According to Facebook co-founder Chris Hughes, if you’re successful, you should be forced to give a chunk of your money to less successful people.
Hughs told an online podcast audience he wants the government to begin giving free money to those with the lowest incomes. He says this is his solution towards fighting income inequality.
Hughs, along with Mark Zuckerberg, was part of the original group to kick off Facebook at Harvard in 2004. After three years of being the company’s spokesperson, Hughs left to work for Barack Obama’s presidential campaign.
But those three years were fruitful for Hughs. His holdings in the company were valued at over a half billion dollars when Facebook went public.
Hughs says his “lucky break” is what’s wrong with the country. He believes his success creates an “illusion” that everyone has opportunity.
“Stories like mine create an illusion of economic opportunity,” he said on the Interesting People in Interesting Times podcast.
Hughs says anyone making over $250,000 per year should be forced to pay at least 50 percent in income tax. He believes this should encompass all income, including capital gains. Currently, individuals earning over $200,000 per year are taxed at a rate of 35 percent. Capital gains taxes are capped at 20 percent under current law.
Hughs does not believe large companies, like Facebook, should be exempt from paying more, especially when they profit from consumer data. “Ask these companies to pay a small tax into a sovereign wealth fund and have that be distributed as a data dividend,” he said. “A check to every single citizen as a recognition of the value they’re creating.”
Hughs is making his way through the media promoting his new book, Fair Shot: Rethinking Inequality and How We Earn. The Amazon description of the book states, “Facebook co-founder Chris Hughes makes the case that one percenters like him should pay their fortune forward in a radically simple way: a guaranteed income for working people.
Here’s a promotional video where Hughes attempts to persuade viewers to accept socialism.