Capitalism has 'led to horrifying inequality' and must be fixed, billionaire Marc Benioff says. (via CNBCMakeIt)
"Capitalism, I acknowledge, has been good to me," Benioff writes. "But capitalism as it has been practiced in recent decades — with its obsession on maximizing profits for shareholders — has also led to horrifying inequality."
The piece calls for a "new capitalism," which, among other things, would include higher taxes on America's richest, including himself. "Nationally, increasing taxes on high-income individuals like myself would help generate the trillions of dollars that we desperately need to improve education and health care and fight climate change," he writes."First, business leaders need to embrace a broader vision of their responsibilities by looking beyond shareholder return and also measuring their stakeholder return," Benioff says.
In 2018, 26 people had the same wealth as the 3.8 billion people who make up the poorest half of humanity, according to a