Billionaire philanthropy is a “public relations scam,” said the CEO, who raised the minimum wage for workers to $ 70,000.

He doesn’t buy what American millionaires sell.

The CEO, known for raising his employee’s base annual salary to $ 70,000, said that wealthy people donated money and were rewarded with “brilliant articles, hospitals named after you, major tax cuts.” “One of the biggest PR scams in capitalism,” he said. “

Dan Price, CEO of credit card processing company Gravity Payments, accused the American elite On twitter
He accuses the average millionaire of donating less to charity each year than the average non-millionaire.

“One of the biggest PR scams in capitalism is the” philanthropist. ”

— Dan Price, CEO of Gravity Payments

As proof, the price quoted Recent ranking Of the largest charitable donations in 2020, including funded donors like Amazon

Founder Jeff Bezos.Critics of wealth inequality point out that millionaires have seen Their destiny swells Contributions they made to charities during the pandemic, but Represents a small part Of their growing wealth.

(An Amazon spokeswoman declined to comment.)

Prices were urged to focus on philanthropy, as Washington was discussing a proposal to create a wealth tax for the country’s first state, he told Applies to people Its net worth is over $ 1 billion.
“One of the most frequent criticisms I’ve heard of the proposal is that millionaires have already donated, so they don’t have to pay taxes,” Price said.

“In reality, the amount they donate is only a small part of what they pay if their tax rate matches the working class,” he said.

Billionaires pay the lowest tax rate of any income group across the country, Price added. In Washington, he said, the richest people pay 3% of their income with taxes and the poor pay 18%. (It is reported by Institute for Tax and Economic Policy, A think tank to the left. )

“I think millionaires are making donations for a variety of reasons, but by offering something similar to what’s on a sofa cushion, it’s so sudden that it really makes a difference in solving system problems. It’s clear that you don’t have to face big bills, “Price told MarketWatch.

The· Average American Donation According to Giving USA, about 2% of disposable income is donated to charities each year, according to the Annual Report on Charity Donations.

It is difficult to calculate how much their wealth millionaires will give. They don’t always publicly announce charitable donations, and many don’t need to disclose the amount they donate.

According to the Chronicle of Philanthropy, Bezos was the number one donor in 2020. He promised $ 10 billion to set up the Bezos Earth Fund, but only a small portion of that money actually went to charity last year. The fund distributed a $ 791 million grant to environmental groups in 2020. Bezos also donated $ 100 million to Feeding America, a national network of food banks.

Meanwhile, Bezos’ net worth surged to about $ 188 billion by November 2020, according to the Left Policy Institute, which frequently criticizes Bezos and other millionaires. Using these figures, which are moving goals, Bezos gave him approximately 0.47% of his net worth in 2020.

U.S. billionaires will step up donations to charities in 2020, with 50 of the largest donors paying a total of $ 24.7 billion to address urgent issues, including pandemics and their economic collapse, racial I sought justice. The 50 largest donations in 2019 totaled $ 15.8 billion.

Overall charitable donations by both millionaires and non-millionaires, despite the economic turmoil caused by the coronavirus pandemic. Increase in the United States in 2020, According to a recent quote.

Price became a hot topic in 2015 after announcing that it would pay at least $ 70,000 a year to all employees of the company. In the early days of the pandemic, Gravity’s revenue, a credit card payment processor that works primarily in small businesses, plummeted by 50%.The price he said Avoiding layoffs By asking his employees to cut wages.Later company Repayment to those employees..

Price also reduced his own $ 1.1 million salary to $ 70,000 with the rest of his employees. Some observers suggest that if he maintains his high salary, he will have more money to donate to charity, He said earlier.. But Price doesn’t think “the world needs another millionaire philanthropist.” “We’ve been relying on millionaire philanthropists for a long time, so I don’t think it’s working well for us,” he said.

Rather, he added that he wanted to see a system with more “justice and integrity” and a company that cared for workers.

Billionaire philanthropy is a “public relations scam,” said the CEO, who raised the minimum wage for workers to $ 70,000.

Source link Billionaire philanthropy is a “public relations scam,” said the CEO, who raised the minimum wage for workers to $ 70,000.

Back to top button