Latest / Papa Gut / Joe Bartolozzi goes woke on billionaires

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Joe Bartolozzi goes woke on billionaires · Papa Gut

• 0:00
  I hate the where like billionaires live frugally and
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  they're like how respectful, you know, he understands the value
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  of money. He's driving a $30,000 sedan.
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  You are worth $3 billion. Buy a Bugatti.
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  Like you're just hoarding money. It's not it's like beyond greed,
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  it's like you're, you're taking money out of the circulation of
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  the economy and just. It's true.
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  Also, I want to I kind of want to wrap this into another point
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  here, OK? This it triggers me so deeply.
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  Maybe maybe This is why Mr. Beast never responded to me
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  after he like, reached out to me.
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  He's probably trying to do like the fattest guys in the world
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  try to roll out of a skating rink or something.
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  I don't know. OK, people.
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  He must have saw the TikTok for the the video I made about him,
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  like the the clip, because it drives me nuts that this guy
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  goes and talks about how he's basically poor.
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  He's like, yeah, I actually have a ton of debt.
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  And I hate that 'cause that's like rubbing it in your face.
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  You know what I mean? Like, you know, when somebody
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  got like the last ice cream that you really wanted, even though
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  the doctor said you probably shouldn't.
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  And they just, they don't just eat it.
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  They like loading it in their face.
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  And they're like, you know, that's what he's doing to you.
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  Because what you need to understand is the biggest
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  problem. Like, I think it's great that
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  people make a tremendous amount of money, right?
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  Like, you know, the the statistic like 1% of the the top
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  1% pays 4% of the income tax. That's not true.
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  It's the top 1% of income earners.
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  Mr. Beast is not an income earner.
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  Mr. Beast doesn't pay himself Elon Musk either.
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  Elon Musk pays himself like $80,000 a year.
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  What they do is they take out loans against their net worth
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  from banks. So let's say 3%, like $1,000,000
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  or 3%, instead of paying $1,000,000, that would have an
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  effective tax rate of let's say 30% just, and they take all that
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  money that they saved and they, they invest it into more assets
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  so they can inflate their net worth and politicians so that
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  those politicians will make rules for them that help them to
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  keep their net worth really big. Like, for instance, rules that
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  would make it more difficult to build new houses.
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  And so when he goes around, he's gloating.
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  He's gloating about how he's taking advantage of the system
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  and he's like disproportionately you in the end on your tax
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  burden. It's annoying.
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  And like you have to see it like when they say that, like that's
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  such a virtue signal. And it's like adjacent to this,
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  when people are like, Oh, I like that they only have a $30,000
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  car. Yeah, live, you know, live
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  within your means. But like spend a little bit of
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  money on stuff and it wouldn't even be a big deal whatsoever
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  'cause we talk about like a like a percentage tax on
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  billionaires. It wouldn't be a big deal if we
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  got like the death taxes under control.
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  How do they pay the loans back? They don't.
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  They just pay the interest off the loans.
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  They make more money than they make more money than they would
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  have spent overall by inflating their net worth.
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  They just pay the interest or they die with the debt and they
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  use different tax loopholes to pass their stuff on without it
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  getting taxed. We need death taxes to be much
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  more aggressive. Like if I don't I don't think
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  that like and no inheritance over or under $1,000,000 I don't
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  think should be taxed. But like after that it should be
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  like 50 plus percent. OK, when Elon Musk dies and his
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  trillion dollars get passed on to everybody else, he should
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  have to pay $500 billion to the economy.
• 3:03
  That's what they need to do. So like, well, toward all you,
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  but you shouldn't be able to keep that when you die.
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  Half that should be taken. Ow, boy, there needs to be less
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  of an incentive. There needs to be less of an
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  incentive to want to rack up a trillion dollars.
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  Like, that's ridiculous and it's destructive.
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  It's legitimately destructive to just it's just, that's
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  everything. It destroys my balls.
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  Like holding on to that like and buy stuff.
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  I hate when old people do that. Bro, how are you, 75 on the on
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  Death's doorstep, sitting on $80 million?
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  And you? Refuse to spend it, you're a
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  Jackass. Oh my God.
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  He's right, he's right. And I wanted to spin it to a new
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  point because people I, I often, I'm, I'm getting super woke
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  here, but people often talk about like, oh, who cares if we
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  can? Like what does it matter?
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  Even if we get billion dollars from taxing all the rich people
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  with a flat tax, $100 billion is not going to kill the debt.
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  You don't understand about the way that money works.
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  Like it's not about that. It's not like getting $1,000,000
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  from the federal government or giving $1,000,000 to the federal
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  government and they could use it better.
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  But just if you're hearing me out, getting $1,000,000 for the
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  federal government doesn't mean the federal government got
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  $1,000,000. I know it sounds crazy, but
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  generally speaking, and this is something that the federal
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  government does great, they spend money.
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  So if they get $1,000,000, let's say they decide we have
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  $1,000,000, now we're going to open up 20 new jobs paying
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  $50,000. What ends up happening there?
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  Those people get paid $50,000 and now they pay income tax and
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  payroll tax too. Those are two different things.
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  Payroll taxes like Medicare, Medicaid, Social Security, which
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  by the way, top 1% of income earners only pay 4% of that.
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  OK, there's a Social Security cap, it needs to be lifted.
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  But anyway, the top what the was I saying?
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  Holy shit, that money gets collected in taxes.
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  They take that money, they spend it, they're spending in their
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  local communities. They're creating new jobs
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  because now there's more stuff that needs to be bought.
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  They're they're enhancing their economic infrastructure.
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  That's another bus truck driver that's getting more money or
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  getting paid. That's another grocery store
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  attending, getting more. That's how this works.
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  And all those people are paying state taxes.
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  Most, if you're in a state that has that federal taxes, sales
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  taxes, all these different things they're paying here.
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  So like, it's not just about that.
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  Like a healthy economy needs a constant rolling of money
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  around. So $1,000,000 more to the
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  federal government is more than $1,000,000.
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  Just think about it dude. OK, that annoys the got to be.
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  Beyond that, I feel like the money takes, it's not usually
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  billionaires, it's Hollywood motherfuckers, people that are
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  in the spotlight. They have 500 million, a billion
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  dollars. They're still, you know, a
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  worth, you know, top 1000, top 5000 richest people in the
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  world. They're just not the tech CEOs
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  and billionaires like that. They're guys where it's like
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  they have everything. So they just start creating like
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  fashion senses that don't exist because they want to be like
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  unique money can't buy taste. That's true.
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  Hamburger Helper is one of the best tastes ever and money very
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  low on that. Oh my God bro, it's always in
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  the summer that it happens. Delete the odd, delete the odd,
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  Delete the, delete the odd. I find that funny.
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  That's a crash out to Joe. That's like a Tuesday, you know,
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  delete the. Odd Brady.
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  All right, incredible.