Intelligence Squared The Sunday Debate: Abolish Billionaires
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May 8, 2022 Linsey McGoey is a Professor of Sociology specializing in wealth and power dynamics, while Ryan Bourne serves as the Scharf Chair for Public Understanding of Economics. They passionately debate the morality and impact of billionaires on society, examining issues like wealth concentration, innovation, and the potential for wealth tax reforms. The conversation highlights how billionaires influence democracy and philanthropy, as well as the ethical responsibilities that come with immense wealth, challenging listeners to rethink the implications of extreme wealth accumulation.
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Bezos' Taxes
- Jeff Bezos, the world's richest man, paid zero federal income tax.
- He even claimed a $4,000 child tax credit in 2011.
Smith on Taxation
- Adam Smith criticized tax systems that let the rich avoid taxes, placing the burden on the weakest.
- He viewed this as a characteristic of a barbaric, pre-civilized society.
WhatsApp Founders
- WhatsApp founders became billionaires by creating a valuable product used by millions globally.
- Their wealth came from selling to Facebook after growing their business.
