Facebook co-founder: Tax the rich at 50% & give $500/month to low income earners to fix income inequality

chris hughes

I wonder how much of his $450 million net worth he’s given away to address income inequality?

From CNBC: Facebook co-founder Chris Hughes thinks the government should give cash handouts to people with the lowest incomes in order to fight income inequality. And he thinks the money should come from higher taxes on wealthy individuals and even big tech companies, like Facebook.

Hughes, 34, was one of Facebook’s co-founders, along with Mark Zuckerberg and three of their Harvard classmates, in 2004. He was Facebook’s spokesperson for the company’s first three years, before leaving to finish his Harvard degree and then to work on Barack Obama’s 2008 presidential campaign as a media strategist.

He says he’s made “half a billion dollars for three years of work” based on the value of his initial stock in Facebook, and his “lucky break” is exactly what’s wrong with America today.

That is indicative of a fundamental unfairness in our economy. Income inequality in our country has not been this bad since the Great Depression. And even though we’re reading the headlines that unemployment is at 3.9 percent and the stock market is at record highs, what’s actually happening is that the median incomes in our country haven’t budged in nearly 40 years. At the same time stories like mine create an illusion of economic opportunity,” he told Techcrunch contributors Adriana Stan and Tom Goodwin on their “Interesting People in Interesting Times” podcast.

Hughes, author of “Fair Shot: Rethinking Inequality and How We Earn,” is not necessarily a believer in the idea of universal basic income (UBI) — championed by entrepreneur Andrew Yang and also supported by billionaires such as Richard Branson and even Facebook’s Zuckerberg — which would see a standard cash payment handed out to all citizens no matter their employment status. UBI “is infeasible in America today,” Hughes explained on the podcast, because making payments to everyone in the U.S. is an “unaffordable” proposition.

However, Hughes believes a reconfigured U.S. tax code could effectively transfer money from wealthy people like himself to those in need, from the unemployed to American workers struggling to make ends meet. He says on the podcast that the “most urgent thing we can do” is roll back tax code changes that lowered rates on corporations and the 1 percent and instead give a $500 monthly tax credit to every working American who currently earns less than $50,000 per year to create an “income floor” — a minimum amount of money that people earn.

The plan would cost roughly $290 billion a year in total, Hughes said in April. He proposed that the government taxpayers pay for the handouts by imposing a 50 percent tax rate on both income and capital gains for any Americans who earn more than $250,000 per year. (Individuals who earn more than $200,000 per year currently have their income taxed at 35 percent, based on the latest tax overhaul.)

By giving low-income workers $500 a month, Hughes contends, you would guarantee they would not earn less than $6,000 per year. “That’s not enough money to live on. That’s not enough money to put up your feet and, like, watch video games — the fear of a lot of folks out there. But it is a massive amount of money in the lives of many working people in our country,” he said on the podcast.

Read the whole story here.

DCG

31 responses to “Facebook co-founder: Tax the rich at 50% & give $500/month to low income earners to fix income inequality

  1. The problem with these social justice warriors is that their ideas sound nice, even compassionate. Only problem is they have always been, are and will always be immoral. Let him give is money away. That’s his choice and would be his decision. The issue with social justice warriors is that they always want to give away what does not belong to them. Put an end to cronyism and inane welfare practices, and waste (like dumping millions of tons of perfectly good food just to keep market prices high) and most problems in this world will disappear.

    Liked by 4 people

    • Pat Riot . . . . Bravo! Very astute comments. Let’s face it, we have a segment of society that are lazy, even slothful — if you pony up guaranteed monies to them . . . it will kill any inclination to really dig in and do for themselves.

      My sweet Father used to say, “Poor people have poor ways!” Look at those who go thru the grocery check-out lanes, pay for their groceries with food stamps–then stop at the instore Starbucks and load up on a large $6.00 coffee. Or, the Welfare Moms who have salon fresh hairdos, and perfectly manicured long acrylic nails. Are these the choices that people of wisdom make when they are attempting to stretch their income to cover everything. I rather doubt it. Look at the phenomena of Welfare Queen’s having child after child, after child. With the result being that we have a burgeoning group of individuals who are uneducated, and in all probability will remain those who need to be taken care of.

      If the super-wealthy desire to give away their monies . . . . by all means, please do. Otherwise sit down and shut up!

      Liked by 3 people

  2. mike domnanovits

    I got a better idea……With all the money spent on all the welfare programs ,the government should consider doing this . Make every family living under the poverty line a one time offer . A one million dollar check will be given to you with one stipulation . If you take the million , you can never get govt. benefits again . Let’s see how many of them piss the money away , and who uses it wisely .

    Liked by 2 people

    • “Let’s see how many of them piss the money away , and who uses it wisely .”
      And how many lie,falsify their ID and double-dip-and I KNOW that’s gonna be a big number. Their way of “Gettin’ back on Uncle Sam fo’ keepin’ ’em down for they whooooole lives.”

      Liked by 2 people

      • You are totally correct. This ridiculous plan of his is ripe for fraud. Double dipping, no problem. I worked with several Guys from south of the border several years ago. I noticed they lived in nice homes, nice shoes, getting free night school, etc. etc. finally asked them what was going on since they were making very decent money back then. They all opened their billfolds and showed me a check for about 1,000 each that they received monthly. They said when they come here they used their father’s name, then file for assistance under their mother’s name. One guy even bragged he owned a home in Acapaulco and after working here a few years and saving his “rewards” he was going home and live like a King. I asked them why they would do that……their answer, because we can.

        Liked by 3 people

    • This already happened in a microcosm with the Indian land assignments …..and, you might have guessed…..much/most of it got “pissed away” and NOW, there is a HUGE organized effort to “redress” that pissing away. So, instead of addressing the Federal Gov’t treaties with Eastern and other tribes that in reality forcibly relocated tribes to what is mostly now Oklahoma (b/c it is Federal Law…and not emotionally/politically correct present-day feel-good local law, that can make it into a higher court)…..this group addresses the WAY that subsesquent receivers of land per tribes/ individuals chose to use or dispose of their assigned/privately-assigned/owned land through the treaties. They could have passed it down, or disposed of it for a one time sum (which, if chosen, also cut off ALL their children and subsequent heirs from any claims on the Federal Gov’t. as far as benefits owed them…..) When they “pissed it away” for that one time payment——they excluded not only they own children, but their subsequent DNA Indian heirs for generations into the present-day…now over a centruy later, they want redress for how their ancestors disposed of what was given them in the treaty……instead of holding out and challenging in court the original treaty for whatever weaknesses/usury the Federal gov’t practiced against the tribes at the time.

      Liked by 3 people

  3. I suggest that he cut out the middle man, government bureaucracy, and give half of his own income to his selected poor people. Then keep a record of his beneficiaries and see how well they do with a free $500 every month. If he’s still in favor of the idea after 1 year of “practice,” then we’ll think about it. Until that happens, I thinks he’s just a publicity hound.

    Liked by 3 people

    • Twinkletoes . . . . That is an excellent idea. Let’s face it, this joker would never do that himself. He want to direct what everyone around him doe.

      Liked by 2 people

  4. Chris Hughes is notorious for ruining The New Republic, which he purchased a majority share of in 2012 as what the NYT calls “a vanity project”. After mass departure of the magazine’s staff, he sold it 4 years later.

    Hughes is an open homosexual, which accounts for the few non-profit “charitable” projects he’s involved in, e.g., UNAIDS (Joint United Nations Programme on HIV/AIDS). From Wikipedia:

    “Hughes is married to Sean Eldridge, political director of Freedom to Marry. Hughes and Eldridge announced their engagement in January 2011 at a reception in support of Freedom to Marry. They married on June 30, 2012. The couple bought a $2 million residence in New York’s 19th congressional district with the reported purpose of permitting Eldridge to run for the congressional seat there. Eldridge lost his 2014 bid for a congressional seat by 30 points. Following that and the mass resignation from The New Republic, The Daily Beast dubbed the two ‘America’s Worst Gay Power Couple.'”

    Liked by 3 people

  5. So, what’s stopping him? He doesn’t need the Government to do anything. He’s free to give away all of wealth, nobody will stop him. He’s just another loud mouth virtue signaling wanker. Hey, Chris…..put your money where your mouth is!

    Liked by 5 people

  6. “Facebook co-founder Chris Hughes thinks the government should give cash handouts to people with the lowest incomes in order to fight income inequality.” I say this; Why impose the government as a “middleman” (they ALWAYS take their cut)? There’s not a thing in the world from preventing little Mr. financial genius from implementing his scheme forthwith.He can recruit his fellow travelers in the wealthy stratosphere as well. Obama spoke the leftist gospel afterall when he thus spoketh ” I mean, I do think at a certain point you’ve made enough money…” Right?

    Liked by 3 people

    • Privately, if you could talk to these people one on one, you’d find they are Libertarians paying lip service to the scores of politicians, activists and various other malcontents dogging the heels of the companies they head. No one can protect the interest of their corporation and kowtow to the loads of crap these idealists spout. He has no intention of doing anything but establishing his rep as one of them. In the boardroom he’s the exact opposite. But that’s not public info so who is going to know?

      Liked by 3 people

  7. Another rich, spoiled piece of crap that needs to be thrown into a volcano. A less tolerant society would have done exactly that years ago.

    Liked by 2 people

  8. Mr. Hughes is welcome to give away as much of his own money as he wants, but I decide who I give my money to. Silly homo, socialism doesn’t work.

    Liked by 4 people

  9. I just love it when other CEOs come up with these schemes to hand over to the government powers they rant and rave against in private. They don’t mean a word of it. Otherwise they wouldn’t retain armies of accountants and tax attorneys to protect their personal assets. His taxable income no doubt equals less than $100,000 yearly (remember he can play games with the IRS and the tax code the average citizen can’t afford). In the end he won’t feel the effects of his grand scheme, in fact he’s buying political good will to serve as a guarantee he’ll retain his status. A good kick in the posterior is what he needs. Our Constitution does not give the Fed the power to provide for the people. It was written to keep the government from assuming such powers and hindering the people from whatever level of success (or failure) they aim for. I don’t know him but I do know his kind and he’s no friend of anyones.

    Liked by 3 people

  10. Sweden already tried this illogical illusion of creating income equality. It didn’t work out well and they’ve discontinued it. What makes these delusional Americans believe whatever doesn’t work elsewhere in the world will work here??? They are just spoiled, arrogant Americans without a clue of what’s realistic and what isn’t. Plus, you can bet his annual salary that this plan won’t include him.

    Liked by 2 people

  11. traildustfotm

    Just my opinion: Facebook’s fingerprints were all over both the “Occupy Wall Street” movement and the “Arab Spring.”

    Liked by 3 people

  12. Nuts.

    Liked by 2 people

  13. All these founding dudes of FB are sketchy and I have a hard time believing they are as “brilliant” as the story that is put out to the masses suggests.

    Why am I skeptical? The reason being is that Michael McKibben of Leader Technologies had filed a lawsuit against FB for patent infringement (although I think he lost and is trying again under the Miller Act, claiming that under three of our previous presidents it was violated.) Full story here:
    http://www.fbcoverup.com/docs/library/Michael-T-McKibben-AFI-backgrounder.html

    If this is true, then it makes sense that the fake “founders” aren’t continuing to innovate, but are being propped up to be social justice front men for the company instead.

    Liked by 3 people

  14. And he thinks the rich would go along with that? They are not going to let themselves be robbed. There would be a mass exodus of the rich from this country. That’s one of the benefits of being very rich, you can live in any country you want to. Just like French millionaires did a few years ago when they were taxes too high, they will take their wealth to another country.

    Liked by 3 people

  15. Hughes just doesn’t get it. The rich are already paying their fair share, and then some. From Sac Bee:

    “The top one percent income earners in California pay 48 percent of the state’s income tax. That is more than a “fair share” in anyone’s view—except the most wild redistributionists,“ argued former Congressman Tom Campbell, now a professor of Law and Economics at Chapman University.”

    Read more here: https://www.sacbee.com/news/politics-government/influencers/article214449334.html#storylink=cpy

    Liked by 2 people

    • Well, he’s free to donate ALL his wealth if it makes him feel holy. How ’bout a “swisher tax”? It could be rated on how light in the loafers one is. A real flamer could reach 75% or more. What a great incentive to work harder.

      Liked by 3 people

  16. What’s stopping him from giving half his earnings to the gumment. And he can hand out $500.00 cash to people. starting with me.
    He’s a liberal and a heterophobic. Two mental illnesses.

    Liked by 4 people

  17. I love how this diaper rash wants to give my taxes away. I have to watch my Ps and Qs or I end up covering my butt at the end o’the month and if I dare request assistance they’ll say “Go t’hell, U don’t qualify”.

    Liked by 2 people

  18. ManCavePatriot

    The Russian Revolution was a net BUST, and these 21st century cultural marxists want to dust off their playbook and try it all over again. Nothing is free, and redistribution disincentives growth. It’s been tried ……and failed.

    Liked by 3 people

  19. Obviously Mr. Hughes never put out a bird feeder and then sat back and watched what happens. It doesn’t produce workers.
    He must be having a guilt complex about the curious way he and Zuckerberg became so rich with FB since development is questionable.
    If he wants to give his wad away, go for it, just don’t drag hard working tax payers in on it to make themselves feels better.

    Liked by 3 people

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