What happens when you stop taxing really rich people

Added: 2026-05-07

[00:00:00]this situation which you know we're moving into in Britain in New Zealand in Australia all over the world to be honest of unaffordable housing of financial insecurity for you know even highly educated workers this is this is normal you know if you look across the world if you look at history ordinary workers have never been rich ordinary workers have always been poor and insecure and all of the wealth has been taken by a tiny elite right what is unusual is the last 70 years and what did we do in the last 70 years that we never did for other periods in history, we really really tax rich people and we stopped doing that in the 80s. And as soon as you stop doing that, what what what that causes is enormous amounts of passive income going to the rich. Right?

[00:00:40]If I've got $1 billion in assets, I will make every year $50 million. I'll make a million dollar a week. You cannot spend a million a week. You know, I would struggle to spend $50,000 a week. You spend $50,000 a week.

[00:00:52]>> Oh, you're trying.

[00:00:53]>> Well, good luck. You spend $50,000 a week, you live like the queen, and you're buying $950,000 of assets a week.

[00:00:59]Listen, if you allow the super rich to generate that kind of passive income and not pay tax, they have no choice but to buy all of the assets.