The video segment discusses the progressivity of the US federal income tax system, challenging common perceptions. It begins with a question about the percentage of federal income taxes paid by the top 1%, with an initial guess of 35%. The speaker then presents data suggesting the top 50% pay 99% of taxes, while the bottom 50% pay only 1%. The speaker asserts that the US has the most progressive income tax system in the Western world, a fact that surprises the other participant. The conversation then shifts to the idea of raising taxes, with the speaker questioning the other participant's belief that the top 1% pays 0%. The speaker refutes this, citing IRS data, and implies that the top 1% pays more than they should. The discussion then touches upon how social programs, particularly those in the European Union, are funded. The speaker introduces the concept of a VAT (Value Added Tax) as a common funding mechanism in Europe, contrasting it with the US system and highlighting the other participant's lack of knowledge about VAT, which the speaker deems 'pathetic'.

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Question: What percent does the top 1% pay in federal income taxes?

None.

I believe it's about 35%. The top 50% pays 99%. The bottom 50% of earners only pay 1%. Did you know we actually have the most progressive income tax system in the entire Western world?

Did you know that?

I did not.

Oh, we do. Of course you didn't know that. Why know anything before having an opinion?

You're probably a raise taxes person, aren't you? You think the top 1% pays 0%? Okay, but that's actually just not true according to IRS data.

I mean, comparatively, it's a lot more than what...

Than they should?

Yes.

The bottom 50% shouldn't pay 1%? Do you know the social programs that you love and you beg for that the entire European Union does? You know how they pay for it? They pay for it with a VAT tax. You know what a VAT tax is?

What's a VAT?

So, you don't even know how they pay for the social programs that you're begging for.

Another type...

This is pathetic.

Caleb Hammer OWNS Tax The Rich Guest 🫣👀 #calebhammer #podcast #clip

>> The the bottom 50% shouldn't pay 1%? Do

>> So, you don't even know how they pay for

Question, what percent does the top 1%
pay in federal income taxes?
>> None.
>> I believe it's about 35%. Top 50%
[music] pays 99%. The bottom 50% of
earners only pay 1%. Did you know we
actually have the most progressive
income tax system in the entire Western
world?
>> [music]
>> Did you know that?
>> I did not.
>> Oh, we do. Of course you didn't know
that. Why know anything before having an
opinion?
>> I
>> You're probably a raise taxes person,
aren't you?
You think the top 1% pays 0%?
Okay, but that's actually just not true
according to IRS data.
>> I mean [music]
comparatively, it's a lot more than what
>> Than they should?
>> Yes.
>> The the bottom 50% shouldn't pay 1%? Do
you know the social programs that you
love and you beg for that the entire
European Union does? You know how they
pay for it? They pay for it with a VAT
tax. You know what a VAT tax is?
>> What's a VAT?
>> So, you don't even know how they pay for
the social programs that you're begging
for.
>> Another type
>> This is pathetic.

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Caleb Hammer OWNS Tax The Rich Guest 🫣👀 #calebhammer #podcast #clip

Transcription