his is the number one conservative argument in favor of billionaires. No fluff, just facts...
A question for the liberals: when does a figure on a paycheck become “too much?”
Argument #1: “Billionaires Exploit Workers For Their Own Benefit.”
What You Need to Know:
- Stephanie Kelton, a former Bernie Sanders campaign advisor, once tweeted, “No one makes a billion dollars. You TAKE a billion dollars. You take it from your workers (Hi, Jeff, Jim, and Alice!). You plunder it from the environment (What up, Charles & David?). You strip it using patents/protections (Lookin’ at you, Bill.).”
- Are there certain companies that manufacture their goods in foreign countries, in an effort to prevent paying an expensive minimum wage? Yes. Are there companies that set aside environmental regulations for their own benefit? Most definitely. But did the billionaires actually STEAL money from others? Absolutely not.
- Quiz: did Mark Zuckerberg spend thousands of hours coding Facebook in his dorm room, or did the Winkloevoss twins, whom it was supposedly stolen from do that work? Did Elon Musk eliminate relationships in his life, and completely dedicate his time to building PayPal, or did the envious leftists do so?
- Regardless of whether or not a billionaire made their money fairly, they made their money. They shouldn’t have to hear about how it “isn’t just” that they exploit their workers. The rich put in the time, the rich dedicated their lives, and the rich manipulated the system. They won.
- People continue to claim that the rich are getting richer, yet they don’t mention the fact that the middle-class and the poor are also: getting richer. According to Pew Research Center, the median middle-class income increased from $58,100 to $86,600.
- Let’s look at poverty: what brings people out of poverty? Is it capitalism, or socialism and communism? According to Catalyst, capitalism is the best way to lift people out of poverty.
- The reference of poverty comes into effect when speaking about issues like homelessness. The left complains that it is unjust for Bill Gates to have a 66,000 square foot house when there are extreme levels of homelessness in New York City. Where is the correlation?
- What if we forget that Bill Gates donated $589 million to charity alone, and dismiss anything about his philanthropy? To use the liberal logic of “my body, my choice,” where is the “my money, my choice?” Does that not apply?
Argument #2: “The Rich Don’t Pay Enough In Taxes.”
What You Need to Know:
- “On your 10 millionth dollar, sometimes you see tax rates that are 60 to 70 percent. That doesn’t mean all 10 million dollars are taxed at an extremely high rate, but as you climb up this ladder, you should be contributing more,” said by Alexandria Ocasio-Cortez. As if the rich have not been contributing enough…
- For the financially uneducated, the United States’ tax system is broken into income brackets, aside from capital gains and dividends. The tax brackets for 2019-2020 are as follows:
- 10% tax rate on households earning up to $19,750
- 12% tax rate on households earning up to $80,250
- 22% tax rate on households earning up to $171,050
- 24% tax rate on households earning up to $326,600
- 32% tax rate on households earning up to $414,700
- 35% tax rate on households earning up to $622,050
- 37% tax rate on households earning more than $622,050
- For example, if I were to work as a doctor and earn $200,000 from XYZ hospital, and my wife was also a doctor, but earned $100,000, together we would pay a 24% tax rate.
- The income tax is easy, yet then it becomes complicated. The individuals that lose the most on taxes are the small business owners and the self-employed, which are taxed at a 33% rate regardless of income. Before creating a large business like Amazon, or FedEx, Jeff Bezos and Frederick W. Smith were forced to pay such a price.
- But why does Jeff Bezos pay $0 in federal taxes, and instead earn a tax refund from the general public? Because that $11 billion he posted as an income was done through capital gains. Also, Bezos has money in liquid assets (i.e. stocks), which qualify as investments and are taxed at a very low rate.
- The federal government does not tax the billionaires and the richest in America at a high rate for two, very important reasons: economic motivation and job creation.
- If AOC’s plan were to come into fruition, there would be no desire to earn money in the United States. Why would business owners work so hard just to be taxed at an extreme level. For example, earning $12 million as a self-employed lawyer just to pay the federal government $8,400,000 of it? With a low tax rate, set at about 37%, economic freedom is attainable and a lull/depression in economic expansion won’t happen.
- Job creation… According to USAToday, Walmart employs more than 1.3 million people in the United States. That is 1.3 million jobs added to the U.S. economy, and that is 1.3 million additional paychecks the government does not need to take care of, and only collect federal taxes from.
- Walmart is just one example, but the relief of not having to employ tens of millions of American citizens is the ultimate reason why corporations like Amazon and GeneralMotors don’t pay federal taxes.
The Overall Argument In Favor Of Billionaires:
What is wrong with using accountants to manipulate the tax system? Why is it bad for an individual to work hard, earn a fortune, and then keep it for themselves? Are the billionaires greedy, or are the “losers” of society upset that they don’t have that wealth?
I am more than sure that if a leftist inherited $1 billion, they would disagree with a 70% income tax primarily on the fact that they would feel entitled to the $1 billion. When you don’t have something, it’s much easier to just “give it away.”
My biggest problem with cancelling billionaires is not that they will “continue to be greedy,” but rather it is about the economy. The financial loss of billionaires would be unimaginable. When a tax of 70% is set for people earning more than $10 million, it crushes the pursuit of money.
What happens next is a loss in jobs, since companies are not forming. The primary job of a company is to foster jobs, and that is why such large companies do not pay taxes. The federal government looks greatly at companies that provide valuable assets to the economy because it makes the United States’ role easier.
As I have read in Midas Touch by Donald Trump and Robert Kiyosaki, there will always be poor people and rich people. But the answer to that is not socialism, where everyone is equal. Neither is the answer to punish the rich for working hard.
The individuals that don’t go out with their friends and instead work through the late night, or the people that risk their entire life’s savings on a dream that they have. Why should they be punished for doing what others wouldn’t?
It’s not fair. It’s not fair that if you work hard in this country you will be criticized for not giving all your earnings to the poor. Are there greedy billionaires? Absolutely. But, does their personality give the public permission to feel an urge to cancel them? No.
I aspire to become wealthy, and I would like to do so in the United States. I swear to never vote against a potential law which would tax the rich more, because it is not fair. Just because you are jealous of other’s hard work does not give you the right to take it away.
“Even though you claim the concept of billionaires is immoral, only your system requires the existence of billionaires to exist. The capitalist system does not. The free enterprise system is financially blind. [The left’s] requires the great immorality of billionairism -- I don’t know if that’s a term -- I don’t care,” said by Steven Crowder.