Elon Musk’s father owned shares in an emerald mine in Africa. Bill Gates’ mom helped Microsoft get a deal with IBM. Jeff Bezos’ garage-based start was funded by a quarter-million dollar investment from his parents. “Self-made billionaires” are a myth.
Myth of Self-Made Billionaires
🔍"Self-made" billionaires often come from upper-middle class backgrounds with family connections, utilizing tax loopholes and government subsidies rather than solely relying on personal grit and risk-taking.
🏢Prominent billionaires like Bill Gates, Elon Musk, and Jeff Bezos benefited from significant family support, including IBM deals, emerald mine shares, and $250,000 investments respectively.
Tax Avoidance and Subsidies
💰Billionaires such as Michael Bloomberg, George Soros, and Carl Icahn have paid 0% federal income tax in some years due to loopholes, while their corporations received taxpayer subsidies.
Wealth Inequality and Propaganda
📊The myth of self-made billionaires serves as propaganda to distract from their role in fostering poverty and inequality, preventing workers from demanding fairer wages.
Failed Trickle-Down Economics
📉Despite 50 years of tax cuts for the wealthy, trickle-down economics has failed, with the 400 richest American families paying a lower tax rate than the middle class in 2018 under Trump's tax cuts.