This week on the big show, Fingers and Tracy dissect Elizabeth Warren’s wealth tax scheme, outline what a real Progressive Tax structure would look like, discuss whether Trump caved or not, and laugh at the sensationalism of Roger Stone’s arrest.

 

Articles discussed:

3 problems with Elizabeth Warren’s wealth tax

Wealth is squishy. Billionaire rankings such as those published by Forbes and Bloomberg put a single annual number on individual wealth, implying it’s easy to pin down. It’s anything but. The super-rich don’t typically have all their money in a few bank accounts that are easy to tally. They own myriad assets, many illiquid, with valuations that can vary wildly. “There are a lot of games you can play,” says Douglas Holtz-Eakin, president of the American Action Forum and former director of the Congressional Budget Office. “You have to value everything, and I don’t know what my Renoir is worth this year.” Wealthy families can employ the best tax attorneys to split ownership of assets among family members, hide wealth in trusts, move it overseas and exploit dozens of loopholes to devalue assets.

 

Elizabeth Warren: “There is nobody in this country who got rich on his own”

Warren rejects the concept that it is possible for Americans to become wealthy in isolation.

“You built a factory out there? Good for you,” she says. “But I want to be clear: you moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn’t have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did.”

IS THE BILLIONAIRE EX-C.E.O. OF STARBUCKS THE NEXT JILL STEIN?

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