All the Way to the Bank

It seems fashionable now in some quarters to shame billionaires. The not-so-subtle suggestions are that they don’t deserve their wealth, that they game the tax system, or even that they acquired their lucre by questionable means. And, of course, they only care about their houses, yachts, the art on their walls, and the advantage their money gives them over the rest of us. But hey, they are people too.

It might just be possible to be rich and a good human being at the same time, as Bill Gates and Warren Buffett have shown us. Many wealthy people and families have created foundations to support charitable causes. After all, they can only spend so much money on themselves, then what?

Some are wealthy by inheritance, others thanks to a talent, and still others because an idea came to them and they brought it to market. Then there are those who just won the lotto. But there is no automatic virtue in just being less well-off.

It is true that some wealthy people do not pay their fair share of taxes. Personally, I think all income should be taxed the same, whether it’s from work or capital gains. The wealthy should pay a much higher percentage in tax. I’m for a tax code printed on a single 8 ½-by-11 sheet of paper, that everyone could understand. This may not be making me many friends here, so I’ll stop now.

Anyway, we can’t talk about wealth without talking about Michael Bloomberg, who is accused of trying to buy the Democratic nomination for President. I don’t much like what he’s doing either -- but it’s almost working. Thanks to relentless advertising, he has statements almost instant national name recognition and ranking. What we know about the current occupant of the White House is that the one thing that can intimidate him is someone who can buy and sell him 50 or 100 times over.

I’m not endorsing Mr. Bloomberg here. He has controversial behaviors and policies in his history that he has to explain and even apologize for. He entered the Nevada debate unprepared to take on five other candidates who are seasoned veterans of that genre. But could he run the country? Certainly. Could he inspire and lead? We will find out as the campaign goes on.

Bloomberg has pledged that if another Democratic candidate becomes the nominee, he will use his wealth to support that individual’s campaign. He has also pledged to help Democrats in down-ballot races. Maybe Democrats should think twice about overly dissing this particular billionaire while their bacon is being saved.