ProPublica recently released tax documents that revealed that many billionaires entrepreneurs, including Elon Musk, pay no taxes.
Billionaires get huge benefits by living in America. The billionaires know that no dictator will suddenly take their wealth and put them in jail. Access to infrastructure, such as roads, electricity, distribution and the Internet, is available. This infrastructure was paid for through taxes by regular people. The regulations they have (or the lack thereof) suppress competition.
In other words, civilization.
Given these obvious benefits, you would think that billionaires would be willing to pay at least the same percentage as small-business owners. Instead, billionaires exploit loopholes in tax law to make it easier for everyone else.
Freeloading is a term that describes this practice.
My understanding is that billionaires justifiably indulge in rampant freeloading by claiming they are able to do more with their charity foundations than they could through tax dollars. This has four major problems:
- Everybody has a different opinion on where the government should invest its money. Why shouldn’t billionaires be able to indulge their desires?
- Already billionaires have a large influence over government spending, much of which is used to benefit them. So why shouldn’t they be able to choose?
- ProPublica is being pursued by the government, not tightening tax codes. It’s absurd that billionaires shouldn’t be responsible for this.
- Most charitable foundations founded by billionaires simply dodge taxes.
It’s not that I think the Gates Foundation doesn’t do great things.
Their wealth has increased despite the Gates’s generous charitable giving. To be fair, should they not pay taxes in order to help the institutions that allowed them to accumulate so much wealth?
Publited at Thu 29 July 2021 23.25:32 (+0000).