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Tue, 25th April 2017

Anirudh Sethi Report

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Archives of “Video” Category

Bill Gates talks about a robot tax

A main problem is that income tax is the single most-effective government invention. It’s almost impossible to avoid. It’s taken away by the government before workers even get it. If they’re owed money, they have to petition the tax authorities to get it back after year end.

Contrast that with corporate taxes. The money is accumulated in the company first and it can be hidden and shuffled and offset or offshored to keep it away from the government.

That gets to the crux of the automation problem. If the taxes balanced out, it would be no net difference for the government. The money would come from corporate profit taxes.

But even if it did net out, you could make the argument that the robot should be taxed at a much higher rate. First, you now have to support or retrain the worker when he used to support himself. That’s a major disruption.

Munger’s Musings: Trump’s “Not Wrong On Everything”; “Young People Should Shop Less, Learn More”

Charlier Munger, the 93 year old billionaire vice chairman of Warren Buffett’s Berkshire Hathaway who once said Trump was not “morally qualified” to be President, seems to be warming up to the new administration.  Well, at least he doesn’t think Trump is quite as bad as Hitler anyway, which is a start.

In speaking with a group of investors and students for nearly two hours yesterday at the Daily Journal’s annual meeting, on a wide range of topics, Munger said that he’s “gotten more mellow” when it comes to Trump and is now convinced that “he’s not wrong on everything.”  Per Yahoo Finance:

 “Well, I’ve gotten more mellow,” Munger said at the Daily Journal’s 2017 meeting on Wednesday, adding, “I always try to think about the good as long as it’s not good.”

“He’s not wrong on everything. And just because he isn’t like us, roll with it. If there’s a little danger, what the hell, you’re not going to live forever anyway.”

“And when Donald Trump says he wouldn’t touch Social Security and Republicans have all kinds of schemes for revising Social Security — I’m with Donald Trump. If I were running the world … I wouldn’t touch [Social Security].”