On Patriotism

Pay your fair share, billionaire!

We used to be the global leader of manufacturing. Now, instead of competing with ourselves, we are competing with a global market. The global market is not going away and tariffs are not going to make us more competitive. We need to start driving innovation at home: more competition, more companies, more grants, large-scale projects, and tax incentives for small businesses. Otherwise, our remaining industries (technology, service, agriculture) will continue to be outsourced and outpriced by other countries.

The monopolization of tech, automobiles, distribution, communication, agriculture and media have made us over-reliant on a few companies and caused increased market volatility. Some deny there is a problem at all and say the economy is doing great!

Well, companies are doing great. Markets are doing great. Do you know who is not doing great? The average American. Even though on paper we’re making gains (the mean salary is going up), in reality it is going down. If you remove the highest 1% (or .1% or even .01% of earners) from the calculations or look at median income, you’ll find a different story. With inflation and fewer options, our relative buying power has decreased. In a more complex world, it costs more than ever just to be alive.

This is increasingly by design. As we continue to fight amongst ourselves, a new generation of Robber Barons are ransacking America. They are creating an environment where no one will be able to pull themselves up by their bootstraps.

You may think that I am anti-billionaire. I am not. I am anti-kleptocracy and anti-corruption. You should not be a billionaire if you don’t pay your workers a living wage. You should not be a billionaire if your workers are on government assistance programs, have to work multiple jobs, or need a side-hustle to keep afloat.

History remembers the great philanthropists, not just the wealthy elite. The Rockefellers, Carnegies, and Roosevelts didn’t just take from society, they helped build our country! The level of greed today is tacky (looking at you, Trump Tower) and unsustainable. I’d go a step further and say it’s unpatriotic. It’s not patriotic to deprive future generations of their opportunities. Billionaires are the product of our infrastructure (e.g. education, roads, cities) and residents, and they should pay their fair share.

Massachusetts, often ranked one of the best places to live in the country due to its quality of living (largely driven by access to healthcare and education) recently implemented a millionaires’ tax. Opponents feared it would cause a mass migration or reduce the amount of investment in the state. This has not happened, in fact, the number of millionaires only increased! This policy must be extended nationwide.

The marginal tax rate needs to go back to what it was in the 1940s and we must close tax loopholes (like declaring large losses).

The marginal (i.e. effective) tax rate over time with data from the Tax Policy Center. The sharp decline in the 1920s is followed by the Great Depression and a sharp incline by FDR and WWII. The next sharp decline was caused by Reagan. Granted, the marginal rate is higher now than it was in 1990, but it’s still too low. And this is likely not the full picture: the wealthy have many tax loopholes.

It is not patriotic to avoid paying taxes. It is not patriotic to buy large tracks of land and move home-(and business)ownership out of reach of working Americans. It is not patriotic to wait until after you die to make significant donations. It is not patriotic to control the media or the flow of ideas. It is not patriotic to use political power for personal gain.

It is patriotic to support your fellow American. It is patriotic to support and enact strong anti-trust policies. It is patriotic to speak truth to power: to protest and use your voice (in a peaceful way). It is patriotic to ensure that American values like democracy, freedom and access to education continue to spread through the world. It is patriotic to be held accountable for your actions.

What’s the difference between a monarch and a billionaire? The former has responsibility. Our founding fathers didn’t anticipate the vast wealth of billionaires: they have the power equal to or surpassing nations themselves! If we don’t act to curb their power, restore checks and balances, and fight corruption in its most blatant forms, we’re doomed.

Trump wants a ballroom so he can have a throne room. We don’t want a king. We want leaders with integrity. America - not just the White House - is our home. Let’s take it back. Let us become an example for the world again. This won’t be easy, but that’s why we must fight!