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Patriotic millionaire: Don't just tax the rich, tax more of them

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16.05.2019

The billionaires are starting to get worried. Not a day goes by without a millionaire or billionaire decrying the growing existential threat of socialism’s rising popularity.

Amid rising income inequality, the wealthiest people on our planet gathered in Los Angeles earlier this month for the annual Milken Institute Global Conference, where they were forced to confront the growing populist anger of millions of Americans barely scraping by.

While some speakers recognized the need to address these concerns, most brushed off the idea that our system of capitalism requires common-sense reform and regulation. Instead, they chose the usual playbook: fear-mongering about socialism.

Capitalism is the best system in the world for providing a great standard of living to a huge number of people -- but, taken to the extreme, it sows the seeds of its own destruction.

As a former managing director of BlackRock Inc. -- the world’s largest investment firm -- I don’t need a break. But our laws have decimated the middle class, while making a few people like me richer than at any point since the last........

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