A very rich guy says low taxes on the very rich are bad for everyone, even the very rich - 48 hills

Morris Pearl, a former financier, now leads the group Patriotic Millionaires, advocating for increased taxes on the wealthy. Recognizing the social instability caused by economic inequality, he believes the current tax system is unsustainable. Drawing parallels to FDR's policies during the Great Depression, Pearl's insights reflect a growing sentiment among wealthy individuals that addressing inequality is necessary for everyone's well-being. His journey illustrates a significant shift in perspective among the rich regarding their responsibilities toward society, especially in the current political landscape.

I had a chance to speak with Pearl last week about the real problems with the US tax system, his group's goals—and how possible it is in the era of Trump to make the very rich pay their fair share.

Many historians suggest that FDR staved off a socialist revolution in the United States at the height of the Depression by raising income taxes on the rich as high as 75 percent.

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