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Is it time to 'outlaw billionaires'?

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    Liberal talk show host wants to make it illegal to own more than $1 billion in wealth

  • Duration 6:09
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A radio host is calling for the US to outlaw billionaires.

You heard right.

Here's what Tom Hartmann said on his radio show.

I think we -- well -- the United States.

I think -- -- over one billion dollars should be taxed at the 100% rate.

If you can't make it 5000 million dollars.

A billion dollars a million dollars thousand dollars if you can't make it a billion dollars.

But -- there's therefore there's nobody can't make -- billion dollars.

So -- over a billion dollars.

100% of it goes to help those of us who have less you call it redistribution well that's fine and perfectly comfortable with -- Bullish outlook billionaires.

I want billionaires really the witness -- Steve Hayes joins us but Steve I mean it can't live on a thousand Lindsay is true however.

That seems rather.

I knew him.

Yeah I usually try to be respectful -- people -- different views but there's no way to be respectful I mean it is a completely.

Idiotic.

Argument that has no basis in economic theory doesn't make any sense on -- face it.

And it wouldn't do much to do to solve the federal governments -- fiscal problems right now.

Just curious when I heard that I seem to except he's sort of say things like you not -- -- how all of billionaires has been an.

Talking was like really serious or just -- would know this you know maybe it is like radios did you edit his radio -- or something like I thought I am not how we -- death.

Meaning I sort of thought like can I use this same stuff.

In this -- in in this environment it wouldn't be surprising to have somebody make that argument seriously and you did that the problem is I mean among many many other problems.

The problem is where do you draw that line he draws and at a billion dollars what's to say if if in a few years we find ourselves further in the hole which we will.

Some ideas and saying you know anybody can live on a hundred million dollars actually ten million dollars is -- really a million who can't live on a million dollars we keep.

Having now line move down as I say it doesn't solve our problems we have 425.

Billionaires in the United States with an average.

Net worth of about four billion dollars each if you confiscated all of their wealth all of that in its entirety.

It would basically take care of the US deficit for one year we didn't do nothing to solve our long term fiscal.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- A lot of these billionaires are taking their village and doing you really find things around the world equity in their your -- here in the United States.

Whether they're doing -- for charity whether they're reinvesting in their own company developing new technologies employing more people and all that I think he's doing some good but I'm -- cases -- gates is a perfect example he's worth 66.

Billion dollars if you took his money away.

The US government borrows.

Four billion dollars a day.

So he took bill Gates's money like confiscated it tomorrow it wouldn't even cover the amount of money that the US government.

Borrows.

For -- so it doesn't solve our problems this tax the rich this this take their wealth.

It doesn't do anything to solve our long term problem is this -- more just sort of that there is seen that a lot people.

Have suggested there so we know that there's so all of the people like rich people.

You know that this sort of the war of the rich people is that what this is really is -- -- this -- the floppy admired would success in this country.

You know must -- a possibility of probably got to -- heard that term capital good bacteria but I don't know -- -- it's inherited.

And they're doing good things when that many inefficient -- being -- to Washington watching TV that's for their pride and is it more -- hatred for that.

Or is an -- out -- thinking it's a better way to lead the nation a better off we did that.

Well maybe some combination of both but I think if you look at what the president has done over the past four years the way that he's talked about.

The rich and the wealthy.

You know he usually has a line in his speeches -- -- look I'm not trying to demonize the wealthy in -- in fact goes on and in many cases.

Demonize is the well.

Let's say huge benefit -- -- my money also they came out -- he likes of Reggie started this though I mean the president has been doing this.

-- over the course of his first term but remember last year was a little bit after this time last year.

Where he had the state of the union where he talked about the Buffett rule and made his arguments which were in effect -- is suggesting implying.

That the wealthiest among us don't pay their fair share -- mean that was the basis of much of his campaign for the past year.

I think in some cases he denigrated hard work -- did it and in the speech that got so much attention and at the same time he was suggesting that millionaires.

Or billionaires somehow are deserving of the money that they make like he's contributed to the problem.

I actually think comeback this did team this radio host so I think that that.

I mean I think he's just talking.

I think he lets you do on the benefit my death has gotten the benefit of that out -- diet and you know this guy.

I don't know -- -- you have heard of them but I don't know.

Yes seven inch -- but you know it's it's too bad that you know that the narrative unfortunate spend rich -- -- and the fight over entitlements -- the and it's unfortunate the narrative in this country is no longer -- -- down.

And help those who really need help given opportunity narrative is no longer how to -- you know -- people.

And there is this is -- complete change this country is too bad it's not I don't know how to win certainly not how do we help people but it's also.

People are encouraged to do for themselves.

We have I mean we -- help them do for themselves helped -- you know creates and far right instead it is all out war it's us against them and it's like you know people of the riches of the something they'll like the rich something bio squawking about the other entitlements and people just taking simply.

The narrative in this country has changed.

And one of the great things about the country going back historically is the fact that people who find themselves in the lowest income Quinn tiles.

Are more likely to be in an upper income Quinn tile ten years down the road twenty years down the road than they are to be still in the lower income -- but we don't hear those stories told nearly as much -- thank you -- -- --

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