Skip to content

What Billionaires Do with Their Tax Cuts

© Lloyd Dangle

I think it is ironic that cartoons like this one tend to attack the richest people (“billionaires”) while in my experience it is what I would call the “barely rich” who are the most freaked out about taxes. They are the ones who feel the most competitive with the people around them who have more money, while the uber-rich (people like Warren Buffett and William Gates Sr.) tend to be OK with higher taxes, and even advocate for them. After all, how rich you feel depends more on how much money you have compared to the people with whom you socialize the most.

On the other hand, the “barely rich” should be in favor of a strongly progressive tax schedule, since people richer than them would be taxed more. But I’m sure they aren’t thinking that clearly about it.



  1. ebdoug wrote:

    Are you talking about Bill and Melinda Gates or his father William Gates Sr.?

    Sunday, November 28, 2010 at 5:32 am | Permalink
  2. Iron Knee wrote:

    I said “William Gates Sr.” but the same thing probably applies to Bill and Melinda. His dad is just a better example, since he is an activist for higher inheritance taxes.

    Sunday, November 28, 2010 at 11:43 am | Permalink
  3. ebdoug wrote:

    I have william Sr’s book on my list. I’ll move it up higher. As I said, I read Snowball about Buffett, the process of his giving started with the Gates.

    Sunday, November 28, 2010 at 12:04 pm | Permalink