August 22, 2019

A Better Idea than a Wealth Tax

“Legendary multi-billionaire businessman Eli Broad wrote a heartfelt New York Times opinion column this month urging a broad wealth tax to improve income inequality. Worthy goal. The column’s subhead says, “Wealthy people like me should commit to reducing the ravages of economic inequality.” Most wealth lists say I’m only worth about half what Broad is, but I have an idea for him that is twice as good, faster and more direct than any wealth tax.

We all want people to do better — or should. Helping is surely good; but how to do it best? Broad specifically wants a $15 an hour minimum wage, education reform, expanded medical care access and more affordable housing. Two decades ago, he embraced full-time philanthropy to work towards many of those ends. How is that working for you, Broad?

Well now, finally, he recognizes, “no amount of philanthropic commitment will compensate for the deep inequities preventing most Americans — the factory workers and farmers, entrepreneurs and electricians, teachers, nurses and small-business owners — from the basic prosperity we call the American dream.” So now he wants us both taxed higher via a wealth tax.”

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