Langone, who referred to himself as a “fat cat,” told Warren that he had a “simple” question that would “surprise” her.
“How do you justify handing me a check for three thousand dollars every month for all my fortune?” Why don’t you guys have the courage to raise claims that are no longer eligible? ”He added that he shouldn’t get social security and asked why companies don’t have an alternative minimum tax.
Warren took his questions calmly, first explaining how taxes work for the super-rich.
“Jeff Bezos paid no tax on his property,” Warren said, adding that while he is worth a “bazillion dollars”, he did not pay tax on his property.
“Indeed,” she continued. “Jeff Bezos either paid no tax or paid 1% for many years. Why? However, since his income is very, very small, his wealth continues to grow through all of his Amazon stocks. And then how does he finance a lifestyle the way he does? Not through redeeming Amazon shares, but through loans. ”
Warren explained that right now our tax system just doesn’t include people with a certain amount of wealth (like Bezos), but does allow people on low incomes and the middle class to pay.
In response to Langone’s second question about minimum tax rates, Warren replied that she herself proposed something very similar to a corporate minimum tax, which she called “real corporate income tax.” She added that this is another way to get funding for general childcare and infrastructure repair.
What about social security? Warren said it was structured differently because it was structured more like an “insurance policy”. Warren broke down that you (in this case, Langone, but also the public in general) keep depositing year after year and that it is not “charity” or “charity”.
Social security, on the other hand, is an “agreement into which every employee in the country who is entitled to social security pays and receives a return at the backend. Surely you don’t want to be the person who says on national television, after a contract is negotiated and someone has been paying in for 40 years, that the federal government should turn around and say, ‘Oops! We changed our minds. We’re not going to give you the payoff you’ve earned through payments over the years. ‘”
You can check out the full exchange below.
Also on Squawk Box, Warren Bezos offered a new zinger when asked how to take cryptocurrencies and said, “I want us to tax wealth no matter how your wealth is tied. It shouldn’t make a difference whether you have real estate, whether you have cash or whether you own a bazillion Amazon shares. “
“Yes, Jeff Bezos,” she added. “I’m looking at you.”
Here is this clip.