Disclaimer: I am not a Harvard researcher who spent 16 weeks writing this blog. This article is simply my opinion and my view based on my own research and thinking. Feel free to debate me, fact check me, or criticize this post.
Welcome to the age of Tech and Data.
Is capitalism as fair as it once was? Or has it changed into an unfair game once you reach a certain level?
Here is why I think the game has changed and it in fact IS NOT fair any longer.
1. Data: We live in a time where data is king, and those who control it, control everything. Companies like Facebook, Amazon, Netflix, and Google know more about you, your habits, and your interests than you know about yourself. They build platforms that you spend time on so they monitor everything from your current habits, interests, what you search for, and where you are spending your time so they can offer things that they know you want now. It also, however, allows them the insight to build things that they know you will want in the future. It’s not even fair sometimes if you think about it. I don’t just mean those 4 companies either. Thousands of the largest companies are using the latest tech and Artificial Intelligence to gather your data from any place possible so they can use it to influence your buying decisions. Companies with your data are the new Pied Piper in town and whether you know it or not, you are following their tune. They use your own personal data to create products they know will allow vast sums of your money to flow straight to them. Google has algorithms for the things you search for so that if you randomly search for an answer to a problem, and lots of other people search for answers to the same problem, they can use that data to build the product you were searching for or just buy a company that has already built it. Get this… when they build it… they already know how many people will buy it and who those people are based on who was searching for it.
2. Technology: A hundred years ago, it wasn’t common for a company dominating in one area or providing one thing, to venture off into something completely different and also dominate. Technology has changed that. John Rockefeller became the richest man on earth from oil. Andrew Carnegie from steel. Rockefeller didn’t also go and start a grocery chain and grow that into the largest in the world. Things are very different today. You don’t even think about books anymore when you think about Amazon. Amazon can dominate online shopping, but also easily buy Whole Foods, Venture into Television, and capitalize on Cloud Storage in just a few short years. With their trajectory, experts estimate Jeff Bezos could be the world’s first Trillionaire inside of 5 years. That’s a Thousand Billions!!! With technology advancing so fast, those who have the most money, can outpace everyone else by lightyears by buying or developing technology that allows them to scale quickly, buy up and coming companies that can enhance their own, and venture into entirely new industries and crush the competition right out of the gate. Just look at all of the mergers happening right now or that have happened recently….
2. Technology: A hundred years ago, it wasn’t common for a company dominating in one area or providing one thing, to venture off into something completely different and also dominate. Technology has changed that. John Rockefeller became the richest man on earth from oil. Andrew Carnegie from steel. Rockefeller didn’t also go and start a grocery chain and grow that into the largest in the world. Things are very different today. You don’t even think about books anymore when you think about Amazon. Amazon can dominate online shopping, but also easily buy Whole Foods, Venture into Television, and capitalize on Cloud Storage in just a few short years. With their trajectory, experts estimate Jeff Bezos could be the world’s first Trillionaire inside of 5 years. That’s a Thousand Billions!!! With technology advancing so fast, those who have the most money, can outpace everyone else by lightyears by buying or developing technology that allows them to scale quickly, buy up and coming companies that can enhance their own, and venture into entirely new industries and crush the competition right out of the gate. Just look at all of the mergers happening right now or that have happened recently….
2. Technology: A hundred years ago, it wasn’t common for a company dominating in one area or providing one thing, to venture off into something completely different and also dominate. Technology has changed that. John Rockefeller became the richest man on earth from oil. Andrew Carnegie from steel. Rockefeller didn’t also go and start a grocery chain and grow that into the largest in the world. Things are very different today. You don’t even think about books anymore when you think about Amazon. Amazon can dominate online shopping, but also easily buy Whole Foods, Venture into Television, and capitalize on Cloud Storage in just a few short years. With their trajectory, experts estimate Jeff Bezos could be the world’s first Trillionaire inside of 5 years. That’s a Thousand Billions!!! With technology advancing so fast, those who have the most money, can outpace everyone else by lightyears by buying or developing technology that allows them to scale quickly, buy up and coming companies that can enhance their own, and venture into entirely new industries and crush the competition right out of the gate. Just look at all of the mergers happening right now or that have happened recently….
Heinz and Kraft
At&t and Time Warner
Disney and Fox
Disney buys Lucas Films and Marvel
CVS and Aetna
United Technologies and Raytheon
Dell and EMC
T-mobile and Sprint
Oh.. and don’t forget about control… Not only do the Ultra Wealthy have the advantage when it comes to Influence and how they use that to MAKE more money…. They also have the ability to KEEP and CONTROL more money by hiring the brightest minds on earth to help them with taxes, setting up strategic entities and trusts, and allocating profits to offset losses somewhere else. Yeah… Amazon paid no federal taxes in 2018 despite bringing in $232 Billion in revenue for the year. They didn’t pay taxes in 2017 either. Actually, they got a refund of over $100 million both years. How’s that for controlling an outcome?
$50 million invested at 5% is $2.5 million per year.
$41.6 million per month or
$10.5 million per week or
$1.5 million per day!
If Jeff Bezos sold all of his Amazon shares and put all of that cash into investment accounts earning ONLY 5% per year… drumroll… wait for it.. He would earn…..
$729 Million per month or
$182 Million per week or
$26 Million per day.
I don’t believe in Socialism.
Yeah this blog might seem to state otherwise.. but it’s true.
I believe everyone can build massive wealth if they choose to and its their right to do whatever they want with their money.
I believe everyone should be treated equally and nobody should be penalized for becoming successful.
So my question stands… Is it fair that the Ultra Wealthy be taxed at a far higher rate than they are currently paying?
What do you think?