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Television

Trevor Noah boils down the problem with the mega-rich using 'unrealized gains' as money

"It's such a fun game that billionaires get to play."

The Daily Show/Teddy Schleifer/Twitter

Trevor Noah's talked about Elon Musk's Twitter purchase in a Between the Scenes segment.

In the era of the mega-billionaire, much has been made of how such gargantuan wealth is built and what kind of taxes on wealth are fair and unfair.

The intricacies of economics can make such questions a bit tricky both practically and ethically, but there's no question that billionaires get enormous tax breaks through loopholes in our tax system and through straight-up tax legislation favoring the wealthy.

For the average American who will never see so much as one percent of a billion dollars in our entire lifetime, wrapping our minds around the financial workings of extreme wealth is like trying to learn another language. The whole "here's how much money I earn, here's what I can write off, here's what I pay in taxes" thing is pretty straightforward, but not how the uber-rich life works. Wealth doesn't equal money in uber-rich-land—except when it does.

In a Between the Scenes moment from a 2022 episode of "The Daily Show," Trevor Noah highlighted the weird way billionaire wealth sometimes counts as money and sometimes doesn't in a segment on The Daily Show. In his signature funny-but-smart way, Noah broke down the hypocrisy of billionaires being able to treat their stock shares as money when it comes to buying businesses, but not when it comes to paying taxes.

"I'm by no means an economist, nor am I an expert on stock markets and all things finance-related, but you have to admit, a lot of what happens on Wall Street seems like a scam," he began.

He talked about how the stock market went up one day because of what Chair of the Federal Reserve Jerome Powell said about raising interest rates, then plummeted the next day because of people misinterpreting what he said.

"First of all, how does that happen?" he asked. "How are markets changing because somebody didn't read something or understand—and all of you at the same time? And secondly, why do markets do that?"

He said the nature of stock markets going up and down feels "scammy," and somehow we're supposed to be convinced that the stock market is good for us.

"I get it for people's retirements, and I get it for 401Ks and I understand those aspects of it," he said. "But I've realized there are so many things that are designed in such a slick, scammy way."

He gave Elon Musk's pending purchase of Twitter as an example.

"People argue that you cannot tax billionaires on the shares that they hold in a company because it is an 'unrealized gain," he said. Then he explained that he understands that argument because the shares haven't been sold, so there's no actual money in hand. "So you're worth the money, but you don't have the money…and it could also crash, and then you have nothing, so we can't tax you on it."

"You can't tax the people on a thing because they don't have it, it's just there," he says. "Okay fine."

Then he talked about Elon Musk's offer to buy Twitter, in which Musk put up his shares of Tesla stock as collateral. Noah explained how using his Tesla stock as collateral to get banks and investors to put up the cash for him to borrow to buy Twitter.

"So you can buy a thing based on what you have, yes. But when we want to tax you, you can say 'I don't have it,'" said Noah. "It's such a fun game that billionaires get to play because all their money is in that."

Noah points out how we can't fudge around with the IRS due to where our money is located. "You can't be like, 'That money's in the bank, I don't have that money. What money? It's in the bank. Only when I take it out, then you can tax me. For now, it's in the bank, IRS."

That's not something the IRS would accept.

"But if you have billions in shares, you can then use that as money, to then get more money, but not get taxed on any money, because you 'don't have money.'"

Noah said he's not suggesting that we tax people on unrealized gains.

"But I am saying, it seems to me that you then shouldn't be able to use a thing that's unrealized as collateral," he said.

That last point is worth restating. Noah isn't saying that billionaire wealth in the form of stock shares should be taxed like liquid money. He's questioning whether people should be able to use their untaxed wealth as collateral to get liquid money loans to avoid having to liquidate their own wealth (which they would then have to pay taxes on).

Food for thought. Watch:

This article originally appeared on 5.10.22

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Pop Culture

Trevor Noah ended his final 'Daily Show' episode with a tearful tribute to Black women

"Who do you think has shaped me, nourished me, informed me?"

@TheDailyShow/Twitter

Trevor Noah says goodbye in his last episode of "The Daily Show."

Trevor Noah, who has spent the past seven years hosting "The Daily Show," has officially said goodbye to his late-night fans. While he could have chosen any note to leave on, he made his final words an emotional tribute to the Black women who have influenced him.

Since he took over the spot from Jon Stewart, Noah has made the show his own with a blend of quick-witted comedy and thoughtful commentary. Noah had big shoes to fill, but to his credit, he didn't try to cram his feet into them. He simply brought his own shoes and placed them right next to Stewart's, offering his own style of comedy and unique perspectives on the world night after night. Even in his "Between the Scenes" segments, where he chatted with the audience during commercial breaks, Noah frequently added insightful context to current issues.

In his final monologue, he credits those insights to his Black women mentors, from his own mother and grandmother to thought leaders he has had on his show to Black women in general. And it's quite telling that he managed to keep it together in his final show, right up until the point when he talked about these women.

"I've often been credited with having these grand ideas—people are like, 'Oh Trevor, you're so smart'—who do you think teaches me?" he said. "Who do you think has shaped me, nourished me, informed me?"

He credited the women close to him, but it wasn't until he talked about Black women in America specifically that he really began to get choked up.

"I always say, if you really want to learn about America, talk to Black women," he said. "Because unlike everybody else, Black women cannot afford to f*ck around and find out."

Watch:

Some of the women Noah mentioned by name responded with their personal stories of their interactions with Noah, and they offer a behind-the-scenes glimpse at who Noah is.

Roxane Gay shared that her book tour for "Hunger" had been "a shit show," with journalists having no idea how to talk about fatness. She had "prepared for the worst" when she arrived at "The Daily Show," but said Noah turned out to be "a dream."

"He came to the green room and asked what language he should use around fatness and I said we can be real," she wrote on Twitter. "The word fat is fine. It was clear he had actually read Hunger. Not every interviewer could say that.

"We had a wonderful, interesting, nuanced conversation," she continued. "He was smart and kind and funny. He didn’t condescend or treat me like I was repulsive. This shouldn’t be remarkable but it was. I will always be grateful and never forget the consideration."

Tressie McMillan Cottom, author, professor and sociologist, has been on "The Daily Show" several times, but she shared in a series of tweets that her first appearance came totally out of the blue.

"To this day, only two men have ever slid into my DMs. One was a foreign prince of dubious financial means. The other was Trevor Noah. He politely asked me to be on his show. In my DMs. Like he had to ask. Blew my mind.

I was an assistant professor at a state school with a wonky book about for-profit colleges out on a small press. Trevor had not just read it. When we met, I would learn that he had read almost all of my years-long blog. *HE* asked *me* to be on his show.

I had the opposite of a marketing budget. I had the 'prayers and wishes' of publishing. Would I do The Daily Show??? I remember asking him backstage, 'why am I here??' With sincere incredulity he said, 'because you’re brilliant.' News to me.

It’s hard to overstate how much it meant to a writer and scholar without a serious elite pedigree or a major publisher to get a DM to be on The Daily Show. Trevor put together a team that reflected his own intellectual curiosity. If he booked you? He had read you.

When you see how many Black women he elevated? That’s him. That’s who he reads…Black women are truly the foundation of his intellectual project."

Walking the talk is always nice to see, and it's clear why Noah decided to close out his run on "The Daily Show" with the tribute he did.

Thank you, Trevor Noah. You will most definitely be missed.

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Pop Culture

Trevor Noah explains why he's leaving 'The Daily Show' and debunks 'work-life balance'

His perspective is spot on.

@today/YouTube

"Time is the one thing we cannot increase.”

Over his seven years as host of “The Daily Show,” Trevor Noah brought us laughter and valuable insights, even with a pandemic and political upheaval. He made such a positive mark that the announcement of his departure from the show came as bittersweet news to fans.

During an interview with Hoda Kotb of “Today,” Trevor Noah gave further explanation to his personal decision to leave, and in typical Noah fashion, it touched on something universal in the process.

“I realized during the pandemic,” he told Kotb, “everyone talks about a ‘work-life balance.’ But that almost creates the idea that your work and your life are two separate things. When in fact, I came to realize during the pandemic that it’s just a ‘life-life balance.’ It’s just your life.”

He continued, “Your life doesn’t stop because you are working. And so, if you wanna make more time for family, if you wanna make more time for friends and what you wanna do, and everything … find a way to create that time. Time is the one thing we cannot increase.”

For Noah, creating more time for what was important to him meant changing his career focus. For other people, it might look like incorporating different work hours, outsourcing help or simply cutting out activities that don’t really provide growth or comfort. There are endless possibilities, depending on what someone’s priority is, and often these priorities change at different chapters in our life. But one thing never changes—we never know how much time we have on this planet, so it’s best to use it in a way that is fulfilling.

And if you’re confused as to what might be fulfilling, Noah has a trick: find what feels scary. “Anything worth doing should scare you. I will be scared to do the next project, hopefully.”

No matter what project is on the horizon for Noah, he is bound to bring us something to both smile and think about.

You can watch the full interview below:

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Ronny Chieng’s joke about Asian identity inspired a compelling debate about labels

"The Daily Show" correspondent's comments were about Rishi Sunak's appointment as U.K. prime minister.

via The Daily Show/Twitter

Ronny Chieng on "The Daily Show."

Rishi Sunak made history on Tuesday, October 25 by becoming the first Asian and Hindu prime minister in the history of the United Kingdom. His appointment is seen by many in the U.K. as an important step toward representation in a country that is 7.5% Asian.

Sunak’s grandparents migrated to the U.K. in the 1960s from India and his maternal grandmother was born in Africa.

However, this issue is a little more complicated from an American perspective where people of Indian descent are rarely referred to as Asian. We reserve the label for people of the Far East such as Japan, China, Vietnam and Korea.

To complicate things further, if you go by what the U.S. government has to say, Asian refers to people “having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subcontinent including, for example, Cambodia, China, India, Japan, Korea, Malaysia, Pakistan, the Philippine Islands, Thailand, and Vietnam.”

Things get a little vaguer when you consider the different ways people divide one another by race and ethnicity throughout the world. For example, even the term “American” is up for debate worldwide. We consider ourselves American in the United States, but in Latin America, an American is someone from Latin America.

Comedian Ronny Chieng had some fun with the nuanced topic of racial classifications on “The Daily Show” in a bit called “Don’t call Rishi Sunak the U.K.’s first Asian PM in front of Ronny Chieng.” Chieng was born in Malaysia.

In the bit, he made fun of how the term Asian means something different throughout the world. “Indians are not Asians. I love how Indians try to have it both ways, like being Indian and Asian. Pick a lane, OK,” Chieng joked.

The bit was funny because Chieng’s mock rage pokes fun at how we can be adamant about our identities even though, in many ways, they’re rather arbitrary. It’s all just lines on a map. Further, the concept of Asia wasn’t even created by Asians themselves, it was foisted on them by the Greeks.

Some folks thought Chieng’s jokes were spot-on.

But not everyone agreed on whether the joke was accurate or funny and the piece received a lot of serious responses. Such is the way of Twitter, if you make a joke, you get serious responses. If you say something serious, you get jokes.

Also, it was a joke, meaning, he wasn't being serious.

In the end, what’s important is that the U.K. government and its people have progressed to the point where it has appointed the first person of color to represent their entire country. That’s a big step toward the ultimate goal of living in a world where people are judged by their abilities rather than the color of their skin.

This point got a bit lost in the discussion surrounding Chieng’s joke, where he made fun of the fact that people are so keen to define one another by race, they lose sight of what matters.

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