Abolish Billionaires?

There are about 2,200 billionaires in the world, about one-fourth of those are U.S. citizens.

Farhad Manjoo recently wrote an opinion piece in the New York Times that engendered more than 1,500 comments. Most simply, he argued, we should abolish billionaires through much higher taxes and related policies.

When it comes to billionaires, I’m of a mixed mind. On the one hand, given rising inequality, I’m surprised more people aren’t agitating against members of the three -comma club. Not just writing commentaries, but taking to the streets Occupy Wall Street style.

On the other hand, as the philosopher Peter Singer points out, some billionaires are giving away the bulk of their wealth to philanthropy. Bill Gates, in particular, plans to give away 99.6% of the cash money I paid him back in the day for successive versions of Microsoft Office.

Of course, as Manjoo points out, we have to analyze whether the billionaires’ charitable giving is having positive effects or not. Anand Giridharadas style. As Manjoo explains, Giridharadas argues that many billionaires approach philanthropy as a kind of branding exercise to maintain a system in which they get to keep their billions. Especially when they put their largess into politics.

“. . . whether it’s Howard Schultz or Michael Bloomberg or Sheldon Adelson, whether it’s for your team or the other — you should see the plan for what it is: an effort to gain some leverage over the political system, a scheme to short-circuit the revolution and blunt the advancing pitchforks.”

Gates might be an outlier, but his giving is so exemplary, I’m less inclined to order a pitchfork from that billionaire with the online superstore.

3 thoughts on “Abolish Billionaires?

  1. Wow, this got my attention, Ron! The statistics on who owns the major portions of a nation’s wealth are disturbing, and I think bear some examination. I am not optimistic about any changes in that situation, though—very wealthy people have a way of not only preserving, but increasing their wealth.

  2. Hey Ron,
    Been meaning to point this out for a while: another exception to the way so many wealthy use charity described above would be LeBron James. I still don’t think he is better than Jordan, but he does deserve a nod for his charitable work to raise inner-city children out of poverty by opening schools and sending them to college.
    Cheers,
    Brian Fraser

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s