Thanks to our sponsors: OpusClip: Explore Agent Opus at https://agent.opus.pro/explore Incogni: Take your personal data back with Incogni! Use code IMPACT at the link below and get 60% off an annual plan: https://incogni.com/impact Tom Reacts To @garyseconomics latest video: Why The Economist hates wealth taxes Link: https://youtu.be/F8mfqPNdENw?si=AMXx3iHjRyw6OURE Gary's Economics says the answer to a rigged economy is a wealth tax. Tom takes that apart in real time — and lays out the mechanism almost nobody names: the reason you can't get ahead isn't that billionaires are undertaxed. It's money printing, deficit spending, and a central bank quietly transferring wealth out of your savings and into assets. Tom agrees the system is broken. He just thinks the populist fix makes it worse. Wealth vs. income. Why you can't tax an asset without selling it. Why "tax the rich" capital just leaves. And what actually rebuilds the middle class. You know how everyone’s talking about wealth taxes these days and it STILL feels like both sides are just shouting past each other? This episode is pure economic adrenaline. Gary’s Economics jumps into the ring, gloves off, and tears apart the hype and hate around wealth taxes—why the “intelligentsia” has a chokehold on policy, why the rich keep dodging taxes (or do they?), and why even your grandma might need to know the difference between income and wealth if she wants to keep her pie. This is not your professor’s econ class. We’re breaking down why governments say they’re “getting poorer” (spoiler: it ain’t just about tax revenue), why taxing wealth is so different from taxing income, and why rich people’s assets are like wild animals—not dollars in the bank. Plus, Gary gets dangerously personal about what it means to create value, pay “his fair share,” and why the populist rage might not be serving anyone but the bots on Twitter. 00:00 Intro 02:25 Wealth tax vs. inheritance tax — the Economist's argument 03:52 Wealth vs. income: the distinction Gary skips 06:30 Can you even tax an asset without selling it? 08:17 "Governments are getting poorer" — the claim that breaks 13:05 The real mechanism: central banks and the wealth pump 15:41 Why 2–3% inflation exists (Japan and the velocity of money) 21:48 Why the "trillionaire" number is mostly make-believe 32:12 Meritocracy vs. inheritocracy 41:42 "Taxing 2% a year won't destroy the economy" — the answer 44:36 What actually happens to the rich (capital flight) 47:34 Where emotional populism ends Sign up for my AI Masterclass: https://tombilyeu.com/ai-masterclass?utm_campaign=TBS-Livestream&utm_source=youtube&utm_medium=social Check us out wherever you get your podcasts: Spotify:https://open.spotify.com/show/1nARKz2vTIOb7gC9dusE4b?si=a8daffd2bf1f48fd Apple: https://podcasts.apple.com/us/podcast/tom-bilyeus-impact-theory/id1191775648 Do you need my help STARTING a business? Join me here inside ZERO TO FOUNDER: (https://tombilyeu.com/zero-to-founder) Get the exact systems, mindset shifts, and principles that built a $1B brand delivered straight to your inbox every week. Subscribe for free (https://tombilyeu.com) Check out our Video game - Project Kyzen: (https://projectkyzen.io/) Catch Me Streaming on Twitch - (https://twitch.tv/tombilyeu) Link to IT discord: https://discord.gg/TZKJ2etPbT Tom's Favorite Things List: https://amzn.to/41Ftt7e FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu