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There was a time when I probably did- that was many years ago when sailing around the Mediterranean in my luxury yacht was a fantasy. Once, decades ago, I actually explored the cost of renting such a yacht. Back then it was $200,000 a week, plus tips for the crew and the cost of the food you selected. I was afraid I couldn’t afford the tips- but I could bring eight friends to impress.
These days I don’t envy of the billionaires, I don’t worry about them paying their fair share, or how they use every provision in the tax code. We all do the same after-all. I admire many of them.
I resent distorted claims about their taxes, like an article claiming they pay lower tax rates than low income Americans- 8% the example was, but when you read the analysis they were using the unrealized appreciation on investments, not income. Like taxing the growth in your 401k before you withdrew a penny.
I can’t imagine a billion dollars would make me happier. I see more problems then benefits. No doubt I couldn’t use TurboTax to do my taxes, or the AARP tax service for that matter. Instead of a mid level Mercedes, I’d be expected to drive a Maybac or more likely be driven in it. What fun is that?
For the most part, I say they earned it. They did what I could never do, actually what very few people could do. They took risks, they persevered, they were inventive, they created things and took thousands of other people along for the ride and made them wealthy too. They created hundreds of thousands of job directly and through businesses that resulted from their actions or leveraged them.
Look at one of the newest billionaires, Peter Cancro. From a tiny Jersey Shore sub shop to an international business hiring Danny Devito as a spokesman. All built with cold cuts, oil and vinegar. Who among us can’t make a sandwich?
And how did they get their wealth? Just like we all strive to do, invest and let the stock market do the hard work. Of course, it would have been nice to have been in on the IPO for Apple or Microsoft or even an early investor, but there was nothing stopping me. Opportunity was there.
On balance, I say we have all gained from the efforts of many billionaires, some we probably never heard of. Without Phil Knight and John Mars it wouldn’t be worth jogging to a candy store.
Yeah, I know, some of these folks inherited their wealth. To that I say, so what? Somebody still earned it and I hope to leave what I accumulated to my children too.
No envy here.
”so what?”
so true. mom left a house and estate to me.
paid cash for a colo home that has appreciated.
retiring out and taking the proceeds to buy land
in WV to, ”finish out”. i thank her and bless her
EVERY day.
No envy here, either. I’ve known a number of very rich, and a couple of super-rich. They didn’t seem any happier than anyone else I know. But I do tend to classify them subjectively into categories. There are those who worked very hard for it and earned what they got. There are those who were creative or discovered something unique, and found ways to profit from their minds or insights. There are those who were, quite frankly, lucky – being in the right place at the right time. And then there were a couple whom I never trusted. They struck me as self-interested, greedy, predatory and without morality. IMHO, they took advantage of others, and it would not have surprised me if they would have cheated their parents or friends if they gained from it. But as far as I can tell, they were the rare exception and not the rule.
I never have envied the super rich, especially billionaires. Many(at least the ones we hear about) are miserable in many ways. How much money does one need? Many have earned their wealth on the backs of those they underpay, even though they do create jobs. Unfortunately, they also buy favor with politicians, so they do shape a lot of policies that impact us. Also, not all those who inherited wealth got it from someone who ‘earned it’ as you say. A great example is none other than Trump. His father made the wealth and passed it on, but I wouldn’t say what he did benefitted many others. Many want more money at the expense of others, and we are seeing this play out right now.