Posted on 11/29/2020 6:24:46 PM PST by KingofZion
Lately, Sam Jacobs has been having a lot of conversations with his family’s lawyers. He’s trying to gain access to more of his $30 million trust fund. At 25, he’s hit the age when many heirs can blow their money on harebrained businesses or a stable of sports cars. He doesn’t want to do that, but by wealth management standards, his plan is just as bad. He wants to give it all away.
“I want to build a world where someone like me, a young person who controls tens of millions of dollars, is impossible,” he said.
A socialist since college, Mr. Jacobs sees his family’s “extreme, plutocratic wealth” as both a moral and economic failure. He wants to put his inheritance toward ending capitalism, and by that he means using his money to undo systems that accumulate money for those at the top, and that have played a large role in widening economic and racial inequality.
*** Mr. Jacobs, as both a trust-fund kid and an anticapitalist, is in a rare position among leftists fighting against economic inequality. But he isn’t alone in trying to figure out, as he put it, “what it means to be with the 99 percent, when you’re the 1 percent.”
*** “I was always taught that this is just the way the world is, that my family has wealth while others don’t, and that because of that, I need to give some of it away, but not necessarily question why it was there,” said Rachel Gelman, a 30-year-old in Oakland, Calif., who describes her politics as “anticapitalist, anti-imperialist and abolitionist.”
"My money is mostly stocks, which means it comes from underpaying and undervaluing working-class people, and that’s impossible to disconnect from the economic legacies of Indigenous genocide and slavery,” Ms. Gelman said...
(Excerpt) Read more at nytimes.com ...
That said it would not bother me if these kids are left penniless by the Biden inheritance tax...
Proof you can’t fix liberal-stupid
Rich kids who have never earned an honest dime in their entire lives hate capitalism.
Stop the presses.
He doesn’t want the money...but make no mistake, he wants the power. Oh, does he want the power, to control.
What a *sick* young man.
Actually, this is the problem we’re dealing with - people who want to control all of us.
He’s just lazy. It’s hard work to be a good steward of one’s resources.
“He wants to give it all away.”
Sounds good.
My address is....
Make it easy on him. Strip him of the trust fund! Donate it all to the Trump Leagal Fund.
What’s stopping them from giving their entire fortunes to BLM?
/rhetorical
Wonder how many of his anticapitalist less fortunate friends would take the money off his hands?
"... as he put it, “what it means to be with the 99 percent, when you’re the 1 percent.”
This jackass sounds exactly like Engels; scion of a wealthy manufacturer who wanted to play at being proletarian.
The mistake was giving them Ivy League educations.
After they give away the money, they need to not use that education or network or they will just end up with a bunch of money again.
Some are complete loons, like the one living in a tarpaper shack to .... prove what?... save the planet.
Others more sensible and start reasonable businesses.
On the whole, pretty much like everyone else.
This one sounds like the lunatic variety. Possible cure: buy a few supercars.
Tax it at 59% and let the efficient government decide what to spend it on. That’s what they want for my money.
Bkmk
Not one of them would consider living next to Joe the plumber, a garbage man, or some PTA mom, especially not some bourgeoisie
Or consider giving up all their privileges.
NYT does not need a barf alert.
Spoiled, clueless little rich kids, who did NOTHING but be born into the families they have - just like us ALL - will learn eventually that there will always be “poor” people. There isn’t enough money in the entire world to ever fix that. It’s the way it has always been. There have also always been people with means who altruistically give to help others - some for the recognition of the world and others for the glory of God. Global Communism isn’t the answer.
“The narrative of giving away everything feels like it’s being framed by white inheritors,” said Elizabeth Baldwin, a 34-year-old democratic socialist in Cambridge, Mass., who was adopted from India by a white family when she was a baby. Heirs in her position, she said, must decide whether to redistribute to their own communities or others’, and what it means to give up economic privilege when they don’t have the kind of safety net that comes with being white
Somehow, I believe it will be a long, long time before I read that Sam and Rachel gave away all of their trust fund millions.
While she’s wearing a $140 fleece jacket. Very credible.
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