Democrats Take on Corporate Profits and CEO Pay: A Closer Look

Democrats Take on Corporate Profits and CEO Pay: A Closer Look


-Corporate profits
and CEO pay are soaring despite the president’s promise to be a champion
of the working class. For more on this, it’s time
for “A Closer Look.” [ Cheers and applause ] ♪♪ Donald Trump has many
weird rhetorical tics. He knows like five words. He’ll never correct himself if
he mispronounces something. And in general,
he sounds like Joe Pesci after five shots of novocaine.
[ Laughter ] But one of the weirdest
rhetorical tics he has is a story he likes to repeat
at public events. He keeps saying that
big, strong, tough guys are coming up to him and crying
because he’s saving the economy. He’s done it many, many times. And he repeated it again
during a roundtable on the economy this week. -A strong man came up to me —
a tough kind of a guy, and said, “I want to thank you,
Mr. President, for saving our country.” -Yes!
-Whoo! -And he had tears
coming down his eyes. Men that were tough and strong, women that were tough
and strong, they see me, there are tears
coming down their eyes. A man came up to me,
and he was crying — A strong man, big, tough guy,
but he was crying. I’ve had such an incredible
experience with the miners. Of the nine,
eight of them were crying. Steel workers came up to me,
and they were crying. Big people from big companies, they’ve been to the White House
50 times. In one case, I won’t say who, the person came into
the oval office and started to cry. -I mean, there are so many
things that are weird about Donald Trump,
but this is one of the weirdest. Who are these big, strong,
tough guys who are supposedly
coming up to him and crying? [ As Trump ]
You got to see them, they’re big, muscular
weightlifters, and, I mean,
they’re just bawling. One of them came up to me,
tears streaming down his face, and he asked me a question.
It broke my heart. He said, “Can you… smell what The Rock is cooking?
And I — [ Laughter, cheers,
and applause ] [ Normal voice ] Trump,
of course, tells these stories because he’s spent his political
career cultivating the myth that he is a hero
to the working class, while in reality, as we found
out yet again recently, he and the political elite
he claims to hate have overseen an economy
which corporate profits and CEO pay are soaring. In fact, one of the most
profitable companies in the world is even getting
a tax refund. -And NBC News report reveals that twice as many
corporations — Are you ready for this? —
are paying zero taxes under President Trump. -A new analysis found
twice as many companies paid nothing in taxes last year
under the Trump tax law. The number jumped from 30 to 60. -This includes major companies
like Amazon, Netflix, and Delta. -In 2018, Amazon reported
more than $11 billion in taxable income, and paid
zero dollars in federal taxes. And it’s even worse than that — Amazon is actually getting
a federal tax refund of $120 million this year. -I’m sorry, I don’t care
if you’re a capitalist or a socialist or whatever, but if one of the richest
companies in the world run by one of the richest men
in the world is getting a tax refund,
then the system is [bleep] up. I mean, Amazon —
[ Cheers and applause ] Amazon shouldn’t get a refund. It’s where regular people go
when they get their refund. “Well, thank you, Uncle Sam, looks like someone’s getting
that new Brita filter.” [ Laughter ] The imbalance between
what corporate CEOs make and what their employees make
is staggering and insane. And to demonstrate that, California Congresswoman
Katie Porter a former professor
of consumer law decided to do a simple
math problem during a hearing last week with
JPMorgan Chase CEO Jamie Dimon. This year, Dimon got a raise
to $31 million. So Porter gave Dimon
a budget scenario involving a bank teller who
lives in Porter’s district to make an entry level salary. Porter asked Dimon how he would
deal with that budget, and he did not have an answer. Here’s just the first part
of that exchange. She had $2,425 a month. She rents a one-bedroom
apartment. That average one-bedroom
apartment is going to be $1,600. She spends $100 on utilities,
$400 for car expenses and gas. A low food budget is $400. She has a Cricket cellphone, the cheapest cellphone
she can get for $40. She has afterschool childcare
because the bank is open during normal business hours. That’s $450 a month. That takes her down to
negative $567 per month. My question for you, Mr. Dimon,
is how should she manage this budget shortfall while she’s working full time
at your bank? -I, uh… I don’t know that all
the these numbers are accurate. That number is generally
a starter job. She is a starting employee.
She has a 6-year-old child. This is her first job.
-You can get those jobs out of high school,
and she may have my job one day. -Maybe the teller
would be better at running your bank
than you are. Under Dimon, JPMorgan has been
fined $2.8 million over improper safeguards
for customers, $65 million for trying
to rig a benchmark rate, $135 million from the SEC,
$13 billion over bad mortgages, and another $1 billion for just
a bunch of other scandals. And on top of that, every time
I go to your bank, the pens have been stolen
from the chains. And how am I supposed
to fill out a deposit slip without a pen? Am I supposed to bring my own
pen to the bank? Because no one carries pens
anymore. Either have more pens
or get stronger chains. [ Laughter and applause ] Also, during that exchange, Dimon actually told Porter
those numbers aren’t accurate. So Porter responded by posting
a photo of herself on Twitter with a white board proving that her numbers
were accurate. Look at that.
She literally showed her work. This is the first time
anyone in Congress has ever gotten extra credit. Usually the only math
members of Congress are doing is counting sheep. -It’s about trying to do what’s
right for the whole country. And if your heart doesn’t break
when you… -[ Laughs ] Look at him. He just realized, “Oh, [bleep] I fell asleep live on C-SPAN.” And based on that camera work, C-SPAN realized that was
the most exciting thing that ever happened on C-SPAN. “Someone’s asleep,
take camera five!” “We only have one camera.”
“Move camera one!” But Porter kept going. She pressed Dimon on how
he would solve her constituents’ budget shortfall,
and he still would not answer. -She doesn’t have the ability
right now to spend your $31 million. She’s short $567. What would you
suggest she should do? -I don’t know.
I have to think about that. -Would you recommend she take
out a JPMorgan Chase credit card and run a deficit? -I don’t know.
I’d have to think about it. -Would you recommend
that she overdraft at your bank and be charged overdraft fees? -I don’t know.
I’d have to think about it. -So, I know you have a lot of —
-I’d love to call her up and have a conversation about
her financial affairs and see if we can be helpful. -See if you can find a way
for her to live on less than the minimum
that I’ve described? -Just be helpful. -You’re acting like it’s some
unsolvable math problem instead of just paying her
more money. Dimon’s going to be up all night
at a chalkboard trying to crack this one
“Good Will Hunting” style. [ As Dimon ] Let’s see, she has
$2,000, and I have $31 million. Damn it, numbers,
why won’t you crunch?! [ Laughter ] [ Normal voice ] Now,
the reason these companies get away with this is basically
just because we let them. That’s it. They have teams
of lawyers that help them use deductions and loopholes, and many of them stash
their profits offshore, and that’s why
Senator Elizabeth Warren unveiled a new plan recently to specifically target companies
that don’t pay taxes. -Today, Elizabeth Warren,
the senator from Massachusetts, rolled out a plan to tax
big corporations that use loopholes
in the tax code. She tweeted, “Giant companies
like Amazon shouldn’t be able to get away with paying
zero dollars in federal corporate income
taxes. -Her plan is called
the Real Corporate Profits Tax, and it focuses on raising
the tax rate for companies that make over $100 million. -We’ve got a corporate tax rate,
but as you know, the thing has just been
lobbied to death. It’s full of loopholes
and breaks and special deals so that a company like Amazon
that makes $10 billion in profits can walk away
paying nothing in taxes. That’s just not fair. -I love the idea that
Warren is taking on one of the most valuable
public companies in the world. She should publish her plan
on Amazon just so we can see the
recommendations below it. “You might also like,
‘Jailing Wall Street Bankers,’ or ‘Bernie Sanders
yelling at a billionaire.'” [ Laughter and applause ] We’re living in a gilded age, a massive inequality
that predates Trump. It’s baked into the system. He just lied about it
and made it worse. For example, for years,
the media has pointed to the stock market
as a sign of economic success. And Trump, of course, loves to
brag every chance he gets about how well the stock market
has done under his presidency, and he did it again this week. -We’ve created a tremendous
stock market. People are making
a lot of money. Our markets are hitting records
all the time. I have many, many records
of the highest stock market. The stock market is way up again
today. And we’re setting a record
literally all the time. The stock market is right now
almost at an all-time high. I have about 18 records. It then went down a little bit
because we had to do a couple of trade deals
and people didn’t understand. Now they’re starting to say,
“You know, that was pretty good. That’s good what he’s doing.” -Oh, they were saying that? [ Laughter ] Were they also crying? [ As Trump ] They were saying,
“It’s good what he’s doing, and they were — I mean,
tears streaming down their faces and then down onto their
jacked torsos. These guys were so strong
and so sad. Just pumping iron
and crying their eyes out.” [ Laughter and applause ] [ Normal voice ] But the stock
market is not the real economy. In fact, it’s mostly just a sign of how the wealthy few
are faring. One study found that nearly
40% of the market is owned by the richest
1% of the population, while the bottom 90%
of the population owns just 19% of stock market wealth. This is why it just makes basic
sense to people that the rich should pay more in taxes. On top of the corporate tax,
Warren also proposed a wealth tax on assets
over $50 million. And Bernie Sanders even
went on Fox News this week to attack Trump’s tax bill
during a town hall, and he actually got cheers
from the crowd. -I happen to believe that
a tax bill written and pushed by Trump who told the American
people that that tax bill, some of you may recall,
would not benefit the wealthy. You remember that?
-Yeah. -“Oh, it’s not going to benefit
the wealthy.” 83% of the benefits
went to the top 1%. So I think that’s a bad idea. And in my view, people,
whether it’s me, you — Probably make a lot more money
than I do. But whether it’s me or you
or anybody else, I think wealthy people
and large corporations that are making billions
of profits should start paying
their fair share of taxes. -But Senator —
[ Cheers and applause ] -And that was on Fox News! I mean, talking like that
and getting cheered on Fox News is like getting cheered for
praising the Yankees in Boston. [ Laughter ] [ Boston accent ] He’s right.
Jeter’s a legend, and Starbucks is
a superior option to Dunkies! [ Laughter ] [ Normal voice ] After that
moment, the Fox News anchors asked Bernie why he doesn’t
choose to voluntarily pay more in taxes than he owes. And he turned the question
around on them. -Your marginal tax rate was 26% because of President Trump’s
tax cut. So why not say,
I’m leading this revolution, I’m not going to take those? -[ Scoffs ] [ Laughter ] Come on. We’re nearing — I am — I pay the taxes
that I owe. And by the way, why don’t you
get Donald Trump up here and ask him how much
he pays in taxes. [ Cheers and applause ]
-I will. Yeah, we’ll — Look. -I am eagerly awaiting
your doing that. -First of all, there’s nothing
better than old man sarcasm. [ As Sanders ] Why don’t you
put your phone away at the dinner table?
-[ Normal voice ] I will. -[ As Sanders ] Well, I am
eagerly awaiting you doing that, and when you are done,
maybe we can participate in the social media I grew up
with called eye contact. [ Laughter ] [ Normal voice ]
And then after that, Bernie directly addressed Trump and challenged him
to release his tax returns. -I guess the president watches your network a little bit,
right? [ Laughter ] Hey, President Trump. My wife and I just released
10 years. Please do the same.
Let the American people know. [ Cheers and applause ] -And you know Trump was watching
that, because, you know, he always watches, and also, Bernie on Fox News felt like
one of those crossover episodes, where a character from one show
goes on another one, like when Fonzie went on
“Laverne & Shirley.” But this is one that
didn’t make any sense. It was like an episode
of “The Sopranos” where Carrie Bradshaw
stopped by the Bada Bing! [ Laughter ] “I didn’t find love
in New Jersey, but you can’t blame a gada-girl
for trying. [ Laughter ] One thing’s for sure, it’s a
night I’ll never fuhgeddabout.” [ “Sex and the City”-esque music
plays ] [ Applause ] I’m not Carrie. [ Laughter ] I’m actually Miranda. [ Laughter ] -We’re living in an age
of soaring corporate profits and CEO pay, and when
struggling Americans find out how much CEOs are making and how
little in taxes they’re paying, they’re all saying the same
thing — -[ Scoffs ] -This has been “A Closer Look.” [ Cheers and applause ] ♪♪

100 Comments on "Democrats Take on Corporate Profits and CEO Pay: A Closer Look"


  1. The only reason Warren is releasing these plans now is because it took her that long to copy Bernie’s plans. The whole piece should have been about him.

    Reply

  2. The child lady in question decided to have a child and become a single mom. She did this before she even had an entry level job. She is a total loser human, she pays $450 a month for other people to raise her child. She probably lusted with a loser guy who doesn't pay any child support. She chose the guy. She is a fool and should feel lucky to even get hired by J.P Morgan. She will lose her job, because she has a history of making stupid choices. It's dumb women like her that literally caused this country to go in the dump. A bunch of single moms paying baby sitters to raise their kids. Just because they wanted to play dolls with the real thing for a bit.

    Reply

  3. I’m a steel worker and I can say only reason we would be crying is our reduced hours and fear of our plant closing.

    Reply

  4. Trump has made life much harder for us , might have to close my business..how does anyone think he is doing good?

    Reply

  5. Up vote for the white board. Unfortunately no one even saw it unless they watch this show. Also the red list is a little short. She gets a C for effort.

    Reply

  6. The sad thing is that most people in the US live in deficits covered by Credit Cards, lines of credit and personal loans and yet one single person is making 11,771 times her salary and there is no problem with that

    Reply

  7. In some parts of italy banks buy a ton of apartments amd offer them to their bank employees at a lower rate so the middle man (agency) makes some money too. However, it doesn't make much sense that they charge the employees rather than just housing them.

    Reply

  8. So the people that make billions of dollars pay 0% in taxes and I make about 45000 last year but I had to pay 30% in taxes make sense

    Reply

  9. I wonder how much seth pays his staff. Not being snippy I am actually just curious how much someone in their position gets paid.

    Reply

  10. She needs a place that doesn't cost $1,600 a month. If she's got the cheapest phone by cricket, is she also in the cheapest housing? I have no idea what that costs out there, but that housing is a killer on her budget.

    Reply

  11. Warren taken $10.4m dark money for her senate race and then using it for nomination campaign and rebranding it as grassroots. She is bought and paid for by the corrupt corporates.

    Reply

  12. They are crying because they regret that they had voted for this fat ass..and crying that they wasted 2hrs listening to grandpa BABBLING on and on..

    Reply

  13. What stock??? Stocking hair spray, gel and orange glow….hey I stocked all that by myself..can i go and tweet now????

    Reply

  14. Of Course they were Crying, they now know how FUCKED THEY ALL ARE, because of you mr presidon't Drumpf!!! Just Saying

    Reply

  15. I think the tax rate for the 1% should be higher, but if I was in that wealth bracket I wouldn't voluntarily pay more. Why? Because a tax plan that included increased rates on the top brackets would include a decrease in taxes on the lower brackets and a proper plan to spend that tax revenue appropriately. Voluntarily paying more tax doesn't decrease the tax rates on the lower brackets and doesn't implement a spending policy that contributes to social programs, it gives more money to the current government that just wants to buy newer, shinier weapons like a certain plane that still doesn't work, or to give that money out to even wealthier people like Bezos.

    Reply

  16. A one bedroom apartment for 1600$
    Do her and her 6 year old have bunk beds?? Im in an expensive area of wisconsin and i pay 800 a month for a two bedroom……

    Reply

  17. Remember when those bitches in suites and ties came begging for company bailouts so they can keep ripping us all off? What a time to be alive

    Reply

  18. You were lame on SNL, my point. You’re worse than a dog being told what to do every day of their lives you can’t think unless somebody hands you your script that you read over and over and over again, after such can’t imagine what dinner is like at your table

    Reply

  19. If you are big and tough, you don't cry, especially in public. I have never seen my dad cried even once in my 30 years of life, even when my granddad or grandma died. That's the real definition of a tough guy.

    Reply

  20. Taxes are about collecting enough money fairly, to fund various common programs nation wide. Is taxing ONLY Bernie Sanders extra going to provide enough money to sufficiently fund any nation wide program? Will it be fair?

    It only works if ALL working people are taxed, according to affordability.

    Reply

  21. I have a highly visceral reaction trying to listen to that orange pinhead for more than a couple minutes. You can smell the rancid lies stinking up every sentence, the false sentiments, the actor playing to his audience of fools. Trump epitomizes virtually every textbook behavioral trait of extreme narcissism more than anything I've ever seen in my life, and the pain is two-fold: 1) it's simply difficult to fathom how a grown man can become so publicly and wantonly childish to lie nearly every time they open their mouth; and 2) it's far more painful to know so many people are blindly believe this train wreck to the point that's it's seriously damaging the entire country. When they talk about people falling in love with narcissists – they aren't kidding. Sometimes I wonder how it all came to this – and then I remember that this is the same country that has consistently given The Kardashians and The Bachelorette such high ratings. Apparently it's true that we get the leaders we deserve.

    Reply

  22. democrat watches 10 seconds of a bernie rally and reads a headline of an msnbc opinion article ALL BERNIE DOES IS BE OLD AND YELL AND HAS CONTRIBUTED NOTHING BUT MAKE HILLARY LOSE BAWWWWW

    Reply

  23. those companies like amazon would die if they paid taxes. those loop holes are for companies to grow at the global level.

    Reply

  24. Some tough guy walks off the street, goes straight through the gate of the White House and into the Oval Office and starts crying and thanking you for saving the country, wow!
    What a hero you are Trump and for those that believe this compulsive liar, you need to have your heads examined.

    Reply

  25. The only politicians willing to do anything about it are called socialist. The conservative media has done an excellent job at propagandizing a good portion of the nation.

    Reply

  26. At just past the 9:00 mark: I have 18 records. Would they be vinyl records? Because this guy certainly hasn't set any.

    Reply

  27. Tough guys tearing up in front of Trump.
    Why? Is it pain from the strain of holding themselves back from breaking his neck with their big, tough, man hands?

    Reply

  28. I would like to couch this comment with the fact that I wrote in Bernie, and will write him in again if he's not nominated. His remark "I paid what I owed" is the same dodge that Mitt Romney tried to use, and everyone jumped all over him for it, so that was a bit awkward to watch. I agree with Bernie, completely, and want him to be President, but I hate to think how effective (or not) he'll be if he gets constantly blocked and overridden by Congress… All Congress has to do (and has been doing for the last 20 years) is stall until after the next election, and then stall until the next one after that. They've become professional procrastinators, which is why nothing happens in Washington. And yet, all the rules and laws from 1786 were written that way for a reason: so that mob rule wouldn't win out, and legislation (no matter how good, just in case it's terrible) couldn't be strong-armed into law.

    I just wish we'd stop electing "twitterpated" idiots to political office who think Guam is going to capsize because we have too many troops stationed on one end of the island, to cite one example… These are the same idiots who think "greed is good", and that money "trickles down from the top", despite decades of evidence to the contrary.

    Reply

  29. How does someone have a six year old kid and never had a job before? I’m not unsympathetic but bad decisions were clearly made… she needs a roommate. There’s her solution.

    Reply

  30. Bernie’s answer should be: So that the one percent takes that money? A good tax plan works only as a whole packet.

    Reply

  31. Amazon gets 125 million refund and I, living almost paycheck to paycheck, owes over $2000. Tell me, if we all stopped paying taxes until corporate & billionaire welfare ended, could they put us all in jail?

    Reply

  32. If you are still making entry-level minimum wage and you get pregnant, perhaps you need a license to breed.

    Also, where is the father's wage in your equation?

    Reply

  33. How the hell is it that the ultra rich pay no taxes. WTF I am middle income and pay 34 %. No wonder this system is fucked

    Reply

  34. To briefly defend Dimon, a brilliant banker, the $13b JPMorgan Chase was "fined" for bad mortgages was exclusively a result of their buying WaMu and Bear, the entities who created the mortgages in questions, and whose mortgages subsequently became a JPMC liability.

    Reply

  35. Elizabeth Warren 6 mos.ago: I have a plan for that. I will not be taking donor money from big corporations.

    Elizabeth Warren today: Hey big corporate donors I'll take that money you're offering now.

    Reply

  36. My people aren't crying but we have the grills ready to fire up and the hennesy to be poured when trump does his perp walk.

    Reply

  37. As much as don't like Trump. I'm wondering Why you support Hilary Clinton? She has been on your show alot. What's up with that Seth? Hilary should be in jail Seth!! She is just as bad if not worse.

    Reply

  38. There's No Patriots in this Nation Any More, what Our Founding Fathers Fought for is Long Gone… As I Can't Fathom a Caucasian Supporting someone that Works Exclusively for the Ruling 1%… Dear Caucasian Brothers and Sister Please Note Unless You Belong to the 1% You are Closer to Us than What you have Ever Realized. Amazon gets Back 129 Million Dollars In Tax Returns But YOU Lost Thousands These Few Last Tax Year…. I Call on Intellectual Individuals to Please Enlighten me to go over to Your Side, PLZ How do You Work for the Benefit of the Ruling Class when You Don't Belong to it?
    Someone PLZ Enlighten me I'm begging of You Allow to Overstand what Possessed you to Vote for a Man Corrupt Man that has Never been a Working Man, How, How did you Cast your Vote on a Man with a Rape Case on a 12 Year Old back in 1992 How, How can You Cast a Vote on a Man that Answers what do you have in Common with Your Daughter Trump: Sex… Someone How

    Reply

  39. Remember when Trump wanted to buy Greenland and was told no by Denmark (TIL that Greenland is a Denmark territory) so he got pissy and canceled his meeting with Denmark's president/prim minister (I can't remember if Denmark's leaders are called president or prime minister and cant be bothered to check atm)

    Reply

  40. Srsly–who are these 1400 butt-nuggets who come by here and dislike this?? Are there that many corporate CEO's that just troll YouTube pages? o.O

    Reply

  41. P.S. What exactly does a lending institution have to do before they are shut down? Same with big pharmaceutical companies. How many deaths & addictions & all of the associated misery that goes along with them can they get away with? Greed & corruption have gone along unchecked for so long, they have become, not just tolerable, but acceptable.

    Reply

  42. He kinda hit Sanders though with that question. If Bernie doesn't put his extra money, where his mouth is,, he might want to adjust his rants a bit.
    We are all for the super wealthy paying their share. And Bernie,, you can't take your owements out of the picture just because you're only a millionaire. You can't pfft the question when you make plenty of extra money to give a bit more towards the cause.

    Reply

  43. Yeah, I believe those stories. Please someone, write a book called: Strong White Men Crying, sequel to Dead White Strong Men Dying. Hey, strong men crying, next time you approach him soaked in your tears kick your Orange Turd turned Pornsident in his tiny balls. Orange man crying, another book.

    Reply

  44. The tax refund is only put in, so when trump gets caught not paying taxes….he won’t have to pay as much back later, when he gets caught.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *