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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums'Just too much': Meet the uber-rich who want a wealth tax
WASHINGTON When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time for the U.S. to consider taxing wealth.
As her familys boat moved through the harbor a few years ago, Munger, whose father is a billionaire investor, saw that many of her neighbors houses were sitting dark and vacant. She knew why: The owners now controlled enough money to holiday at one of their several other luxury homes. It didnt sit right, she said.
Its just too much to watch that happen at the top and see what is happening at the bottom, said Munger, 71, a California civil rights lawyer whose father, Charlie, built his fortune as vice chairman of Warren Buffetts firm Berkshire Hathaway. Isnt it a waste when beautiful homes on the beach are empty for most of the summer?
Munger is now among a handful of billionaires and multimillionaires making a renewed push for the government to raise their taxes and siphon away some of their holdings. As Democratic presidential candidates debate a new tax on wealth rather than on incomes, this group of uber-rich people is urging them on.
I believe in free markets. Im the daughter of a capitalist. But not Darwin-like free, unregulated and red in tooth and claw, Munger said.
The chief argument from these tycoons, financiers and scions is that the government could spend their money more effectively than they could on their own by improving schools, upgrading infrastructure and protecting the environment. It challenges a long-standing belief among many politicians and economists that lower taxes on corporations and investment incomes are the most efficient way to deliver growth and spread wealth down the income ladder.
The idea also is a direct challenge to the reputed billionaire in the White House, Donald Trump, who once backed a wealth tax but in 2017 enacted a dramatic tax cut that favored the rich.
Twenty people, including one who remained anonymous, signed on to a letter this summer essentially asking to be taxed more. The group included financier George Soros, Facebook co-founder Chris Hughes and heiress Abigail Disney, and others often involved in liberal causes. Bill Gates, the worlds second richest person, didnt sign it but has since said he wouldnt be against a wealth tax on a net worth that roughly exceeds $100 billion.
https://www.washingtonpost.com/politics/just-too-much-meet-the-uber-rich-who-want-a-wealth-tax/2019/10/22/a896a26a-f483-11e9-b2d2-1f37c9d82dbb_story.html
Grins
(7,218 posts)Darwin?
More like Dickens.
Baitball Blogger
(46,744 posts)If you could be a fly on the wall at their family holiday celebrations, you would think you crossed over to a parallel timeline.
Ilsa
(61,695 posts)is directly related to the wealth gap and failures within capitalism.
That's what I see in friends who voted for the Turd.
pecosbob
(7,541 posts)Economists knew it was hollow from the beginning, but the money train and the PR campaign for voodoo economics was strong and steady and they just kept repeating the mantra over and over and over until Capitol Hill was only responsive to the needs and desires of Wall Street. Everything else was thrown under the bus for profits.
Newest Reality
(12,712 posts)I advise them to reconsider the impact of the unprecedented redistribution of wealth that will continue to grow for the foreseeable future.
Instead of just using their money to influence our politics for power and profit, (like the Kochs) or as a self-gratifying form of philanthropy that also gives tax breaks, why not form a foundation that considers the kind of country this will be as a full-blown Oligarchy? With all that extra cash, some studies would be in order for their benefit and ours.
Will it be great for them and worse for us, or will it end-up interfering with their hedonistic life-styles? While it is possible to maintain populations with a Technocracy/Meritocracy that favors only the wealthy, is it really worth it? Do they intend to glide into an era where they become the real Lords of the Land in a Neo-Feudal Serfdom? Is that really such a good idea, globally?
That's where they need to go in order to satisfy me. This is about much more than taxes, it is about the masses, the commons and our shared infrastructure. If they do nothing altruistic in regards to interdependence, especially when they are statistically grabbing everything they can, then meager measures like that are of no real consequence. The future looks like it belongs to the wealthy and more and more people will be ants at a rentier picnic of pay as you go or your gone.
They should really reflect on that and consider the interdependence of things. I am sure it would be in their best interests as a "class" and prevent a need to permanently sequester themselves from the results of their folly. The future depends on that.
klook
(12,158 posts)He discussed his book Winners Take All with Preet Bharara on the Stay Tuned with Preet podcast recently.
Its an extremely important topic at this time of obscene wealth hoarding and deprivation existing side by side in a sick symbiosis.
LAS14
(13,783 posts)ritapria
(1,812 posts)We want the Super Rich to stop soaking us ..They were not granted a God-Given Right to obtain 95% of all newly created wealth - the fruit of the labor extracted from the worker bees ..
klook
(12,158 posts)is not "soaking the rich." It's requiring them to help alleviate some of the misery their fellow Americans experience so that we have a less unjust society.