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This man you see on the screen is LEE KUN
HEE and he is the first human being to be dead and alive
at the same time. Yes, you could say he’s something like Schroendinger’s
cat but in real life! By the time we make this video, KEE KUN
HEE will have spent more than 4 years hidden in a South
Korean hospital, and nobody dares to reveal his condition. And you might wonder… why? Who is this man? Well,
we’re talking about the president of SAMSUNG, one of the
wealthiest men on the planet. The day he dies, his son will
inherit between 10 and 15 billion dollars. And right after, he
will have to pay 65% of this fortune to the South Korean
Government. And yes, yes, I know what you might be
thinking! What’s the problem? Who wouldn’t want to have
35% of 15 billion dollars? Believe me, at the end of this
video, you will totally understand why his son isn’t happy
about this. And you might even admit that, yeah, you don’t
really want to know if Lee Kun Hee is dead or alive. Let’s
get started! Money is that thing Kanye West tries to get
rid of as soon as possible. Don’t believe me? Just check out this news. Kanye West & Kim Kardashian Spend Nearly
$1 Million On Gold Toilets
Exactly… a lot of people hate to have Money in the bank. But a lot of other people love Money. And among those who
love having Money are the billionaires. The wealthiest
people on planet Earth. Yes, this might be a very small
Group of people but it’s growing day by day. Number of billionaires worldwide surged to
2,754 in 2017 This has an easy explanation: emerging countries. All of a
sudden, countries like China and Vietnam are starting to
have their own billionaires. And you might wonder… is this
good or bad news? Well… it depends on who you ask! For
example, according to Gabriel Zuckman, a marxist economist, this is a hell of a problem. And let me make a quick aside here. You often hear about
some sort of conspiracy theory claiming that the
mainstream media tries to silence all the critics of
capitalism, right? And yet, both Gabriel Zuckman and
Thomas Piketti are the new anticapitalist rockstars and
they’ve been on the cover of Bloomberg magazine. And no,
they weren’t painted as the bad guys. So… remember that
the next time your smartass friend shares their mainstream
media conspiracies! But let’s get back to our story. What’s the problem with
billionaires according to Zuckman? They’re destroying
social mobility. And what is social mobility all about? It’s the
academic term for the ‘American dream’. Think about it… it’s hard to go from rags to riches if you’re
competing with a guy who was born rich and went to the best
universities. According to some economists, wealth in America
is getting more and more concentrated in the hands of
a small elite group. Are they right or not? It’s hard to tell! In fact, there is
no way to effectively measure social mobility so far. So
there are arguments to prove both sides. But the truth is… Zuckman’s arguments are becoming more and
more influential. So today’s question is… Should we tax wealthy
people more? Are there counties that already do that? Does
it work? And what does the dead and alive Samsung
president have to do with all of this? Today we are going to
answer to all of these questions but, before we do, let’s take
a look back at the history. EAT THE RICH!!! Nobody likes tax raises. But, unless you’re Larry Ellison and
you’re watching this video — in which case, Hello Larry! —
you probably don’t get nervous at the mention of special
taxes for billionaires. Still, you might wonder… but what do
billionaires think about paying more taxes? Well… you
might be really surprised! Warren Buffett and Bill Gates agree that the
rich should pay higher taxes
Yes, you heard that right! But wait a minute because this
proposal of taxing billionaires is more complicated than it
seems. They don’t just want a higher income tax. We’re
talking about a wealth tax. And this is very important
because wealth is one thing and income is another. And
pay attention because this is the key to understanding the
rest of the video. Let’s hear Erik’s explanation! Let’s use Bill Gates as an example. He has a net worth of
around 103 billion dollars. But make no mistake! He doesn’t
have it in cash! If we could sneak into his bank account, we
wouldn’t see that much Money. So then, where is all of his
Money? The answer is in assets: valuable things like
houses, artwork, and, of course, Microsoft shares. This
means that, if Microsoft shares suddenly lost their value,
Gates’s wealth would decrease. And this is why anytime you hear that this
person’s net worth is this or that, it’s just an estimation. In fact, it’s really
hard to measure somebody’s wealth. And this is why
proposals like this generate so much debate. ‘I have a plan’: Sen. Elizabeth Warren
discusses proposed wealth tax and more in Cedar Rapids
So right now, rich people in America pay taxes like anybody
else: whenever they get income and whenever they spend
it. But with this would-be wealth tax, they would
have to pay between 2 and 3% of their net worth every
year. Even if
they didn’t touch their Money that year. And yes, we aren’t
just talking about cash, but all kinds of assets that would
have to be valuated by some expert. So far, there are
already four countries that have similar taxes: Switzerland,
Belgium, Norway, and Spain. We’ll talk about those cases
in another video. But the truth is, there is a better formula
for taxing the rich and that’s with an inheritance tax. An
inheritance tax is the amount we would have to pay any
time we inherited Money. And it really has a similar effect to
the wealth tax. It’s just that, instead of paying a percentage
of your net worth while you’re alive, you pay it when you
die. Many countries and American states have this
kind of tax system. Yes, these taxes pose a big ethical debate. Many of you
might think this is good because you think it’s unfair to be
born rich. But many might think that it’s even more
unfair to end up paying more than half of the wealth
you’ve created to the Government. In many cases, if we combined all the
taxes you paid while alive plus what you pay when you die,
you might end up keeping a very small share of what you
made. But, again, this is a debate for other videos. What we
want to tell you today is what happens in the most extreme
case of inheritance taxation. And where does this take
place? Of course, in South Korea. Pay attention because
now is when our good friend, Lee Kun Hee, president of
Samsung, comes into the picture! THE SECRET OF ETERNAL LIFE
South Korea is one of the most prosperous countries on the
planet and this means they have a lot of very rich people. However, South Korean wealth is very different
from American wealth. In South Korea, 74% of billionaires have
inherited their fortune. If you’ve been subscribed to
VisualPolitik for a long time, you already know that the
South Korean economy is based on the so called CHAEBOLS. By the way, if you still aren’t subscribed
to VisualPolitik, you should be. Why? Because we give you a great worldview so
you can understand what is going on and make better
decisions in your life. Where else would you learn about
taxes in South Korea, huh? So go subscribe to this channel
and hit that bell button so you won’t miss any posts. And
now let’s get back to our story! Companies like SAMSUNG, LG, and HYUNDAI became
the behemoths that they are Today because of their
connections with the Government. And these chaebols
have something in common; they are all family owned
companies. For example, Samsung was founded by this man here, whose name was KEE BYUNG CHUL. When he
died, his son inherited the company and the fortune. His
son is our friend LEE KUN HEE. And the day he dies, his
son, whose name is LEE JAE YONG will inherit the
business. In fact, while the father is dead and alive
at the same time, he’s who’s actually in charge
of the company. In
other words… Korea is not a country where you start from
0 like one of those Silicon Valley companies. This is why South Korea has the second highest
inheritance tax of any country, only surpassed by Japan. In South
Korea, you can end up paying up to 65% of the wealth you
inherit. Yes, you heard that right… you can end up
with only 35% of your inheritance. And I know what you’re thinking! 35% of a fortune is still a
fortune, right? In this case, the Samsung inheritance might
reach up to 15 billion dollars. Not bad, right? Well… the
problem is that we’re not just talking about Money here…
but also assets! And this is why having a billionaire dad in
South Korea can be a hell of a problem. Korean businesses are terrified with the punitively
high inheritance tax rate, which is among the highest
in the world. Think about it, this 15 billion USD is not
cash. Mainly, this
fortune comes from shares of Samsung. BUT those 7b
dollars he could end up paying will have to be in cash. In
other words, he would have to sell his father’s shares in the
company. And you might now wonder now… How many
shares would he have to sell? It depends on two factors. The stock price at the time the father dies
and the stock price at the time he wants to sell it. And oh boy! The
Samsung family couldn’t be more unlucky! Rumor of Samsung Group Chairman Lee Kun-hee’s
Death Raises Stock Prices
Exactly! Whether we’re talking about LG, Hyundai,
or Korean Air… all of their owners face the
same problems. But Samsung’s situation is the most incredible
of all. In this
case, Samsung stocks won’t stop growing. This means that
the son is going to inherit more and more wealth. But that
isn’t the end of the story! If, all of a sudden, he has to sell
such a large amount of stock… what will happen to the
market price? Of course, it will immediately drop. This
means that poor LEE YAE YONG can find himself in the
situation of getting a really small share of the inheritance. This means no Money and no Rights over the
family business. And this explains why he’s willing to do
anything in order to keep his father alive. 11 months after Samsung Electronics chairman
Lee Kun- hee entered Samsung Medical Center following
a heart attack, the country’s largest business group
is maintaining a veil of secrecy over its leader’s health
and the future of its management. In the meantime, the Samsung son is trying
to make a deal with the South Korean government in order
to pay the inheritance tax little by little. But this won’t be easy. His
relationship with the new Korean president, MOON JAE IN
couldn’t be worse. Samsung heir sentenced to five years in jail
after corruption conviction Exactly! Samsung was involved in a corruption scandal
because they bribed the previous president, who was from
the opposing party. And day by day, we’re learning how this
corruption scandal was worse than we thought. He’ll have
to go back to court and he might lose all the penalty
reductions he had. And in the meantime Samsung stock prices
just keep growing… since 2016, they have doubled their
value. So the only solution for our friend, LEE YAE
YONG is to head onto the streets of Seoul and shout:
((((CASUAL STYLE))) ‘Please!!!! STOP BUYING SAMSUNG STOCKS!!! Why don’t you invest in something else? Apple? Hyundai? Cryptocurrencies? I mean… look, Samsung is OK, sure…
but it’s not the shit! Like… you’re going to end up really
disappointed!’ Meanwhile, the Samsung patriarch has found
the secret to eternal life. SInce a heart attack sent him to the hospital
in 2014, nobody outside of the family has seen
him. And he
continues to be the company’s president. At least on paper. And now you might wonder… does this inheritance
tax really work? Is South Korea a paradise of income equality? The truth is… not really. You see, despite the fact that we
can’t measure social mobility, we can measure equality. How? With the Gini index. Here we can see how South
Korea is not especially unequal, but not especially equal
either. Germany, the UK, and even the Czech Republic
are far more equal. But, of course, this is a topic for another
video. Now the question goes to you. Would you vote in favour of
a higher inheritance tax like that of South Korea? Would
you vote in favour of a wealth tax like the one proposed by
Elisabeth Warren? And… what do you think will happen to
Samsung’s president? Please, leave your answer in the comment section below. Also don’t forget to visit
RECONSIDER MEDIA.COM, the podcast that provided the
vocals in this episode that were not mine. Also subscribe to
VisualPolitik and hit that bell button. If you liked this video,
give us a thumbs up and, as always, I’ll see you next time.

100 thoughts on “Why a $15,000,000,000 inheritance can bankrupt you in SOUTH KOREA? – VisualPolitik EN

  1. "South Korea is one of the richest countries on Earth", "South Korea" is not especially unequal……..DUDE, WTF………have you ever been to South Korea? It's not especially rich and is the most unequal country in Asia. I love your channels, but sometimes you're so flat out wrong it's amazing.

  2. The idea that the media hates socialists is very bizzare given that people like AOC and Sanders are treated as rock-stars, and conservatives are invariably demonized.

  3. All this money was taxed already, why would you tax it again… This is just theft, this Money isnt new income, it was earned once and someone payed their due already

  4. Either his father should gradually sell shares to build up a cash fund to pay the tax, or the government should allow the tax to be paid in installments.

    The real wealth is created by the workers, generally the senior people including the CEO are overcompensated. But if the wealth was spread evenly, most people would have enough money to live, so finding skilled people willing to work full time would be much harder. Having wealth concentrated allows strategic investments to be planned, but in who's interest is this done: the few or the many?

  5. South Korea has the highest suicide rates, lowest birth rates, highest divorce, highest alcoholism rates, and the highest rates of household debt in all of Asia. These problems have allowed socialists to take over government and scream inequality.

    Conservatives, capitalists, and free market Koreans need to rise up and make free market reforms while rejecting socialism and the mad rush toward modernity. Korea has been getting rich at the expense of its soul. Socialism and president Moon are not the answers. They are making it worse.

  6. Ah equality, the most worthless metric to measure people by, least ways, how most people seem to mean it. Unless specifically refering to Equality of Opportunity, which the people who bring it up never are, then you do not want it, because it will never be, the poor being lifted up to be equal to the rich, it will be the rich pulled down to be equal with the poor assuming they aren't just killed outright its the Venezuela Model the people in Venezuela are pretty equal, because they're all impoverished, to a point that beggars sanity

  7. gee wiz, i wonder if mister zucman will investigate the trillionaires of his tribe, who own more than all these billionaires combined.

  8. Tank your share price by selling a lots of share make terrible announcement about products ..pay government little money as share has less value latter do business as usual

  9. No sympathy for the billionaires especially for inherited wealth. Favor wealth tax just like Korea. They already get an education leg up.

  10. The TAXING system you are mentioning is Actually the Islamic system of Zakat and Tax. Nobody wants to adopt it until now. But Turkey is expected to be the first country to apply it 100%

  11. Company ownership that the inheritors can not afford to pay off should move onto the employees upon death, leaving 35% for the son to keep. This way the value is moved down, and the company stays in place.

  12. Jesus Christ, Simon. Multiple people have pointed out in your earlier video (which was also horribly researched) that chaebol is pronounced like "chay" not "kai".

    For a guy who claims to be into information and facts, you're being surprisingly wilfully ignorant.

  13. This is just wrong. It is a wrong policy. This would encourage the billionaires to hide their wealth in tax haven countries. This type of endeavor that tries to equalize the wealth of its citizens have been tried before in various forms and schemes. It will fail in the long run. A more sustainable scheme is a policy that encourages billionaires to reinvest their wealth in the economy. It must be designed to generate high paying jobs. This along with an affordable higher education would increase the income/wealth of its citizens. In other words, instead of stratospheric taxes for the rich and giving this to the poor. Why not encourage the rich to invest their wealth in endeavors that generate jobs for the poor? This is a win-win for the nation. The rich will become richer, the poor will become wealthy, and the government will have a long term source of taxes from the rich and the used to be poor citizens. The economy of the nation benefits overall!

  14. I would suggest donation program time to time like free education school for poor but talented students thus reducing net wealth of individuals and slowly investing in company created by next in line…..and not owning shares individually but by co operative owned by family members appointing members as employeee in co operative at adult age and paying in form of share instead of money………Gov won't be able to tax it……….instead of transfering inheritance companies would be owned by co operative which can be eternal that would die so no question of inheritance tax and wealth can still be managed by family members that are part of co operative………

  15. So ideally the boss of megacorp tells the gov to make a deal at a figure the son can afford or they close the business, sell everything, makes lots of people jobless and buy several icebergs with the assets.

    Govs getting greedy and look at these cashcows as easy income.

  16. The fact that you even articulate the likes of Thomas Piketty as an "anticapitalist rockstar" really does show that any /actual/ opposition to the capitalist system is so completely silenced that not even someone like you, who is supposed to investigate this kind of stuff, is aware of what it would actually mean to be "anticapitalist"

  17. he will be hooked up to a machine that is designed to pass any "are you alive or dead" test so it says alive like VW emissions cheating device for taxation purposes

  18. Except Warren will never be able to pass the wealth tax law because even most Democrats will oppose it…President of US can't do much inside US without Congress support..

  19. I think that inheritance tax is fair but I acknowledge how it can become unfair in the cases of assets such as stocks which can collapse in value if it's sold en-masse causing the person with the tax burden to not actually get the inheritance due to him/her while simultaneously owing money to the government. There needs to be an algorithmic way to calculate this – use the initial audited/assessed value of the asset as a guide to calculating the tax burden but then the actual tax charged is based on the value when the assets are sold. In the case of a stock, as you sell more stock it would cause prices to come down which would simultaneously reduce your tax burden – if you keep going it'll come to an equilibrium point, that would be the actual tax paid.

  20. Tax burden can be a problem. But many of wealthy Chaebols which the host pronounces more like 'Kaibol' actually pay inheritance taxes. With occational backdeal with governments. Take an example of LG, Ootugi, Se-ah. They paid full taxes and in return government gave them a tax credit incentives on their new investment, construction projects.

  21. Also to inherit the wealth of Samsung from Lee Kun-hee to JY Lee, they have abused some financial methods that has been fairly destructive to their investors. Take a look at the 2007DO4949 case. Where Samsung everland the former holding company of entire Samsung, released Convertable bonds at cheap price, cheaper than stock market value, handed most of those convertable bonds to JY Lee, who at that time didnt have any share in Samsung everland.

  22. As a Result of Samsung everlands irresponsible release of cheap Bonds, company was enforced to pay 13billion won worth money to investors who lost their assets because of tax bypass inheritance for JY Lee.

  23. Also To inherit Samsung To JY Lee, Samsung did large scale creative accounting, giving horse for Favourite daughter of former president's confidant, as well as persuading national pension fund of Korea which is second biggest owner of Samsung after Lee Family, to support Merger between Jaeil Textile and Samsung Everland, by doing it so,National pension fund agreed to burn off 600million dollar worth of investment. Aka 6million dollar worth of Tax has been used for JY inherit entire Samsung. That was main reason why he was in Jail early period of Moon administration.

  24. If you gotta talk about inheritance of riches in South Korea, perhaps visual politic should invite some experts who actually knows about the issue, or study corporate, commercial, accounting law of south Korea instead of making it simple argument of assumptions like "ohhhh south korea charges 60% tax! And Not achieved equally yet".

  25. By the way Mr Lee Kun Hee,the technical chairman of Samsung is still alive and living well In Samsung Kangnam Hospital, 6 month ago he was captured whilst watching Japanese Anine with his own caretaker.

  26. It is much better to give inheritence taxes to American governments , rich billionaires while they are alive can spend rather than save their fortunes in emerging markets' 5 star very big rooms, villas by renting them monthly or yearly and conduct their businesses from those holiday resorts in hot and humid places of earth, rent best cars, trucks monthly or yearly while they have been residing in holiday resorts and spend lavishly on best meals and visits, journeys. Burger King ex boss had done those luxury hotels residence while working with his cloths, shoes and stuffs with him all the time around the world city visits.

  27. This is silly. Just get the money from a bank, pay it back over time with stocks as collateral. What korean bank would deny Samsung a loan?

  28. Why not incentives those companies to help employees have a bigger stake in those companies? Give $1 worth of stock and get a x% tax credit (not deduction)? Those employees will probably sell some of their stock and pay taxes on it. Good for everyone.

  29. Sounds very complicated and should not be implemented in the first place or at least, the tax rate should be much lower like 40% max. At first, inheritance tax seems fair but it also creates unfairness not to the one who get the inheritance but to those who work for them. Here is my proposal, if their wealth is built over time through bonds and stocks then the tax should be paid slowly overtime as well, not at once like that.

  30. Current president is just a total joke and corrupt than any other former presidents. He's useless, has no back up plan.

  31. As you ask I'll tell you my opinion. I'm more inclined towards socialism but my view is that the kind of wealth you describe here is hard to grasp in cash. The only tax should be realistic income tax where companies should also pay according to profit. No company should be able to avoid all taxes. (as their legal / accounting teams manage at present).20% is reasonable. Inheritance and wealth tax are legal robbery.

  32. actually, it is a progressive tax.
    for example,
    ~$100: tax rate is 10%
    $100~500 is 15%
    $500~2000 is 20% like this.
    so lee doesn't have to pay that much

  33. There's nothing particularly different about taxing shares. If I own a house and I "don't touch it", someone still comes to estimate it and make me pay a percentage. Why should shares be exempt from this? Also, the inheritance tax isn't paid by the person who died, that's meaningless. It's paid by the person who inherits it. Again, why should I pay a tax on getting money from working and some spoiled rich brat shouldn't pay a tax for getting money for doing nothing? Why is this an ethical debate?

  34. I just love how VisualPolitik EN characterizes anyone who points out demonstrably extreme biases in the media, including through a motive and real-world examples, with a general example of shifting the over-ton window more rightward overtime, as promoting a "conspiracy theory". Worse yet, VisualPolitik EN hurts his credibilty when he claims a particular economist as a 'Marxist', who is definitely not a marxist by any reasonable standard within Marxism. It's as though VisualPolitik EN doesn't even have a cursory understanding of the basic theory and tenants of Marxism, and so he just assumes that any economist who seems 'anti-capitalist' enough counts as a 'Marxist'. This is evidence to suggest that VisualPolitik EN a quack and should not be trusted by anyone seeking in-depth political knowledge and insights. Certainly better than PragerU, but still highly inadequate, heavily biased, relies heavily on very dirty generalizations to poorly characterize parts of his audience that could be an opponent to his views which also make no sense to begin with, but worse yet this dishonest tactic hurts critical and thorough discussions among the audience.

    If fewer questions are asked about sources of information without initially making any presumption or pre-held conclusion, especially with regards to a media that is highly sensationalist, almost never objective, relies heavily on omission of information, and spins what information it does present, to believe or argue that there is no bias here would be just as bad as forming a pre-held conclusion about reality and then cherry-picking information to justify that conclusion. In short, it is the exact mentality of a Conspiracy Theorist, but expressed differently and more generally favorable to big media institutions that don't have to be objective in their reporting.

    Shame on VisualPolitik EN

  35. Are you kidding me? Only four countries have wealth tax?? FYI, it has been a must for EVERY Muslim for over 1400 years to pay a 2.5% of "wealth tax" as one of the pillars of Islam. It is called Zakat. Yes, that's right. God knows what is best for his creations and God's law is the best rule for the humanity and not only.

  36. Inherance tax has a problem. Most rich people can avoid and move their companies. For example Samsung could have placed its operations abroad of South Korea to avoid such taxation. This would deprive the government of both taxes and jobs. Wealth tax is likely a better solution, but when calculating them you can apply a factor to reduce the risk of asset value drop. For example if the country wants to support its citizens to invest its money in business (assuming that drives the economy) it could say that stock value accounts for only 66% of its value when calculating the tax value. For example, housing could account from 80% to 50% depending on nr of years you own it(if you consider that house price increases over time). You can also place that savings in the bank account to acount for a smaller volume for example 75%. Basically the country can use such reduction to direct where its citizens should invest. Then have a small rate of 1% to 3% of the value in wealth tax and an exemption that should cover a large part of middle class (for example in US i would say to not pay wealth tax for the first 500k). NOTE that debt in the bank deducts on your wealth.

  37. Ok so don't buy samsung stocks until after his son has to sell his off so you can get the stocks at bargain prices. Got it.

  38. Okay dislike for the filler content, really hate the videomakers prolonging the video over 10 or 12 minutes to increase revenue. Take a note from Tom Scott for coherent content without fillers

  39. To answer the question in the end, if I had to choose between the 2 I would vote for the wealth tax rather than the inheritance tax.
    My reason for this is that I would prefer if tax income was somewhat stable rather than coming in sudden bursts.
    It could also pose a problem if the companies which is the workplace for a lot of the country/states people begin to take great economical hits every time one of their big stock owners die.

    As a rich person I might however prefer the inheritance tax because I wouldn't care about what would happen with my wealth after I die. (If I was a selfish bastard anyway :P)

  40. Simon….there are no arguments on both sides.
    One side has facts….the other side doesn't want their enrichment to end.

  41. I don't care if he is not happy about it, he got to pay his inheritance tax like everybody else. Jeez! No exemption for the super rich. That would be unethical.

  42. Companies in Silicon Valley don't start from zero any more like Apple did in the 1970s by the 1990s it often was a rich backer that funded the company as in the case of Google with Eric Schmidt.
    By the mid 2000s most startups that got big were backed by a rich VC investor looking for a unicorn.

  43. Support an aristocracy or socialism. Hmmm…I am not sure there is any in-between. Both are bad for economies and democracies. I guess that is good or bad depending on what side you are on.

  44. why can't the heir just surrender the requisite percentage of shares to the government. the government can then sell the shares when they see fit. one would expect the government to maximize their returns, like any investor and sell the shares over time at the highest prices which should maintain the share price of samsung and consequently the wealth of the heir ?

  45. This is an extreme example that has very little to do with the common csse. Also inheritance tax is paid by the person receiving it, not the one who earned it therefore *it's not a death tax*: You earn your wealth and then you die, whatever happens next has nothing to do with you. And none of this has anything to do with Warren's wealth tax. https://twitter.com/mcclure111/status/1192337194112999425?s=20

  46. if I'm billionaire I would have my own army , army no less than 15000 well trained armed man willing to go into street wars and topple any kind of President and government, the fucken high percentage tax on rich is robbery but legitimized robbery , fuck the president and governments they all gangsters , if I'm billionaire I will fight with my militia and I will impose my rule , fuck the president, government and fuck the home land

  47. disregarding the corruption, the son gets punished for fathers wealth? omg xD why not pass a law allowing the government to tax the shares, so they can sell it bit by bit to keep economy stable. apart from the misfortunate heir, this economic mechanism could seriously damage the company, and thus the livelyhood of those working there

  48. We progressive Swedes who have abolished inheritance tax and wealth tax, because we realized they have terrible effects on the economy, would be happy to welcome The Samsung owner family as citizens of our country.

  49. this is hilarious xD

    nobody likes money. we just like getting high on it. its like crack. everyone knows it ruins the world and mankind, but its good to have lots of it. and feels good to make it, feels good to spend it.

  50. I am amazed at the scope of these videos, so the occasional wrinkle is expected. There are measures of social mobility . For example, see the OECD's 2018 report called "A Broken Social Elevator? How to Promote Social Mobility" ( https://doi.org/10.1787/9789264301085-en ) for an international comparison and the Australian Productivity Commission's 2018 report "Rising inequality? A stocktake of the evidence" ( https://www.pc.gov.au/research/completed/rising-inequality ). Both use different methodologies and conclude Australia social mobility has decreased with an increasing sticky floor and ceiling that is the poor staying poor longer and the rich staying rich longer. The middle has maintained social mobility but this could easily be explained as an inherent life cycle phenomenon as people are poorer at the start and end of their life as students and retirees. I agree that the best way to reverse this situation raises a vex question.

  51. Well would still keep 3.5 to 5.25 billion dollars, given how much Samasung is worth he can easily make the money back and then some, his family wealth is secured for generations, I don't nesaarily feel sorry for him, but I would properly allow him to pay it in rates.
    I would cup the inherrence tax at 50%, a wealth tax of 0.5% and a progressive all including income tax (both money you earn through work as well as trading) which goes up 1% for every 200 thousand dollars extra and end up at 50% for every dollar you make over 10 millions. (You pay less taxes for your first 10 million dollars).

  52. I would prefer "luxury tax".
    If a billionaire spends money on the business expansion it should be tax free.
    If he spends that on Ferraris and mansions – he should pay 10000%.

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