Taxing times for government-loving millionaires
Recently, the founder of a network of wealthy people called Millionaires for Humanity wrote an op-ed for a large financial news source with a clear message to their governments: “Tax us. Tax us. Tax us.”
Credit to the author as he boldly claims to not be virtue signaling, all while writing a piece that is in fact one big virtue signal.
Here is the underlying problem with the “tax millionaires to cure inequality” solutions like this one: this author (and people like him) look at scenarios like the past 12 months where billionaire wealth grew by $3.9 trillion and workers wealth decreased by $3.7 trillion and then leap to government solutions to solve the problems caused by governments. What did we think would happen when our fearless leaders mixed massive monetary and fiscal stimulus that pumps up assets owned by the ultra-high net worth (i.e. stocks) while also shutting down the economy leaving the working class jobless?
A secondary problem is to make the leap and target “millionaires” as if a person with a family making $1 million annually is equivalent to someone with a $100 billion net worth.
Here is a simpler solution: All the self-righteous billionaires (and millionaires) who believe their governments are better stewards of capital can write checks to their respective taxing authorities today. No more setting up foundations or signing onto “giving pledges.” Right now, this author and all the other “Millionaires for Humanity” can be the change they want to see in the world and start writing checks now. Start today!