October 22, 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.”

Read more

JJ Editor's Picks

"During the debate on Prime Minister Boris Johnson’s new Brexit deal in the United Kingdom’s Parliament on Saturday—which ended, as these things often have, with a vote calling for another delay—Johnson exposed the most basic blindness of Brexit..."

"Mick Mulvaney, the acting White House chief of staff, wants to change his story about Ukraine. On Thursday, at a press briefing, Mulvaney confirmed that when President Donald Trump suspended military aid to Ukraine in July, one reason was that..."

"I travelled with Bedouin in the Western Desert of Egypt. When we got a puncture, they used tape and an old inner tube to suck air from three tyres to inflate a fourth. It was the cook who suggested the idea; maybe he was used to making food..."

"The ultrasound technician places the wand on my daughter’s lower abdomen and moves it slowly across taut skin glistening with gel. I’ve been holding my breath since being ushered into the dimly lit cubicle to witness a sonogram that will..."

"Even many Democrats are criticizing Senator Elizabeth Warren for refusing to admit, in plain words, that her Medicare for All plan will require taxes to increase. They’re right to complain. The point could hardly be simpler: All presidential..."

"How do you update Watchmen for 2019? That might sound like a question with an obvious answer: You just do Watchmen. After all, the graphic novel, which has been consistently in print since its 12-volume run ended in 1987, is pretty terrific..."

"The climactic face-off of the 2019 Israeli Apartheid Week at the University of the Witwatersrand in Johannesburg took place on a wide, sunny plaza, between a statue dedicated to the millions of anonymous miners who had toiled under inhuman..."

"Mark Zuckerberg has rarely been so compelling. Facing increased scrutiny — especially after leaked audio of an internal meeting in which Zuckerberg called Sen. Elizabeth Warren (D-Mass.) an existential threat — the Facebook CEO outlined his..."