service’s budget. I work in NC’s Govt. I once stood in the legislature’s cafeteria behind the Speaker and a few other majority members, including the head of the transportation committee. These were the exact humans who have for years refused every DMV budget request to pay their employees a more competitive wage to both retain veterans and attract new hires to address their chronic 30%+ vacancy rate. I’m talking, the exact humans who read those reports, listened to the oversight briefings, and said no. One of them had just bought a new car. He complained for the entire 10 minutes about how long it took to deal with the DMV to get his registration, and used a mocking voice to imitate the answers he got about how “low staffing made it take longer,” and they had “a big delay because the private company that legislation requires print all licenses and new registrations in one central location was behind on printing.” He suggested to his buddies they just privatize it, since clearly the dmv wasn’t good at it. His budgets hamstrung the department. His legislation made them beholden to this single company that legislation just gives monopoly power. But no, the few employees sticking it out are to blame. Cus woke, or dei, or something. Never mind that they already “made dei illegal” or that our dmv employees are a surprisingly close representation of NC’s demographics, kinda just by accident.
i hear ya, but people typically dont get into public service positions for the money. most people do it to give back in a meaningful way, while accepting they're not going to get rich from it
@@Bbfishman Not getting rich isn’t the same as not paying rent. The people who work in your town, city, and state governments should be able to live in those communities. After all, it’s in your interest that they do, since that has a proven record of producing better results.
Don’t forget the CEOs, billionaire or not, boosting stock prices for personal gain at the expense of the consumer and even of the company(cough Boeing cough).
If they think it's cool to continue exploiting workers to make their billions while we're struggling...nah man. Strip them of their power by taking their money. However, if we are going to tax the rich, there have to be regulations put into place where they can't just pass the bill onto the rest of us by raising the cost of their goods.
Well it also helps the economy. For example, the thriving US economy of the 1950s and 1960s when a much higher portion of tax revenue was taken from the wealthy rather than from the working class who actually spend extra money back into the economy when they have it.
That’s a good question. It depends on whether my house is paid off, if I’ll need another vehicle, and how much I can sustain my food bill from my farm.
2:10 I love this and don’t hear people speak about it often, I wonder why. My number is 6 million- 5 million would keep me not working for life, and the extra 1mil is for investing in my friends.
Yeah, I noticed people thought it was strange when my husband and I came up with ours. It’s 15 million, for very, very specific reasons. Of course we probably wouldn’t stop working (part-time, we like the structure), we would just give the rest away.
I don't know why I was thinking this, but one other thing I would like to see other than taxing the rich is fixing the fees/punishment companies pay for breaking the law. It really has gotten to the point where giant companies can get away with doing something illegal by paying a fine. They treat it like the cost of doing business because of how laughably small it is compared to how much they make. Great video as always!
the number question is interesting. I legit dont have an answer. I _say_ i want all the money so i can do sh!t like actually invest in my part of the world, but i feel like that much money inherently separates you from the people you are trying to help.
it absolutely does. you don't even need to meet billionaires, just look at how your own life changes as you pass six figures. most naturally separate themselves.
I'm with you.... but as I encourage others to jump on the wagon with me just on wealth building and brainstorming ideas their reaction tells me I'm only going to help the children
@@MrTrigzI felt this comment in my bones. I put every person who’ll listen onto wealth building and savings principles. The ones that listen are flourishing. Everyone else, still ducking sitting down and hammering out a budget, multiple years later, but then still don’t understand why they’re not getting ahead. SMH
Fantastic video! I think an interesting follow up you could do is talking about "price pack structure", companies have gotten real technical about packages sizes so that they can sort of shuffle the inflation and trick people into spending way more for the same stuff. Food companies are the worst about this these days. Buying real foods and cooking them is easily the best way to dodge a lot of this marketing.
I just had a conversation with a guy in my neighborhood about this. He was complaining that the city is about to raise our taxes. I quickly explained to him that proposed tax increases are on the wealthiest in the city. I went on to tell him that middle-class and working-class people like us are the tax base in every city in this country. Meanwhile, Jeff Bezos, who owns the town paper The Washington Post also lives in one of the largest houses in the city pays nothing in income taxes. I literally said to him, “That’s what ’tax the rich’ means.” And BTW, “Tax The Rich” was at one point very controversial. Say that ish with your whole chest 8-10 years ago. It was hard. But that’s what it takes. To make real change, you gotta have the courage and eagerness to learn in order to affect change.
I had this thought and it isn't really fully fleshed out but I've heard arguments from the "trickle down" side that they are job creators so they should get those benefits. But when they become public corporations, the company is damn near always going to go on regardless of who the founder and CEO is so why are we giving tax breaks to individuals at that level of personal wealth? I somewhat understand why corporations are given some breaks but there should def be a limit to c-level payouts especially when the money comes from breaks or bailouts.
One thing about the oreos in particular I've noticed - the regular ones are roughly the same size, but the novelty, limited time flavors are in far smaller packages. Regular sized packages are ballpark 500g, limited time flavors about 300 g. And of course, the packages cost the same as each other.
This video plays to me as a conclusion to the other videos @CamJames makes about how majority of people are desperate, uninformed and in perfect circumstances to get taken advantage of, either through ignorance or no fault of their own.
That 8.2% includes the appreciation of unrealized gains. That's SUPER important. Those gains one day must be realized, and on that day, they are back to the 23%. So.... I have nothing but $100000 of Google stock and a job at McDonalds. I pay about 10% tax on my paycheck. If my stock DOUBLES, that's an extra 100k! But, it's unrealized. I don't pay tax on it yet, because it's not "real" (google could crumble). When I try to cash it all in, NOW it's $100k of income. Now I have to pay 23% of that 100k. TLDR: That 8.2% is complete nonsense. If you're building your video on that... it's all kinda pointless.
In relation to shrinkflashion. The one that blew my mind was toothpaste / mouthwash. Prices went up greatly, but they also reduced the amount of benificial chemicals in the mix. So you were getting less in a bottle, but also it wouldn't work as well in theory.
If a person’s money management skills are horrible, no matter how much… it makes,that government will never generate enough to operate without needing to barrow… That transition I did 👆🏾there applies to people, places(business) and things(Gov’t). The moment you start taxing rich people more than you tax ordinary citizens, they [have began to] hide their wealth. If you suggest then to, at least, tax them the same, then they use existing tax code to reduce their tax obligations. The solution is to focus on and make accountable how the government spends its current and future revenues and writes its tax code. The largest and most powerful branch of government can be found and described in the first three words of the Constitution.
@@CamJames Child Support, Social Security and other forms of welfare* are prime examples of how people pretend to have much less than they do, for the benefit(s) of, participation in, and/or avoidance of the aforementioned benefits/programs. Law Suits the same, shouts out to Alex Jones “broke” ahss😂. My point is all of a sudden people won't be "rich" anymore. A way to circumnavigation the system will always exist until you make to where they don't have to. Many, I won't say most because I have not done the research^ lol, of the rich wouldn't mind paying a higher tax rate if the money was spent appropriately. *Just realized elements from your student loads video fits right in🤯😂 ^People love to most, and haven't surveyed or researched all😒
Cut taxes for Middleclass and Poor People and Small businesses cut the Capital Gains Taxes ; Taxes at 35% to 37% is Crazy soon it going to 39% Need To FIX That TAX CODE and POLICIES
You can't cut taxes on the middle class and poor, in fact they need to be taxed MORE but also at the same time have much more enveloping and structured federal programs to help these people out, like restructuring medicare/medicaid to be much more effective.
You inspire me with your content and background in media as that is the path I’m on right now. I agree with a lot of your world view and takes! Corporate greed is an issue that is global, we have the same shrinkflation happening in Germany right now, albeit we can still comfortably buy groceries. The global wealth tax proposed at the G20 summit sounds promising, let’s see whether something actually happens. I doubt it but one can hope
im terminally ill myself, i cant get benefits, the government refuses to help me out, turn me down every year i apply while im still alive. maybe if rich people paid more taxes i wouldnt die in poverty
Here is the main thing though. The billionaires don’t pay taxes. They move it overseas to a tax haven like cayman islands or Ireland (for corporations). Unless you lower taxes they won’t stop using these tax havens that exist for the sole purpose of avoiding the IRS. What I think is necessary is simplifying the tax code which closes out more loopholes. There are too many ifs in the tax system. I think georgism is a more effective way of collecting taxes than income. As you can hide income with a tax haven, but you can’t hide the property you own. The higher property taxes encourages productivity in use of land and the lack of an income tax makes it so the rich are encouraged to keep their wealth here and spend it here to keep their property productive. Rich people love to waste money on the local population (which spread wealth) if you don’t punish them for accumulating more money. The higher property taxes also make sure that people are encouraged to build more and do more with the land. Texas is a Georgist economy and their cost of living is SUPER cheap because of both the policy and cheap utilities with their massive energy industry.
Except we’ve already seen that modestly increasing tax enforcement funding has captured a significant amount of previously missed tax revenue from the rich. Yes, they will try to avoid it. That doesn’t mean we just shouldn’t tax them and work to defeat their attempts. Simplifying the code sounds nice, but is almost always cover for regressive tax policies. They fund their efforts to evade taxes. We can fund our efforts to enforce them-and it turns quite the profit, every dollar spent on enforcement has thus far paid itself back 5-8 times over. That leaves a lot of room to increase funding before it gets down to even 1:2, which would still be a great ROI
Clean hands was never part of any game, not where people and personal interest is involved. At some point in any system, those who can play the game better than the majority will always concentrate the power whith legal exploits.
I'm an engineer for a company that makes private jets. Well I can say is I don't know the cost of a private jet ride but in order to purchase one you either have to be an actual company or have legitimate f*** you money
An economic policy that taxes the free money that accrues to older people via investment gains and subsidizes necessary public goods for younger people who have not yet built wealth is just common sense. That, however, will never happen when older people control legislation, and so we see a dramatic drop in taxes to the investment/ownership class.
If we don't correct our severe spending issue, no matter what the percentage, it'll never be enough. I vote every paying tax person, has legitimate say in what that money is spent on and where it goes. 200 billion of US tax dollars, given, just handed over to another country is exactly where the problem lies. You can decide to put aside and save 30% of your earnings every year, if some stranger off the street is allowed full access to your savings and decides to spend it on things that you share absolutely no interest in... then what's the point in even saving?
Can do a video on a" live-life claim" We already understand the rich and taxes go hand and hand so they won't be tax with loops wholes and deductions available
Are you suggesting to tax unrealized gains? That would literally destroy the stock market and honestly wouldn’t even make sense to do that regardless of that reason
So last year I made a net income of 87k a year. I get taxed 36.6%! My salary is 125k. I know I’m fortunate enough that I make a solid living, I don’t work a back breaking manual job, or fast food. This may be controversial but I believe it’s absolutely unfair that I’m taxed that much. I’m not struggling but I don’t make enough to buy a solid home comfortably without getting into debt, hell even a new car without it hurting. With that said, if I had to choose my number it would be 100million a year. Why, I want to have enough to help my community, if the county/state won’t do something that helps people. Then I would love that financial freedom to spend money to buy brand new books for schools, new actual affordable homes or try to take crack at financing local infrastructure afterschool/in school programs.
Unfortunately it doesn't matter anymore. We hit 35T in debt with interest hovering around 1.25T a year. That's just debt and interest, doesnt count everything like healthcare, social sec, infrastructure, welfare, utilities, foreign aid, etc. Unfortunately, a ton of people that are supposed to be for taxing the rich also advocate for VAT (value added tax) which is a flat tax rate on everything purchased at each stage of production, with the end tax hitting the consumer. Think that if a loaf of bread has three stages of production at 10%, then if the original point was a dollar, then the consumer would pay $1.21. (1x1.1x1.1) So now we went from a rising tier percentage system to a flat tax that will hit less wealthy people proportionally the hardest. I was hoping you'd expand on it more since the only thing keeping our zombie economy alive is the dollar being a global reserve currency. I don't see a way out
shrinkflation seems to target processed foods specifically the hardest, as if our health wasn't a good enough price to pay for more accessible food options. it's genuinely worrying as a disabled person because a lot of us are more reliant on processed foods than non-disabled folks. being neurodivergent specifically already comes with its own price tag, whether it's having to care for someone with high support needs for the rest of your life or buying specific foods because you have an aversion to the texture of the more cost-effective option. how much higher does that price have to get until things change for the better? i'm scared to find out.
they should be paying just about the same effective tax % that everybody else is paying. its absurd that they would ever pay less in tax than any other working individual in this country. i think i get a little hesitant when people want to start saying they should be taxed 2 or 3 times as much as regular people because if you assigned that same tax demand on to any other group, people would be calling it unfair. im rational enough to understand over-taxing them would be just as stupid and unfair as them paying less in tax, like it is now.
If I had enough money to live comfortably in a home with a garage big enough for 2 cars and enough indoor space to have two separate rooms, one for VR and VR sim racing, and another for regular gaming, then I know I've made it. Sadly, that seems to be more and more unrealistic as time goes on. These days I'd be happy to have an affordable studio apartment for myself.
TAX THE RICH! That BS of trickle down and all of the other crap catch phrases and terms they have come up with need to go. Tax the damn rich and tax them hard.
I'm with Kevin O'leary, you can comfortablely retire responsibly at 500k. I'm currently going through Limitarianism: The Case Against Extreme Wealth by Ingrid Robeyns because of a podcast she did that I found enlightening.
Making the ultra wealthy pay their appropriate share of taxes will always be unanimously agreed on by the general public however we’ll need more than voting to get us there. We’ll need the thing a lot of us don’t have in abundance, capital. Capital to lobby the politicians to change the tax codes, close the tax loops, and provide tax break incentives when they do things that benefit workers, 401k, pensions, not outsourcing jobs overseas, etc. Inflation is a feature, not a bug in capitalism. Because of that, there isn’t a fixed amount where anyone will feel “ok, that’s enough” without calling some absurd number. A person will need to work or have the money working so they don’t run out of it. The more reasonable questioning is how much do you need to be comfortable? How do you define comfortable? Are you sure you’re not listing luxury living? Ppl can’t tell the difference imo. To everyone, look up “barista fire” and the “4% rule”. It’ll help you start figuring out your number.
MY number would be 10 million reason being not having to work ever again, donate money to local charities that impacts my community such as food banks/meals on wheels and adopt a school in my neigborhood to offer school supplies/laptops to students and an after-school program that focus on STEM tutoring and teaches them Black American history 365.
Let's go back to tax brackets from the 60s. Adjusted for inflation, the top rate would be 91% for income over $4.1 million. I think that's pretty goddamn reasonable. No one on earth should be wasting anywhere close to $4m to live for a year.
Said this in a reply but: have gotten strange looks for knowing offhand the number is 15 million. I wouldn’t need that much, because I trust my husband, but I don’t trust the courts, should our marriage ever end. (He doesn’t need that much, ai think his number is 3 million.) So, enough to halve, still meet my peculiar housing needs, and still support myself and my family. My husband and I have discussed this in-depth, several times.
Controversial opinion, but Capitalism isn't bad. America (as well as many other place), just have terrible regulations. Capitalism is extremely dependent on money circulation. If the money doesn't circulate, Capitalism starts to have problems. Billionaires are quite literally anti-capitalism. They're clearly not spending all that money they have, so that's why they have so much. This is where taxes are supposed to assist, but the USA's regulations on taxes are terrible and our government allows lobbying so our politicians are incentivized to let rich people get away with it. Personally, I do think they need to be taxed more, but I also believe rich people need to be forced to pay employees way more. If the people at the top earn way too much money the employees should be receiving some of that too. Hourly wages are insanely low for how much money some of these companies make.
If you made $500k for 80 years your net income (before taxes) would be $40million. The idea that somebody has 25x that and still wants more is the very definition of diabolical. Tax these mfs.
I'm disturbed this doesn't have more views. I guess the public is attracted to drama type content. This is the information people need to absorb and share with others so we're voting for the right people to have certain laws and regulations in place to protect us, while eliminating laws that limit our freedoms as citizens. Even though this doesn't have the same viewership as your other videos, please keep rolling out this kind of content from time to time.
I don’t know that number, but I did knowingly go into public school elementary education so it’s not like I was ever expecting to hit any number lmao I’m doing it right, living pretty cheap/unattached and taking jobs that provide the “cool experience” that other people pay those private jet costs for. But I definitely want a number that’s not gonna leave me broke in a cardboard box for retirement. I am that single teacher in that tax rate 😂
This is such an great topic I wish more people realized. I wonder how far shrinkflation can continue. Eventually everything is just travel-size deodorant right?
You can't just tax the rich, they have freedom you'll never have. They can just leave if their bottom line is threatened, profit from tax havens, exploit loopholes, etc. Taxes only hurt the little guy.
Factor in the fact that most of us will not be able to rely on any sort of income from Social Security and the rising cost of everything from cookies to even Medicare supplemental coverage going up, the number for everyone just gets bigger. Most folks aren't staying in the workforce longer because they want to, it's because they've got no choice.
i mean with the housing market and overall prices, my number's gotta be at least the 2mil+ range so i can own a house, own a car(and subequent cars), insurance, pay taxes, before even getting to live a little
So you're mad that you chased a dead end carrier (music), wound up failing, and so now you want to pull down others who actually succeeded..... alright.
My number is 100k. Enough for me to pay off a house comfortably, put money into some accounts for my nieces and nephews, and take my husband on a date every single week.
I appreciate cam bringing this up but i wish he would of went more in depth on the amount of tax fraud, evasion and blatant corruption that the multi millionaires or billionaires commit in the us. while the us government is aware of what the obscenely wealthy are doing.
Hope this video has a “part II” explaining how rich people avoid paying taxes and how the politicians legislate to maintain the situation. Also, is not uncommon the taxation hit the poor instead of the rich
I have always been conflicted about taxing the rich because it would cause a massive brain drain. But if they do it in the us it makes more sense the in belgium where the taxes are already massively high
The problem with taxing the rich more is that as their tax bill increases, they just spend more money on avoiding taxes. At one point the US has a 90% top income tax bracket, however when that was lowered the ultra wealthy still paid about the same amount, as it became more cost effective to pay the tax than pay to avoid it. The other issue is that an argument can be made that upper middle class & the top 1% are paying their fair share. According to the US treasury office of tax analysts, the top 50% of Americans pay 97.7% of all income taxes, and the top 1% earn 26.3% of total income and pay 45.8% of all income taxes.
Neither of those arguments hold any water. 1) Good, make them work to avoid taxes more, make it a huge pain in the ass so it costs them more and more until someone breaks. 2) How much of total taxes the rich pay is completely irrelevant, because by the sheer dint of how much more money they make than the rest of us, of COURSE their percentage share of taxes will be more. And even then, since the rich hold wealth in assets versus salary like everyone else does, they have been paying less than they "earn" for decades anyway.
I tracked down the chart you're referring to. while those numbers are accurate, the point in this video is that the federal tax rate doesn't account for all the wealth being hidden from the current tax system. their effective personal tax rate is where Biden got that 8.2% number from.
Part of the idea behind "eat the rich" and "their fair share" is that they couldn't have gotten so rich without taking advantage of societal infrastructure/benefit and/or exploiting the workers. As a result, their fair share should also include paying back/for what they have exploited. Now, I would say that this is probably not always the case. I'm sure someone at some point have made a fortune while being totally nice. However, I think it is also fair to say that at least for the super rich, this is more likely true than not.
But at a certain point we can't just focus on percentages and look at needs because take away 90% of 1 billion and you still have 100 million dollars. So, do they have their needs met? Do others not have their needs met? Does the infrastructure everyone relies on need improvement? Is our country in massive debt?
Top 1% “earn 26% of total income.” A handy statistic for making them seem more like they’re contributing, considering how extensively the top 1% work to actively evade having their wealth growth classified as “income.”
Oh I can fathom it but go ahead proceed I want to see what your vision is I already had that Vision years ago of what I need to do to get to that level and it's not pretty by any means😂😅
As someone that is well off, I do my part in "redistributing wealth" by paying my tax bill and tipping my server 50%. Raising taxes on us, is not going to work. It'll just get passed on to the middle class.
My opinion is the tax rate should flat out be the same for everyone. Throw the whole complicated mess in the trash. Flat percentage across the board for everyone. Bye Turbo Tax, H&R Block, etc… 👋🏻
We don’t have to implement such a regressive system that punishes the poor to get rid of Turbo Tax, H&R Block, etc. Many countries have their IRS just do your taxes for you and send you the notice at zero cost. They even offer free dispute, free counseling to help you understand it, and free assistance with unusual cases. Simplifying the code is rich propaganda to hide their earnings from taxation while shifting more of the burden to the working class.
@@piedpiper1172 I agree a flat tax isn't needed for filing simplification, but I still believe it's the best way. The regression argument gets in the way of its implementation. Everyone uses and benefits from the services provided through taxation. Flat percent of income. If your income is small you only pay a small amount.
another good episode CAM. I am a single man in his 50s. My tax rate last year was 24%. Capping SSI at 160K is laughable. Companies have one job. More money for shareholders. Shareholders more often than not aren't "people" anymore. $$$'s don't care about people and corporations only care about $$$'s. Something's gotta change.
Social Security is intended to be a government organized/backed mandatory retirement scheme. It is not meant to be a tax in the way that word is used "traditionally". As such, while it does some redistribution, the core concept is more you put in, the more you get back. It have a cap because beyond that, the retirement coverage is unnecessary. If you want to argue for higher income tax overall, by all means. But bringing up SSI cap is non-sense.
@@jumpman366 - and your point being? Oh, and if you are in a “fund” it is the fund’s personality that the street and the hill play into. Not the individual investor.
@@CamJames but he wants to make America great again. All he does is try to make America great. I have tried to see learn about how bad he is or the lies they keep saying he says. I still don't get it. Can you give me examples or point me to something that can help me understand why trump is not a good person
Am from Nigeria, so I may not know him as you do. Only from what I see on the news. They are trying to take him to jail for frivolous reasons. If he is such a bad person they would have found good reasons to jail him
his first-ever campaign speech called some Mexican immigrants rapists for no reason, and he refers to us as "the Blacks" in several speeches. he wanted to get five innocent Black kids executed for a crime they didn't commit in the 90s and screwed tons of people over in residential housing complexes before becoming a politician. that's about 9% of the things he's done.
...i happen to be turning 35 next year. no, i won't be on the ballot. what's your number?
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250,000 in a high-ish interest account. Could net around 3G's a month. I could make that work and be happy with life. (Including my work income in that figure)
A one time amount of 150k. Pay off all my debt and pay for my wife's masters program. I make good money, but loans take up a majority of it.
@@InputExecutioner That takes 14.5% interest rate.... That's not high-ish interest, that is absolutely insane, which tend to be either risky investment strategy or outright scam. I suspect you might have year/month mixed up somewhere.
The reality is, it does more or less take a "millionaire" to be able to retire relatively comfortably in this day and age. Due to inflation, millionaire doesn't mean what it used to when that term was coined.
You need to consider that inflation will keep going forward now, so even if you can get 3k a month and be happy with that right now, that might not be the case 20 years from now. Which is why part of your interest/return need to go back into the account to counter inflation. This is why the general rule is expect 7-8% return but only spend 3-4%, the rest is to keep up with inflation.
With that, if you need 3k now, you need a million in the "bank"
Either that or a piece of real estate and reduce your cash needs, but either way, net asset of about a million total. There are a lot more millionaire than you might think, many people in earlier generation qualify based simply on the fact that they own their home.
@@InputExecutioner Check your math, I think you did something wrong.
I left a more detailed comment earlier but I think YT ate it because it involves too much math (which could be false flagged for being a scam cause... you know...)
In case you don't/can't see it... check your math.
Cam 4 prez!
For real, no pressure, I wish more people like you would run for office. You do great research and have a sensible point of view, and you seem humble. I'd vote for you easily if you were in my district.
I love that you always film outside. Shows off how beautiful atlanta is when you're out in it.
i'm sweating for y'all lol
@@CamJames and we appreciate it lmfaoooo
Quite serene to be honest.
@@CamJames Looking forward to the future episode on how poorer communities are hotter, and the impacts of long term low to moderate level heat stress on life outcomes.
I lived in Roswell twice when I was a kid. Moved from Chicago. Wherever we lived was ridiculously beautiful, though the home we lived in had an infestation. The trees were so big and the foliage was amazing! I bet it looks better with regular color vision.
As a public service employee, I face a future of mandatory overtime and health issues associated with high stress and lack of sleep coupled with poor working conditions. I will never know true wealth. I have never known wealth. I hope this video reaches just the right person to make the changes necessary to solve these challenges for our society. In the meantime, I can only try my best to help others do better than myself.
preach, that's all any of us can do. hoping your working conditions are a pleasant surprise in future
All the while dealing with a public who blame you for ever declining services, despite the fact you aren’t the one who set your service’s budget.
I work in NC’s Govt. I once stood in the legislature’s cafeteria behind the Speaker and a few other majority members, including the head of the transportation committee.
These were the exact humans who have for years refused every DMV budget request to pay their employees a more competitive wage to both retain veterans and attract new hires to address their chronic 30%+ vacancy rate. I’m talking, the exact humans who read those reports, listened to the oversight briefings, and said no.
One of them had just bought a new car. He complained for the entire 10 minutes about how long it took to deal with the DMV to get his registration, and used a mocking voice to imitate the answers he got about how “low staffing made it take longer,” and they had “a big delay because the private company that legislation requires print all licenses and new registrations in one central location was behind on printing.”
He suggested to his buddies they just privatize it, since clearly the dmv wasn’t good at it. His budgets hamstrung the department. His legislation made them beholden to this single company that legislation just gives monopoly power.
But no, the few employees sticking it out are to blame. Cus woke, or dei, or something. Never mind that they already “made dei illegal” or that our dmv employees are a surprisingly close representation of NC’s demographics, kinda just by accident.
i hear ya, but people typically dont get into public service positions for the money. most people do it to give back in a meaningful way, while accepting they're not going to get rich from it
@@Bbfishman Not getting rich isn’t the same as not paying rent. The people who work in your town, city, and state governments should be able to live in those communities. After all, it’s in your interest that they do, since that has a proven record of producing better results.
Just want to point out that being wealthy and being rich are not the same thing. They're often confused.
Shrinkflation is even affecting youtube videos now.
This video was around 45% the length of the previous
🤓
it isn't a deep dive, y'all gotta relax lol
😂😂😂😂
Nope. The eye-seconds that I spent on this video was reduced in proportion to the video’s length.
I’m being charged exactly the same rate as before.
You got some energy sir. I think you’re gonna blow up. I can feel something in the air.
Ain't no need to think....Cam outta here, and we go make sure broskie get there too. Keep supporting Queen 💪🏿
You keep putting out great videos, you should cover medical debt or the fuckery of building credit
both are on the list!
@@CamJames hell yeah. You got a patreon?
Don’t forget the CEOs, billionaire or not, boosting stock prices for personal gain at the expense of the consumer and even of the company(cough Boeing cough).
The Jack Welch school of “leadership”.
Taxing the rich isnt about taking their money its about putting a limit on their power.
and leveling the playing field so hopefully more of us can be well off or at least not scraping by on crumbs
If they think it's cool to continue exploiting workers to make their billions while we're struggling...nah man. Strip them of their power by taking their money. However, if we are going to tax the rich, there have to be regulations put into place where they can't just pass the bill onto the rest of us by raising the cost of their goods.
Well it also helps the economy.
For example, the thriving US economy of the 1950s and 1960s when a much higher portion of tax revenue was taken from the wealthy rather than from the working class who actually spend extra money back into the economy when they have it.
How would you like it if someone put a limit on what you can accomplish?
@@handleyobusinessThey already have, by skewing the game.
Your content is really inspiring bro!! 🙌🏾
thank you fam, that's the only goal
That’s a good question. It depends on whether my house is paid off, if I’ll need another vehicle, and how much I can sustain my food bill from my farm.
Pad your number significantly to account for hiring farm help as you age.
2:10 I love this and don’t hear people speak about it often, I wonder why. My number is 6 million- 5 million would keep me not working for life, and the extra 1mil is for investing in my friends.
Yeah, I noticed people thought it was strange when my husband and I came up with ours. It’s 15 million, for very, very specific reasons. Of course we probably wouldn’t stop working (part-time, we like the structure), we would just give the rest away.
the 'pretending to be devoted' is what gets me. I don't mind work, but I just cannot fake enthusiasm
it wears on you, day after day
I don't know why I was thinking this, but one other thing I would like to see other than taxing the rich is fixing the fees/punishment companies pay for breaking the law. It really has gotten to the point where giant companies can get away with doing something illegal by paying a fine. They treat it like the cost of doing business because of how laughably small it is compared to how much they make.
Great video as always!
definitely an issue that needs to be addressed. the fines are a slap on the wrist. thanks for watching!
the number question is interesting.
I legit dont have an answer. I _say_ i want all the money so i can do sh!t like actually invest in my part of the world, but i feel like that much money inherently separates you from the people you are trying to help.
it absolutely does. you don't even need to meet billionaires, just look at how your own life changes as you pass six figures. most naturally separate themselves.
I'm with you.... but as I encourage others to jump on the wagon with me just on wealth building and brainstorming ideas their reaction tells me I'm only going to help the children
@@MrTrigzI felt this comment in my bones. I put every person who’ll listen onto wealth building and savings principles. The ones that listen are flourishing. Everyone else, still ducking sitting down and hammering out a budget, multiple years later, but then still don’t understand why they’re not getting ahead. SMH
i’m not American but your content and your delivery is so captivating.
thank you for giving me a shot 🫡
Fantastic video! I think an interesting follow up you could do is talking about "price pack structure", companies have gotten real technical about packages sizes so that they can sort of shuffle the inflation and trick people into spending way more for the same stuff. Food companies are the worst about this these days. Buying real foods and cooking them is easily the best way to dodge a lot of this marketing.
around 500k would be enough, probably more than enough.
Thank you so much, always look forward to your content 🎉
Fathom assistant is something I'm using from now on 😂
y'all got that one free of charge
I just had a conversation with a guy in my neighborhood about this. He was complaining that the city is about to raise our taxes. I quickly explained to him that proposed tax increases are on the wealthiest in the city. I went on to tell him that middle-class and working-class people like us are the tax base in every city in this country. Meanwhile, Jeff Bezos, who owns the town paper The Washington Post also lives in one of the largest houses in the city pays nothing in income taxes. I literally said to him, “That’s what ’tax the rich’ means.”
And BTW, “Tax The Rich” was at one point very controversial. Say that ish with your whole chest 8-10 years ago. It was hard. But that’s what it takes. To make real change, you gotta have the courage and eagerness to learn in order to affect change.
I had this thought and it isn't really fully fleshed out but I've heard arguments from the "trickle down" side that they are job creators so they should get those benefits. But when they become public corporations, the company is damn near always going to go on regardless of who the founder and CEO is so why are we giving tax breaks to individuals at that level of personal wealth? I somewhat understand why corporations are given some breaks but there should def be a limit to c-level payouts especially when the money comes from breaks or bailouts.
This guy is always nailing it. Great to see such a quick and deserved rise. Fuckin based
One thing about the oreos in particular I've noticed - the regular ones are roughly the same size, but the novelty, limited time flavors are in far smaller packages. Regular sized packages are ballpark 500g, limited time flavors about 300 g. And of course, the packages cost the same as each other.
Price gouging makes up like 76% or more of “inflation” it’s crazy
Showin’ up for the algorithm. As promised.
Random but every time I see your videos I'm like "why isn't this dude on Nebula?" lol these would for sure fit there
This video plays to me as a conclusion to the other videos @CamJames makes about how majority of people are desperate, uninformed and in perfect circumstances to get taken advantage of, either through ignorance or no fault of their own.
That 8.2% includes the appreciation of unrealized gains. That's SUPER important. Those gains one day must be realized, and on that day, they are back to the 23%.
So.... I have nothing but $100000 of Google stock and a job at McDonalds. I pay about 10% tax on my paycheck. If my stock DOUBLES, that's an extra 100k! But, it's unrealized. I don't pay tax on it yet, because it's not "real" (google could crumble). When I try to cash it all in, NOW it's $100k of income. Now I have to pay 23% of that 100k.
TLDR: That 8.2% is complete nonsense. If you're building your video on that... it's all kinda pointless.
In relation to shrinkflashion. The one that blew my mind was toothpaste / mouthwash. Prices went up greatly, but they also reduced the amount of benificial chemicals in the mix. So you were getting less in a bottle, but also it wouldn't work as well in theory.
and they don't care at all. it's not even a consideration for them.
Another banger, Cam.
If a person’s money management skills are horrible, no matter how much… it makes,that government will never generate enough to operate without needing to barrow… That transition I did 👆🏾there applies to people, places(business) and things(Gov’t). The moment you start taxing rich people more than you tax ordinary citizens, they [have began to] hide their wealth. If you suggest then to, at least, tax them the same, then they use existing tax code to reduce their tax obligations. The solution is to focus on and make accountable how the government spends its current and future revenues and writes its tax code. The largest and most powerful branch of government can be found and described in the first three words of the Constitution.
i don't disagree with most of this, in theory. the way we use tax revenues is crucial
@@CamJames Child Support, Social Security and other forms of welfare* are prime examples of how people pretend to have much less than they do, for the benefit(s) of, participation in, and/or avoidance of the aforementioned benefits/programs. Law Suits the same, shouts out to Alex Jones “broke” ahss😂. My point is all of a sudden people won't be "rich" anymore. A way to circumnavigation the system will always exist until you make to where they don't have to. Many, I won't say most because I have not done the research^ lol, of the rich wouldn't mind paying a higher tax rate if the money was spent appropriately. *Just realized elements from your student loads video fits right in🤯😂
^People love to most, and haven't surveyed or researched all😒
I just want a bag of chips that isn’t half full of air.
are you a communist by any chance
Cut taxes for Middleclass and Poor People and Small businesses cut the Capital Gains Taxes ; Taxes at 35% to 37% is Crazy soon it going to 39% Need To FIX That TAX CODE and POLICIES
You can't cut taxes on the middle class and poor, in fact they need to be taxed MORE but also at the same time have much more enveloping and structured federal programs to help these people out, like restructuring medicare/medicaid to be much more effective.
Hey Cam. Long day here in CLE, also. Cheers.
what's good, thanks for being here
You inspire me with your content and background in media as that is the path I’m on right now. I agree with a lot of your world view and takes! Corporate greed is an issue that is global, we have the same shrinkflation happening in Germany right now, albeit we can still comfortably buy groceries. The global wealth tax proposed at the G20 summit sounds promising, let’s see whether something actually happens. I doubt it but one can hope
im terminally ill myself, i cant get benefits, the government refuses to help me out, turn me down every year i apply while im still alive. maybe if rich people paid more taxes i wouldnt die in poverty
Here is the main thing though. The billionaires don’t pay taxes. They move it overseas to a tax haven like cayman islands or Ireland (for corporations).
Unless you lower taxes they won’t stop using these tax havens that exist for the sole purpose of avoiding the IRS.
What I think is necessary is simplifying the tax code which closes out more loopholes. There are too many ifs in the tax system.
I think georgism is a more effective way of collecting taxes than income. As you can hide income with a tax haven, but you can’t hide the property you own. The higher property taxes encourages productivity in use of land and the lack of an income tax makes it so the rich are encouraged to keep their wealth here and spend it here to keep their property productive. Rich people love to waste money on the local population (which spread wealth) if you don’t punish them for accumulating more money.
The higher property taxes also make sure that people are encouraged to build more and do more with the land. Texas is a Georgist economy and their cost of living is SUPER cheap because of both the policy and cheap utilities with their massive energy industry.
Except we’ve already seen that modestly increasing tax enforcement funding has captured a significant amount of previously missed tax revenue from the rich.
Yes, they will try to avoid it. That doesn’t mean we just shouldn’t tax them and work to defeat their attempts.
Simplifying the code sounds nice, but is almost always cover for regressive tax policies. They fund their efforts to evade taxes. We can fund our efforts to enforce them-and it turns quite the profit, every dollar spent on enforcement has thus far paid itself back 5-8 times over. That leaves a lot of room to increase funding before it gets down to even 1:2, which would still be a great ROI
rice krispies got thinner this year. no lie
Yessssss Cam 🫡
I don't remember where I heard this but "You can't get to 10 figures with clean hands or a clean conscience''
Clean hands was never part of any game, not where people and personal interest is involved. At some point in any system, those who can play the game better than the majority will always concentrate the power whith legal exploits.
If we're forced to pay a federal income tax it should be the same percentage for everyone
I'm an engineer for a company that makes private jets. Well I can say is I don't know the cost of a private jet ride but in order to purchase one you either have to be an actual company or have legitimate f*** you money
Impossible for most means possible for some and I’ll take that.
An economic policy that taxes the free money that accrues to older people via investment gains and subsidizes necessary public goods for younger people who have not yet built wealth is just common sense. That, however, will never happen when older people control legislation, and so we see a dramatic drop in taxes to the investment/ownership class.
Yeah screw compound interest why should anyone be allowed to retire off of their own savings.
A flat 50k would literally fix my whole life. To live and thrive? 1 mil
If we don't correct our severe spending issue, no matter what the percentage, it'll never be enough.
I vote every paying tax person, has legitimate say in what that money is spent on and where it goes.
200 billion of US tax dollars, given, just handed over to another country is exactly where the problem lies.
You can decide to put aside and save 30% of your earnings every year, if some stranger off the street is allowed full access to your savings and decides to spend it on things that you share absolutely no interest in... then what's the point in even saving?
With the recent Supreme Court decision, things are only going to get worse.
Can do a video on a" live-life claim"
We already understand the rich and taxes go hand and hand so they won't be tax with loops wholes and deductions available
Are you suggesting to tax unrealized gains? That would literally destroy the stock market and honestly wouldn’t even make sense to do that regardless of that reason
no.
@@CamJames you put a weird emphasis on the fact that these aren’t taxed by the IRS in the video
So last year I made a net income of 87k a year. I get taxed 36.6%! My salary is 125k. I know I’m fortunate enough that I make a solid living, I don’t work a back breaking manual job, or fast food.
This may be controversial but I believe it’s absolutely unfair that I’m taxed that much. I’m not struggling but I don’t make enough to buy a solid home comfortably without getting into debt, hell even a new car without it hurting.
With that said, if I had to choose my number it would be 100million a year. Why, I want to have enough to help my community, if the county/state won’t do something that helps people. Then I would love that financial freedom to spend money to buy brand new books for schools, new actual affordable homes or try to take crack at financing local infrastructure afterschool/in school programs.
That income came from a job, and you had no applicable deductions. That's why you get taxed that high.
Cam on top!
Unfortunately it doesn't matter anymore. We hit 35T in debt with interest hovering around 1.25T a year. That's just debt and interest, doesnt count everything like healthcare, social sec, infrastructure, welfare, utilities, foreign aid, etc.
Unfortunately, a ton of people that are supposed to be for taxing the rich also advocate for VAT (value added tax) which is a flat tax rate on everything purchased at each stage of production, with the end tax hitting the consumer. Think that if a loaf of bread has three stages of production at 10%, then if the original point was a dollar, then the consumer would pay $1.21. (1x1.1x1.1)
So now we went from a rising tier percentage system to a flat tax that will hit less wealthy people proportionally the hardest.
I was hoping you'd expand on it more since the only thing keeping our zombie economy alive is the dollar being a global reserve currency.
I don't see a way out
..."I dont eat fake food..." spot on!!!!
shrinkflation seems to target processed foods specifically the hardest, as if our health wasn't a good enough price to pay for more accessible food options. it's genuinely worrying as a disabled person because a lot of us are more reliant on processed foods than non-disabled folks. being neurodivergent specifically already comes with its own price tag, whether it's having to care for someone with high support needs for the rest of your life or buying specific foods because you have an aversion to the texture of the more cost-effective option. how much higher does that price have to get until things change for the better? i'm scared to find out.
they should be paying just about the same effective tax % that everybody else is paying. its absurd that they would ever pay less in tax than any other working individual in this country. i think i get a little hesitant when people want to start saying they should be taxed 2 or 3 times as much as regular people because if you assigned that same tax demand on to any other group, people would be calling it unfair. im rational enough to understand over-taxing them would be just as stupid and unfair as them paying less in tax, like it is now.
If I had enough money to live comfortably in a home with a garage big enough for 2 cars and enough indoor space to have two separate rooms, one for VR and VR sim racing, and another for regular gaming, then I know I've made it.
Sadly, that seems to be more and more unrealistic as time goes on. These days I'd be happy to have an affordable studio apartment for myself.
Cam it might be dangerous territory, but can you do a deep dive on Wesley snipes "tax evasion" and how federal income tax is actually unenforcable....
TAX THE RICH! That BS of trickle down and all of the other crap catch phrases and terms they have come up with need to go. Tax the damn rich and tax them hard.
I'm with Kevin O'leary, you can comfortablely retire responsibly at 500k. I'm currently going through Limitarianism: The Case Against Extreme Wealth by Ingrid Robeyns because of a podcast she did that I found enlightening.
Making the ultra wealthy pay their appropriate share of taxes will always be unanimously agreed on by the general public however we’ll need more than voting to get us there. We’ll need the thing a lot of us don’t have in abundance, capital. Capital to lobby the politicians to change the tax codes, close the tax loops, and provide tax break incentives when they do things that benefit workers, 401k, pensions, not outsourcing jobs overseas, etc.
Inflation is a feature, not a bug in capitalism. Because of that, there isn’t a fixed amount where anyone will feel “ok, that’s enough” without calling some absurd number. A person will need to work or have the money working so they don’t run out of it. The more reasonable questioning is how much do you need to be comfortable? How do you define comfortable? Are you sure you’re not listing luxury living? Ppl can’t tell the difference imo.
To everyone, look up “barista fire” and the “4% rule”. It’ll help you start figuring out your number.
MY number would be 10 million reason being not having to work ever again, donate money to local charities that impacts my community such as food banks/meals on wheels and adopt a school in my neigborhood to offer school supplies/laptops to students and an after-school program that focus on STEM tutoring and teaches them Black American history 365.
Let's go back to tax brackets from the 60s. Adjusted for inflation, the top rate would be 91% for income over $4.1 million. I think that's pretty goddamn reasonable. No one on earth should be wasting anywhere close to $4m to live for a year.
Said this in a reply but: have gotten strange looks for knowing offhand the number is 15 million.
I wouldn’t need that much, because I trust my husband, but I don’t trust the courts, should our marriage ever end. (He doesn’t need that much, ai think his number is 3 million.) So, enough to halve, still meet my peculiar housing needs, and still support myself and my family. My husband and I have discussed this in-depth, several times.
Controversial opinion, but Capitalism isn't bad. America (as well as many other place), just have terrible regulations.
Capitalism is extremely dependent on money circulation. If the money doesn't circulate, Capitalism starts to have problems. Billionaires are quite literally anti-capitalism. They're clearly not spending all that money they have, so that's why they have so much.
This is where taxes are supposed to assist, but the USA's regulations on taxes are terrible and our government allows lobbying so our politicians are incentivized to let rich people get away with it.
Personally, I do think they need to be taxed more, but I also believe rich people need to be forced to pay employees way more. If the people at the top earn way too much money the employees should be receiving some of that too. Hourly wages are insanely low for how much money some of these companies make.
If you made $500k for 80 years your net income (before taxes) would be $40million. The idea that somebody has 25x that and still wants more is the very definition of diabolical. Tax these mfs.
I'm disturbed this doesn't have more views. I guess the public is attracted to drama type content. This is the information people need to absorb and share with others so we're voting for the right people to have certain laws and regulations in place to protect us, while eliminating laws that limit our freedoms as citizens. Even though this doesn't have the same viewership as your other videos, please keep rolling out this kind of content from time to time.
I don’t know that number, but I did knowingly go into public school elementary education so it’s not like I was ever expecting to hit any number lmao
I’m doing it right, living pretty cheap/unattached and taking jobs that provide the “cool experience” that other people pay those private jet costs for. But I definitely want a number that’s not gonna leave me broke in a cardboard box for retirement. I am that single teacher in that tax rate 😂
Caleb Hammer colab when?
This is such an great topic I wish more people realized. I wonder how far shrinkflation can continue. Eventually everything is just travel-size deodorant right?
A
You can't just tax the rich, they have freedom you'll never have. They can just leave if their bottom line is threatened, profit from tax havens, exploit loopholes, etc.
Taxes only hurt the little guy.
Factor in the fact that most of us will not be able to rely on any sort of income from Social Security and the rising cost of everything from cookies to even Medicare supplemental coverage going up, the number for everyone just gets bigger. Most folks aren't staying in the workforce longer because they want to, it's because they've got no choice.
i mean with the housing market and overall prices, my number's gotta be at least the 2mil+ range so i can own a house, own a car(and subequent cars), insurance, pay taxes, before even getting to live a little
Eyy! Mayowa's World recently dropped a vid on the lightskinned madame with umbrella men aesthetic.
Nice video.
So you're mad that you chased a dead end carrier (music), wound up failing, and so now you want to pull down others who actually succeeded..... alright.
My number is 100k. Enough for me to pay off a house comfortably, put money into some accounts for my nieces and nephews, and take my husband on a date every single week.
I appreciate cam bringing this up but i wish he would of went more in depth on the amount of tax fraud, evasion and blatant corruption that the multi millionaires or billionaires commit in the us. while the us government is aware of what the obscenely wealthy are doing.
Don’t forget. We really only get our meat from about 4 companies. So when the price goes up and their stock goes up that’s not inflation.
Yeah they are cutting out the middle class. Before you know it it’s only gonna be the poor and the rich. That’s it. Smh
I reckon my number is about 70k a year that's living in London. I'd be very happy with that indeed. 0:
Hope this video has a “part II” explaining how rich people avoid paying taxes and how the politicians legislate to maintain the situation.
Also, is not uncommon the taxation hit the poor instead of the rich
What are your qualifications/degree, or so you have a team?
I really like your format and going through the sources you listed.
I have always been conflicted about taxing the rich because it would cause a massive brain drain. But if they do it in the us it makes more sense the in belgium where the taxes are already massively high
The problem with taxing the rich more is that as their tax bill increases, they just spend more money on avoiding taxes. At one point the US has a 90% top income tax bracket, however when that was lowered the ultra wealthy still paid about the same amount, as it became more cost effective to pay the tax than pay to avoid it.
The other issue is that an argument can be made that upper middle class & the top 1% are paying their fair share. According to the US treasury office of tax analysts, the top 50% of Americans pay 97.7% of all income taxes, and the top 1% earn 26.3% of total income and pay 45.8% of all income taxes.
Neither of those arguments hold any water. 1) Good, make them work to avoid taxes more, make it a huge pain in the ass so it costs them more and more until someone breaks. 2) How much of total taxes the rich pay is completely irrelevant, because by the sheer dint of how much more money they make than the rest of us, of COURSE their percentage share of taxes will be more. And even then, since the rich hold wealth in assets versus salary like everyone else does, they have been paying less than they "earn" for decades anyway.
I tracked down the chart you're referring to. while those numbers are accurate, the point in this video is that the federal tax rate doesn't account for all the wealth being hidden from the current tax system. their effective personal tax rate is where Biden got that 8.2% number from.
Part of the idea behind "eat the rich" and "their fair share" is that they couldn't have gotten so rich without taking advantage of societal infrastructure/benefit and/or exploiting the workers. As a result, their fair share should also include paying back/for what they have exploited.
Now, I would say that this is probably not always the case. I'm sure someone at some point have made a fortune while being totally nice. However, I think it is also fair to say that at least for the super rich, this is more likely true than not.
But at a certain point we can't just focus on percentages and look at needs because take away 90% of 1 billion and you still have 100 million dollars. So, do they have their needs met? Do others not have their needs met? Does the infrastructure everyone relies on need improvement? Is our country in massive debt?
Top 1% “earn 26% of total income.”
A handy statistic for making them seem more like they’re contributing, considering how extensively the top 1% work to actively evade having their wealth growth classified as “income.”
Government spending as a whole needs reform, taxing the rich more I feel will only have a trickle down effect, and all of us get the shaft.
At least a million and then I stop. I think your rich bff teaches people how to calculate their fu njmber and mine is a million
Aren’t wheat thin, fake food?
you may have a point tbh, we all have exceptions to our rules lol
I will talk on this more but yes I have a channel called t8steof reality and it’ll come this week , love your points bro fr
Oh I can fathom it but go ahead proceed I want to see what your vision is I already had that Vision years ago of what I need to do to get to that level and it's not pretty by any means😂😅
I do need to put some thought towards a number, and strive for it! Thanks!
i send ur videos to my sister. to help educate her. thank you. shes gonna be a teacher so its like compounded interest.
yesss. s/o to sis!
i was on a privare jet last may of 2023 for 175 each way vegas to lax jsx was the jet it was awsome hope u get to try soon
As someone that is well off, I do my part in "redistributing wealth" by paying my tax bill and tipping my server 50%.
Raising taxes on us, is not going to work. It'll just get passed on to the middle class.
My opinion is the tax rate should flat out be the same for everyone. Throw the whole complicated mess in the trash. Flat percentage across the board for everyone. Bye Turbo Tax, H&R Block, etc… 👋🏻
We don’t have to implement such a regressive system that punishes the poor to get rid of Turbo Tax, H&R Block, etc.
Many countries have their IRS just do your taxes for you and send you the notice at zero cost. They even offer free dispute, free counseling to help you understand it, and free assistance with unusual cases.
Simplifying the code is rich propaganda to hide their earnings from taxation while shifting more of the burden to the working class.
@@piedpiper1172 I agree a flat tax isn't needed for filing simplification, but I still believe it's the best way. The regression argument gets in the way of its implementation. Everyone uses and benefits from the services provided through taxation. Flat percent of income. If your income is small you only pay a small amount.
Why don't countries do this?
another good episode CAM. I am a single man in his 50s. My tax rate last year was 24%. Capping SSI at 160K is laughable. Companies have one job. More money for shareholders. Shareholders more often than not aren't "people" anymore. $$$'s don't care about people and corporations only care about $$$'s. Something's gotta change.
And to really think Mitt Romney said "corporations are people" to a crowd of voters a decade and a half ago... my god
Social Security is intended to be a government organized/backed mandatory retirement scheme. It is not meant to be a tax in the way that word is used "traditionally". As such, while it does some redistribution, the core concept is more you put in, the more you get back. It have a cap because beyond that, the retirement coverage is unnecessary.
If you want to argue for higher income tax overall, by all means. But bringing up SSI cap is non-sense.
If you have a 401k…. You sir are the “shareholder”… smh
@@jumpman366 - and your point being? Oh, and if you are in a “fund” it is the fund’s personality that the street and the hill play into. Not the individual investor.
@@rustyelder You’re still a part of the problem you’re acting like you’re not the beneficiary of…
Smh
I don't care how you make the dollar but every dollar should be taxed the same.
i can see you dont like trump already. if you tax the rich the middle class will still suffer
I'd dislike him for personal reasons way before political. he's an abhorrent human being
@@CamJames but he wants to make America great again. All he does is try to make America great. I have tried to see learn about how bad he is or the lies they keep saying he says. I still don't get it. Can you give me examples or point me to something that can help me understand why trump is not a good person
Am from Nigeria, so I may not know him as you do. Only from what I see on the news. They are trying to take him to jail for frivolous reasons. If he is such a bad person they would have found good reasons to jail him
his first-ever campaign speech called some Mexican immigrants rapists for no reason, and he refers to us as "the Blacks" in several speeches. he wanted to get five innocent Black kids executed for a crime they didn't commit in the 90s and screwed tons of people over in residential housing complexes before becoming a politician. that's about 9% of the things he's done.
I agree completely with ALL your points made
Do one on "realpage" and how it relates to people's rent going up like crazy