Is it greed that makes some people hold onto vast wealth?
Reader thinks those at the top of the financial ladder should share more of their largesse.
DEAR HARRY: I just read that there are almost 600 billionaires in the U.S. I am not among them. I just don't understand why so many of them are reluctant to pay a modest tax increase. I don't have a ten-thousandth of that, and I'm willing to pay a little more in taxes to help those at the bottom of the ladder. Why all the greed? Why does Billionaire A have to have a home and yacht that are fancier than those of Billionaire B? Is it envy as well as greed? Most will strongly profess religious ties, but will violate them by failing to share their good fortune. And at a lower level, almost 14,000 Americans are worth at least $30 million and also should pitch in more.
WHAT HARRY SAYS: A few years ago, Jack Bogle, the founder of Vanguard, wrote a neat little book called Enough, in which he deals with some of your concerns but concentrates on greed. To many of these wealthy people, the real words should be prestige and power. Look at all the recognition (not all favorable) that Malcolm Forbes got when he threw his million-dollar birthday party in North Africa. Look at all the political power that goes with donations to a party or to candidates. No, it's not just the monetary greed. Guys like Warren Buffett and Bill Gates have set a different standard. Not only do they support the needy, but they have left large fortunes for their work to continue after they're gone. The income gap in the United States is still widening.