America is a Slot Machine

In 2021, a new financial record was set with relatively little coverage.

Founders and shareholders of large publicly traded companies sold off stocks at a breakneck pace. All told, these individuals sold more than $70 billion in stocks last year alone.

From Amazon to Tesla, Facebook and Google, notable billionaires were busy converting stocks to cash.

Elon Musk shed $10 Billion worth of Tesla shares; Jeff Bezos similarly collected close to $10 Billion in exchange for his Amazon stock; Mark Zuckerberg sold nearly $5 Billion in Facebook (or Meta Holdings); and collectively, cofounders Larry Page and Sergey Brin sold $3 Billion worth of their Google shares.

The reasons for sell-offs are somewhat varied; most analysts seem to settle on taking gaines now in an effort to avoid higher tax rates moving forward.

Regardless of the specific reasons, these men acquired their wealth — in large part — thanks to public utilities and tools provided by taxpayers.

Musk benefited from government funded tax credits for electric vehicles. Bezos had a competitive advantage over conventional retailers by forgoing sales tax, not to mention utilizing the postal service.

And where would any of these founders be, including Zuckerberg, Page, and Brin without the internet; brought to you by the United States Department of Defense and publicly funded Universities.

Despite the overwhelming benefit these men — and a host of other billionaire founders or investors gain from tax payer dollars, public utilities, and federal funds — the minute they’re asked to pay anything resembling taxes, they launch into avoidance strategies.

Rather than being criticized or shamed by the public however, the wealthy in America are regularly praised and celebrated for exploiting the system.

‘You too could be rich’

One reason why the average American, even those living in poverty, care little about tax avoidance is deeply personal.

You see, the vast majority of Americans, regardless of their current financial status, believe; 'one day, I too could become stupid rich.'

And when that day inevitably comes, they wouldn't want to pay taxes either.

What they may not realize, unlike gains in the stock market, those who win the actual lottery have no means of avoiding that tax. Lottery taxes are collected before funds are even distributed. In other words, they'll likely pay the tax, and a heavy one at that.

In theory, most people believe wealthy individuals should pay their fair share of taxes, until they twist themselves into believing; I’m literally one lucky break from becoming a millionaire.

Maybe these ‘millionaires in waiting’ are invested in the market hoping for a stock to rocket up, or they have a high paying sportsbet that’s sure to come in, and if all else fails, they can pick up that winning lottery ticket any day now.

One pull away from riches

I’m not a socialist by any stretch, but this idea of impending riches has permeated our culture for quite some time.

Here's how acclaimed American writer John Steinbeck described the idea: “Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.”

This is why, despite their circumstances, ordinary people regularly vote against their best interests. They feel, any minute now, those interests can change. And when they do, siding with the wealthy would have been the right choice.

Sure, they may not have billions or even millions now, but like Lin Manuel Miranda famously proclaimed in the Broadway smash Hamilton: Just you wait! Why would a potential millionaire, let alone actual billionaires want fairness in our tax code, let alone anything resembling a wealth tax? It all reeks of socialism, and that's just... Un-American.

I suppose advocating for a radical concept like fairness, when it comes to these matters, is a longshot.