As Sanders and Warren Rise Billionaires Grow Increasingly Agitated
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Financial disparities between the rich and everyone else have widened over the past several decades in America, with inequality returning to levels not seen since the 1920s, as the richest 400 Americans now control more wealth than the bottom 60 percent of the wealth distribution, according to research by Gabriel Zucman, a left-leaning economist at the University of California at Berkeley. The poorest 60 percent of America has seen its share of the national wealth fall from 5.7 percent in 1987 to 2.1 percent in 2014, Zucman found.
But the efforts at redistribution pushed by Warren and Sanders have elicited a fierce and sometimes personal backlash from the billionaire class who stand to lose the most. At least 16 billionaires have in recent months spoken out against what they regard as the danger posed by the populist Democrats, particularly over their proposals to enact a “wealth tax” on vast fortunes, with many expressing concern they will blow the election to Trump by veering too far left.
Bloomberg’s potential presidential bid follows that of fellow billionaires Tom Steyer, a major Democratic donor, and former Starbucks CEO Howard Schultz, who in September suspended his independent presidential bid. Steyer has proposed his own wealth tax, but Schultz ripped the idea as “ridiculous,” while Bloomberg suggested it was not constitutional and raised the prospect of America turning into Venezuela.
Piling on against the wealth tax have been corporate celebrities from Silicon Valley and Wall Street. Zuckerberg suggested Sanders’s call to abolish billionaires could hurt philanthropies and scientific research by giving the government too much decision-making power. Microsoft co-founder Gates criticized Warren’s wealth tax and mused about its impact on “the incentive system” for making money.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
November 10, 2019 at 11:15 PM #219090SorechasmParticipant
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By order of the Divine Right of Kings, we demand that Bernie and Warren and all you Communists running for President defer to our wisdom, and hereby declare you and your minions ‘Unconstitutional’. Signed by the Blessed .1%, AKA Masters of the Universe.
“Go and tell Alexander that God the Supreme King is never the Author of insolent wrong, but is the Creator of light, of peace, of life, of water, of the body of man and of souls;...what Alexander offers and the gifts he promises are things to me utterly useless;..." Dandamis, a great sannyasi of Taxila.Excerpt From: Yogananda, Paramahansa. “Autobiography of a Yogi.”
November 10, 2019 at 11:17 PM #219093virtualobserverParticipant
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The billionaires are correct. If you tax a small portion of their wealth, they will immediately stop trying to enrich themselves.
It is just common sense.
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