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We don't want to go back to what happened at that time. do they arty pay that rate. the top 1% or 5% was almost virtually the same. there were lots of loopholes. government spending was about 22 percent of gdp. there was a lot less regulation. if we went back to let's shrink the government. and rollback the regulations. i think it proves we might grow at a higher rate.
Worldwide poverty and it ain't due to socialism. it's due to capitalism. >> dagen: i want to point out the great liberal law is that the richer somehow the billionaires are going to pay for all of these delicious programs that they are rolling out. today it's the green new deal. here's a fact. if you confiscated every dollar of the adjusted gross income reported by the top 1% in this country every year, you are still going to be more than a trillion dollars short paying for your medicare for all plan which by the way abolishes private insurance. kicks people off the insurance they get from the...
That we are at now contributing to the disparity in wages and wealth in this country? >> well, it certainly contributes in the following sense that when you have a huge tax cut that goes to the wealthy and big corporations and they use that tax cut as they have used trump's tax cut to buy back their shares of stock, not to invest but give workers better wages. when you have that, you are expanding the gap between the people at the top and everybody else. after all, the top 1%, the rich is 1%, owns 40% of the entire stock market. if all you are doing is propping up stock prices then you are not...
Tax. warren is talking about 2% for people who have more than $50 billion. >> 50 million. >> million, i'm sorry. >> and a billion over that. >> alexandria ocasio-cortez, 70% marginal tax rate on incomes over 10 million. and bernie sanders scaling estate taxes, starting with 45% on estates worth more than $3.5 billion. there are a number of billionaires out there, well, basically two, that are calling this ridiculous. what do you think? >> a bunch of things. first of all, what you're describing from those democrats is precisely responsive to what we were just talking about, the fact that for a ...
70% to 90% taxation. >> larry: you know, i mean, you start taxing wealth like this, capital gains and inheritance taxes, all you are going to do is stop, stop the momentum of new investments in new risk taking and new companies and new businesses and new technologies. is that really what we want? the taxes in this country the lower 50% pay 3% of the income taxes. the top 1%, laura, they pay almost 40%. the top 10% pay about 80%. they are already paying the freight. how much do you want to unload on them? i would like to see a tax reform in years ahead. we can do better on that. and it would be...