Should billionaires exist? | The Tylt

Should billionaires exist?

Democratic presidential candidates like Bernie Sanders and Elizabeth Warren are coming for the billionaires. Sanders has gone on record saying the fact that billionaires exist means that there's something wildly wrong with society. Both want to tax the super-rich to fund programs like Medicare for All and other ambitious social programs. However, some believe that billionaires earned every single cent they own. What do you think?

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Should billionaires exist?
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Should billionaires exist?
#TaxAllBillionaires
#BillionairesEarnedIt
#TaxAllBillionaires

It's not wrong to profit from your success. But after a certain point—maybe after the third house—you don't really need the money anymore. It's great that many billionaires have pledged their money to charity. But why should any single person be able to decide which causes are worthy and which are not? At a philosophic level, no single person should have that kind of influence on society. We live in a democracy and we decide these things as a democracy. Billionaires deciding what and what not to fund distorts our society. 

There are a number of issues that could be addressed but are not being addressed by billionaires like childcare, student debt and tackling climate change on a systemic level. Taxing billionaires' wealth would provide necessary funding for these programs while making society more equal. Here's how Bernie puts it in his policy proposal:

At a time when millions of Americans are working two or three jobs to feed their families, the three wealthiest people in this country own more wealth than the bottom half of the American people.
Over the last 30 years, the top 1 percent has seen a $21 trillion increase in its wealth, while the bottom half of American society has actually lost $900 billion in wealth. In other words, there has been a massive transfer of wealth from those who have too little to those who have too much. For the sake of our democracy and working families all over America who are struggling economically, that has got to change.
#TaxAllBillionaires

Even Facebook founder Mark Zuckerberg thinks billionaires shouldn't exist. Here's how he put it during an internal Facebook Q&A:

I don't know if I have an exact threshold on what amount of money someone should have, but on some level, no one deserves to have that much money. I think if you do something that's good, you get rewarded, but I do think some of the wealth that can be accumulated is unreasonable
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Critics of the idea say billionaires were able to build their fortunes because they've earned it. People like Bill Gates and Jeff Bezos have revolutionized the way we live. If we want revolutionary technology, we have to keep the incentives in place that enabled people like Gates and Bezos to build their companies. Here's how conservative think tank economist Michael Strain puts it:

I think that there’s no question that there are some really wealthy people in the United States. And if you add up all the wealth in the country, you know, those people hold a disproportionate share of it. That doesn’t strike me as socially unjust, or morally offensive in any way. What I think about is how they make their money. And that’s where I think that we should be looking when we think about whether this is a just outcome. The richest person in the United States is Jeff Bezos. Jeff Bezos has done enormous things for society and for the economy. Jeff Bezos is fabulously wealthy, but he has captured only a small, small share of the total value that he’s created for society. So that doesn’t strike me as unjust at all. You know, Bill Gates is incredibly wealthy, and he’s done amazing things.
#BillionairesEarnedIt
FINAL RESULTS
Politics
Should billionaires exist?
A festive crown for the winner
#TaxAllBillionaires
#BillionairesEarnedIt