How to pass TranscribeMe audio exams Part A and Part B

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          Part A

00:00 Speaker 1: All of this means that it matters a lot that this group has acquired so much power,that the concentration of income and wealth at the top has distorted our society, has led us to make bad choices just in terms of the overall state of the economy, as well as unjust choices, choices that hurt ordinary people, even if they may benefit a few people at the top. And we need to try to turn this around, and maybe the most important thing is that we still have this tendency to assume that because people have a lot of money, that that means that they actually understand the world, that being rich means that you are also wise. And that is very, very much not true. I don't want to romanticize the wisdom of the common man, but the fact of the matter is that if anything, the top 0.01% has a worse idea about the realities of life and the real impacts of policy than ordinary voters,and anything we can do to curb that influence is going to help make America a better place.

01:16 Speaker 2: Thanks for that. When you made your comment about people being clueless in the social security debate, I was reminded of Larry Fink from Blackstone, who said that we should raise the retirement age because people mostly just sit around in their jobs. But I wanted to ask... You've written some really insightful columns about other economic models in other parts of the world, and Denmark, for example. I wonder if there's anything we can learn about how some other countries have dealt with their 0.1%.

01:42 S1: Okay, the Nordics are a really interesting case. They are a living refutation of the orthodoxies of saying that high taxes are enormously destructive may get you a Presidential Medal of Freedom, but just look at Denmark, just look at Sweden. These are countries that have far higher taxes than we do and yet they have, in terms of outcomes, things like prime age employment rates, they do better than we do. What is true about the 0.01%, even the Nordics are not that successful at taxing extreme wealth. They make more of an effort at it than we do, but they do live in a globalized world. And what we've learned, if people follow this stuff, Gabriel Zucman's been doing this amazing stuff on tax havens, and a lot of the data... That the rich are elusive.

02:42 S1: We actually know as much as we do, which is not as much we should, only here, thanks to the Panama Papers. And then the Panama Papers integrated... What Gabriel did was he integratedit with information provided by the Swedish Ministry of Finance, which was willing to supply enough data so that he could do matching, so that's on one hand, saying that the Swedes clearly have a very different attitude towards this. They're actually willing to say that high concentration of wealth is a bad thing, but also what it turns out is that there's an awful lot of offshore hidden wealth on the part of Scandinavians, so it's not... The Scandinavian 0.01% is also parking a lot of money in offshore tax havens.

03:29 S1: So it is hard. However, Denmark used to have a wealth tax and it was effective. They did manage to collect money. It's actually a key part of the background behind the war on tax proposal, is that in the few cases where wealth taxes have been applied, there was less evasion than you mighthave feared. So, not a perfect answer. It's probably true that there's been a plutocratic trend even in Sweden and Denmark, but it's nothing like as bad as it is here.

            Part B

0:00:00.0 Speaker 1: You talked about the response to the financial crisis, and perhaps not enough deficit spending as a response. My question is, are deficit spending and increased taxes on the rich tools that should be used in conjunction? Could you talk about their applications and their uses together or alone?

0:00:16.4 Speaker 2: Okay, let me give you... I've been trying to figure out how should we pay for a progressive agenda? Put it that way. There's a bunch of things we should be doing, we should be clearly spending quite a lot more, especially on children, and we need to be spending on infrastructure, and there's a whole bunch of things. We're talking significant amounts of money, andI would say that basically anything that can be reasonably considered to be an investment in the future, it's okay to finance with deficits. Real interest costs for the US are very, very low. Interest rate is below the growth rate of the economy. You've got people like Olivier Blanchard and Larry Summers saying that deficits fears have been vastly overblown. I think we are in a situation where we shouldn't be worrying much about deficits. However, that doesn't mean that you can completely blow it away.

0:01:08.2 Speaker 2: And so pieces of that program that would require, sustained spending and arereally more about social justice than about quite a lot of stuff that's both investment and social justice, but there's also a fair bit of stuff that's just social justice. And I would say that you wanna pay for the social justice parts by higher taxes on the rich, so that the two do go in conjunction. I would say that both some increasing or better targeted deficit spending, 'cause we're doing a lot of deficit spending right now, but we're running deficits to pay for stock buy­backs. But a combinationof deficit spending on investment and taxing the wealthy to pay for social programs is the way I would go.

0:01:53.1 Speaker 3: Will you talk about the intersection of trade and corporate taxes and tax avoidance? It seems like we are in an endless game of Whack­A­Mole with a very inadequate hammer, and I wanna understand what the whole picture needs to look like if you could design it.

0:02:11.3 S2: Okay, corporate tax avoidance, profit shifting to tax havens is a... This is significant thing, although it's not a 100% because if the ability to globalize where profits are reported was unlimited, then we wouldn't have seen a decline in corporate tax receipts after the Trump tax cut. Soobviously, corporate taxes were collecting a significant amount of money despite all of that. But to the extent that it is an issue, look, it's a handful of small countries where this stuff is being... Where profits are realized. We really are talking Ireland, Luxembourg, and then the financial industry is British Virgin Islands, that sort of thing. The major economies have got plenty of leverage to force those tax havens to shut down. If we had a coordinated move on the part of the G7 to say, "This must stop," it would not be at all hard to do it, so you just need an agreement.

0:03:18.7 S2: You need to have progressive governments and enough of the major economies, actually, to a large extent, I think basically, if the British and ourselves would, I think the Germans and the French would go along. Were to say, "We're gonna have a crack down on the tax havens," that would do it. We were even starting to move a little bit in that direction. So it's one of those problems that is not hard technically, it's a political thing. If widespread tax avoidance through the international tax havens persists, it's because interest groups within the advanced countries want them to persist and the moment we decide that that's not gonna happen, it will stop happening. It'sjust an easy problem to solve with the right leadership.

So friends this is about TranscribeMe exam Part A, and Part B.Thanks for visiting here at GoTranscript Audio test answer dot com.