she has been called Canada’s Michael Moore for her opposition to the
Moore for her opposition to the
Moore for her opposition to the establishment hi I’m Rebecca Brayton and
establishment hi I’m Rebecca Brayton and
establishment hi I’m Rebecca Brayton and welcome to watchmojo.com and today we’re
welcome to watchmojo.com and today we’re
welcome to watchmojo.com and today we’re speaking with journalist Linda mcquaig
speaking with journalist Linda mcquaig
speaking with journalist Linda mcquaig about her book the trouble with
about her book the trouble with
about her book the trouble with billionaires in the opening pages of
billionaires in the opening pages of
billionaires in the opening pages of your book you put into sharp focus just
your book you put into sharp focus just
your book you put into sharp focus just how much a billion dollars really is
how much a billion dollars really is
how much a billion dollars really is would you mind elaborating on this
would you mind elaborating on this
would you mind elaborating on this forest if you were to be given a dollar
forest if you were to be given a dollar
forest if you were to be given a dollar every second which is quite nice then
every second which is quite nice then
every second which is quite nice then after 60 seconds you’d have sixty
after 60 seconds you’d have sixty
after 60 seconds you’d have sixty dollars after an hour you’d have three
dollars after an hour you’d have three
dollars after an hour you’d have three thousand six hundred dollars and after
thousand six hundred dollars and after
thousand six hundred dollars and after 12 days at that rate all day and all
12 days at that rate all day and all
12 days at that rate all day and all night you’d have a million dollars
night you’d have a million dollars
night you’d have a million dollars twelve days but in order to become a
twelve days but in order to become a
twelve days but in order to become a billionaire you’d have to keep that rate
billionaire you’d have to keep that rate
billionaire you’d have to keep that rate up not just for 12 days but for 32 years
up not just for 12 days but for 32 years
up not just for 12 days but for 32 years so the book is called the trouble with
so the book is called the trouble with
so the book is called the trouble with billionaires what is the trouble with
billionaires what is the trouble with
billionaires what is the trouble with billionaires what’s happened is in the
billionaires what’s happened is in the
billionaires what’s happened is in the last few decades virtually all the
last few decades virtually all the
last few decades virtually all the income growth has gone to the top what
income growth has gone to the top what
income growth has gone to the top what problems stem from having super rich in
problems stem from having super rich in
problems stem from having super rich in society probably the most basic problem
society probably the most basic problem
society probably the most basic problem is it undermines democracy when you have
is it undermines democracy when you have
is it undermines democracy when you have a class people with that much economic
a class people with that much economic
a class people with that much economic clout that translates into enormous
clout that translates into enormous
clout that translates into enormous political clout in fact in terms of open
political clout in fact in terms of open
political clout in fact in terms of open mobility the United States has one of
mobility the United States has one of
mobility the United States has one of the worst rates of upward mobility among
the worst rates of upward mobility among
the worst rates of upward mobility among the developed nations the truth is you
the developed nations the truth is you
the developed nations the truth is you know if you want to get ahead if you
know if you want to get ahead if you
know if you want to get ahead if you want your children to have a chance at
want your children to have a chance at
want your children to have a chance at improving themselves in love you much
improving themselves in love you much
improving themselves in love you much better off to live in a Scandinavian
better off to live in a Scandinavian
better off to live in a Scandinavian country you know if you want to live the
country you know if you want to live the
country you know if you want to live the American dream move to sweden it turns
American dream move to sweden it turns
American dream move to sweden it turns out how is the problem solved I think
out how is the problem solved I think
out how is the problem solved I think one idea that really kind of captures
one idea that really kind of captures
one idea that really kind of captures sort of what what is possible is the
sort of what what is possible is the
sort of what what is possible is the idea of introducing an inheritance tax
idea of introducing an inheritance tax
idea of introducing an inheritance tax and it would only click in after someone
and it would only click in after someone
and it would only click in after someone had received 1.5 million dollars you
had received 1.5 million dollars you
had received 1.5 million dollars you could receive 1.5 million an inheritance
could receive 1.5 million an inheritance
could receive 1.5 million an inheritance tax free but above that you pay a small
tax free but above that you pay a small
tax free but above that you pay a small gradually rising tax would be enough
gradually rising tax would be enough
gradually rising tax would be enough revenue from that to fund educational
revenue from that to fund educational
revenue from that to fund educational trust funds for every Canadian child so
trust funds for every Canadian child so
trust funds for every Canadian child so that every Canadian child when they turn
that every Canadian child when they turn
that every Canadian child when they turn 16 would have sixteen thousand dollars
16 would have sixteen thousand dollars
16 would have sixteen thousand dollars deposit into this trust fund to be as
deposit into this trust fund to be as
deposit into this trust fund to be as exclusively for education or training
exclusively for education or training
exclusively for education or training think of what that would do to change
think of what that would do to change
think of what that would do to change the lives of Canadian Canadian young
the lives of Canadian Canadian young
the lives of Canadian Canadian young people how has wealth distribution
people how has wealth distribution
people how has wealth distribution changed in recent years the simple truth
changed in recent years the simple truth
changed in recent years the simple truth is we were paying our top people 10 20
is we were paying our top people 10 20
is we were paying our top people 10 20 30 times often more than they were
30 times often more than they were
30 times often more than they were getting decades ago then there are
getting decades ago then there are
getting decades ago then there are counterparts we’re getting decades but
counterparts we’re getting decades but
counterparts we’re getting decades but we’re not getting any improved
we’re not getting any improved
we’re not getting any improved performance I mean that that’s the
performance I mean that that’s the
performance I mean that that’s the striking pin and you actually can
striking pin and you actually can
striking pin and you actually can measure that quick quite easily i mean
measure that quick quite easily i mean
measure that quick quite easily i mean you know back in the 1970s Hank Aaron
you know back in the 1970s Hank Aaron
you know back in the 1970s Hank Aaron was the top baseball player and he made
was the top baseball player and he made
was the top baseball player and he made two hundred thousand which was the top
two hundred thousand which was the top
two hundred thousand which was the top baseball salary today the talk baseball
baseball salary today the talk baseball
baseball salary today the talk baseball player is Alex Rodriguez makes 28
player is Alex Rodriguez makes 28
player is Alex Rodriguez makes 28 million a year even if you adjust for
million a year even if you adjust for
million a year even if you adjust for inflation Rodriguez is making more than
inflation Rodriguez is making more than
inflation Rodriguez is making more than 30 times more than Hank Aaron mate he’s
30 times more than Hank Aaron mate he’s
30 times more than Hank Aaron mate he’s got 30 times the incentive but he’s not
got 30 times the incentive but he’s not
got 30 times the incentive but he’s not performing 30 times better in fact
performing 30 times better in fact
performing 30 times better in fact there’s no evidence he’s performing any
there’s no evidence he’s performing any
there’s no evidence he’s performing any better at all explain to us the
better at all explain to us the
better at all explain to us the discrepancy in taxes paid by the
discrepancy in taxes paid by the
discrepancy in taxes paid by the ultra-rich today versus yesterday in the
ultra-rich today versus yesterday in the
ultra-rich today versus yesterday in the pre-1980 period we had marginal tax
pre-1980 period we had marginal tax
pre-1980 period we had marginal tax rates both in Canada and the United
rates both in Canada and the United
rates both in Canada and the United States it went as high as eighty percent
States it went as high as eighty percent
States it went as high as eighty percent in fact for some years they were ninety
in fact for some years they were ninety
in fact for some years they were ninety percent now the top marginal tax rate in
percent now the top marginal tax rate in
percent now the top marginal tax rate in Canada is forty six percent so it’s like
Canada is forty six percent so it’s like
Canada is forty six percent so it’s like half what it was then one idea i’ve seen
half what it was then one idea i’ve seen
half what it was then one idea i’ve seen you discuss on this issue is the idea of
you discuss on this issue is the idea of
you discuss on this issue is the idea of philanthropy could you tell us you take
philanthropy could you tell us you take
philanthropy could you tell us you take on this the question is should the rich
on this the question is should the rich
on this the question is should the rich give money to the tax system or should
give money to the tax system or should
give money to the tax system or should they give it through philanthropy is it
they give it through philanthropy is it
they give it through philanthropy is it if they give it through philanthropy
if they give it through philanthropy
if they give it through philanthropy they call all the shots they determine
they call all the shots they determine
they call all the shots they determine where the money goes and they determined
where the money goes and they determined
where the money goes and they determined to a large extent how the money is spent
to a large extent how the money is spent
to a large extent how the money is spent what the priorities will be if we tax
what the priorities will be if we tax
what the priorities will be if we tax them and that money is collected then
them and that money is collected then
them and that money is collected then put into the public part then the
put into the public part then the
put into the public part then the Democratic electorate decides how that
Democratic electorate decides how that
Democratic electorate decides how that money is going to be spent and important
money is going to be spent and important
money is going to be spent and important democracy which we are that’s very
democracy which we are that’s very
democracy which we are that’s very important thank you very much thank you
”
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