The NY Times writes about what would happen if our government took away a Billionaires money. Their article begins as follows:
There is a problem with billionaires: They’ve got way more money than any human deserves.
But if you were simply to take it all away from them, you would, in many cases, be doing more harm than good.
In my teens, when I saw hungry people on the streets of New York I started to dream of expropriating money from the wealthy to feed the poor. My father, who rose from Depression-era poverty in Scranton, Pa., to modest affluence as a New York City businessman, tried to set me straight on the subject.
“Think it through,” he said. “You might bring some justice to the world and you’d help some needy people. But you’d lose what people like the Rockefellers have done for the common man, the museums, the parks, the libraries, the schools, and the contributions to medical research, and on and on. It’s no small thing.”
He was referring, of course, to the family of John D. Rockefeller, the industrial titan who transmuted colossal wealth into enduring philanthropy.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.