The success of Bill Gates and other ultra-rich depend on ‘millions of poor people’ – billionaire Tom Steyer

Join Us On Telegram

The success of Bill Gates and other ultra-rich depend on ‘millions of poor people. In a recent interview, hedge fund billionaire Tom Steyer, a former 2020 Democratic presidential contender, slammed the concept of a self-made billionaire, stating that ultra-wealthy people like former Microsoft (MSFT) CEO Bill Gates owe their fortunes to “millions of poor people.”

The comments come as wealthy-person taxes remain a major sticking point in Democratic congressional discussions over a budget measure that would boost social services and speed up the United States’ response to climate change.

According to an analysis released last week by the bipartisan Committee for a Responsible Federal Budget, the measure, which was originally intended to raise taxes on wealthy people as a central source of revenue, could end up lowering their tax bill if it includes a proposed repeal of the $10,000 cap on the federal deduction for state and local taxes, known as SALT.

Steyer, who favors hiking taxes on the rich, believes that successful businesses should reward their creators. However, he admitted that their success is due to the millions of workers who made it possible for them to thrive.

The success of Bill Gates and other ultra-rich depend on ‘millions of poor people’ – billionaire Tom Steyer

“I have always thought that the capitalist system should reward people for coming up with ideas and products that make other people’s lives safer, healthier, more fun, more productive,” he says. “Absolutely.

“Having said that, do I also think that those people when they succeed — when a Bill Gates succeeds, did he create Microsoft? Yeah, at some level he did. But he did it within a system that other people, millions of poor people, millions of unassuming people, had dedicated their lives to create.”

“So he was building it — you know the old saying — standing on the shoulders of giants,” Steyer adds.

According to a White House research issued in September, the wealthiest 400 American households paid an average federal income tax rate of 8.2 percent from 2010 to 2018. According to the Tax Foundation, the tax rate for the wealthiest households dipped below the average 13.3 percent tax rate paid by US families in 2018.

READ ALSO  Another global outage hit Facebook this week.

To be sure, many of America’s wealthiest people donate substantial sums to charity. The Gates Foundation, a nonprofit organization that battles poverty and illness across the world, has received almost $37 billion from Bill and Melinda Gates. Amazon CEO Jeff Bezos promised $2 billion to restore natural ecosystems and solve weaknesses in the climate system at the COP26 climate meeting this week.

The success of Bill Gates and other ultra-rich depend on ‘millions of poor people
The success of Bill Gates and other ultra-rich depend on ‘millions of poor people

The COVID-19 epidemic has coincided with an increase in average CEO salary as well as a surge in income among the country’s highest-paid CEOs and richest individuals.

Last year, eight of the highest-paid executives each got more than $100 million in salary. According to a poll performed by The New York Times by research company Equilar, only one executive attained that level in 2019.

READ ALSO  White Woman Pretends To Be In Distress, Calls Police On Black Man In Viral Video

Furthermore, according to Federal Reserve data from the first quarter of 2021, the richest 1% of Americans hold about 16 times more wealth than the lowest 50%.

Steyer rose to fame as the founder and senior managing member of Farallon Capital Management, which he left in 2012. Since then, he has founded NextGen America, a voter participation group, and has become a major environmental crusader.

The success of Bill Gates and other ultra-rich depend on ‘millions of poor people’ – billionaire Tom Steyer

According to Steyer, wealthy individuals owe a duty to those who constructed and nurtured the system that allowed them to succeed.

“You have huge obligations, responsibilities, and debts to your fellow citizens who have done so much,” he says. “That teacher, that soldier, that nurse who’ve done so much to create a system that is safe for you to go write some code, and make a ton of money.”

“So let’s just be clear, we’re in this together,” he adds. “Nobody is going to succeed the United States of America without everybody else succeeding.”

Source: yahoo

Send your article and other stuff for publishing to [email protected] Via WHATSAPP

Comments are closed, but trackbacks and pingbacks are open.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
close