Hassan Heikal on His 'Tahrir Square Tax'

Monday, November 28, 2011

Egyptian anti-government demonstrators hold their national flag as they gather at Cairo's Tahrir Square on February 10, 2011. (Mohammed Abed/Getty)

Economic inequality is the primary motivation for the Occupy protests that began in New York and have since gone global. A clear-cut solution for restoring financial stability and easing public disgruntlement, stateside or in the burgeoning European debt crisis, is nowhere in sight. But one millionaire claims to have an answer.

Hassan Heikal, the CEO of EFG Hermes, is proposing the "Tahrir Square tax" which would impose a 10 to 20 percent tax on everyone making more than $10 million.

Guests:

Hassan Heikal

Comments [5]

Bob

I am curious about how many who publicly oppose such a tax or other "22nd century" (my term) solutions actually qualify and would be impacted by them. It should be considered signiificant that a growing number of those who do qualify are recognizing and owning publicly the responsibility that accrues with the status.

Nov. 29 2011 11:45 AM
Charles

Celeste Headlee blandly asserted that "the Bush tax cuts... for the most part, benefitt[ed] the wealthy."

By almost any sensible measure, that statement is false.

In terms of numbers, the "wealthy" (as defined by this story's terms) constitute a tiny number of the total number of Americans benefitted by the Bush tax cuts. And in terms of gross revenue to the U.S. Treasury, the amount saved by non-wealthy taxpayers dwarfs the amounts of taxes paid by that tiny group (probably only about 300,000 taxpayers) defined by this story as the ultra-wealthy.

Of course, it is possible that for purposes of advancing her partisan arguments, Celeste might want to include earners like large farm owners, doctors and dentists, small business owners, and other fee for service professionals withinher definition of "the wealthy." News for Celeste; those really are the people who create a lot of jobs with their [income-producing] business activities.

I lost count of all of the sarcastic do-nothing Congress jokes in today's program. The odd thing is that I don't recall a single "Congress" joke on The Takeaway when Democrats were in control. From that, I take it that only divided Congresses are amusing for The Takeaway. So we'll see what we can do about creating a one-party filibuster-proof veto-proof Congress in 2012.

Nov. 28 2011 05:38 PM
listener

"..we can use new power technologies to free ourselves from oil and gas.."
Like Solyndra? Take from "bad" millionaires and give to "good" millionaires which all depends on their political connections? Isn't that crony capitalism?

Nov. 28 2011 11:46 AM
zoe

i think this is a marvelous idea! obama should earn his nobel peace prize by championing this idea--and then using using the extra funds for public work projects to rebuild the electric grid so that we can use new power technologies to free ourselves from oil and gas. it would reduce deficit, create jobs, and a bright new America. P.S. The money should not be funneled through existing corrupt state infrastructures.

Nov. 28 2011 10:49 AM
listener

There is no "corruption and mismanagement" in US and European governments?
"He's ready to pay the tax"
What's stopping him now?
Isn't it great pubic relations to offer a fortune knowing it will never happen while many "smart" people will fall for the false generosity?

Nov. 28 2011 10:08 AM

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