00:00It's time for a national billionaire's tax and a new social contract.
00:04Think about this, just 10% of people, 10% of people in this country own two-thirds of the
00:10wealth.
00:11A 30-year-old, for the first time in American history, is not doing better than his or her parents.
00:18That's a five-alarm fire.
00:20American wages have stood still, and the costs across the spectrum, cost of living, have skyrocketed.
00:27The system is fundamentally broken.
00:29The federal tax code, the corporate tax code, and the inheritance tax code seem to be written for a different
00:35set of Americans.
00:37It's time for an economic reset, a true minimum tax.
00:41A true minimum tax on billionaires that ensures the people at the very top pay at least the tax rate
00:46their own workers pay.
00:49We also should end this tax-free lifestyle loan.
00:52This is the gimmick that allows the ultra-wealthy to borrow against their stock portfolios while reporting no taxable income.
01:00We also have to rewrite those inheritance rules so that the largest intergenerational wealth transfer in human history, estimated by,
01:07well, be $124 trillion that will be changing hands, doesn't lock in a permanent American aristocracy of inherited wealth.
01:17Time as well to return to the pre-2017 corporate tax rates, and time to close those offshore loopholes once
01:26and for all.
01:26And as AI reshapes the country, every American should own a piece of the future it builds through a national
01:34public equity fund.
01:36Trickle-down economics, it's been a, well, nearly 50-year experiment that has failed.
01:42Record corporate profits flowed into stock buybacks and executive compensation.
01:47It's time to stop pretending otherwise.
01:50We're nearing the 250th anniversary of this country's revolution.
01:53The system the American founders built, well, was designed to prevent the concentration of power in a few hands.
02:00But we've allowed that concentration to happen anyway, slowly and in plain sight over the course of decades and decades.
02:07But we can reverse it.
02:09We can reverse it together.
02:10It's time to democratize the American economy to save our democracy.
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