Let’s Make Billionaires Pay

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Democracy is rule by the people and it’s up to the people to ensure that this continues to be the case. Currently the growing inequality in democracies is threatening the very existence of these societies to continue, but there is a simple solution. If we ensure that billionaires give back to the society that they used to make their wealth then we can continue to thrive. Every billionaire made their money by extracting wealth from others and we can’t forget that. If we don’t make billionaires contribute back then we’ll continue to have many social problems. Perhaps it’s time for something radical and outright ban billionaires?

But there are far more urgent reasons than poverty to get rid of billionaires and reverse the trend of economic polarization. A growing body of economic and political-science research demonstrates that Gilded Age–type inequality does not just mean having too many with too little. It is warping the very social fabric of the country, stifling mobility, innovation, investment, and growth, and putting the country at political risk.

Given all this evidence, wealth taxes are not simply a way to pay for programs for the poor. They are a way of reducing the incentive for the rich to soak up all that money in the first place. They are a way of pushing the steps of the income ladder closer together to make them easier to climb. They are a way of ending what two leading economists on inequality, Emmanuel Saez and Gabriel Zucman, call “oligarchic drift,” and its attending political risks. They are a way of building a healthier economic future for everyone—including those 400 families up at the tippy top.

Read more.

The Super Rich Have a Super Nice Pledge

Thirty-eight US billionaires have pledged to give at least half of their total wealth to charity during their life or after their death. Warren Buffet and Bill Gates (who have previously donated very large sums of money) have made an impression on other extremely wealth individuals in the USA with their new organization The Giving Pledge.

The campaign was started in June to convince US billionaires to give away at least half of their fortunes either during their lifetimes or after their deaths.

“We’ve really just started but already we’ve had a terrific response,” Mr Buffett said in a statement.

He added: “The Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used.”

Those who pledge their money to “philanthropic causes and charitable organisations” must publicly state their intention through a letter of explanation.

Read more at the BBC.

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