'Why Can't You Just Answer Me?': John Kennedy Grills Dem Witness
2023 ж. 19 Сәу.
3 248 726 Рет қаралды
At Tuesday's Senate Budget Committee hearing, Sen. John Kennedy (R-LA) grilled witnesses about their views on the tax code.
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Senator Kennedy is 71 years old and still kicking butt! One of my favorite in Congress for sure!
Yeah he is a badxss.
Like the mind of a 5 year old he cannot see the complexity of the issue. Unlike you, I do not see taxing the rich at comparable rates as inherently unjust. Gross wealth is only a aquired by means of using others. They reaped all of the benefits our economy has to offer but don't want to pay their fair share of the cost.
@@cydpeace126 This whole thing isn't about taxing them comparably. It's about taxing them more because they can afford it. I don't think it's very fair that a business owner should pay astronomically more in taxes because on paper they're a "millionaire" when that person's business has contributed way more to the economy than the average person. Not to mention giving even more money to an out of control federal government that is $31.7 TRILLION in debt. If the fed wants more money they should start by not spending money they don't even have.
Another dipstick
@@WellWisdom. Yeah, his badass type lost the civil wah, ya'll
Yep...people move to New York because of the free handouts. People leave NY because of the taxes to pay the free handouts.
California too !
People don't move for the handouts 😢. The rent is too damn high for them and they can't get public housing unless they're already New Yorkers
Exactly.. As they never tell you whom it is moving there... The poor move in. The wealthy move out.. And all you have to do is look at the States that run Huge Deficits.. And they need to raise taxes on those that have money. To pay for their Salaries. Pension Funds. Premium Medical. Vacations etc... And it only gets worse as time goes by in those States...
@@NoJersey Like hell they can't.. You got 1 Million illegals that moved there this year. As they want the ID's and that gets them the free stuff.. You can even look at New York's budget every year...It shows where the money went..
What about Al Sharpton did he ever pay his taxes which was in the millions of dollars? Have they confiscated any of his property?
I'm in my 60s. I don't know anybody leaving Texas for California.
Migrants😂😂😂
Texans don’t.
They are referring to illegals. They all flock to California.
Try expanding your social circle.
@@trollol_ You're kidding. That's your play? Grow up, junior.
"People vote with their feet." I love Senator John Kennedy.
Checked these jews for sure.
Worse ... Many vote with their butts!
What's he going to do about the treason of the Biden group, except talk about it?
Inheritance taxes should be abolished completely! What a family is able to earn and preserve for their heirs has already been taxed many times over. What remains should never be taxed!
It's practically immoral, isn't it?
Agree
I agree, except in the case if the inheriting family members sell the property rather than taking ownership. (I.E. if My Grandfather left me a house in his will, and I inherit it once he passes away. If I do not wish to live in said home and instead opt to sell the property...then I should be taxed on that asset.)
@TheBlueFabbit why should property that's already been taxed for its ownership (all previous property tax) and taxed before its ownership (income tax on the money originally used to buy it), and is still being taxed (current property tax)... Be taxed again, because it is sold?
Because they want to destroy the Family
“You can’t fix stupid, but you can put it in charge of the economy to come up with even more unconstitutional tax codes!”
Absolutely!!! Unfortunately this applies to most Gov agencies.
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some mounth I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
Stupid is a relative term by that I mean you must think everyone is stupid if they don't agree with you
Why are you concerned about wealthy are you trying to protect yourself Andrew wealthy friends. You sure sound pretty defensive
Poor people will always be poor because they have no means to gain. Wealthy people are either beneficiaries or those who have employees. Either way it is the system of our country and the infrastructure built by taxpayers that makes it possible for them to do so.
Never fails to amaze me. People always want someone else's money but won't give their own.
Who makes the rich richer are the working class Kennedy is for the rich not the poor
These "economists" are insane
Evil
Pre-pay unrealized gains tax? That is preposterous.
I want to know, will the IRS pre-pay on the loss?
We already are taxed to death, to the point that we can never own one God blessed thing ,if you by a house pay for it in full taxes paid when it is paid for we are still required to keep paying taxes,that Means you never own it and still can,t aford to keep maintained on it even a car You never own it ,pay the payments all your life ,it,s not yours give it to your kids They will never own it eighter.
I was waiting for him to ask, what if those gains are never realized, do we pay back the taxes plus interest? Would lve to see them try to justify keeping it or not paying interest for money they took
The Republican party is only about the rich, the poor man is left behind.
Is it fair for billionaires to pay less than people who make 80K? Because that is what you are saying is fair. Keep your billions in real estate and you never pay a dime. Your first home? yes. Owning whole city blocks? Nope
Just listen to these people for a few minutes and you know longer wonder why our country is such a mess
It’s always been that way. it is just we became wiser
Exactly how?
Let's go BRANDON
The arrogance of today's generation. They have no clue what they are doing, they have never worked a day for anything. Equity can only be achieved by zeroing out everyone. Simple math the least common denominator. It's why biden has even shown for the house loans, those with good credit will be taxed extra, those with bad credit get a tax break. it makes more sense to be a worthless useless person than to help progress civilization.
@@cloudoftime well, stop listening to cnn...
WE ARE TAXED AT LEAST 8 TIMES ON A SINGLE $$. AND WE HAVE NO VALID REPRESENTATION
Would you like to give one concrete example of that facetious claim? Of course you wouldn't and neither could you. It is not possible to be taxed 8 times on a single dollar.
@@UISTMAN59taxed as income and then taxed when you spend it.. there is 2 right off the bat. Of course a dollar can be taxed multiple times while in your possession
@@UISTMAN59let’s say I buy an item from another country. A trinket of some sort. There’s going to be a tariff on imports. That’s your first tax. Then there’s a tax when it’s sold to the distributor. Then again when it goes from distributor to retailer. The. Again when it’s sold to the consumer. The money the consumer used to pay for the item is taxed (income tax). The money the retailer used to buy it is taxed (income tax) and the money they used to pay their staff is taxed (payroll tax). The money the distributor used to buy it from the manufacturer is taxed (income) and the money they used to pay their staff to move it is taxed (payroll). The money the manufacturer used to produce the product was taxed (income) and the money they used to pay their staff was taxed (payroll). Even if we simplify it down to just the money from your pocket: it was taxed when your employer paid you (payroll tax), taxed as income to you (income tax), and you paid tax when you bought the item (sales tax). At the very least the money is being triple taxed.
Her saying California has one of the best economies tells me all I need to know!
CA is billions in the red--they are near collapse!
That's right you know nothing.
Check California's GDP against other nations including USA - then you will know better.
@@striker44 move silicon valley to anywhere else and then check the numbers.
NOBODY should pay taxes on unrealized income/gain. You don't actually have any wealth until you sell and convert something INTO wealth.
common sense should be a required skill set in Government positions
@@mattpoules9225 This is what we all voted for if you all are to be believed. No need for passports anymore, Gitmo waived that requirement.
He's offering an opinion. One person out of millions. Who among us thinks the same.
UNLESS, you could pay a flat rate on securities, equities, assets, or businesses, and when those gain are realized, you are paid in full.
@@mattpoules9225 I had a government official tell me recently they don’t have to follow state law, that a local gov has constitutional rights, and fingerprinting programs do not trigger the fourth amendment. We need people who ARE educated. Not people who THINK they’re educated.
Just hearing “PRE TAX”…. It lets me know where they stand!
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some mouthsI go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing??? The billianaires will not wash their cloths for want of money why should I>
It's like monetary Minority Report the movie. Pre-Crime now Pre-Tax .. gotta be communist like DEI , ESG and Cypto Currency. Nothing like a Trans Social Corporate Equality *Index* with a pre-tax, to give you that warm and fuzzy feeling for a CCP style Social Credit Score.
@@elizabethfirnschild8471 That's _NOT_ what is being discussed here. It's being taxed on gains before you make them. Do you think they should get a refund later on if they don't realize those gains?
@@elizabethfirnschild8471 you can underpay if you did not pay a lot taxes in the previous year and if you are not going to make money in the current year you don’t have to pay estimate taxes.
No. It doesn't. You really don't care what the witness says because you've already made up your mind. So admit it! You don't care what the witness says!!!
Mr Kennedy is always so polite and respectful Calm, cool and collected when grilling people - a real gentleman.
I hope you're being sarcastic. He is so rude and keeps interrupting as people are trying to answer.
No. He is very polite, but holds scoundrels‘ feet to the fire. He makes them answer the questions he asks, not the questions they might want him to ask. They try to worm out of answering his questions, and that‘s what makes them scoundrels. I guess you think scoundrels are ok because more Democrats per capita are scoundrels than are Republicans.
If he was on the internet he would be labeled a troll. Ask me how I know.
The power of asking logical, simple questions!
He's like a southern "Columbo." (From the old TV series)
No one should be paying tax on any owned property.
Government needs to prove they can live within a budget before they try to find new avenues to tax our citizens.
Well, that'll never happen, with any government entity. 😂
Amen!
So well said. Please keep putting that out there. You hit it on the nose.. so post it all over the internet.🤔🙏🏽🙏🙏🏽🙏🏽🙏
@@katblu8874 We need to start a new country some where else with no government.
I agree with you 100percent!
That Kennedy is a treasure.
A voice of reason ❤
Kennedy doesn't want to pay taxes on his investments and his properties. LOL! www.disclosures.org/wp-content/uploads/2017/08/John-Neely-Kennedy-Annual-Financial-Disclosure-2016-1.pdf
Amen!
Sen Kennedy is a national treasure!!!
Why is not helping the working class.his bread is butter simple
When you avoid a basic question, you lose all credibility with me. It’s not like this is a criminal trial where you have to worry about going to jail.
This is the most asinine idea I have ever heard. The tax system has been bent into a Gordian knot that needs to be reduced to a single flat tax and a modest consumption tax.
flat tax yes, no consumption or vat tax.
Exactly!
I am right (and right) but I do understand lefties for taxing rich, there is a rich and RICH. The last few years we had a thing and it was economic downturn, many middle class people sunk into lower class and many "rich" feels like middle class again, but those who were RICH became even more RICH... transfer of wealth happens each time there is economic crisis - these RICH never became poorer they always profit of it, they have christmas when 2008 property bubble burst or when had a thing these last couple of years and the following global economic downturn will transfer even more wealth from middle class and "rich" to them... there must be balance, I believe in progressive property tax for example, pay low for your house, but buy a second property (investment or present for furture kid) and pay exponentially more with each, many low eye-cue people will argue: but then the dad will just sign the house on his wife and kids and they all will pay the low tax...yes...that is the point...each person has right to own something and pay little, but if the dad, or mom or any of the kid buy ANOTHER property then they will be taxxed heavily.... For companies owning office space for rental or sell or apartment buildings there would be flat tax but much much higher than for a non-legal person's first property... Taxes should not be flat and it can be balanced well enough, other thing to fix is to stop crony capitalism and capitalizing profits but socializing losses.... if blackrock owns stock in chayna properties then they should go absolutely bankrupt once that enormous bubble burst (chayna economy is in the toilet and they have astronomic internal debt). The same for any bank, no bailouts.... you risk, you win or lose....
No, the absurdly rich generate a far higher cost to infrastructure, government, and environment than those with modest incomes. That is the basis for increasing rates as a function of income. A flat tax shifts that burden to the vast majority of modest income earners.
The consumption tax always grows. Europe has been down that road with their Value-Added Tax (VAT) and most are at 20% now. Not when they started the idea. That is on top of their income tax. So, NO, we don't want a "modest" consumption tax that the politicians will raise then redistribute to buy votes.
"I don't think [California] is in any danger of decline" might be the most Democrat statement ever made in the history of forever.
Democratic
What do the words rock-bottom mean to you sir
Coming from the guy who trusts politicians? Sounds like you’re an establishment shill, no offense.
Right next to Seth Rogan saying "LA is a great place to live" and "I've never felt violated all the times my car was broken into" in 2 consecutive tweets.
spoken like a MAGA.
Texas native here, 40 years old. I know of one family when I was in 7th grade who moved from Texas to California. The amount of California, Pennsylvania, New York and other blue state license plates I've seen transplant here, especially post Covid, is absolutely insane. Tell every one of them, don't vote blue. You fled your state to come to mine.
Awesome point and so true
We left Seattle for Texas. We're thrilled to live in a state that's still proud to be American. God, family, and country! Plus, Texas food is awesome. ❤
This is the first pleasant exchange of ideas and information I've seen on videos of this type (I've been binge-watching them for a couple of weeks now), and I found it to be quite refreshing.
Unrealized income tax is like paying tax on a slot machine jackpot that you are sitting at without winning the jackpot.
When the debt ceiling is raised and the fed prints more money, all future values are taxed.
Just go to a flat tax get rid of so much Fat in the Govt.
great analogy even a DEM might understand.
He said the really wealthy who can afford to prepay their taxes.
@@Lightning613 but you can get a loan against that asset... untaxed
the threat isn't even hiding anymore - it's totally out in the open and this guy is the evidence.
yup. freakin scary. these people lord have mercy
it was never a a threat, it was always a promise from them.
@@MrYac-ie8ie .....yes sir, I could not agree more.
Which guy? There’s several.
@@pauliamsocool probably, since he mentioned they're a threat, the first guy, the obvious communist who the first thing he said was dividing us up into "labor" and "capital".
The time that I come to watch these kinds of hearings and someone actually answers a question, in English, and doesn't make a federal case out of a simple explanation... I think I would drop dead from sheer surprise. These so-called experts are word salad spreaders.
There are many smart people out there who do have a hard time expressing themselves and then to have to dumb down answers must be hard
Empty seats supposed to be filled by OUR representatives. Empty seats = Empty Minds
"Should we tax income you didn't receive?" You really have to have a screwed-up mindset to want to tax someone for something they didn't receive...
I believe Bill Clinton floated something like this. it had to do with home equity. It didn't fly so I'd forgotten about it until I saw this. Don't underestimate the Democrat's ability to work a long term plan. Once they get an idea they stick to it like a dog with a bone. And of course, it would only affect the ultra rich, for now.
I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some mounth I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
Have you heard of imputed income.?
Then loans against property should also be taxed as realized gains. Loans shouldn't be used as a loophole to escape paying taxes.
@@SynthApprentice there are already taxes on loans, they are added into the repayments. They are also collected on whatever the borrower uses that loan to pay for. Which is bunk. Loans are NOT income for the borrower they are DEBT. The only one that ultimately profits from the loan itself is the lender. You do not pay tax on debt. You also ignore the fact that it is unlawful to tax individual demographics under separate tax systems, which this would do, so it would have to be applied across the board. Which means that this would also impact those who could not afford the extra, speculative taxes as well as the "ultrawealthy".
It's ridiculous that he has to talk to "experts" like they're three years old and have a learning disability. And even once he gets around to making the full point they still want to try to act like that's not the case. We're watching this country meltdown in real time. Enjoy the show everyone 🎉
Naw it’s freaking ridiculous how he talks to anyone that isn’t a GOP crony of his! His awe shucks I am a hick lawyer is a joke! He was educated at one of the most prestigious colleges in the world Oxford! They sure as hell don’t let some country bumpkin go to school there! PS he use to be wait for it…..A DEMOCRAT till he found out it paid more to be a GOP on the grift for lobbyist cash & NRA! Another guy who was on the right side then got sucked over to the dark side because it paid better!
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some months I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
@@elizabethfirnschild8471 so start paying your taxes in April like an adult. I work for myself and I save thirty percent of everything that I make so I have enough to pay at the end. Stop guestimating and you'll be fine. And to answer your question, even though I didn't bring it up originally, it makes no sense to tax someone on unrealized gains because THEY AREN'T REALIZED! So let's say you tax them on some kind of valuation today but the price goes down tomorrow? Does he then get money back? It only gets taxed once for a reason, it's at the conclusion of the transaction. You and your estimated taxes aren't even the same sport
@@jarrodhollenbeck4284 So, you clearly voted for Biden and you come from a privileged background. The enormous corruption, grift, mismanagement and incompetence of those in Washington DC doesn't bother you bc you are benefitting in some way from the policies and agenda pushed by those in power. Taxes don't bother you bc you have plenty of money. I may be wrong but people that write the things you do are usually 2 dimensional.
I would say this country is done. First, we have a national debt we can never pay off. Second , we have several generations of brain washed marxist turning this country into europe. Third, we depend on countries that hate us for oil, computer chips , and money/ loans. I think we still haven't paid off our debts for ww2. I hope I'm wrong.
I was just thinking the same thing yesterday when I bought a lottery ticket that was up to 980 million. I live in Shelton State... If I won I am out of here and heading to Florida. Just think how many of millions would be saved because of no income tax. It almost feels illegal States can take that much.
why cant we just have a national sales tax and call it done? you buy ANYTHING, you pay a nominal tax on it. period. done.
The biggest mistake we've made as a society was giving so much power to people who were bullied in high school.
Wow, you know nothing about these people.
The repugs give it to people who were bullies in high school.
@@canoetripper4651Funny. All the bullying I see is coming from Leftists against normal people.
I would not be surprised if at this moment Yagan has a "Kick me" sign taped to his back.
That's a really stupid thing to say but alas. Yo do understand scientists and actual mfkers who studied hard got bullied (most times) right? The people who can fix this?
On behalf of Floridians, to the guy that said he would never move to Florida, thank you.
Lots of people would never even want to visit that hole.
Yet we get almost all our revenue from TOURIST 😀thanks
@@edprall5648 then you best stay where you are most appreciated, I assume you are a hater of good
@@edprall5648 LOL. How exactly is Florida a hole? Nearly the entire East coast of the US has vacationed there. Blue state residents are relocating there. Nobody moves away. So back up your claim. Or better yet try to book a Uhaul one way from California or NY. People vote in elections. They vote with their feet as well. And all the feet are voting against blue states in favor of Florida beach sand between their toes. The data doesn’t lie.
Only 10 % live In Florida Zelensky got a condo . In that area used to be run by a steroid junkie ???????????💪
A flat tax, no deductions across the board. Everyone now has skin in the game! At what rate, you ask? 9%. THAT's EQUALITY! You made $100.00, you pay $9.00. You made $10M, you pay $900K. Who paid more?
She described communism but called it a "healthy capitalistc" system.
It amazes me that, when two or more Doctors of Philosophy in Economics are gathered in one spot, the IQ of the entire group drops like a rock.
Ask those 2 PhDs the same question and you'll 4 different answers.
Senator Kennedy is a master of the art of letting a fool talk themselves around in a circle until they find a corner.
He's like a cobra, mesmerizing it's prey, lulling it into a false sense of safety before it strikes. It is breathtaking to watch.
That was genius.
Sounds to me like all he’s doing is interrupting them.
@@monsieur-le-chupacabra Well, then, maybe you found your corner?
@@aaronstasel8292 What does that even mean?
It’s amusing listening to these people try to pretend that wealthy people do not flee high taxes.
"There so much proof ,, what the hell is the hold up get him the hell out of the White House NOW !!!!!!!!!!!!!!!!!!!!!!! he' violated his oath of office so many time !! hold him accountable !!!!"
When they talked about taxes (wealth taxes, using France as an example), Thomas Sowell just crossed my mind. Despite all empirical evidence on what works and never works, some so called intellectuals want to still push for what never works.
Another Thomas Sowell Quote paraphrased. Why do we put people in charge of things who pay no consequences of their decisions?
Always remember, for them it's not about fixing the system. It's about tearing it all down and starting anew without individual freedoms and autonomy.
because its always about control and oppressing and drawing wealth from the people.
@Paul Enterline They are trying to fix the system just like a fixed boxing match.
It's the typical socialism mindset... the only reason socialism fails is because the previous socialists did it wrong but the contemporary socialists will succeed.
“If you can't explain it to a six-year-old, then you don't understand it yourself” - Albert Einstein
Unfortunately, politicians are even less educated than 6 year olds.
And yes, it was Albert Einstein who did say that and to his credit.
It's easier to explain something to a 6 year old because they actually shut up and listen most of the time. This dude would ask a question and interrupt the answer to ask another question. I'm with the person above ^^ cant fix stupid, but you can put them in charge of the economy.....". ^^
I highly doubt that Einstein would be able to explain his theory of relativity to a six-year-old. Educated adults have difficulty understanding relativity.
That’s assuming most people nowadays can comprehend past a 6th grade level
Why don't they talk about how taxes are illegal. Refer to our constitution. Most people aren't aware of this issue.
I feel like I'm very entitled to claim Senator Kennedy IS my Senator!!!
“I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.” ― Thomas Sowell, Barbarians inside the Gates and Other Controversial Essays
Billionaires are hoarding money and don't pay their fair share.
@@samdajellybeenie14 How is keeping what you earned horading? and what is their fair share in quantifiable terms?
@@Barskor1 When the top 1% have more wealth than the entire middle class, that’s hoarding.
@@Barskor1 There's no right answer to how much the rich should pay. Just that they should pay more. In 1958 the top marginal tax rate was 91%. Hardly anyone paid that due to deductions, but it's the elimination of policies like those that have allowed people's wealth to balloon. Don't you want free healthcare?
@@samdajellybeenie14 That is the result of the US going off the gold standard and lobbying for laws and regulations to create barrriors to entry in business
John Kennedy is a National Treasure
I like the man so much. He is so funny and yet so serious 🤣 😂
If you earn less than $100,000 a year single, $200k family, you shouldn't have to file/pay taxes...... Government can make money on sales tax on items not made in America.....
Let's go Brandon, and Frank, James, Hallie, the DNC, RINOs, and Hunter too.
I've often wondered, just why do corrupt politicians believe that they have a right to my income to "run government" yet their ill-gotten money is untouchable?
I might be really really poor now but I'm glad that when I'm a baliginineer politicians like this guy will be there to help me. God Bless America.
The rationale is that the people who became rich based on the support of government back bone which helped to enable it. Things like roads, internet, utilities. Currently our ultra wealthy are undertaxed. Other countries have gone too harshly in the other direction like all the former European nobility who had to sell off estates over the decades to pay their taxes. Its a fine balance, but right now its decidedly unbalanced.
@@PorterPickUp But the people calling on the "ultra-wealthy" to be taxed into oblivion are the same people that think it's PROPER that the nobility had to sell estates to pay their taxes. Who owns those estates now? The governments who forced their sale. Same thing happening here. "Nobody should own a Lamborghini... unless I have one, then it's fine."
@@Dakarn The other thing to consider is that roughly 40% of the countries working population pays 0 taxes at all. And despite this, many people consider such an idea to be 'racist' if that 40% had to pay even so much as a dollar in taxes. The Feds could easily say "ok, everyone pays 10%", and be done with it. It's an easy calculation to make how much you'll pay in (move the decimal one spot to the right), and you never have to guess how much you actually owe or get refunded at the end of the year. But again, doing so would be decied as racist or whateverphobic the left wants to push, and are instead pushing for the super wealthy, who already pay more in taxes than everyone else, to pay even more.
Uhm, you pretty much said it yourself: corrupt.
I know I shouldn't be laughing as our country goes down the toilet but John Kennedy makes me laugh hard when I watch him question people.
It is fun but I would like to see more solutions enacted and less time asking "gotcha" questions.
@@4040smokey, Step 1 is to discredit the left's ridiculousness.
@@4040smokey how’s he asking gotcha questions? Oh you mean he should be throwing softball questions like democrats do ?
Get old grumpy men set in their ways focused on nothing but $ out of office
Can’t beat Cruz
Taxes are theft. I get taxed for working, I get taxed when I buy something. The store got taxed for buying the goods I buy, they get taxed for the money I pay with. Then I get to pay taxes for working in this county even though I live in another county, where I also have to pay taxes. It's too much.
Taxing unrealized gains is like telling a college student working part-time at a pizza place, "Well, you WILL be making ten times your current wage when you graduate, so we are just going to start taxing you NOW on the higher value of your future work".
Aptly stated
Not even close to a good analogy. The very point is that we are talking about taxing assets, not labor.
@@laurencezemlick1979🙄
@@laurencezemlick1979 unrealized profits , you mean . as in profits that don't exist yet . hows this for a better analogy: the corner store by my house has to pay property taxes like its a 10 story apartment building, it isn't but its in an area where it would be allowed to go up another 8 floors. do you think thats fair? (this is a true story by the way.)
@@pattygreen8064 A better way to ask it is “should property taxes be at the rate at which the property is currently valued (but unsold so it is unrealized).” In most places, the answer is yes.
That woman seriously tried to come up with some off the wall reason for people leaving NY just to avoid saying the obvious.
Lots of reasons to leave NY, crime, high taxes, filth, crap public schools.
She didn't even do that much
I was laughing at the members who were saying "people also move to California." That's like making 100k but spending 500k and thinking you're financially fine because of the money going in, when you're actually screwed because of the money going out.
@@lindab1792 All Democrat constructs.
It's called 'fumfering' aka buying time to make up rhetoric and bullshit
My brother has been retired for a while. There used to be a van hired by U-haul that would pick up 17 drivers with a CDL in Montana. He would ride with the van to Phoenix or to Texas and the 17 or so drivers would return empty moving vans that came from California. They would drive them back to California to help the next group of families who wanted to leave California. He did it time after time and made some money each time.
He's more than just entertaining, he gets right to heart of it and points out the flaws of the wealth tax. Taxing unrealized capital gains is an unfair policy and ultimately fails to generate the revenue they so greedily want.
These “economic advisors” couldn’t run a water fountain. No experience outside an air conditioned building. No experience around the working poor.
No experience around the working ANYBODY!
Indeed
These economist could destroy a steel hammer beating a rubber ball
It’s fascinating the way they’ve made an art form out of ways to dodge answering questions.
Democrat Government Employees only answer when paid by foreign nations sorry America.
Democrats either lie or just dodge questions
Which question did he dodge?
@@edwalker2169 pretty much every single one of them...... liberals cant see truth cause they know they support the liars.
@@edwalker2169ask a 5th grader if it’s raining outside. They will tell you. Ask one of these goons in front of congress and they will waste 5 minutes discussing if it’s even possible for rain to have a benefit to us
Another guy from the party who claim that they are wrongfully blamed for all our problems... Yet they always claim it is either Lies or Conspiracies. But we constantly see the same folks in the "hot seat," with an air of zero accountability, & answering their questions with a whole lot of gibberish & word salad. Sigh...these Politicians...
1.repeal the whole tax code. All of it including business tax 2. All income is taxed at a flat rate. All personal income. 3. Make any tax law a 3/4 vote required
So, if you have money in the bank, pay bills, and save money people are penalized, but if you are in debt up to your eyeballs and leveraged yourself to oblivion you get to keep all the marbles?
Good analysis of these people's backwards policies and perceptions, The D's are criminals
Yes.
The ultra wealthy have very easy ways of avoiding paying tax entirely. For example, if you own 1 billion in a stock, you can take out low interest loans backed by that asset, annually if you like, and live far more lavishly than the average American, for the rest of your life, without ever selling the stock. So you pay 5% interest on the loans, while the stock grows by 9% per year, and you pay zero income tax the rest of your life. There is a threshold beyond which taxing wealth starts to make sense as the only way to close these sort of loopholes. If it’s a large totally liquid stock, the price is updated every few seconds, it’s not terribly difficult to think of a way to value that stock and tax it. The majority of wealth is held by the top 1%, with no way of extracting tax revenue from it, due to loopholes.
@@johntheboy6555 First, you will never get a personal loan with interest that low (5%). Second, you have to lose money to avoid taxes. If you have stock, you pay capital gains on those dividends you receive from the stock (which is not 9% but far less). If you realize the stock (receive the 9% gain) you pay those gains in taxes. No investment is guaranteed to gain and 9% especially hard to maintain. Invested money was already taxed at some point. How many times should the government get to tax your assets? I guess if you have none, the answer is forever as long as you can get a piece (IE government handout). It is foolish to restrict your ownself from obtaining wealth in your desire to limit the wealthy.
@@schirmc1 you don’t get it… the loan itself is your income, not the appreciation of the stock. So you can live as though you have an annual income by taking out low interest loans, for the rest of your life, without paying any tax. Secondly, most stocks do not pay dividends. And you’re right, at the moment in a time of hyperinflation you can’t get a loan with that low interest. But for the last two decades 5% would be easy. Remember we’re talking about loans backed by billions in assets, because we’re not talking about you or I, we’re talking about the ultra-rich. From the bank’s perspective there couldn’t possibly be a lower risk loan. They can find sub-prime lending with ease. But again, that’s not really the point. The point is you don’t sell the stock, and the loan itself acts as your income, until the day you die. You live incredibly lavishly and never pay a dime in tax. This is why income tax barely touches the rich. They don’t need “income” like most people do. They just take out loans against their essentially infinite supply of equity.
To pretend that "taxing" nothing because it might one day be something is INSANE as well as unconstitutional.
Many of them are indeed INSANE and/or CORRUPT
These jews don't care.
@@pcraft8785typical racist!
Exactly. They should value the asset and land on the condition there is a cash buyer and not purchased via bank loans. Meaning that the sources of buyer's funds must come from own savings only. The IRD wants cash, and they won't accept shares as payment , and some fictitious valuation
Well all politicians break the law eventually, how about we jail them preemptively just in case?!?
Pre-pay tax on unrealized gains??? Can I get unemployment checks and take tax deductions for every dependent I plan to have in my household? Some are yet to be born.
This is more proof that we need a flat tax.
Yes, always entertaining, but more than that, he's right! He's a very smart man.
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some months I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
I see the grilling the other way around here. Honestly. Didn't Louis Rossmann left New York? And he left because of the incompetence of the people in the office there not because of the tax itself...
The common answer to this to fix this is a flat tax or fair tax, do away with all the loopholes, every single one of them, and you get taxed a certain percentage on your gross from corporations all the way down to the lowest private citizen no one gets any money back but ensure that you keep it under let’s say 5% that way you can do your taxes on a 3 x 5 card
If they pay a tax on an unrealized gain, can they get a refund or credit for an unrealized loss?
I bet not.
Loses are realized only when sold.I..and I believe only a small portion of it can be written off each year for like 10 years. Tax payer gets scrued
Absolutely not.
But what if they actually do sell a stock and the next day it goes up 500%. Seams about as logical to call that a loss as taxing them before they sell it as a gain. Since it has no value at all until someone actually pays money for it
John Kennedy is a National Treasure. We need a few hundred more of him in Washington.
If Republicans would get behind a statesman like John Kennedy, and not an orange clownish criminal, they would be in control of the federal government.
Quit throwing around "national treasure" so carelessly. He's a great lawyer and senate member. He's not a "national treasure"....
I think John Kennedy is a brilliant man , maybe president one day
Mr. Kennedy should be put on Mount Rushmore!
@@ryanp6999 well in a day and time when so many people who are supposed to do the peoples work have stopped doing so, stopped being civilized, stopped making rational arguments and instead substitute their duty to the nation for duty to keep getting themselves elected I'd say the rare few like Kennedy become treasures. He's an example of what and how our representatives should be, regardless of their party affiliation and if I was a jr senator of either party I would look to him for that example of how to conduct myself.
Oh sure. I'm going to pay a revenue tax before my assets are sold. My art work is worth $1 million. The government charges me 15% tax. So I pay $150,000 a year until I sell my artwork. After 10 years, I've paid $1.5 million in taxes. At that time, my artwork is re-appraised and its only worth $500,000 which means I really owed $75,000 at time of sale. Does the government return the $1,425,000 of excess taxes paid?
"No taxation without representation!" (Why the hell do i still feel as if I'm still fighting against this principle today??) ⚖️
“There are no solutions, only trade-offs.” -Dr. Thomas Sowell
Senator Kennedy is not just a national treasure, a top tier / exceptional law maker but also a rational, down to earth, honest and very appreciated American soul 🙏🏻
And term limits would ensure he didn't last long.
i think hes actually brilliant he luls these high intellect people in with the way he speaks right before he just blows up their arguement
But, he just show boats and always ends up voting in favor of so many idiot nominee's. It's like he gets credit for making these fools expose themselves, but then no criticism for voting for idiots.
But why is he on the senate budget committee when he doesn't not understand anything about the subject?
The IRS makes their own tax codes with out any input from Congress. Senator Kennedy once again shreds the tax, tax, tax, Democrats .
They're not answering anything because they've completely lost their minds!
No they haven't. Politicians are the ones that get to redistribute were the tax money goes. If you can decide what to do with it, it can go to the person/company that gives you the bigest kickback.
@@think2invest For sure, look at their boss!!!!
If I'm understanding right, they want to tax us for monies we haven't even made yet or might never make.
It appear so. And true? Senator Kennedy is absolutely right. And yes he(Senator Kennedy is always entertaining) as Mr speaker flipping relied.
You are understanding correctly.
Billionaires would intentionally become illiquid to reduce their taxes and this would create economic distortions. Billionaires would buy Ferraris, yachts, fine art, rare antiquities and Rolexes until they were almost completely illiquid. Are these "economists" secretly lobbying for the luxury and collectibles industry?
Hearing this exceptionally nerdy "dude" saying "THEY should do this or that" with THEIR money, is really disturbing. The chip on his shoulder is quite evident.... I'm no friend if the uber-wealthy, but i don't feel it's fair, to grossly harass people for their success.....and the lady refuses to acknowledge the obvious....how sad.
Mr. Kennedy can have a podcast or TV show if he ever gets out of politics. He's a real deal.
I love the way he talks .
This man is an ICON!
Sen Kennedy is brilliant
The other part of this discussion is what if someone pre-pays tax on a piece of property based on its estimated value and then the value drops? Will the taxing body refund any money? I'm guessing not.
It's also a laughable kick to the groin to tax inheritances and capital gains, but the bread tuber types don't see anything wrong with the IRS multi-dipping on investments several times whether or not they turn a profit or re-taxing assets when a person passes away. Sometimes to the point where the person inheriting them can't even afford to pay the tax and so sells it off rather than incur a massive loss. It's like another form of civil asset forfeiture but at the federal level, with even less recourse than locally, and without the necessity of even being suspected of a crime.
They haven't thought that far ahead, unfortunately, and I'm 100% serious.
@@The_Lucent_Archangel And capital gains never consider the loss in value due to inflation. Holding an asset for 10 years and selling causes a tax on the total gain. Considering inflation, it might well have lost true value.
@@The_Lucent_Archangel Thank You, my thoughts exactly. It’s scary to me how easily all demoncrats and their so called experts can blatantly lie and show no remorse at all.
They are convinced that won't happen 🤣
"people have preferences". No one prefers to pay taxes. She's delusional.
That little boy is scary. Is this a circus?
Senator: "What three things would you change in our tax system?" Me: "I only need one: Make it flat 9% for everyone, no loopholes or write-offs whatsoever."
Bingo
you wouldn't give a deduction for children?
A flat 5 percent! i dont agree with anything the government spends the money on. That means no sales tax. Death tax etc
@@tylerjames329Absolutely not: It's a person's choice to have children. If the person can't afford the expense of having a child without getting tax breaks, or child support benefits, then IMHuO, they shouldn't be planning on having a child...
Make it 0%. Go back to tariffs
Any land owner knows how this "prepay on unrealiszed gains" will work. My house is taxed on a value the county assessed which is far more than I could actually sell my house for.
Sue them. You will win
it's legalized thievery
If they wanted to build a road through your property they might claim it is less valuable to pay you less for it.
Also, when you do sell it usually get less than it's value as realtor that advertises it for you gets some of the money.
Property Taxes that are based on "Assessed Value" are Taxes on "UNREALIZED GAINS". This type of "Shell Game" is UNCONSTITUTIONAL !!!
No more true state statement ever told, He is “always entertaining”
Given the fact that the US government has put US $34 trillion in debt, does anyone actually believe that giving more money to the government will help people?
Try as you may, it's almost impossible to get a rational, honest answer from most of these people.
Personally I found the questioning to be the side lacking in honesty and good faith.
I wonder what they would say about you. I know what I would say about you. And TO you. "Was it hard to get yr GED?"
People that are cought in a lie, can´t be honest.
@@lincolnyaco5626 Ooooo . . . so clever and funny!
right, the republicans
When you tax something, you disincentivize that thing. Income taxes suppress the production of wealth. Whether it's the bastardized income tax we have currently, or a flat tax. A sales tax has it's challenges too. The biggest problem is that our federal government has become a massive insatiable monster. The spending needs to be brought under control.
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some mounth I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
👍👍👍👍👍💯💯💯💯💯
These economists are making the same argument Detroit was making 20 years ago. Detroit went from 1 Million people in 1990 to 600K in present day.
For some "unknown" reason, I enjoyed watching Kennedy talk in this video..
This gentleman is an excellent example of the difference between intelligent and smart and the concept.of knowing more and more about less and less until one knows everything about nothing. God bless Senator Kennedy. My opinion
Oh yea, this dude is old school and wields all his power and abilities properly with responsibility, and he isn't at all afraid to dictate the conversation and steer it directly into the most prominent points. He doesn't put up with people not answering the question. He's a true blessing to America. Folks don't like Marjorie Taylor Greene for the same reasons, she's brash, bold, and doesn't put up with BS. We need strong representatives of the public like Greene, Kennedy, Gaetz, Jordan, Paul, etc
"The trouble with our Liberal friends is not that they're ignorant; it's just that they know so much that isn't so." - The Gipper
I don't understand why anyone would want to punish somebody for being successful.
you mean by getting rich and hogging it all?
Only the Democrats do. Now Biden wants to punish people with good credit who wants to buy a new house at a higher interest rate. People with bad credit pay less APR. If this isn’t Discrimination I don’t know what is!! 11:44
This is the United States of America. The land of opportunity. People study. People work hard and are dedicated. Capitalism teaches us that hard work pays off. I used to watch CSPAN. A long time ago they said that when former president George Bush Jr was in office the federal income tax for the wealthy was about 28 percent. Afterward it went up to 35 percent. The last time that I heard that the tax rate went up to 42 percent. Someone please check these figures. If someone makes a certain amount of money within a year that is considered wealthy they have to pay taxes. I was told years ago that people are encouraged to give to charity. Giving 10 percent to one charity is good. Giving a little more to others is good. Investments are wise and a person can write off some expenses. After that, that person is paying a very large amount of money in federal taxes alone. Then there are other taxes such as state. Then there are real estate taxes. Think of an American working hard. Academically. That same person knows what hard work in the labor force is like. Through struggles and challenges that person finally succeeds. Enables to create work for others to pay bills and put food on their table for the family. Now people are going to say that person is wealthy they should pay more taxes. How much more! Keep it fair.
@@ronwhitfield8356 Its their money, they can hog it all if they want 🙄 Would you want somebody taking your money, because they thought you were hogging it ?
@@ronwhitfield8356 Why do you want to punish someone for being successful?
" always entertaining , senator Kennedy " More like " always the smartest one in the room , senator Kennedy "
One reason is NY City has its own income tax. Residence file a 1040 with the Feds, IT201 for the state and a tax return for the city. Out of control.
Let's throw more money down the bottomless hole of debt.
Elizabeth Firnschild 0 seconds ago I pay quarterly estimated taxes. I stress estiamated not what I have earned but what the goverment has estimated that I will earn and some mounth I go with out BECAUSE I did not earn what the goverment ESTIMATED. Tell me is that fair and how is this different that what we are discussing???
I am nowhere near $100 million net worth, but no way should they pre pay taxes on unrealized gain.
As far as I'm aware, there's nothing that says that they can't give MORE when paying THEIR taxes. 🤔 Paying taxes is UNCONSTITUTIONAL anyway!!!!! 🙏🇺🇲❤️
This woman is ridiculous. She said "I don't think people are leaving New York." Meanwhile, New York population dropped from 8.8 million in 2021, down to 7.6 million in 2023. That's about a14% decrease, which is the largest decrease the state has ever seen in it's history. Then she had the nerve to say California has a striving economy. California's economy is only decent because of the amount of people there. In reality, more people are leaving California than any other state in the country because of how terrible it's been ran by Gavin Gruesome. Ironically, things went to hell in California since Joe Biden got elected, and the state has had a declining population since 2021 by about 1% every year. So far, more than 800 million people have moved out of California, with most of them coming from 2021-2022, when gas was $10.00 a gallon. But sure lady, continue saying California is doing great, with their budget deficit of $32 billion dollars.
Govt: "Give us all your money and we'll give back what you don't owe in taxes. Trust us."
Democrats always know how to spend your hard earned money better than you do.
Ask your employer to not withhold any from your paychecks. It's up to you.
@@CurtisDensmore1 If they don't withhold then you have to do quarterly estimated, either way they have you.
@@1pcmedic It’s worse than that, as the tax companies like H&R Block constantly lobby to keep the tax code Byzantine and ensure that we always have to factor taxes ourselves, even though the government already knows damn well what we owe. “Let’s play a guessing game. If you guess right, you won’t be punished. Oh, and you can pay my little friend here to give you the answers if you want.”
After all, we're from the government and we're here to help.
Some of these people are so well educated that they lack the ability to understand simple questions.
They understand. They are refusing to answer truthfully. A complex response to a Yes or No question is a lie.
They are used to giving some convoluted answer to a simple yes or no question. That's what they learned in grad school lol.
It messes with their brainwashed mind. Their politics get in front of them. Then they say they wouldn't move to a no tax state. Thats when educated people reveal their ignorance.
How unlike you.
@@lincolnyaco5626 i would be willing to bet money my education trumps your liberal arts degree.
Senator Kennedy. You are amazing. Thank you so much for common sense ❤❤❤