Thumbs up! In Sweden there's a related horror story, the death of the founder of Astra, a big pharmaceutical company. The daughters inherited his shares in the company, but they had to tax them (in cash!), so they sold shares (a lot), the stock plummeted and after having sold them all, there still weren't enough to cover taxes. The estate went into bankruptcy, many millions indebted to the Swedish state. Even the social democratic government saw the stupidity and abandoned the inheritance tax.
i agree. everyone is born with what they have (or do not have) for a reason. everyone has a purpose as part of the good of the whole world, whether they realize it or not.
These healthcare "reform" bills are just rewarding Insurance Companies. I can't believe people don't see that. Government already sets the prices for 1/2 the healthcare sector directly and the other 1/2 indirectly. The control production and consumption thru regulation and mandates. They have done a lousy job of keeping cost down. Because those regulations and mandates usually benefit the healthcare industry and politicians pockets at the consumers expense. Get the Gov. out of healthcare..
Peter I just watched your full banker speech from '06 for the first time [i have watched smaller debates, interviews, etc from that time]. You were dead on. Not only that, but your core message has not changed and it remains true today. Keep up the good work, I support you!
Japan has socialized insurance with price controls. They spend half what we do, have twice as many MRIs, 3 times as many doctor visits, all while boasting the best health statistics.
The Swiss had a system with powerful drug and insurance companies before reform. After a referendum they prohibited the insurance companies from making a profit, but kept supplemental insurance privatized. Overall spending was cut, but the Swiss still spend 11.6% of GDP on health, the 2nd most behind the U.S.
You have to consider they live much healthier lifestyles. They are also one culture countries. The U.S. is unique it is hard to compare if you consider other aspects. Like we have more crime,auto accidents, drugs, alcohol, and obesity which add to our higher healthcare cost. We have diverse diets that add to higher health incidents. Our problem of high cost lies in Gov. regulations that benefit politicians as well as the healthcare industry at our expense.
The Senate health care bill is a massive $450 billion bailout for private insurance companies that will drive health insurance premiums and taxes higher while reducing quality. We may have a private market but private isn't free market when the Government calls all the shots.
In a true free market consumers would be driving prices and quality not the Government.
Regardless of health statistics, Japan's system spends less and gets more than the U.S. in terms of services.
Same with Britain. Their NHS spends 8.3% GDP on healthcare, covers everyone, and has zero co-pay on general and vital care. Their preventive care system rewards doctors up to double their salary in bonuses if their patients stay healthy, reducing overall costs. All while numerous studies show that 95% of NHS users rate the system as great to excellent.
@mesmeriffic The problem they have as well as the U.S. is overutilization of insurance or government healthcare. When 3rd parties take care of you health dollars people tend to abuse the system. In the U.S. we are issued more unneeded drugs then anywhere. Why because our insurance pays for it. We run to the Doctor for a scratch or common cold. Why because insurance pays for it. We don't even know what it cost.
if inheritance is such a good thing, why dont we allow NFL players to let their children take their places once they retire? we dont...because they have to earn it just like everyone else! life isnt fair, but what you are arguing is that life is fair for the rich... to inherit and not to earn it?
@giroguy22 If you parents started a business and worked 60 hours a week to succeed and grow the business. Paid the quarterly taxes, payrole taxes, fica,mica taxes. Real estate taxes, corporate taxes, sales taxes,profit taxes. Not just provided income and livelyhood for you but several other families employed by them. Now you work that business with your parents and then tragically the pass away. You are now stuck with 50% inheritance tax and can't pay it and stay in business. Everyone looses.
@quizerry what a very big reply with very little substance! like peter said life isnt fair!!! i didnt earn it so it isnt mine, but....if i worked hard and saved then i could afford to cover the inheritance tax gap?? and if not, someone else who has worked hard and saved could buy the business from the gov and then that money could be wiped from the system by the gov...legacy wealth and making money from having money hurts us all, why cant you see that?
If you are an average worker who works hard for 30 years and pays that 12.5% into SS you collect a check up on retirement from SS. However if you pass away while on SS. You pay a 100% death tax because the Government get all that money you paid in.. Now, If you had taken that money (12.5%) and invested it in stocks bonds and IRA you would have close to a million dollars of legacy to leave to your children. So how do you like paying 100% death tax?
hello peter, i find it hard to believe that you think legacy wealth is a good idea. it is obscene, just like a monarchy or dynasty! the only thing different between a family that benefits from legacy wealth and a family that is a monarchy is the name! i would love for you to address this.
The death tax is an unfair levy that punishes success, discourages savings and kills jobs.The death tax discourages economic growth by reducing savings and investments. Other Nations figured out the death tax does alot of damage in a competitive global market. Hong Kong China, Austria, Sweden, Russia, New Zwland are a few who have abolished the death tax. They all founf it is senseless to penalize wealth creation. It is bad economics and grave robbing by the IRS
@giroguy22: there was a time when people in the U.S. were able to pursue happiness, which includes wealth. it's not yours, it is theirs--they earned it. but as quizerry stated, it is unfair to levy only wealthy because it punishes success, which is exactly what the NWO wants so they get to set up an "agency" to oversee this task and all the while making money off it.
@CommanderUTube Big Insurance Company Money has bought off the Dems to NOT allow purchasing across state lines which would create huge competition and force companies to reduce premiums. In Ky a plan cost $450 a month, that same plan in Ma. cost $1200 a month. What if we could all shop nation wide for that cheap plan. We'd have hundreds competing for our business instead of the handfull that hold the monopoly in your state or city.
What you described is the use of the state laws to restrict competition on the basis that only registered biz within the state and answerable to state laws should supply the services. It becomes the wrongful use when the conditions for registration favor only the Big Boys and enhance their monopolistic network
Gimme gimme gimme! I'm a fat, lazy, unemployed, uneducated, male that deserves for the hard working, educated worker to pay for my insurance so I can be a jerk to them when I go see the Dr. or Dentist!!! Holla!!
Peter Schiff is an idiot. He correctly saw the economic meltdown coming and then stupidly proceeded to invest such that he lost 70% of his portfolio. That is like a physician correctly diagnosing a patient with heart disease and then stupidly prescribing flu medication. What a dumb douchebag!!!
Peter i recently ordered some gold online from APMEX a few days ago. Is this better than something like storing gold in a vault in london or switzerland, or am i doing the wrong thing. And when i receive my gold should i keep it at my home or rent out a safety deposit box. i dont know which is safer since banks are corrupt. and someone could rob my house and it could be lost. What should i do? if someone reading this comment can help me decide. please let me know
Even though I believe that your gold was a good buy, you should really put more thought into this type of purchase. How much is 'some' gold? Is it worth the cost for insured transport abroad? Personally, I wouldn't use a deposit box. And if it's going to get as bad as I think it will I would start thinking about securing my house better! Good Lucky Drummer
You chose a good place, apmex generally has the best prices and delivery.
Spend some time and/or money to create a fully secure place to hide your stash. Example: Add a removable but secure elbow pipe somewhere that looks like it is an integral part of the plumbing... or bury it deep inside your shed or barn or elsewhere non-obvious and too deep for metal detectors. Make sure your home insurance covers it, as it should (keep your receipts). Alternately, consider a private vault company.
Obama said,"welfare benefits eligibility could dramatically increase welfare rolls, thus creating a bureaucratic and fiscal crisis. In turn, this would lead to the replacement of public assistance programs that currently existed with a guaranteed annual income for all people".
The more people on welfare kills the banks. Take the banks down, you destory America.
That's what Obama meant when he said, "I'm 5 day's away from changing America as we know it".
Wait a second, I thought you were against the bank bailouts. Now you don't want them to fail? Huh?
If it takes down the banking system, wipes out their bondholders, wipes out their shareholders, thus making all such "investors" reawaken to the idea of risk and actual responsible underwriting... isn't that good?
The banks were not going to fail. Not any of the ones that took the bailouts. everyone of them said they really didn't need it. But hey, Obama was handing out free money. With a great interest rate.
Now as for the banks to fail. No that would destory the country. If ever bank went down today. No company could do business. It would force the whole country to depend on the government.
do you want the government to say how much you can make in a year? Or how many kids you can have?
(cont) that's called communism. I havaen' had 1 fee tacked on me for 30 years. Why? I haven't broken any part of my agreement. It's those that don't read the fine print that get caught up in all those fees.
If there's fee as part of an account, stay away from it. If you take out a loan and knowing you don't have the money to pay it back, don't borrow it.
Unlike obama, borrow billions from china in hopes of making a healthcare law with trillions in taxs to pay it back with.
I'm a big fan and even expect I'll contribute to your campaign. Nevertheless, neither you nor anyone on the right has proposed a single concrete credible solution to the USA's insanely high health care costs. I'm a superfit 45 year old with no health issues. Yet GWU Hospital recently informed me that -without insurance coverage- they would charge me "between $450-$650" to meet briefly with a doctor to get a prescription for a $12 medication. Solve that problem.
Recommend you guys go to YouTube site 'KingWorldNews' for the David Tice interview dated 12-19-2009. David provides an excellent commentary on what is to come economically for the United States.
Gold. What the hell do you do with GOLD come a Great Reccession?
If we hit a major economic collapse, you will want my protective services because, like in Mexico, the biggest threat is kidnappings and civil unrest. The RICH are always kidnapped. My wifes gf was kidnapped....$2 million paid out in Mexico City. She was released but that was what was strange...most of the time when the money is rec´d, they kill the victim to preclude any potential evidence.
Just like in Mexico. Kidnappings will go up. And you know, its not actually Obama´s fault since he only arrived 12 months ago. The entire system is geared to favour China. They are owed $2 trillion and they keep loaning the money because without the communists help, America collapses and cops dont get paid. No American wants to pay taxes to pay off the extortion and so the slide continues and jobs continue to run to china. There is nothing you can do about it. This is pure capitalism.
The middle class and poor have an instinctive distrust of these huge blocks of money and the aristocratic families who own it. This constantly growing snowball of wealth that rolls down through the generations has a nasty habit of squashing working class people. The inheritance tax is a pathetic attempt to put some kind of limit on these vast empires. Unfortunately it didn't work. These super rich created the federal reserve and now they basically own the government. We lost, a long time ago.
We can't accept that negativity... I think Schiff is a financial genius and our country really needs him, badly. Otherwise America might lose a lot of its wealth because of our currency and debt
@elgcpa I disagree. More and more people are waking up. More people understand the role the FED played in our financial crisis. Peter is beating Chris Dodd head to head so Peter just needs to get the nomination to get elected.
It would help if people would e-mail Rush Limbaugh (like him or not) requesting Schiff on the show. It would be free publicity to a "qualified" audience. I think Peter actually mentioned this on Unspun a few weeks ago. I already e-mailed my request to Rush.
Endo - Thank you. I am unable to tune in much and have rarely heard guests myself...all the more reason to request Schiff. If enough people email him, it will be to Rush's benefit to have Schiff on air, just for the ratings increase. My guess is if everyone who reads the comments of this vid took 2 minutes to type a quick e-mail, it would happen. Every person who e-mails Rush represents a percentage of the population who would like to hear Schiff on air, but doesn't have the time to e-mail.
I like Schiff and hope he wins. My comment was referring to the stupidity of the American people. How else do you explain the community organizer becoming President?
Congratulations on seizing your opportunities. Apparently you did have a chance after all.
Rather than telling me and others that we have no chance, you ought to use your experience to help others to spot the abundance of opportunities around them and help them seize those opportunities to make their world better.
Not many will argue that "HEALTH CARE" reform is necessary. A lot will argue how to do it. Mandatory health insurance is simply continuing to perpetuate the problems just on a grander scale in my opinion. We need to do an analysis of the entire system and find it's faults, then fix the faults.
Insurance has been demonized to be the scape goat.Insurance is good, when it is used properly.We dont use car insurance to fix a flat tire, or homeowner's insurance to mend some peeling paint.Health insurance should not be used for typical medical expenses, it's FOR CRISIS ONLY.
Drs cost too much,so increase the supply.Accept the top 2% (instead of 1%) and the supply will double,prices will drop (and I believe quality will not suffer significantly).
Give it time... Gold is in a multi-year bull market, and will continue to make gains every single year. On average when interest rates are 0% (which they are) gold goes up 30% / year.
However It is possible to object to inequality, not out of "jealousy" as you crudely put it, but because inequality degrades society which impacts on us all.
Oh so a parent should not be allowed to generate wealth for a child. With this kind of twisted logic that you for some odd reason adhere to, it would make sense for an old person to generate as much debt as they can possibly finance in order to live life to its fullest. In turn you get left with debt at death, how does that possibly build wealth for america?
You're missing the fact that America is great precisely because it gave the common man an opportunity to compete on an equal playing field. The British developed a decadent upper class precisely because they allowed inbred nonproductive noncompetitive behavior.
This is pure nonsense. Less than 15,000 estates a year have to pay any tax at the time of death, while every year 2.5 million people die. A vast majority of small business owners never become millionaires. Schiff has some good advice sometimes, but he's being dishonest here.
@deanklear: Taking from others what they have produced is theft. Taking form a millionaire is still theft. Stealing does not become moral simply because one steals form an individual who was successful. It does not matter if there are 15,000 estates or If there is only one estate that is taxed; that is still one too many. Immoral activity does not become moral simply because it is carried out only against a small minority.
All these taxes, and the gold going down... the dollar not doing anything.
Have any of you guys heard about cash leveraging & tax free entities? Check out my channel. I talk about this type of still relatively unknown cash flow structure in America.
Your ignorant of facts. The davings rate has increased to zero over the past 2 decades, yet our GDP relies 70% on consumption. There's no where to go. government debt is ridiculous. No one wants our treasuries and that will raise the rates on refinancing the debt. Inflation. The dollar has been on a 3 decade decline. Have fun with fiat paper currency.
i think China has big problems and they selling US bonds now. Smart money moving out of China in to USA. You right Peter , life is not fare, people who don't wont work have better benefits from government. We have so many people who drives without insurance, but they all will have health insurance
They are not selling the U.S. bonds yet...because they would be on market and that would drive up the interest rates and decrease the value of the bonds. but you have a good gut feeling...it will happen. And yes, government social programs are terrrible. But rememer, it always reverts to the ending of the gold standard and the creation of the fed.
Read it early and read it often until you can recite it and expound upon it to dispel the massive ignorance that has been heaped upon the American people by those that wish to destroy the basis upon which this country was built. The constitution.
And my other favorite link to expose people to is this:
Slinkycat...I like the thought...but I think question is whether or not more damage can be done by this nature if it comes from a more organized and powerfull government or smaller groups within the populus? The nature remains whether expressed by a few or by an organized bunch...it's just that the organized bunch can not always be kept in check gossip at the barber shops...if the nature is supporte too strongly, it might infringe on your liberties and you might not be able to talk at all.
@MrRayRPh I don't have an answer for you. All I can say is that if there is a solution to these problems, public participation is going to be required. You need to have a critical thinking public, one that is literate and who participates in their community at all levels. One that is not glued to TV, video games, and reality shows. I think the crux of America's problem is there is no meaningful participation by the public in the decision making that affects their lives.
Men collude and come together to restrict free competition and market choice. It's always been like that. Humans are social animals, they cooperate to promote their interests. Rothschild and Rockefeller are no different. They approach politicians, offer them money and support, politicians agree and that is how the game's been played since the days of Genghis Kahn. "Free market" imo is not possible because in order for it to work, you'd have to rid man of this collusive nature. It can't be done.
No, you would have to rid man of using violence to be his brother's keeper (the gun in the room which is gov.) Independent collusion doesn't work, (they tried it and it falls apartment: eventually profit motive feeds > competition) that's why they use gov. (force of guns) to create the preplanned markets (who benefits? follow the $). It's sold as 'regulation' for u'r benefit, truth: a way to keep competition in check, (buz really fears), that's why they use gov (violence) to prevent it.
What we need in this country is a flat tax to remove the teeth from government. The IRS is being used as an enforcement arm and needs a stake driven through it's heart. A tax credit is a tax debit on yourself and others. A tax incentive helps few but costs everybody.
Well said Peter. This death tax is part of the survival of the weakest socialist extremist government thinking that destroys the western worlds economies. I will keep following your blogs from here in the UK. Our government here is also steeling from ordinary free market businesses.
I don'tbuy insurance. What I pay to see the doctor and for meds is less than the ins. Premiem. Major operation? Bangkok Thailand. Cheaper. Gov.health care?I'll use it every week for everything and anything till it goes broke. This country is in a downward spin...
The problem with the argument is at what point does it become fair to break up a business that is handed down from generation to generation. Take the Rothschild family for example, they have been running a 200 hundred year banking scam, they started out as gold traders, and now they own just about everything. They use their inside knowledge of banking to continue enlarging their family's power and control.
slinky "Take the Rothschild family for example, they started out running a 200 year banking scam...and now they own just about everything" :
Stupid, uninformed, racist, hysterical, delusional, ridiculous tripe from a know-nothing idiot who knows as much about world wide finance as Pee Wee Herman.
The Rothschilds wealth is an insignificant fraction of today's modern banking system dominated by huge multinational corporations like Bank of America, owned by thousands, no 1 family runs shi'ite
First, in a free market, you don't have to pay a penny into it if you don't want to. Second, if it is really a scam, the government has every right to prosecute the individuals involved. If they are doing good business though, the owners have every right to give it to whomever they chose.
@xp19375 I understand, however the assumption that a "free market" is going to prevent these problems has no real world basis in fact, historically or today. Men have always colluded with each other, to squash their competition, and those men include people in government. Let's assume anyway that the free market would fix this. If we take the theory to its logical conclusion, there would be NO profit for anyone since anyone could enter the market. Why should people seeking profit allow that?
If I understand you correctly, you say that if the market were truly free, there would be too much competition to make a profit. That is not the case, because not everyone will succeed in a given trade. Some will not be able to compete because they can't offer as high of a quality or as low of a price as others.
People seeking profit must allow competition because it is illegal for them to force their competition out of business, and the government in a free market must allow them to exist.
@xp19375 if there were no barriers to entry into the market, and there is a profit in a given trade, then people would enter that trade until there was no profit to be made. Now take that across an entire economy in every trade with a profit. Eventually you would end up with an economy where there is no profit to be had by anyone. Remember that a free market assumes all have equal access to resources. This is why even if the free market did exist, it would end up destroying its whole purpose.
You assume everyone is perfectly equal and has equal access to resources. That isn't true. People are born with different gifts, affinities, and aspirations. Also, people would not enter a trade if there was no profit to be made. I would not open a restaurant if no one was going to buy my food. A free market does not assume all have equal access to resources, just that the government won't interfere with the voluntary trade between people.
@xp19375 A free market assumes no barrier to entry to markets, so if Rockefeller and Rothschild control the banking and money supply, is that a control of resources or not? No barriers to entry into market means that everyone can enter unhindered, and have the resources available to them to do so.. If you disagree with that, fine, but don't call it a free market because it is not. This is one of the reasons why I don't think a free market could ever exist, because of these barriers.
According to Adam Smith, a free market means that the government will not hinder people from doing what they wish while keeping order and justice. If everyone has access to resources they want, it's technically Marxism.
The type of restriction you talk about is part of a free market. I have the right to not sell you anything I have or make. However, if I do make something, say computers, it is in my best interest to sell them because I make money from it.
@xp19275 Well, if you put it that way, then technically that argument can be used justify a private fractional reserve banking system controlled by families like Rothschild and Rockefeller. They own the system, in which you have to operate, if they want they don't have to do business with you or let you use their private money. This isn't a free market. Look, I like Peter Schiff, I appreciate his analysis. I just don't buy his faith that the "free market" is going to fix things.
Google "Fractional Reserve Banking Rothbard" and follow the first link. Murray Rothbard describes why fractional reserve banking cannot survive for long in a free market, and must have a central bank to survive.
I'd like to hear your thoughts on someone building a business and is now fortunate enough. like yourself, to not have the barriers to market that are in place today that weren't a few decades ago. How is it a free market if the business can be passed to the children and a child without parents of means has to start from scratch with such a high hurdle? The trend toward government supported monopolies and artificial economies of scales challenges the premise of your comment on estate tax.
@skyding8962 why do you gotta be racist its people like you who make black people think in that racist state of mind i'm not black but my brother is mixed and most of my friends are black and no i'm not a thug or a gangster and neither are they so you saying its the black people that's keeping the black people down is just a fucked up statement and honestly i think people like you are whats keeping the black people down "think before you say whats on your racist piece of shit mind"
There should be a flat 20% sales tax on everything you buy. Those who spend the most pay the most, those who spend the least pay the least. If we wanted to generously print out exemption cards for only those who make $10,000 or less per year that'd be fine, but that'd be the limit. With only a sales tax this encourages saving money to avoid paying any tax which would help lazy, immediate gratification Americans save. The rich people who buy expensive homes/cars/jewelry would pay the most.
sharehard, taxes are necessary obviously, less'n you want to fend fer yer self out on the frontier 'gainst the Injuns with no po-lice or military or etc etc.
But, a) it should be a flat tax rate, if you make or spend 100 times more you pay 100 times more, and not one penny beyond that and
b) we should eliminate the whole welfare state, cutting everyone's taxes by half and let them decide their own charity giving, retirement, etc;
everything can be handled by the free market and voluntary relations. Read the Voluntary City. There is no justification or need for using force and threats of violence to take money from people. Alo read Rothbard on this.
This nation had taxes since the beginning...they called it tariffs back then and good old Tom Jefferson, the champion of small government had HIGH TARIFFS!
Want to see when it started? look up the Tarrif act of 1789.
This guy is a shill selling SHIT. FACT, The United States of America didnt start sending jobs overseas in MASS until the 1980s...after the tax of the wealthy became the LOWEST in history.
Low taxes does not create jobs, it puts more money into the hands of your overlords.
Did you realize the Tariff Act of 1789 eventually lead to the civil war, and slavery was used as justification for the union to prevent states from succeeding?Money.... the root of all evil.
Were tariffs part of the reason for the civil war? yes, a small part. slavery was the biggest and the reason southern states didnt want to give up their FREE labor was...to save money.
And you still missed the point. Taxes and jobs have shit to do with each other, lower taxes on the wealth does not create jobs and history proves it...shills like this guy are payed to misinform.
Taxes were lowered in the 80's, and unemployment went down.
When you take away money from a business, they have less to spend, therefore they must cut back - replacing jobs with capital or making their other employees work harder. When you raise the cost of hiring someone, less people are hired.
I suggest you go back and read again. Unemployment in the 80s never dropped lower than any point in the 60s up to the mid 70s.
According to your logic unemployment should be at an all time low seeing as how tax rates are almost 1/3rd what they were pre 70s...and they are not even close.
First, I said unemployment went down in the 80's, and it did.
Second, unemployment is determined by several other factors, including interest rates, minimum wages, employment costs, inflation, etc. Look at it another way. If we raise taxes on a business, it has less money. That's less money to spend on, among other things, employees. To counter this, they start economizing, and that includes laying off workers.
according to government records unemployement by year is... 1979 5,85% 1980 7.18 1981 7.62 1982 9.71 1983 9.60 1984 7.51 1985 7.19 1986 7.00 1987 6.18 1988 5.49 1989 5.26 pre 1970 unemployment went up over 5.6% three times since 1948. So, no...you know nothing about employement and taxes.
7.51 is less than 9.60, that means unemployment was going down. Notice the downward trend after 1983.
Yes, there was a recession in the early 80's, primarily caused by the restriction of the money supply by the Fed to end inflation. Inflation dropped, but there was a recession.
I said at NO POINT during the 80s did the unemployement rate drop lower than the decade BEFORE the tax rates on the wealthy dropped.
And I proved you even MORE wrong by the fact that the unemployement rate only went above 5.6% (still .1 lower than the lowest in the 80s) only 3 times since 1948.
So tell me, if taxes and employement go hand in hand why has it been always higher since their tax rate was cut by 2/3s? yeah...learn some.
@RuflessRecords If you need to spend 50% of your budget on basics you would feel a 20% pinch far more on your wallet when it comes to quality of life then someone who requires 10% of their budget on basics.
Since our civilization requires people to do these jobs to exist.
ulgrum, I've heard this bleeding heart stuff before, and I'm willing to generously concede a total exemption for people who make below 10,000 maybe even 15,000, but that's the complete limit. It's tougher being poor, you should never pay a higher % than the rich, but not a lower one either. Just much much much less in dollar amount of taxes paid. The graduated tax system punishes the poor for getting raises, getting up to middle class, getting up to upper middle class. 1 Sales rate for all.
You know there are studies that say if we had a flat tax of as little as 18% for anyone making over 50k. No deductions The Government would have twice as much money and we would all be better off. If we cut our corporate tax in half we could attract more business and grow existing business. If you developed a product to be sold worldwide would you open your factory here where corporate tax is 38% or in ireland where it is 12%
quiz, sounds great, here's a problem I came up with though on throwing out all income tax returns, and income taxes and instituting a flat sales tax...how do we stop people buying just across the border or elsewhere to avoid paying taxes? We'd need to do something like charge a tax on anything our citizens try to bring back from other countries. To make it impossible to avoid paying up on purchases.
If you're for a flat tax either way, a sales tax is no more "unfair" to the poor than an income tax. In fact, the little that the poor could save would be untaxed, whereas with a flat income tax, everything they earn would be taxed. If you put in an exemption for those making under 15000 or so, you could do the same with a sales tax, give out exemption cards they could have scanned with their ID on purchases to avoid the tax. But, I think the poor should pay the same %.
@RuflessRecords: yes, but that's an incentive for poor people to try to gain more income by bettering themselves for the betterment of their community. otherwise, they are where they are for a reason.
stones, yeah, the current tax system increases the % tax burden on you as you go from poor to lower middle class to middle class which is really stupid. You should still be paying the same % in taxes after you get the raise, you'd be paying more overall since you have more to be taxed, but you shouldn't be penalized for achieving, this is the opposite of what US policy should be. Charity should be private, yeah, someday we'll give everyone a 60% tax cut and let them decide their charity giving
@sylvestermoore You say because of there skin they can't make it. That is racist.
Let me make a quick guess, you are of higher education right? So you undoubted fell into all the racist bullshit they taught at college. You see to the average normal American, race means nothing. The fact that you are still so set on race leads me to believe you are a racist.
I am one of those who was born attractive. So there. It took me a long time to realize that there is more to life than being really, really, really, really good looking.
It's not jealousy. I am not envious of rich people because I really don't desire to be rich. I desire to be comfortable and worry free.
Think about it, the very rich are the biggest beneficiaries of organized protected society. If gov broke down who do you think would be the first to have a mob at their door? Who benefits from the court system the most? Private property? Police protection? etc, etc, etc.
The illusion that everyone can become Bill gates is a complete lie.
The overwhelming majority of people in this society are wage slaves and will only be wage slaves all their lives, Once they grow old they find themselves in a pile of debt that they could never pay off.
kingmafi, anyone who saves 5% or more of their paychecks starting young can be rich when they retire. It's simple math and capitalization over time. This applies to about 95% of the population. If you eat Taco Bell or watch cable tv or use a cellphone you have extra money to save up for yourself and could be enjoying a better and better lifestyle decade after decade.
kingmafi, math works that way, get someone to teach you it sometime.
O the wonders of capitalization.
Even with all the ups and downs of the stock market included, the market's averaged 10% return per year over the last 75 years, if you put in 2000 yr/ or less than 40/wk, at that rate you would have $361,886 in 30 years and $596,253 in 35 years.
$2,000/yr is 5% of a $40,000/yr job.
Cut half your luxury spending (pets, fast food, cable, cellphone) and invest it instead.
even an unskilled worker can save for retirement and there is absolutely no need to take on debt unless you want to.
if some one is dumb enough to have a pile of debt they could never afford then they can just default and the lenders will sufffer more for making loans that should not have been made. "wage slaves" in america have standards of living that are incredibly high compared to historyand the rest of the world. Most of them are home owners, car owners, overweight.. what terrible lives!
Remember the WWII veteran, Bob Durst, a custodian at Casper College? When he passed earlier this year, he left his life savings, $1,074,600.00 to the college. He never took a vacation.
I don't hate them, I just think it gives them disproportionate power. Furthermore, I think that the richer someone is, the more they benefit from society and gov services and the death tax makes them pay for what was made possible for them.
Years ago in Cincinnati a very old lady rolled her car and died. People came to the car and stole her jewelry right off her dead body and riffled through her purse. People were outraged and disgusted, but what's the difference between that and the government taking our money when we die with the death taxes?
How about NO income tax. Corporations can be legally taxed and that would give the gov more than enough revenue. Sales tax is the most regressive tax there is and hurts the poor the most.
Get everyone OFF the Jews USURY system and get back on the Gold Standard.
Printing FAKE money keeps the economy down.
Make governments, local and federal, live within a budget that working people can afford and STOP giving our SWEAT EQITY (aka EXTORTION by TAXATION) away.
Death tax should not be collected. However, high income taxes should be the main source of government taxes. Why they gain the most benefit from society. They should double the income taxes to 30% and eliminate all the deductions and credits. Cutting income taxes is really and evil thing to do. End the fed, fdic, fannie mae/mac. And move banking to reits. Then implement a gold/balanced budget amendment and full reserve banking.
glad to hear you don't want to bomb iran, however, you have lots of angry people! is there any way you could mention your actual position on iran in your next vlog?
Private health insurance does not make sense. You go to Yellowstone get bitten by a Grizzly. Now don't you expect to be taken to the hospital and treated with qualified care? Everyone is going to the same hospital. Everyone is using the same doctors. Who pays for it? What limits the cost the hospital charges? IMHO, the local area should pay for the hospital and doctors. Otherwise the doctors could charge $1 million to set a knee.
Mr. Schiff. I think I found a loophole to allow people nationwide to help finance your campaign. Write a book, and claim all revenues will go to the campaign. Many politicians gain all their wealth from writing books: Clinton, Hitler, Palin come to mind. Bloomberg finances his own campaign, thus it should be legal to use book revenues.
Great, now you have to pay $750 just to be free in the United States. Anyone know how I can move to Singapore? lol
adulby 6 months ago
irst time watcher here. wish id found this channel earlier
Priddik 1 year ago
This has been flagged as spam show
SchiffReport my msn in profile! interest rates, death tax, health care
sexykatie90 1 year ago
This has been flagged as spam show
There is a high probability to date a single mom here naneedj.info
tilanesaram 1 year ago
Thumbs up! In Sweden there's a related horror story, the death of the founder of Astra, a big pharmaceutical company. The daughters inherited his shares in the company, but they had to tax them (in cash!), so they sold shares (a lot), the stock plummeted and after having sold them all, there still weren't enough to cover taxes. The estate went into bankruptcy, many millions indebted to the Swedish state. Even the social democratic government saw the stupidity and abandoned the inheritance tax.
rexdeodium 1 year ago
huhutag und nacht träume ich davon dass sich jemnd findet der mich vor meiner langweile erlöst^^
TishaShields203 2 years ago
hmzhat jemand Lust mit mir zu chatten bin wieder Einsam und gelangweilt
MrJadamccaddens 2 years ago
Schiff you have this Senate race in my opinion, I am going to send you money and help with your election.
knowledgebased2000 2 years ago
i agree. everyone is born with what they have (or do not have) for a reason. everyone has a purpose as part of the good of the whole world, whether they realize it or not.
stonescourt3 2 years ago
These healthcare "reform" bills are just rewarding Insurance Companies. I can't believe people don't see that. Government already sets the prices for 1/2 the healthcare sector directly and the other 1/2 indirectly. The control production and consumption thru regulation and mandates. They have done a lousy job of keeping cost down. Because those regulations and mandates usually benefit the healthcare industry and politicians pockets at the consumers expense. Get the Gov. out of healthcare..
quizerry 2 years ago 2
Peter I just watched your full banker speech from '06 for the first time [i have watched smaller debates, interviews, etc from that time]. You were dead on. Not only that, but your core message has not changed and it remains true today. Keep up the good work, I support you!
mtwood992211 2 years ago
Japan has socialized insurance with price controls. They spend half what we do, have twice as many MRIs, 3 times as many doctor visits, all while boasting the best health statistics.
The Swiss had a system with powerful drug and insurance companies before reform. After a referendum they prohibited the insurance companies from making a profit, but kept supplemental insurance privatized. Overall spending was cut, but the Swiss still spend 11.6% of GDP on health, the 2nd most behind the U.S.
mesmeriffic 2 years ago
You have to consider they live much healthier lifestyles. They are also one culture countries. The U.S. is unique it is hard to compare if you consider other aspects. Like we have more crime,auto accidents, drugs, alcohol, and obesity which add to our higher healthcare cost. We have diverse diets that add to higher health incidents. Our problem of high cost lies in Gov. regulations that benefit politicians as well as the healthcare industry at our expense.
Gov. allows huge profits
quizerry 2 years ago
The Senate health care bill is a massive $450 billion bailout for private insurance companies that will drive health insurance premiums and taxes higher while reducing quality. We may have a private market but private isn't free market when the Government calls all the shots.
In a true free market consumers would be driving prices and quality not the Government.
quizerry 2 years ago
Regardless of health statistics, Japan's system spends less and gets more than the U.S. in terms of services.
Same with Britain. Their NHS spends 8.3% GDP on healthcare, covers everyone, and has zero co-pay on general and vital care. Their preventive care system rewards doctors up to double their salary in bonuses if their patients stay healthy, reducing overall costs. All while numerous studies show that 95% of NHS users rate the system as great to excellent.
mesmeriffic 2 years ago
@mesmeriffic The problem they have as well as the U.S. is overutilization of insurance or government healthcare. When 3rd parties take care of you health dollars people tend to abuse the system. In the U.S. we are issued more unneeded drugs then anywhere. Why because our insurance pays for it. We run to the Doctor for a scratch or common cold. Why because insurance pays for it. We don't even know what it cost.
quizerry 2 years ago
if inheritance is such a good thing, why dont we allow NFL players to let their children take their places once they retire? we dont...because they have to earn it just like everyone else! life isnt fair, but what you are arguing is that life is fair for the rich... to inherit and not to earn it?
giroguy22 2 years ago
@giroguy22 If you parents started a business and worked 60 hours a week to succeed and grow the business. Paid the quarterly taxes, payrole taxes, fica,mica taxes. Real estate taxes, corporate taxes, sales taxes,profit taxes. Not just provided income and livelyhood for you but several other families employed by them. Now you work that business with your parents and then tragically the pass away. You are now stuck with 50% inheritance tax and can't pay it and stay in business. Everyone looses.
quizerry 2 years ago
@quizerry what a very big reply with very little substance! like peter said life isnt fair!!! i didnt earn it so it isnt mine, but....if i worked hard and saved then i could afford to cover the inheritance tax gap?? and if not, someone else who has worked hard and saved could buy the business from the gov and then that money could be wiped from the system by the gov...legacy wealth and making money from having money hurts us all, why cant you see that?
giroguy22 2 years ago
If you are an average worker who works hard for 30 years and pays that 12.5% into SS you collect a check up on retirement from SS. However if you pass away while on SS. You pay a 100% death tax because the Government get all that money you paid in.. Now, If you had taken that money (12.5%) and invested it in stocks bonds and IRA you would have close to a million dollars of legacy to leave to your children. So how do you like paying 100% death tax?
quizerry 2 years ago
hello peter, i find it hard to believe that you think legacy wealth is a good idea. it is obscene, just like a monarchy or dynasty! the only thing different between a family that benefits from legacy wealth and a family that is a monarchy is the name! i would love for you to address this.
giroguy22 2 years ago
The death tax is an unfair levy that punishes success, discourages savings and kills jobs.The death tax discourages economic growth by reducing savings and investments. Other Nations figured out the death tax does alot of damage in a competitive global market. Hong Kong China, Austria, Sweden, Russia, New Zwland are a few who have abolished the death tax. They all founf it is senseless to penalize wealth creation. It is bad economics and grave robbing by the IRS
quizerry 2 years ago 2
@giroguy22: there was a time when people in the U.S. were able to pursue happiness, which includes wealth. it's not yours, it is theirs--they earned it. but as quizerry stated, it is unfair to levy only wealthy because it punishes success, which is exactly what the NWO wants so they get to set up an "agency" to oversee this task and all the while making money off it.
stonescourt3 2 years ago
On Health Care - This is the usual Democrat / Liberal approach.
They care absolutely NOTHING about the actual result of their actions, their legislatioon.
They only care that they are putting their good intentions on display. Good intentions are all that really count. Actual results count for nothing.
As Peter has pointed out, this legislation cannot possibly be anything but a royal disaster. This is obvious to anyone who thinks one step ahead.
It's maddening to watch the ongoing wreck.
averagejoe040 2 years ago
Actually, problem may solve itself eventually.
Big Money is getting their cake, eat it and use the system make tax payers pay for their privilege.
Big Money and Big Government allow really Big Deals to be made behind close doors.
This is because apparently, most mainline media were bought up by Big Money according to some postings.
So without the internet, there is less and less accountability / transparency.
But once Martial Law, Big Money may also become Big Victims as they are Big Loot.
CommanderUTube 2 years ago
@CommanderUTube Big Insurance Company Money has bought off the Dems to NOT allow purchasing across state lines which would create huge competition and force companies to reduce premiums. In Ky a plan cost $450 a month, that same plan in Ma. cost $1200 a month. What if we could all shop nation wide for that cheap plan. We'd have hundreds competing for our business instead of the handfull that hold the monopoly in your state or city.
quizerry 2 years ago
What you described is the use of the state laws to restrict competition on the basis that only registered biz within the state and answerable to state laws should supply the services. It becomes the wrongful use when the conditions for registration favor only the Big Boys and enhance their monopolistic network
CommanderUTube 2 years ago
Gimme gimme gimme! I'm a fat, lazy, unemployed, uneducated, male that deserves for the hard working, educated worker to pay for my insurance so I can be a jerk to them when I go see the Dr. or Dentist!!! Holla!!
StopTheCorruption1 2 years ago
This has been flagged as spam show
Peter Schiff is an idiot. He correctly saw the economic meltdown coming and then stupidly proceeded to invest such that he lost 70% of his portfolio. That is like a physician correctly diagnosing a patient with heart disease and then stupidly prescribing flu medication. What a dumb douchebag!!!
shahen13 2 years ago
Peter i recently ordered some gold online from APMEX a few days ago. Is this better than something like storing gold in a vault in london or switzerland, or am i doing the wrong thing. And when i receive my gold should i keep it at my home or rent out a safety deposit box. i dont know which is safer since banks are corrupt. and someone could rob my house and it could be lost. What should i do? if someone reading this comment can help me decide. please let me know
drummer4life534 2 years ago
Even though I believe that your gold was a good buy, you should really put more thought into this type of purchase. How much is 'some' gold? Is it worth the cost for insured transport abroad? Personally, I wouldn't use a deposit box. And if it's going to get as bad as I think it will I would start thinking about securing my house better! Good Lucky Drummer
tizacat 2 years ago
@drummer4life534 First of all if your gonna keep gold at your house never mention the fact that you own gold. You can keep
gold at the bank at a deposit box ,but you won't be able to see it at all times.
B0rnAl0neDieAl0ne 2 years ago
You chose a good place, apmex generally has the best prices and delivery.
Spend some time and/or money to create a fully secure place to hide your stash. Example: Add a removable but secure elbow pipe somewhere that looks like it is an integral part of the plumbing... or bury it deep inside your shed or barn or elsewhere non-obvious and too deep for metal detectors. Make sure your home insurance covers it, as it should (keep your receipts). Alternately, consider a private vault company.
honestann 2 years ago
we get taxed when we live and we get taxed when we die..nice
sparky41684 2 years ago
Obama said,"welfare benefits eligibility could dramatically increase welfare rolls, thus creating a bureaucratic and fiscal crisis. In turn, this would lead to the replacement of public assistance programs that currently existed with a guaranteed annual income for all people".
The more people on welfare kills the banks. Take the banks down, you destory America.
That's what Obama meant when he said, "I'm 5 day's away from changing America as we know it".
MrSTANDFORAMERICA 2 years ago
Wait a second, I thought you were against the bank bailouts. Now you don't want them to fail? Huh?
If it takes down the banking system, wipes out their bondholders, wipes out their shareholders, thus making all such "investors" reawaken to the idea of risk and actual responsible underwriting... isn't that good?
yadayadayyada2006 2 years ago
The banks were not going to fail. Not any of the ones that took the bailouts. everyone of them said they really didn't need it. But hey, Obama was handing out free money. With a great interest rate.
Now as for the banks to fail. No that would destory the country. If ever bank went down today. No company could do business. It would force the whole country to depend on the government.
do you want the government to say how much you can make in a year? Or how many kids you can have?
MrSTANDFORAMERICA 2 years ago
(cont) that's called communism. I havaen' had 1 fee tacked on me for 30 years. Why? I haven't broken any part of my agreement. It's those that don't read the fine print that get caught up in all those fees.
If there's fee as part of an account, stay away from it. If you take out a loan and knowing you don't have the money to pay it back, don't borrow it.
Unlike obama, borrow billions from china in hopes of making a healthcare law with trillions in taxs to pay it back with.
MrSTANDFORAMERICA 2 years ago
I'm a big fan and even expect I'll contribute to your campaign. Nevertheless, neither you nor anyone on the right has proposed a single concrete credible solution to the USA's insanely high health care costs. I'm a superfit 45 year old with no health issues. Yet GWU Hospital recently informed me that -without insurance coverage- they would charge me "between $450-$650" to meet briefly with a doctor to get a prescription for a $12 medication. Solve that problem.
yadayadayyada2006 2 years ago
Order it on the internet like I do. :p
1776Rosco 2 years ago
How can a declining corrupt aging empire like America keep suckering people into paying their bills?
The whole world knows you're bankrupt beyond imagination so how much longer can this ponzi scheme work for these corrupt politicians?
brotherjupiter 2 years ago
WAKE UP AMERICA.......... Obama is a WAR CRIMINAL and a LIAR... Youtube: THE NEW WORLD ORDER, SKULL and BONES AND JOHN PERKINS....
everett26 2 years ago
A nitpick but I think worth mentioning: Fathers & grandfathers start businesses, but mother & grandmothers do so as well.
soc993 2 years ago
Collectivism, Liberalism, Communism, Socialism, it's all the same shit. "Cannibalism".
People feeding off other people because their to lazy or selfish to produce for themselves...
CapitalExchange 2 years ago
This has been flagged as spam show
Recommend you guys go to YouTube site 'KingWorldNews' for the David Tice interview dated 12-19-2009. David provides an excellent commentary on what is to come economically for the United States.
thirdcoastguy 2 years ago
As usual you are right on Peter. Keep up the good fight my friend.
MaHaRushie 2 years ago
Gold. What the hell do you do with GOLD come a Great Reccession?
If we hit a major economic collapse, you will want my protective services because, like in Mexico, the biggest threat is kidnappings and civil unrest. The RICH are always kidnapped. My wifes gf was kidnapped....$2 million paid out in Mexico City. She was released but that was what was strange...most of the time when the money is rec´d, they kill the victim to preclude any potential evidence.
Rata4You 2 years ago
It's really not going to matter in a couple of weeks.
Wait till the information starts coming out about Obama,in mid January.
I'd be more concerned with the civil unrest that is going to break out right here in the good old US ofA.. YUP!
Unemployment is going to go through the roof. And the lies they have been hiding.are going to unfold in about a 2 or 3 week window. much ahead.
when people are hungry and "think" they cant get food.watch how they will behave towards each other!
213rapture 2 years ago
Just like in Mexico. Kidnappings will go up. And you know, its not actually Obama´s fault since he only arrived 12 months ago. The entire system is geared to favour China. They are owed $2 trillion and they keep loaning the money because without the communists help, America collapses and cops dont get paid. No American wants to pay taxes to pay off the extortion and so the slide continues and jobs continue to run to china. There is nothing you can do about it. This is pure capitalism.
Rata4You 2 years ago 2
Thank you for posting this -
Merry Christmas
Love Liberty & Peace*))
campaign4liberty 2 years ago 2
The middle class and poor have an instinctive distrust of these huge blocks of money and the aristocratic families who own it. This constantly growing snowball of wealth that rolls down through the generations has a nasty habit of squashing working class people. The inheritance tax is a pathetic attempt to put some kind of limit on these vast empires. Unfortunately it didn't work. These super rich created the federal reserve and now they basically own the government. We lost, a long time ago.
vention4wh 2 years ago 2
Peter, Can you explain the Health Care Bill, Thank you.
HILL1776BILLY 2 years ago
This guy will never get elected. He's got too much common sense.
elgcpa 2 years ago 4
We can't accept that negativity... I think Schiff is a financial genius and our country really needs him, badly. Otherwise America might lose a lot of its wealth because of our currency and debt
Adahondeayenh 2 years ago 2
@elgcpa I disagree. More and more people are waking up. More people understand the role the FED played in our financial crisis. Peter is beating Chris Dodd head to head so Peter just needs to get the nomination to get elected.
ciottini 2 years ago
It would help if people would e-mail Rush Limbaugh (like him or not) requesting Schiff on the show. It would be free publicity to a "qualified" audience. I think Peter actually mentioned this on Unspun a few weeks ago. I already e-mailed my request to Rush.
LuvDestinFL1 2 years ago
Rush does not have guests except on rare ocasions.
endo1ver 2 years ago
Comment removed
myebay4u 2 years ago
Endo - Thank you. I am unable to tune in much and have rarely heard guests myself...all the more reason to request Schiff. If enough people email him, it will be to Rush's benefit to have Schiff on air, just for the ratings increase. My guess is if everyone who reads the comments of this vid took 2 minutes to type a quick e-mail, it would happen. Every person who e-mails Rush represents a percentage of the population who would like to hear Schiff on air, but doesn't have the time to e-mail.
LuvDestinFL1 2 years ago
I like Schiff and hope he wins. My comment was referring to the stupidity of the American people. How else do you explain the community organizer becoming President?
elgcpa 2 years ago
Congratulations on seizing your opportunities. Apparently you did have a chance after all.
Rather than telling me and others that we have no chance, you ought to use your experience to help others to spot the abundance of opportunities around them and help them seize those opportunities to make their world better.
joesub 2 years ago
Not many will argue that "HEALTH CARE" reform is necessary. A lot will argue how to do it. Mandatory health insurance is simply continuing to perpetuate the problems just on a grander scale in my opinion. We need to do an analysis of the entire system and find it's faults, then fix the faults.
cooperbry 2 years ago 2
Insurance has been demonized to be the scape goat.Insurance is good, when it is used properly.We dont use car insurance to fix a flat tire, or homeowner's insurance to mend some peeling paint.Health insurance should not be used for typical medical expenses, it's FOR CRISIS ONLY.
Drs cost too much,so increase the supply.Accept the top 2% (instead of 1%) and the supply will double,prices will drop (and I believe quality will not suffer significantly).
Tort reformation is needed too.
VaticansHolocaust 2 years ago 4
This comment has received too many negative votes show
Schiffty Pete the neocon.
Does his plan to attack Iran have anything to do with his prediction that the price of gold will rise to $5,000 per ounce?
AtlasShruggery 2 years ago
I remember you saying that gold would go to $5,000 but it's getting hammered back below $1,000
TyredUvBS 2 years ago
Give it time... Gold is in a multi-year bull market, and will continue to make gains every single year. On average when interest rates are 0% (which they are) gold goes up 30% / year.
Adahondeayenh 2 years ago 2
This comment has received too many negative votes show
This guy is a Democrat leftist acting like he's nice. It's all BS for his and the Democrats own gain.
TheNewVideo 2 years ago
"Life's not fair".
Lazy stuff Peter.
speirsz 2 years ago
Agree and disagree. Tax shouldn't be paid twice.
However It is possible to object to inequality, not out of "jealousy" as you crudely put it, but because inequality degrades society which impacts on us all.
speirsz 2 years ago
This comment has received too many negative votes show
Sorry Schiff I disagree with you.
I am in 100% favor of the death/estate tax. Being born to a rich family is NOT a talent like being an Artist, or Musician.
Tax the weathly, spread the money to those who need it more. Charity starts at home and the weathy need to give too, even in death to help others.
Ineedtoshortenmyname 2 years ago
@Ineedtoshortenmyname
Oh so a parent should not be allowed to generate wealth for a child. With this kind of twisted logic that you for some odd reason adhere to, it would make sense for an old person to generate as much debt as they can possibly finance in order to live life to its fullest. In turn you get left with debt at death, how does that possibly build wealth for america?
TrueUSAPatriots 2 years ago 8
Taxing the wealthy to spread money to those who need it more isn't charity, it's theft.
kstaylor98682 2 years ago 8
You're missing the fact that America is great precisely because it gave the common man an opportunity to compete on an equal playing field. The British developed a decadent upper class precisely because they allowed inbred nonproductive noncompetitive behavior.
rhess595 2 years ago
No moral basis exists for involuntary taxation -- income taxation, estate taxation.
These kinds of taxes amount to theft of a man's life, even after his death.
These kinds of taxes should be enough for Americans to rise up and revolt.
These kinds of taxes are far worse than the taxes imposed on Colonial Americans by the evil King Geroge III.
Why are Americans so asleep?
TruthAxe 2 years ago
You are exactly right ON the mark. Our goal should be to tax the government for shoving down our throats the more taxation of it's citizens.
TheNewVideo 2 years ago
Its funny because Bill Gates father supports the estate tax. He feels as he owes the people that made him a success.
As for the health bill I agree it is very bad. Yet the Republicans watered this bill and are now bashing it?
I mean come on!
MoTiOn718 2 years ago 3
Life is not fair, get over it all of you crybabies and haters. Grow up.
2uberu 2 years ago
this guy should be a barrister not an economist
manc34a 2 years ago
This is pure nonsense. Less than 15,000 estates a year have to pay any tax at the time of death, while every year 2.5 million people die. A vast majority of small business owners never become millionaires. Schiff has some good advice sometimes, but he's being dishonest here.
deanklear 2 years ago
@deanklear lol, deanklear. douche
nVei06 2 years ago
@deanklear: Taking from others what they have produced is theft. Taking form a millionaire is still theft. Stealing does not become moral simply because one steals form an individual who was successful. It does not matter if there are 15,000 estates or If there is only one estate that is taxed; that is still one too many. Immoral activity does not become moral simply because it is carried out only against a small minority.
joesub 2 years ago
@joesub here here. I have two thumbs. I want to thumb up this comment twice.
NicoBanTyralash 2 years ago 5
All these taxes, and the gold going down... the dollar not doing anything.
Have any of you guys heard about cash leveraging & tax free entities? Check out my channel. I talk about this type of still relatively unknown cash flow structure in America.
ProfusionPrince 2 years ago
I hate the estate tax. It's grave robbing.
mcgrawtim123 2 years ago 5
@t2673 The "Holy Roman Empire" takes out Iran and as far as my supporting Schiff
goes I SUPPORT HIM 100%
When BIOF ran I gave 5K and when PPBL runs he's getting 7K and there's no talking me out of it.
PPBL-- see a chart @ barchart / bigchart dot etc Low float and forming a triangle.
Put PPBL on your streamers because someone is out to move this thing and yes I am very aware that it is OTC but this this one is bangin' up.
Gun it and run it GO SCHIFF!!!!!!!
havoctrend 2 years ago
This comment has received too many negative votes show
Gold is going to zero. Sell gold, buy dollar before it is too late!
jay1wo 2 years ago
Your ignorant of facts. The davings rate has increased to zero over the past 2 decades, yet our GDP relies 70% on consumption. There's no where to go. government debt is ridiculous. No one wants our treasuries and that will raise the rates on refinancing the debt. Inflation. The dollar has been on a 3 decade decline. Have fun with fiat paper currency.
dak9779 2 years ago
can you make a video on dividends that are paying upwards of 7%
shakaama 2 years ago
my gold target is 1050 , we will be there tomorrow
lilidk6150 2 years ago
who predicts an asset that short term?...go longterm bud.
dak9779 2 years ago
i think China has big problems and they selling US bonds now. Smart money moving out of China in to USA. You right Peter , life is not fare, people who don't wont work have better benefits from government. We have so many people who drives without insurance, but they all will have health insurance
lilidk6150 2 years ago
They are not selling the U.S. bonds yet...because they would be on market and that would drive up the interest rates and decrease the value of the bonds. but you have a good gut feeling...it will happen. And yes, government social programs are terrrible. But rememer, it always reverts to the ending of the gold standard and the creation of the fed.
dak9779 2 years ago
Have you check 10 yearTreasury notes lately? I am not working for GS to be able to predict long term.
Thank you
lilidk6150 2 years ago
cato . org /research /articles /cpr28n4-1 . html
Read it early and read it often until you can recite it and expound upon it to dispel the massive ignorance that has been heaped upon the American people by those that wish to destroy the basis upon which this country was built. The constitution.
And my other favorite link to expose people to is this:
wimp . com /thegovernment
kmg501 2 years ago
Slinkycat...I like the thought...but I think question is whether or not more damage can be done by this nature if it comes from a more organized and powerfull government or smaller groups within the populus? The nature remains whether expressed by a few or by an organized bunch...it's just that the organized bunch can not always be kept in check gossip at the barber shops...if the nature is supporte too strongly, it might infringe on your liberties and you might not be able to talk at all.
MrRayRPh 2 years ago
@MrRayRPh I don't have an answer for you. All I can say is that if there is a solution to these problems, public participation is going to be required. You need to have a critical thinking public, one that is literate and who participates in their community at all levels. One that is not glued to TV, video games, and reality shows. I think the crux of America's problem is there is no meaningful participation by the public in the decision making that affects their lives.
slinkycat321 2 years ago
Men collude and come together to restrict free competition and market choice. It's always been like that. Humans are social animals, they cooperate to promote their interests. Rothschild and Rockefeller are no different. They approach politicians, offer them money and support, politicians agree and that is how the game's been played since the days of Genghis Kahn. "Free market" imo is not possible because in order for it to work, you'd have to rid man of this collusive nature. It can't be done.
slinkycat321 2 years ago 2
No, you would have to rid man of using violence to be his brother's keeper (the gun in the room which is gov.) Independent collusion doesn't work, (they tried it and it falls apartment: eventually profit motive feeds > competition) that's why they use gov. (force of guns) to create the preplanned markets (who benefits? follow the $). It's sold as 'regulation' for u'r benefit, truth: a way to keep competition in check, (buz really fears), that's why they use gov (violence) to prevent it.
LibertyJedi 2 years ago
What we need in this country is a flat tax to remove the teeth from government. The IRS is being used as an enforcement arm and needs a stake driven through it's heart. A tax credit is a tax debit on yourself and others. A tax incentive helps few but costs everybody.
ss442es 2 years ago 2
Taxation is dishonest. I prefer to say inflation is theft. Yet the government don't get prosecuted for it.
hitman40912 2 years ago 2
Well said Peter. This death tax is part of the survival of the weakest socialist extremist government thinking that destroys the western worlds economies. I will keep following your blogs from here in the UK. Our government here is also steeling from ordinary free market businesses.
hitman40912 2 years ago
I don'tbuy insurance. What I pay to see the doctor and for meds is less than the ins. Premiem. Major operation? Bangkok Thailand. Cheaper. Gov.health care?I'll use it every week for everything and anything till it goes broke. This country is in a downward spin...
plyadies 2 years ago
The problem with the argument is at what point does it become fair to break up a business that is handed down from generation to generation. Take the Rothschild family for example, they have been running a 200 hundred year banking scam, they started out as gold traders, and now they own just about everything. They use their inside knowledge of banking to continue enlarging their family's power and control.
slinkycat321 2 years ago
slinky "Take the Rothschild family for example, they started out running a 200 year banking scam...and now they own just about everything" :
Stupid, uninformed, racist, hysterical, delusional, ridiculous tripe from a know-nothing idiot who knows as much about world wide finance as Pee Wee Herman.
The Rothschilds wealth is an insignificant fraction of today's modern banking system dominated by huge multinational corporations like Bank of America, owned by thousands, no 1 family runs shi'ite
RuflessRecords 2 years ago
First, in a free market, you don't have to pay a penny into it if you don't want to. Second, if it is really a scam, the government has every right to prosecute the individuals involved. If they are doing good business though, the owners have every right to give it to whomever they chose.
xp19375 2 years ago
@xp19375 I understand, however the assumption that a "free market" is going to prevent these problems has no real world basis in fact, historically or today. Men have always colluded with each other, to squash their competition, and those men include people in government. Let's assume anyway that the free market would fix this. If we take the theory to its logical conclusion, there would be NO profit for anyone since anyone could enter the market. Why should people seeking profit allow that?
slinkycat321 2 years ago
If I understand you correctly, you say that if the market were truly free, there would be too much competition to make a profit. That is not the case, because not everyone will succeed in a given trade. Some will not be able to compete because they can't offer as high of a quality or as low of a price as others.
People seeking profit must allow competition because it is illegal for them to force their competition out of business, and the government in a free market must allow them to exist.
xp19375 2 years ago
@xp19375 if there were no barriers to entry into the market, and there is a profit in a given trade, then people would enter that trade until there was no profit to be made. Now take that across an entire economy in every trade with a profit. Eventually you would end up with an economy where there is no profit to be had by anyone. Remember that a free market assumes all have equal access to resources. This is why even if the free market did exist, it would end up destroying its whole purpose.
slinkycat321 2 years ago
@slinkycat321
You assume everyone is perfectly equal and has equal access to resources. That isn't true. People are born with different gifts, affinities, and aspirations. Also, people would not enter a trade if there was no profit to be made. I would not open a restaurant if no one was going to buy my food. A free market does not assume all have equal access to resources, just that the government won't interfere with the voluntary trade between people.
xp19375 2 years ago
@xp19375 A free market assumes no barrier to entry to markets, so if Rockefeller and Rothschild control the banking and money supply, is that a control of resources or not? No barriers to entry into market means that everyone can enter unhindered, and have the resources available to them to do so.. If you disagree with that, fine, but don't call it a free market because it is not. This is one of the reasons why I don't think a free market could ever exist, because of these barriers.
slinkycat321 2 years ago
According to Adam Smith, a free market means that the government will not hinder people from doing what they wish while keeping order and justice. If everyone has access to resources they want, it's technically Marxism.
The type of restriction you talk about is part of a free market. I have the right to not sell you anything I have or make. However, if I do make something, say computers, it is in my best interest to sell them because I make money from it.
xp19375 2 years ago
Adam Smith needs to be taught in schools
dak9779 2 years ago 4
@xp19275 Well, if you put it that way, then technically that argument can be used justify a private fractional reserve banking system controlled by families like Rothschild and Rockefeller. They own the system, in which you have to operate, if they want they don't have to do business with you or let you use their private money. This isn't a free market. Look, I like Peter Schiff, I appreciate his analysis. I just don't buy his faith that the "free market" is going to fix things.
slinkycat321 2 years ago
Google "Fractional Reserve Banking Rothbard" and follow the first link. Murray Rothbard describes why fractional reserve banking cannot survive for long in a free market, and must have a central bank to survive.
xp19375 2 years ago
@slinkycat321
You put your finger right on the problem - collusion - "crony capitalism"
We expect businesses to chase profits and try to run the competition out of business.
This is good and natural free market behavior.
We expect government to be the watchdog that makes sure businesses fight fair with each other.
They are supposed to regulate and settle disputes.
The system has broken down.
People are not playing their proper roles.
Dodd, Frank, Raines, etc should be in jail.
averagejoe040 2 years ago
I'd like to hear your thoughts on someone building a business and is now fortunate enough. like yourself, to not have the barriers to market that are in place today that weren't a few decades ago. How is it a free market if the business can be passed to the children and a child without parents of means has to start from scratch with such a high hurdle? The trend toward government supported monopolies and artificial economies of scales challenges the premise of your comment on estate tax.
imataxslave 2 years ago
This has been flagged as spam show
I GOTTA THIN DIIIIIIICCKKK
detlion107 2 years ago
@skyding8962 why do you gotta be racist its people like you who make black people think in that racist state of mind i'm not black but my brother is mixed and most of my friends are black and no i'm not a thug or a gangster and neither are they so you saying its the black people that's keeping the black people down is just a fucked up statement and honestly i think people like you are whats keeping the black people down "think before you say whats on your racist piece of shit mind"
raycrs420 2 years ago
There should be a flat 20% sales tax on everything you buy. Those who spend the most pay the most, those who spend the least pay the least. If we wanted to generously print out exemption cards for only those who make $10,000 or less per year that'd be fine, but that'd be the limit. With only a sales tax this encourages saving money to avoid paying any tax which would help lazy, immediate gratification Americans save. The rich people who buy expensive homes/cars/jewelry would pay the most.
RuflessRecords 2 years ago 2
taxation is theft. It is the initation of force.
sharehard 2 years ago
Fire fighters are theft, Police are theft, Roads are theft
style500 2 years ago
sharehard, taxes are necessary obviously, less'n you want to fend fer yer self out on the frontier 'gainst the Injuns with no po-lice or military or etc etc.
But, a) it should be a flat tax rate, if you make or spend 100 times more you pay 100 times more, and not one penny beyond that and
b) we should eliminate the whole welfare state, cutting everyone's taxes by half and let them decide their own charity giving, retirement, etc;
RuflessRecords 2 years ago
everything can be handled by the free market and voluntary relations. Read the Voluntary City. There is no justification or need for using force and threats of violence to take money from people. Alo read Rothbard on this.
sharehard 2 years ago
This nation had taxes since the beginning...they called it tariffs back then and good old Tom Jefferson, the champion of small government had HIGH TARIFFS!
Want to see when it started? look up the Tarrif act of 1789.
This guy is a shill selling SHIT. FACT, The United States of America didnt start sending jobs overseas in MASS until the 1980s...after the tax of the wealthy became the LOWEST in history.
Low taxes does not create jobs, it puts more money into the hands of your overlords.
rdrakken 2 years ago
Did you realize the Tariff Act of 1789 eventually lead to the civil war, and slavery was used as justification for the union to prevent states from succeeding?Money.... the root of all evil.
bastardinga 2 years ago
wow did you really say that?
Were tariffs part of the reason for the civil war? yes, a small part. slavery was the biggest and the reason southern states didnt want to give up their FREE labor was...to save money.
And you still missed the point. Taxes and jobs have shit to do with each other, lower taxes on the wealth does not create jobs and history proves it...shills like this guy are payed to misinform.
rdrakken 2 years ago
Taxes were lowered in the 80's, and unemployment went down.
When you take away money from a business, they have less to spend, therefore they must cut back - replacing jobs with capital or making their other employees work harder. When you raise the cost of hiring someone, less people are hired.
xp19375 2 years ago
I suggest you go back and read again. Unemployment in the 80s never dropped lower than any point in the 60s up to the mid 70s.
According to your logic unemployment should be at an all time low seeing as how tax rates are almost 1/3rd what they were pre 70s...and they are not even close.
rdrakken 2 years ago
First, I said unemployment went down in the 80's, and it did.
Second, unemployment is determined by several other factors, including interest rates, minimum wages, employment costs, inflation, etc. Look at it another way. If we raise taxes on a business, it has less money. That's less money to spend on, among other things, employees. To counter this, they start economizing, and that includes laying off workers.
xp19375 2 years ago
rdrakken 2 years ago
7.51 is less than 9.60, that means unemployment was going down. Notice the downward trend after 1983.
Yes, there was a recession in the early 80's, primarily caused by the restriction of the money supply by the Fed to end inflation. Inflation dropped, but there was a recession.
xp19375 2 years ago
I dont care if 7.51 is lower than 9.60.
I said at NO POINT during the 80s did the unemployement rate drop lower than the decade BEFORE the tax rates on the wealthy dropped.
And I proved you even MORE wrong by the fact that the unemployement rate only went above 5.6% (still .1 lower than the lowest in the 80s) only 3 times since 1948.
So tell me, if taxes and employement go hand in hand why has it been always higher since their tax rate was cut by 2/3s? yeah...learn some.
rdrakken 2 years ago
As I have said before, unemployment is affected by many other factors than taxes.
Unemployment was 5.49% in 1988 and 5.26% in 1989, both of which are lower than 5.6%.
Taxes were lowered in the 80's, unemployment went down after 1983. What more is there?
xp19375 2 years ago
@rdrakken
You really need to listen. You are just not getting it. I think Peter's vids may be a little too advanced for your intellect.
Just because an idea pops into your head and it sounds good to you - doesn't mean it is a fact.
averagejoe040 2 years ago
Hey congrats you learned how to reply accusing a person of not knowing anything without actually refuting anything said directly.
You have graduated to internet troll level 2.
your reply was worthless and giving me a thumbs down without showing how I am wrong proves my point that this guy is a shill posting for shills.
rdrakken 2 years ago
@RuflessRecords If you need to spend 50% of your budget on basics you would feel a 20% pinch far more on your wallet when it comes to quality of life then someone who requires 10% of their budget on basics.
Since our civilization requires people to do these jobs to exist.
ulgrum 2 years ago
ulgrum, I've heard this bleeding heart stuff before, and I'm willing to generously concede a total exemption for people who make below 10,000 maybe even 15,000, but that's the complete limit. It's tougher being poor, you should never pay a higher % than the rich, but not a lower one either. Just much much much less in dollar amount of taxes paid. The graduated tax system punishes the poor for getting raises, getting up to middle class, getting up to upper middle class. 1 Sales rate for all.
RuflessRecords 2 years ago
You know there are studies that say if we had a flat tax of as little as 18% for anyone making over 50k. No deductions The Government would have twice as much money and we would all be better off. If we cut our corporate tax in half we could attract more business and grow existing business. If you developed a product to be sold worldwide would you open your factory here where corporate tax is 38% or in ireland where it is 12%
quizerry 2 years ago
quiz, sounds great, here's a problem I came up with though on throwing out all income tax returns, and income taxes and instituting a flat sales tax...how do we stop people buying just across the border or elsewhere to avoid paying taxes? We'd need to do something like charge a tax on anything our citizens try to bring back from other countries. To make it impossible to avoid paying up on purchases.
RuflessRecords 2 years ago
@RuflessRecords Not a sales tax a flat Income tax. Sales tax is probably the most unfair tax there is. The poor pay the same as the rich.
quizerry 2 years ago
If you're for a flat tax either way, a sales tax is no more "unfair" to the poor than an income tax. In fact, the little that the poor could save would be untaxed, whereas with a flat income tax, everything they earn would be taxed. If you put in an exemption for those making under 15000 or so, you could do the same with a sales tax, give out exemption cards they could have scanned with their ID on purchases to avoid the tax. But, I think the poor should pay the same %.
RuflessRecords 2 years ago
@RuflessRecords: yes, but that's an incentive for poor people to try to gain more income by bettering themselves for the betterment of their community. otherwise, they are where they are for a reason.
stonescourt3 2 years ago
stones, yeah, the current tax system increases the % tax burden on you as you go from poor to lower middle class to middle class which is really stupid. You should still be paying the same % in taxes after you get the raise, you'd be paying more overall since you have more to be taxed, but you shouldn't be penalized for achieving, this is the opposite of what US policy should be. Charity should be private, yeah, someday we'll give everyone a 60% tax cut and let them decide their charity giving
RuflessRecords 2 years ago
@RuflessRecords: and that's why charity begins at home.
stonescourt3 2 years ago
Keep up the good work Peter, we are going to win this election.
Vunks2000 2 years ago 2
@sylvestermoore You say because of there skin they can't make it. That is racist.
Let me make a quick guess, you are of higher education right? So you undoubted fell into all the racist bullshit they taught at college. You see to the average normal American, race means nothing. The fact that you are still so set on race leads me to believe you are a racist.
Vunks2000 2 years ago
I am one of those who was born attractive. So there. It took me a long time to realize that there is more to life than being really, really, really, really good looking.
thatswhattheyis 2 years ago 3
You should have plastic surgery to make you less attractive, to even things out and make it more fair for less attractive people. /sarcasm
xp19375 2 years ago
Not to mention the presidential cabinet and all the other people who work in the executive branch of government.
christo930 2 years ago
It's not jealousy. I am not envious of rich people because I really don't desire to be rich. I desire to be comfortable and worry free.
Think about it, the very rich are the biggest beneficiaries of organized protected society. If gov broke down who do you think would be the first to have a mob at their door? Who benefits from the court system the most? Private property? Police protection? etc, etc, etc.
christo930 2 years ago
This is a major fallacy.
The illusion that everyone can become Bill gates is a complete lie.
The overwhelming majority of people in this society are wage slaves and will only be wage slaves all their lives, Once they grow old they find themselves in a pile of debt that they could never pay off.
kingmafi6699 2 years ago
kingmafi, anyone who saves 5% or more of their paychecks starting young can be rich when they retire. It's simple math and capitalization over time. This applies to about 95% of the population. If you eat Taco Bell or watch cable tv or use a cellphone you have extra money to save up for yourself and could be enjoying a better and better lifestyle decade after decade.
RuflessRecords 2 years ago 3
You sound like George W Bush.
Life does not work that way.
I doubt it would ever work for you either.
kingmafi6699 2 years ago
kingmafi, math works that way, get someone to teach you it sometime.
O the wonders of capitalization.
Even with all the ups and downs of the stock market included, the market's averaged 10% return per year over the last 75 years, if you put in 2000 yr/ or less than 40/wk, at that rate you would have $361,886 in 30 years and $596,253 in 35 years.
$2,000/yr is 5% of a $40,000/yr job.
Cut half your luxury spending (pets, fast food, cable, cellphone) and invest it instead.
RuflessRecords 2 years ago 2
@kingmafi6699 Just because you fail at personal finance does not mean everyone else will.
Vunks2000 2 years ago 2
even an unskilled worker can save for retirement and there is absolutely no need to take on debt unless you want to.
if some one is dumb enough to have a pile of debt they could never afford then they can just default and the lenders will sufffer more for making loans that should not have been made. "wage slaves" in america have standards of living that are incredibly high compared to historyand the rest of the world. Most of them are home owners, car owners, overweight.. what terrible lives!
psw003 2 years ago
Remember the WWII veteran, Bob Durst, a custodian at Casper College? When he passed earlier this year, he left his life savings, $1,074,600.00 to the college. He never took a vacation.
LuvDestinFL1 2 years ago
I don't hate them, I just think it gives them disproportionate power. Furthermore, I think that the richer someone is, the more they benefit from society and gov services and the death tax makes them pay for what was made possible for them.
christo930 2 years ago
Years ago in Cincinnati a very old lady rolled her car and died. People came to the car and stole her jewelry right off her dead body and riffled through her purse. People were outraged and disgusted, but what's the difference between that and the government taking our money when we die with the death taxes?
ivecadit 2 years ago
How about a sales tax? The more you spend, the more you pay. Eliminate the IRS.
caganb 2 years ago
How about NO income tax. Corporations can be legally taxed and that would give the gov more than enough revenue. Sales tax is the most regressive tax there is and hurts the poor the most.
christo930 2 years ago
Get everyone OFF the Jews USURY system and get back on the Gold Standard.
Printing FAKE money keeps the economy down.
Make governments, local and federal, live within a budget that working people can afford and STOP giving our SWEAT EQITY (aka EXTORTION by TAXATION) away.
Marblemania 2 years ago
If the healthcare bill is so good, why wont congress put themselves on it?
How can we give healthcare to tens of millions and believe it will cost no more money then we pay now?
If the healthcare bills so wonderful, why cant we see it first???
Whats the big secret all about?
Why should millions of people get free healthcare anyway?
The Fed has to steal from one before you can give it to another.
This whole thing stinks.
phantomcharger 2 years ago
@sylvestermoore
Black people would like to think its racism, but its your own people that are keeping you down.
skyding8962 2 years ago
Death tax should not be collected. However, high income taxes should be the main source of government taxes. Why they gain the most benefit from society. They should double the income taxes to 30% and eliminate all the deductions and credits. Cutting income taxes is really and evil thing to do. End the fed, fdic, fannie mae/mac. And move banking to reits. Then implement a gold/balanced budget amendment and full reserve banking.
pirucreek 2 years ago
glad to hear you don't want to bomb iran, however, you have lots of angry people! is there any way you could mention your actual position on iran in your next vlog?
ronpaulkid 2 years ago
who the hell cares about iran? you need to concentrate on fixing problems in your own country first.
dengzhi 2 years ago
Private health insurance does not make sense. You go to Yellowstone get bitten by a Grizzly. Now don't you expect to be taken to the hospital and treated with qualified care? Everyone is going to the same hospital. Everyone is using the same doctors. Who pays for it? What limits the cost the hospital charges? IMHO, the local area should pay for the hospital and doctors. Otherwise the doctors could charge $1 million to set a knee.
pirucreek 2 years ago
Mr. Schiff. I think I found a loophole to allow people nationwide to help finance your campaign. Write a book, and claim all revenues will go to the campaign. Many politicians gain all their wealth from writing books: Clinton, Hitler, Palin come to mind. Bloomberg finances his own campaign, thus it should be legal to use book revenues.
pirucreek 2 years ago