take the heirs of sam walton, founder of walmart. none of them created walmart.ion dollars involved. it's money that keeps growing. that's the comment thomas piketty makes in his new book. john: piketty suggests a wealth tax plus an 80% income tax on rich people. i'd like to interview him about that, except he's a french economist, his english isn't so good. let's talk of mike konczal, and mike says a wealth tax is a good start. libertarian economist mark scousen says taxing capital is a terrible ida. why? >> why would you tax it at higher and higher rates? john: because the walton kids didn't earn it. >> it doesn't matter. the money is used for investments for expanding different products and so forth, and when you destroy that wealth through taxation, and where is the money going? it's used for boondoggles, government wars. john: roosevelt institute would have it go to poor people, i assume. >> do all kinds of stuff with it, health care, education, richer more broadly prosperous society. >> if the money would go there. unfortunately it is going to the welfare c

your union allies on the other hand because the unions, i put mayor de blasio in office, and the sam walton foundation is the biggest contributor to charter schools around the country, and they get to attack walmart and that, and somebody born in the bronx, and there are parts of thebronx where you can't get affordable food. they're food deserts in the bronx -- let me finish my point. the place you can get fruit, vegetables, it's a crumby store, and walmart would bring affordable foods to that area and that's how disgusting this is. >> i was telling the councilman this, let me decide or let new yorkers decide, and if it's as reprehensible as you say, they don't go there. if you go to the shop around the corner, it's $50 for a gallon of milk. it's outrageous. give new yorkers a choice. if it's so egregious and they find walmart's policies are so awful and those workers truly must be chained to their shelves or the cash register, fine, but they have not seen that and i have a feeling it's these leaders. >> they play the game so long because they have to stick with it, because if the world see

. >> so did sam walton. >> the product takes jobs. what did he create?t every one of us have in our pockets. we have a smart phone. wealthy people, poor people everybody has this. this is a great equalizer. capital of the one percent is going into products like this. why would you penalize that? >> i think there are serious problems with this book. one for example he says the rich automatically get richer. that is so much bologna. there are so many examples. he uses the forbes 400 richest list. those people are changing constantly. >> basic compounding interest means if you have a lot of wealth unless you are going to spend a lot of it -- >> why is it a problem? >> part of it is legitimacy of capitalism. if capitalism isn't the generating -- a lot of reasons people like capitalism is liberty libertarian. it is the best system we have for generating broadly shared prosperity. if that is becoming less true as we go forward as we see much more income into to capital owners managerial class that captures a huge amount of innovation we make in our sows site.

of course, the son of sam walton, the founder. , the vice chairman, interesting, greg penner, who is walton's son-in-law and puts in place the succession plan for the board of directors for walmart. as far as the shareholder proposals, three on the table, all got rejected. even iss, the notable proxy weighed in on them for like an independent chairman, but not surprisingly rejected because the walton family controls more than 50% of the vote. there is the real news. as far as strategy shift, the substance as you say, a lot of talk about neighborhood stores for walmart. a whole new concept. really gets awith a s s away fr center. so watch for growth in that area. and also in convenience stores. that's a new concept. one of them, we saw it here in bentonville, arkansas, and they're going to look to grow that, compete with the 7-elevens at very cheap prices. so there's some of the news, some highlights, but perhaps the biggest surprise came in the form of the entertainment pomp and circumstance as you said, always a festivity here. 14