Summary
There are a number of USbillionaires who, in addition to investing in businesses that benefit the public in a variety of ways, also take their civic responsibilities seriously in the form of philanthropic giving as well as supporting greater taxation of their income and wealth.
We have identified a number of civic-minded billionaires in the feature image championing the thrival of all Americans. We have started posts on many of these people.
Top Row from left to right: Frank McCourt, Mike Bloomberg, Steve Case, Melinda French Gates, MacKenzie Scott, and Mark Cuban
Center Row: Warren Buffet, Bill Gates, Patrick Collison, Ray Dalio, and Oprah Winfrey
Bottom Row: Pricilla Chan, Mark Benioff, Pierre Omidyar, Eli Broad, Chris Hughes, and Eric Schmidt
You can view the feature image in full screen mode by selecting the post title or feature image then clicking on image.
OnAir Post: Civic Billionaires for the People
News
A 70% marginal tax rate. A 77% estate tax. A 3% tax on every dollar over $1 billion of net worth. As various plans to tax the ultra-rich gain steam in American political discourse—and after a recent bombshell report that the 400 richest Americans paid a lower tax rate than other income groups last year—many billionaires have been challenged to address their very existence amid growing income inequality.
At least a dozen billionaires have made public statements that call for the super-rich to pay more in taxes.
Bill Gates and Warren Buffett, the No. 2 and 3 wealthiest Americans, are the richest supporters of the estate tax, which is levied on the assets of people who have died. Buffett advocated for a higher tax on the wealth years ago and in 2017 said on CNBC that the proposed elimination of the estate tax was “a terrible mistake.” Gates in February called himself “the biggest proponent of having the estate tax collect more money.” Others, like George Soros and philanthropist and retired entrepreneur Eli Broad, have supported some sort of wealth tax, which would draw from a taxpayer’s net worth.
America’s biggest donors gave more than $11.9 billion in 2023. This year’s report features our analysis of the list, giving trends among megadonors, and a look at their giving to and from their foundations and donor-advised funds in 2023.
The report highlights some of the country’s most interesting philanthropists, including a look at how those who will dominate big philanthropy in the coming decades are giving and what they care about, analysis of MacKenzie Scott’s 2023 contributions, and how fundraising could change in the wake of recent donor revolts.
Americans for Tax Fairness – April 8, 2024
The collective fortune of America’s 806 billionaires hit a record $5.8 trillion, according to figures collected on April 1, 2024, by Americans for Tax Fairness (ATF) for its latest report on billionaire wealth growth based on Forbes data. Billionaire wealth has nearly doubled—up $2.9 trillion—since enactment in late 2017 of the Trump-GOP tax law. Under current rules, none of that nearly $3 trillion in wealth gain–the main form of income for the ultra-wealthy–may ever be taxed.
Washington is now poised for a fight as key provisions of the Trump law are set to expire in 2025. That GOP overhaul of the tax code mostly benefited the wealthy, added an estimated $2 trillion to the nation’s debt, and included temporary provisions that Republicans now want to permanently extend at a further estimated cost of almost $4 trillion. America’s more than 800 billionaires now own over 50% more wealth than does the entire bottom half of U.S. society, or roughly 65 million households ($5.8 trillion versus $3.7 trillion). Under the current tax code, however, these staggering wealth gains are unlikely to ever be taxed.
Leading the pack: Warren Buffett, whose annual summer gift of Berkshire Hathaway stock topped $4.1 billion this year. The funds, as usual, went to The Bill and Melinda Gates Foundation—where they are being put to work on poverty and healthcare initiatives, including research and vaccines for Covid-19—plus to foundations set up by his late wife and three children.
Not far behind (and maybe even ahead): MacKenzie Scott, whose shoestring operation—she has no foundation and gives her wealth away in stealth—donated $5.8 billion to 500 different groups across the country in 2020. Last year, she continued giving her fortune away faster than any billionaire ever, announcing in June another $2.7 billion in gifts to 286 “high-impact” groups such as the Children’s Defense Fund and the National Council of Nonprofits—pushing her estimated lifetime donations above $8.6 billion. Then, in December, Scott published a Medium post mentioning that she’d made another round of gifts—but provided no details on who got the grants or how much she doled out. She quickly clarified that she would share details about the gifts “in the year to come.” In the meantime, Forbes is only crediting her with her known, public donations.
“We can either have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both,” famously said former U.S. Supreme Court Justice Louis Brandeis.
- U.S. billionaires are 46 percent, or $1.6 trillion, richer than they were in 2020.
- According to a 2021 White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent.
- According to leaked tax returns highlighted in a ProPublica investigation, the 25 richest Americans paid $13.6 billion in taxes from 2014-2018—a “true” tax rate of just 3.4 percent on $401 billion of income.
- According to the Institute on Taxation and Economic Policy, at least 55 of the largest corporations in America paid no federal corporate income taxes in 2020.
About
Overview
Over the past 10 years, most of the wealth created by the US economy has gone to the top 1%. By now, the link between income inequality and indicators for democratic support, such as satisfaction with democracy or political trust, has been empirically documented in a wide variety of contexts. And yet, the discipline has not yet clearly identified the mechanisms behind this relationship (The Loop).
Web Links
Increase Taxes
Billionaires wanting to pay more in taxes
These Billionaires Want The Ultra-Wealthy To Pay More In Taxes
Source: Forbes
A 70% marginal tax rate. A 77% estate tax. A 3% tax on every dollar over $1 billion of net worth. As various plans to tax the ultra-rich gain steam in American political discourse—and after a recent bombshell report that the 400 richest Americans paid a lower tax rate than other income groups last year—many billionaires have been challenged to address their very existence amid growing income inequality.
At least a dozen billionaires have made public statements that call for the super-rich to pay more in taxes.
Bill Gates and Warren Buffett, the No. 2 and 3 wealthiest Americans, are the richest supporters of the estate tax, which is levied on the assets of people who have died. Buffett advocated for a higher tax on the wealth years ago and in 2017 said on CNBC that the proposed elimination of the estate tax was “a terrible mistake.” Gates in February called himself “the biggest proponent of having the estate tax collect more money.” Others, like George Soros and philanthropist and retired entrepreneur Eli Broad, have supported some sort of wealth tax, which would draw from a taxpayer’s net worth.
Democracy and Income Inequality
Income inequality and democracy are complex and interrelated concepts. Here’s a breakdown of their connection:
Arguments for how income inequality undermines democracy:
- Unequal access to resources: Wealthy individuals and corporations have greater influence over political processes through campaign contributions, lobbying, and ownership of media outlets. This can lead to policies that favor the interests of the wealthy, even if they are detrimental to the majority of the population.
- Reduced political participation: People with lower incomes may feel alienated from the political process due to lack of access to information, time constraints, and feeling that their voices don’t matter. This can lead to lower voter turnout and less engagement in civic life.
- Erosion of trust in government: When people perceive that the system is rigged in favor of the wealthy, they may lose faith in the government and its ability to represent their interests. This can lead to social unrest and instability.
- Rise of populism and extremism: High levels of inequality can create resentment and frustration among those left behind, making them more susceptible to populist and extremist ideologies that promise radical change.
Arguments for how income inequality can strengthen democracy:
- Greater demand for redistribution: High levels of inequality can lead to increased public support for progressive policies that aim to reduce inequality, such as higher taxes on the wealthy and stronger social safety nets. This can lead to more equitable distribution of resources and greater social mobility.
- Increased social awareness: Growing awareness of inequality can lead to greater social mobilization and activism, putting pressure on governments to address the issue. This can lead to reforms that strengthen democracy and promote greater equality.
- Counterbalance to corporate power: Strong labor unions and social movements can counterbalance the influence of wealthy corporations and individuals, ensuring that the voices of ordinary people are heard.
Overall, the relationship between income inequality and democracy is complex and multifaceted. While high levels of inequality can pose a threat to democracy, it can also be a catalyst for social change and political reform. The specific impact of inequality on democracy will depend on a variety of factors, including the specific context, the political institutions in place, and the level of social mobilization and political engagement.
Additional resources:
- How Inequality Undermines Democracy – E-International Relations:
- Inequality and Democratic Representation:
- The Loop: ECPR:
List of wealthiest Americans by net worth
This is a list of the wealthiest Americans ranked by net worth. It is based on an annual assessment of wealth and assets by Forbes and by data from the Bloomberg Billionaires Index.
The Forbes 400 Richest Americans list has been published annually since 1982. The combined net worth of the 2020 class of the 400 richest Americans was $3.2 trillion, up from $2.7 trillion in 2017.[1] As of March 2023, there were 735 billionaires in the United States.[2]
Top 25 richest Americans
According to Forbes, as of December 2024, the 25 wealthiest people in the United States are as follows: [3][4]
| Rank | ’23 rank | Name | Net worth in billion US$ | Source of wealth | Age |
|---|---|---|---|---|---|
1  | 1 | Elon Musk | 244 | Tesla, SpaceX | 53 |
| 2 | 2 | Jeff Bezos | 197 | Amazon | 60 |
3  | 8 | Mark Zuckerberg | 181 | Meta | 40 |
4  | 3 | Larry Ellison | 175 | Oracle | 80 |
| 5 | 4 | Warren Buffett | 150 | Berkshire Hathaway | 94 |
| 6 | 5 | Larry Page | 136 | Alphabet | 51 |
| 7 | 7 | Sergey Brin | 130 | Alphabet | 51 |
| 8 | 9 | Steve Ballmer | 123 | Microsoft | 68 |
| 9 | 6 | Bill Gates | 107 | Microsoft | 68 |
| 10 | 10 | Michael Bloomberg | 105 | Bloomberg L.P. | 82 |
| 11 | 17 | Jensen Huang | 104 | Nvidia | 61 |
| 12 | 11 | Michael Dell | 101 | Dell | 59 |
| 13 | 12 | Jim Walton & family | 95.9 | Walmart | 76 |
| 14 | 13 | Rob Walton & family | 94.3 | Walmart | 79 |
| 15 | 14 | Alice Walton | 89.2 | Walmart | 74 |
| 16 | 15 | Julia Koch & family | 74.2 | Koch Industries | 62 |
| 17 | 16 | Charles Koch & family | 67.5 | Koch Industries | 88 |
| 18 | NR | Jeff Yass | 49.6 | Susquehanna International Group, TikTok | 66 |
| 19 | 19 | John Mars | 47.6 | Mars | 88 |
| 19 | 19 | Jacqueline Mars | 47.6 | Mars | 84 |
| 21 | 23 | Stephen A. Schwarzman | 43.6 | Blackstone Group | 77 |
| 22 | 22 | Ken Griffin | 43 | Citadel LLC | 55 |
| 23 | NR | Thomas Peterffy | 40 | Interactive Brokers | 80 |
| 24 | 18 | Phil Knight & family | 36.8 | Nike | 86 |
| 25 | NR | Lukas Walton | 33.9 | Walmart | 38 |
See also
References
- ^ “The Forbes 400”. Forbes. 2020. Archived from the original on 2019-10-07. Retrieved 2020-10-05.
- ^ “Forbes Billionaires 2023: The Richest People In The World”. Forbes. 2023. Archived from the original on 2024-03-21. Retrieved 2024-03-22.
The United States still boasts the most billionaires, with 735 list members
[Archive does not include the data.] - ^ “The Forbes 400 List 2024 – The Richest People in America Ranked”. Forbes. Retrieved 30 December 2024.
- ^ “Forbes 400 2023”. Forbes. September 8, 2023. Archived from the original on 2024-03-21. Retrieved 2024-03-22. [Archive does not include the data.]
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