July 18, 2019

A One Percenter's Case for Taxing the Rich

“There’s a story we like to tell about American capitalism. Ours is a country that prizes merit, rewards risk and stands apart in its commitment to the collective success of open markets and the free flow of capital. We are a nation of strivers who can pull ourselves up by our bootstraps with the right combination of grit and determination.

That’s the tale we love to tell and hear. But take it from a person who has found himself on the fortunate side of that narrative: This story is incomplete. For most people, our system isn’t working.

I say this as the child of Jewish immigrants from Lithuania who came here with little more than an oversize belief in what America could offer. Their faith was well placed: My parents watched me build two Fortune 500 companies and become one of the wealthiest people in the country.

Two decades ago I turned full-time to philanthropy and threw myself into supporting public education, scientific and medical research, and visual and performing arts, believing it was my responsibility to give back some of what had so generously been given to me. But I’ve come to realize that 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.”

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