James GleickI’m seeing lots of schadenfreude about the guy “losing” $200 billion. It benefits no one. A better way would be to tax the megabillionaires fairly: i.e., returning the bulk of their wealth to the society that made them rich in the first place.
Bob Wyman@JamesGleick
Andrew Carnegie, once one of America's richest, supported heavy inheritance taxes as a means to return "the people's share" upon one's death. In 1906, he wrote in "The Gospel of Wealth -II" that:
"Where wealth accrues honorably, the people are always silent partners."¹
So, he supported your suggestion for taxes on billionaires with the aim of "returning the bulk of their wealth to the society that made them rich in the first place."
Kim Scheinberg@bobwyman @JamesGleick
Forgive me if I'm skeptical of Carnegie supporting heavy inheritance taxes.
Buffett famously does too and declared back in '86 that his kids would receive only “enough money so that they would feel they could do anything, but not so much that they could do nothing.”
Meanwhile, each kid has been gifted $2b+ to each of the foundations the kids run.
That's not exactly supportive of an inheritance tax—quite the opposite. Watch what they do, not what they say.
@kims @JamesGleick
If you haven't read Carnegie's "Gospel of Wealth II" (see link in OP), I suggest that you do. Also, be aware that he set the model that Buffett, Gates, and others follow today. Carnegie was brutal in the way that he ran his business, but few have given away as much money as he did.
If you haven't read Carnegie's "Gospel of Wealth II" (see link in OP), I suggest that you do. Also, be aware that he set the model that Buffett, Gates, and others follow today. Carnegie was brutal in the way that he ran his business, but few have given away as much money as he did.
@bobwyman
I should have been clearer. You wrote:
"Andrew Carnegie, once one of America's richest, supported heavy inheritance taxes as a means to return "the people's share" upon one's death"
An inheritance tax suggests that the government gets the money upon death. Neither Carnegie nor Buffett has or will "returned the people's share" upon death. Their money went to foundations and charities of their choice, not to taxes.
@kims
When Carnegie argued for an inheritance tax, the USA had neither an inheritance tax nor an income tax. He didn't pay taxes because there were no such taxes to be paid.
When Carnegie argued for an inheritance tax, the USA had neither an inheritance tax nor an income tax. He didn't pay taxes because there were no such taxes to be paid.
@bobwyman
You taught me something. Thank you.
You taught me something. Thank you.