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“Only the Super-Rich Can Save Us” author Ralph Nader on cutting corporate welfare and why companies should give more back to their shareholders.
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Squeeze in president Obama's 2013 budget plan.
The one point seven trillion dollars in proposed new revenue include the end to bush era tax cuts.
For families making more than 250000.
Dollars a year and imposing a minimum 30% income tax on Americans making more than one million dollars.
But will going after millionaires -- be enough to save the country from its growing fiscal woes let's -- author of only the super rich can save us and the new book getting steamed to overcome corporate to visible or corporates -- -- Ralph Nader joins us out of Fox Business -- I would have said corporate to visit.
Ralph idea what that the things you and I have had a lot of disagreements over the years but the one thing I think we agree on is a corporate welfare is a bad thing and we've seen so much.
Corporate -- visited over the past three or four years haven't we.
Guests -- Ron Paul uses the word -- -- -- which it reflects the too much control over government by big business.
Now I think I think restoring some of the tax cuts on the wealthy it's not -- raising him.
It's restoring them a little closer to the levels they were under Nixon or Reagan or other Republicans.
And I think cutting a lot of corporate welfare.
Tens of billions of dollars should be cut away subsidies handouts giveaways ongoing bail -- those are ways to help right.
The fiscal ship as well as they're cutting cutting saw that bloated.
Military budget.
This now half of the government's operating expenditures is no more Soviet Union.
So those are three good ways.
Two.
Get to -- more more fiscally balanced and that in a good manner.
Well and it should also be noted that its that that people who are make more than a million dollars would pay a minimum of 30% of their taxes at a lot of people are already there.
This is is maybe a nod to or at least a finger pointed to those who.
Who really only make about twelve to 13% because of the way they make that money a lot of hedge fund guys but look forward Ralph.
Right now you're talking specifically about.
The wealthy.
But what do you say that the people out there who argue that that whole trickle down theory oh it's the wealthy who create the jobs and if you hit them.
They will then stop creating jobs.
Well Warren Buffett is punctured that -- along with a lot of other.
Far seeing billionaires it just doesn't work that way.
My focus now is on trying to.
Get these very wealthy.
Companies usually profitable companies like Google and apple and Cisco Citi not gigantic chords of idle cash.
To deliver more of that to their owners to the dividends that we had a nice victory last week.
When.
John chambers of Cisco announced in -- quarterly report.
400 million more dollars back to the shareholders a year and that's every year so that's just the beginning we have a campaign.
Called.
Sure all -- respect -- ORG.
We're asking shareholders to join the penny brigade -- material we just got some breaking news -- and then right.
-- it's it's about -- just talked about Warren Buffett and it was Sandra Smith has the breakdown of his I guess release on what he's adding to his portfolio and taking away.
Yeah as -- now we're seeing that Berkshire Hathaway's.
To it actually increase their stake in CVS Caremark.
They act also raise their stake in general dynamics and they cut in a furious.
They no longer had to be any holdings in ExxonMobil.
And they also cut their states.
In Kraft.
Not that's varies by the way they had 35 million dollars not a huge stake in ExxonMobil it was actually point 01% of mistakes over there that was that was pretty minimal.
As was their general dynamics share.
-- I see they are raising their stake in Intel that Intel is a pretty new position we should let people know what it was a smaller position that he took.
How Warren Buffett took a very large position and IBM but a smaller one in Intel it appears he has raised his state in Intel by about 23%.
211 point five million shares in -- right now still stuck right where close pretty much for the ask compared to the closing value.
-- let me bring Ralph Nader back into the picture Ralph -- -- so much in favor of corporations.
Paying out dividends what about Berkshire Hathaway your friends -- Warren Buffett once you get him to pay out dividend.
Well -- gonna have to consider that because he's not -- when it it all I think how you'll know against some companies not giving enough what about companies are very any.
Well he's in the zero level along with apple and go go.
And Oracle and I think shareholders are getting -- I think they've been loyal for such a long time they want spending money.
They want more money through their mutual funds and their pension funds and consider what.
200 billion dollars that's just 10% of the two trillion these companies are sitting out.
Will do to consumer demand in a recessionary economy to create more jobs -- that that's.
I've I've tried to get president Obama's all the members of congress have talked about.
Increasing dividend just urge these companies and urged to shareholders who the owners of the company.
To demand a return for all their loyalty and patience from these idle cash -- well and that's why we've got this website.
Shareholder respect outdoor -- you're going to hear from apple shareholders still.
OK -- so Johnson & Johnson wrote it appears Warren Buffett has yet again cut his stake in Johnson and Johnson and Johnson & Johnson has paid a pretty healthy dividend in the past but.
Push accompanied up to pay out and -- dividend you know maybe about money you understand if companies want to.
Keep powder dry in in light of the concerns we've seen with the financial crisis or perhaps using it to increase payroll in some.
In some way shape or form -- -- really need government or or hurt the consumer advocates micromanaging corporations.
We need to shareholders who -- them the pension funds mutual funds and sixty million individual shareholders.
To become more powerful to exercise their prerogatives of ownership we're not talking about keeping powder dry.
That's a good point you made that got to have contingencies and pay expenses.
Who when you're dealing with Cisco which is sitting on 45 billion dollars and increasing at three billion dollars a quarter.
For a company that size.
That is way over the top that is what's called idol hoarding not and productive investment if you're not gonna find productive investment you better give some.
-- -- -- -- -- -- You what I've been agreed too much I -- disagree on one thing of the top 1% of taxpayers those making.
353000.
Dollars a year and more pay 28%.
Of all federal taxes is that not a fair share.
Well it depends what percent.
-- national income.
They get number one number.
We got 19% of all income and paid 28%.
Of all taxes isn't that a fair share.
-- is not a fair share historically.
Not wrought by the way.
You've got hedge funds you've got dividends you've got capital gains and you've got huge corporation was much last thirty years ago but never.
And I -- much -- -- years ago Ralph great to have you we come back again.
Of course it's good to see your health council -- -- you're running for president yes or no now.
Analyst -- --
