Patriotic Millionaire and Columbia Business School professor Eric Schoenberg graced Al Jazeera yesterday to elucidate how inequality of wealth has led to inequality of opportunities:
When the wealthy become too powerful they do what it takes to protect their own interests and they make it much harder for people to gather new wealth themselves.
What Mr. Schoenberg believes is just an opinion. He took advantage of inheriting money, being an average sailor in smooth seas (during the boom years 93 to 2002 when EVERYONE made money, “A rising tide raises all ships”) and believes a paid off home is not an asset. If he would like the government to receive more taxes, he should write a check. He won’t, because he is a liberal and wants to force ME to pay more tax because that is what HE wants. My opinion is that we should have a graduated flat tax and/or that if the bulk of your income is from investments (Capital Gains) as Mr. Schoenberg’s is, it should be taxed as ordinary income.