E8: Patriotic Millionaires and the "S" Word
Updated: Dec 17, 2020
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Income inequality in America is not new. It often seems like accumulating wealth or even financial security is only possible if you already have it. Part of the reason for this is because wealth and income are taxed differently. This week’s conversation with Morris Pearl centers around how this sort of inequality is really not in the best interest of businesses and the people that own them. He and his coalition of Patriotic Millionaires are trying to change the way we think about taxation. Wealthy people paying taxes is not an act of charity, but rather a way of fulfilling their obligation as citizens in order to sustain the nation (and their own financial wellbeing).
"Every year I make more and more money for my investments and it's compounding favorably, whereas someone who's working for a living, and just barely getting by, and paying higher taxes than I pay, they don't get to save much money, a huge percentage of Americans don't even have enough money for an emergency like a flat tire. "
"And who honestly believe that what's good for big business is good for America. There might be some truth to that. But I think that you have to be more long term oriented and realize that big business or anyone else is not going to do well. If they end up in a country filled with lots of people having trouble getting by."
"We need the kind of country that has millions and millions of people who pay their bills every month, their iPhone bills and their rent and everything else. A few rich people, lots of poor people, does not do it for most businesses."