Why would any wealthy person give money to a Democrat? Democrats want to make the rich “pay their fair share” and regulate them out of business. It’s baffling to think that any wealthy person would be contributing to a party that vilifies them on a daily basis. Well, that’s exactly what 130 billionaires are doing this election cycle. According to a new donor list, they are contributing millions of dollars to Joe Biden’s campaign in what we can only assume is a campaign of self-hatred.
Biden and the Democrats use the wealthy as a strawman for many problems in the country. It’s the wealthy elitists’ fault that people are poor and that income inequality exists. Put aside the fact that income inequality is a useless statistic born of envy, and that those who are poorer covet the money of the wealthy. They are jealous and want to use the power of government to punish the rich to make themselves feel better.
Fox Business reported, “130 billionaires who have already backed Biden’s bid for the presidency, Forbes report. According to FEC records, liberal philanthropist George Soros has already contributed $505,600 and media executive Barry Diller has given $620,600. Former eBay president Jeff Skoll has also given $620,600, and another one of Biden’s opponents in the Democratic primaries, Tom Steyer, contributed $371,200.
The former vice president has said he intends to raise corporate tax rates from 21% to 28% and income taxes for those who earn more than $400,000 a year would go up to 39.6%, from 37%. That has not stopped the megadonors from backing him, with former Starbucks CEO Howard Schultz pledging a contribution this week and Biden’s primary opponent Michael Bloomberg vowing to spend $100 million just to help Biden win Florida.”
If you listen to the Democrats, you would think that the top 1% are always in the top 1% and that those that make up the wealthiest income tier are the same people every single year.
However, that is not the truth.
If you were to look at the top 400 list from 30 years ago, the list would look very different.
Income is not static and is not frozen in place, but rather fluctuates from year to year. There is not a fixed pie of wealth that is controlled by the wealthiest individuals. The pie changes composition every year.
One of the hallmarks of American capitalism is income mobility.
In America, starting in the bottom 20% of income earners doesn’t damn you to a life in the lowest income bracket. In fact, it is quite the opposite.
The great economist Thomas Sowell has highlighted the fact that those who start in the bottom 20% of income earners rise and more of them end up in the top 20% than remain at the bottom. People who started in the top 20% of incomes had the lowest rate of increase in their incomes.
Four years of a Biden-Harris administration would make the rich poorer, so they are voting against their own interests, which is odd. Sure, the rich might get poorer…but when the rich get poorer, the poorer get poorer too.