October 13, 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.”

Read more

JJ Editor's Picks

"Kurds have been staunch allies in America's struggle against ISIS. Without them, America would have paid a far steeper price in blood and treasure to defeat the brutal outfit. That's why President Trump's move to pull U.S. troops out of..."

"For the first time since President Richard Nixon refused to turn over the White House tapes, the United States is facing a genuine constitutional crisis. To be sure, Donald Trump had already created a crisis in the presidency by abusing the..."

"Every October for the past five years, Fat Bear Week has showcased some of the healthiest, hungriest, and chonkiest bears in Katmai National Park and Preserve, a four-million-acre expanse of wilderness in southern Alaska..."

"I sat on my childhood bed, surrounded by 52-year-old stuffed animals, with a smartphone lodged between my ear and shoulder. My father had died unexpectedly the day before, and I was jotting down notes as my rabbi back in Ohio described various..."

"In August, it was SoulCycle and Equinox. The month prior, Home Depot. Back in 2017, L.L.Bean. These are only a few of the companies to ignite the collective ire of progressive consumers over corporate ties to Trump. In the case of the boutique..."

"Movies like Gemini Man are usually ideal airplane viewing. Take a formulaic plot about spies and cloning, then add dialogue so predictable that getting interrupted by pilots’ announcements and turbulence and your seatmate’s need to get up and..."

"It’s still unclear whether Israel’s next election will be in four years or four months. But either way, if the center-right wants a better outcome, it needs to learn the lessons of September’s election. So here are two: First, while center-right..."

"Smart homes, bountiful oceans and casual sexism: the future as envisaged from 1967 ‘Yes, life will be richer, easier, healthier as space-age dreams come true.’ In 1967, the Ford Motor Company (then known as Philco-Ford) released the short film..."