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Robert Reich: A Billionaire Accidentally Makes the Case for Taxing Billionaires
Sergey Brin shows why billionaire wealth is so damn dangerousLink: https://robertreich.substack.com/p/belive-it-or-not-a-billionaire-accidentally
Length: 2:24
Transcript:
0:00 Believe it or not, I want to propose a toast to a billionaire. Cheers to Mr. Sergey Brin.
0:1212 Now, let me explain. Sergey Brin, one of the richest men on the planet, worth around $300 billion, is trying to squash a proposed billionaire tax in California.
The Google co-founder has reportedly spent at least $57 million to defeat a ballot initiative that would impose a one-time wealth tax on California's richest residents.
Money that would help cover cuts to the state's Medicaid system caused by Donald Trump's big ugly bill.
0:4444 Now remember, Trump's big, ugly bill cut funding for health care programs in exchange for enormous tax cuts that mostly benefited the richest Americans, including billionaires like Mr. Brin, who are now crying foul.
0:5959 Remember when Google's slogan was, don't be evil.
Now folks, I want to be clear. Wealth is not necessarily a zero-sum game in which every dollar the wealthy have come at the expense of the rest of us.
But political power is, ... the more political power concentrated in the hands of a wealthy few, the less power the rest of us have. And in America today, wealth and power cannot be separated.
1:29 That's because the wealthy can turn their fortunes into political influence... buying elections, squashing higher taxes, and shaping the rules in their favor while drowning out the voices of everyone else.
Ironically, by spending his fortune trying to stop California from taxing billionaires, Sergey Brin is illustrating exactly why we need to tax billionaires in the first place.
Not to punish them or confiscate their wealth, but to keep billionaires from completely dominating our politics.
2:06 Sergey Brin is making the argument for a billionaire wealth tax more clearly and articulately than anyone else possibly could.
So, Sergey, cheers.
0:00 Believe it or not, I want to propose a toast to a billionaire. Cheers to Mr. Sergey Brin.
0:1212 Now, let me explain. Sergey Brin, one of the richest men on the planet, worth around $300 billion, is trying to squash a proposed billionaire tax in California.
The Google co-founder has reportedly spent at least $57 million to defeat a ballot initiative that would impose a one-time wealth tax on California's richest residents.
Money that would help cover cuts to the state's Medicaid system caused by Donald Trump's big ugly bill.
0:4444 Now remember, Trump's big, ugly bill cut funding for health care programs in exchange for enormous tax cuts that mostly benefited the richest Americans, including billionaires like Mr. Brin, who are now crying foul.
0:5959 Remember when Google's slogan was, don't be evil.
Now folks, I want to be clear. Wealth is not necessarily a zero-sum game in which every dollar the wealthy have come at the expense of the rest of us.
But political power is, ... the more political power concentrated in the hands of a wealthy few, the less power the rest of us have. And in America today, wealth and power cannot be separated.
1:29 That's because the wealthy can turn their fortunes into political influence... buying elections, squashing higher taxes, and shaping the rules in their favor while drowning out the voices of everyone else.
Ironically, by spending his fortune trying to stop California from taxing billionaires, Sergey Brin is illustrating exactly why we need to tax billionaires in the first place.
Not to punish them or confiscate their wealth, but to keep billionaires from completely dominating our politics.
2:06 Sergey Brin is making the argument for a billionaire wealth tax more clearly and articulately than anyone else possibly could.
So, Sergey, cheers.
Thank you Robert Reich! This is SO right on the money!
2 replies
= new reply since forum marked as read
= new reply since forum marked as read
He REALLY knows his stuff! And he can be very entertaining as well.
