The Top 1% Donate 0.8%

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(Edited)

One of the main arguments against a wealth tax is that the stupendously rich already give so much of their wealth to charity. Especially the billionaires themselves, when they appear on the mainstream platforms paid for and funded by themselves, are keen to point out that they wouldn't be able to be so damn charitable if their hard earned wealth were to be taxed.


Bill_Gates_small.jpg
source: Wikimedia Commons

The amazing thing to me is that so much people still fall for this BS, when the truth is so easy to see: they give as little as possible, just enough to paint themselves favorably in the eyes of the middle class and poor, while standing on their necks. The subtitle of the Vox article I want to highlight today reads: "Jeff Bezos gave an estimated 0.1 percent of his wealth in 2018." This is America's richest person, who had to be pressured into paying his employees a 15 dollar per hour wage and who bought one of the nation's biggest news-outlets, The Washington Post, like you and I buy peanut-butter at the supermarket, stifling any scrutiny of his company's dealings. A billionaire colleague of his, Bloomberg, owns a news agency company baring his own name, Bloomberg News, as well as the Bloomberg Television network, and is now buying his way into the presidential primary elections by spending 100 million dollars on ads in the three weeks he has been running. These "gentlemen" are a literal rot in the democracy, and Bloomberg's bid for the presidential nomination may be the most dire indication of the class war that has almost reached a boiling point; watch the video at the end.

Important to realize is that for the past decades, this has been true: Politicians listen to rich people, not you. I's go even further, especially now that Trump is the POTUS, and say that the government ARE the rich people. And the government say we can't tax their wealth, because they would stop giving to charity and, even scarier still, they would leave the country and set up business elsewhere. Well, cry me a river over their departure; good riddance is what I would say. Taxing them would pay for medicare for all; do you know how much talented, smart and entrepreneurial individuals don't dare take the step of leaving their job and start a business of their own, just because they would lose their job's healthcare? I don't, but I do know that healthcare is one of the most pressing reasons for people to hold on to an otherwise worthless job. Some will even defend their partly employer-funded healthcare program... But that's overlooking the amount of power the employer has: when people decided to strike at General Motors, within the first few days their healthcare program was stopped. So don't adore your boss over the power he or she wields over you and make healthcare universal: when everyone has it, it's a noose on no one's neck.


Bloomberg Spends $100 MILLION On Ads & SURGES

Back to the stupendously rich: a proposal to tax their wealth by even the tiniest percentages, they literally start crying on TV. When Bloomberg is asked about the criticism that he's single handedly buys his way into the election, the billionaire's disingenuity comes floating to the surface; he turns the question around and asks why it's okay for a candidate like Bernie Sanders to ask money from millions middle-class people, and not for a man who's earned his OWN money to use some of it to do good for the American people. Of course he casually throws in that he spends much of his billions on healthcare issues, arts, homelessness, the charities HE believes in... Painting Bernie as a beggar and himself as the proverbial self-made man, a narrative that apparently still has so many people fooled, he completely overlooks the democracy; to have 4 million individual middle class donors means that you represent a large part of that middle-class, to pay for your own campaign means that you represent yourself. It means that you're murdering democracy itself. The voters who gave him support in the polls are letting him get away with it, and are the same, I suspect, who still fall for the billionaires' crocodile tears, and their worthless philanthropic endeavors.

Here’s how much America’s billionaires give to charity: the top 20 richest Americans gave an average of 0.8% of their wealth to charities that actually reached the beneficiaries, as donations to foundations that aren't yet payed out and some other roundabout ways of donating aren't counted. The list isn't perfect by any means and a lot can be argued about it, so I invite you to follow the link and read the entire article, but the conclusion can't be avoided:

So the table has less than perfect information. But even given some errors in one direction or another, the conclusion is hard to dispute: Most billionaires are giving a pathetically small fraction of their wealth away.
source: Vox

That average of 8% is bloated a lot by two billionaires, Bill Gates and Warren Buffet, who donated 2.6% and 3.9% respectively; without those two, the average becomes an even more measly 0.1%... Is it moral to allow the existence of such stupendous wealth? Not in a society that holds "democracy" as one of its founding principles, if you ask me.


Krystal Ball: Bloomberg's $100 million ad buy is class warfare


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28 comments
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Whoa Bill Gates donates 80 million USD per year?

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How much money would Bill Gates have if Microsoft was not a monopoly (if you exclude Apple) gouging the World of its money over the past 3 decades with its grossly overpriced buggy products and numerous updates?

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I like Microsoft products. Everything that has ever been made is buggy.. in fact the human race is buggy...

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you are the bug in our revolution bud

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Lol :-) Thanks for painting a smile on my face, twice already today ;-) 🙏🏼

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Whoa...? That's next to nothing @akumagai...
You give more with this response, and I appreciate that a lot 🙏🏼

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While the amounts given to charity by the very rich may seem high to some of us, in reality the very rich give next to nothing as a percentage of their overall wealth, and what they do give, is often done in the interest of their own publicity.

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It's only those that have no wealth who complain. And more often than not they do so because of their ineptitude to drag themselves out of the hole they put themselves in the first place.

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you will never be rich bro, stop pretending

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Not pretending

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clearly you are

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"It's only those that have no wealth who complain."

Of course! That's the whole point. The only things usually on the minds of the rich are ways to get even more money...It's called "greed". The rest of us (you included) are left struggling for a living relatively speaking, often barely makings ends meet, while sadly enough at the same time, contributing even more to the coffers of the rich.

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Whoa quick maths. 1% of 7 billion people in the world is 70 million people. Conservative calculation of each having met worth of 2 million USD each that's 140 trillion USD net worth. So 0.8% of that is 1.12 trillion USD to charity each year...

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No Pay Bill Haha:

Generally, the richest find ways out of the taxes. They find loopholes. They donate money charities, organizations, etc, that end up donating that money to other places which then donate to other places until it comes back to them.

Demon Bill Gates

When they do donate, like Bill Gates for example, they donate to causes that are dedicated to reducing the population of all the people on the planet to less than 500 million people globally by 2030, that is in about ten years from, from 2019 or what is almost 2020.

Agenda 2030 &Other Things

The list goes on.

Poor Pay Taxes

Many times, and for the most part, poorer people end up being required to pay taxes. Also, smaller employers end up getting punished for being successful when they are paying over 70% in taxes or more plus personal taxes on top of that in some cases.

Sued

And then people are suing them all the time.

Outsourced

And then they have the competition from the imports, the products being shipped in from China, etc.

Downsizing

So, many times, employers end up laying off employees. Many times, employers pay their staff less money.

Crony Capitalism

The ultra rich are not rich because of free markets. That is a lie. If you knew history, you would know all about people like Rothschild, Soros, Ford, Morgan, Rockefeller, etc. You would see the real problems. Taxes are bad. People like Rothschild married governments, etc. That is called like collusion, treason, espionage, corruption, etc. Many different things.

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The ultra rich are not rich because of free markets.

That's exactly right @joeyarnoldvn. They are rich because of your belief in that free market. Why do you think the ultra rich do everything they can to make you believe it IS the free market that made them ultra rich? C'mon Joey, you're smarter than that, connect some dots for yourself.

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You do not believe in free markets? So, what do you believe in? What is an alternative to free markets?

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You're still asking the wrong questions, so I'll repeat: why do you think the ultra rich do everything they can to make you believe it IS the free market that made them ultra rich? And why do you believe them?

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The free market has been around for thousands of years. It is like gravity. You don't have to believe in falling to fall. If I fall off my chair, it has nothing to do with belief. Things happen. We fall. We all know this. Money can have value. Not always. But it can. Does not have to but it can at times. Time has value. Resources has value. Love is very valuable. Like priceless. Friendships is valuable. Different things have value. The free market is all about exchanges. A relationship is a trade between two people for example. I like interacting with people. I love life. I love people.

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You are ultra rich compared to me. So, give me my fair share, right now. You have to give me my fair share. Because your REP is too high. Too high. You have too much. I have too little. You know that you have too much.

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Yes, I do have too much. But that's not my fault, it's yours going by your beliefs. So don't beg, that's against your own beliefs.

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I am not against begging. I am ok with begging. Do you have a problem with begging? What is wrong with begging? You are against the first amendment? Begging is simply speech. It is just talking. There is no threat to lips vibrating. I am not threatened when I see vocal cords stringing. I am not scared when sound waves are flowing from carbon vessels of life. I wonder if you feel threatened by free speech or not. I don't care what people say and do to the extent it does not interfere with my stuff. Oh, wait, what? I have no stuff? I do not even own myself?

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I totally agree with you.

One thing worth mentioning is the Bill & Melinda Gates foundation, where Buffet as well as Gates gave a large portion of their income.

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