This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Tycoons Who Want to Close the Wealth Gap

Buffett: Billionaire Pied Piper

The most visible of the super-rich Robin Hoods is investor Warren Buffett, who has persuaded dozens of billionaires to give away large portions of their fortunes. Buffett, 83, is the second-richest American, according to Forbes magazine, with a net worth of $58.5 billion. He heads Berkshire Hathaway, (BRK.B - Get Report) which owns everything from the insurance company GEICO and Dairy Queen to underwear maker Fruit of the Loom.

For years, he has advocated policies to close the wealth gap, saying reforms are necessary for the nation's continued prosperity. Buffett has famously complained that he pays a lower tax rate than some of his most menial-wage employees. That's because, as is the case with many moguls, much of his income comes from capital gains and dividend payments, which are taxed at a lower rate than ordinary wages. His activism gave rise to Obama's proposed "Buffet rule," which would ensure that anyone making more than $1 million per year pay at least the same rate as middle-income taxpayers.

The self-made Omaha, Neb., magnate has also for years targeted unequal wealth accumulation. Buffet advocated for a progressive estate tax before members of Congress, saying in 2007, "Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy."

Buffett, who did not immediately respond to questions submitted via his assistant, has played a key role in encouraging his peers to redistribute their wealth by choice. In 2010, he launched the Giving Pledge program, in which wealthy entrepreneurs publicly promise to donate at least half of their riches to charity. Adherents include Facebook (FB) CEO Mark Zuckerberg, oil tycoon T. Boone Pickens and former New York Mayor Michael Bloomberg.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BRK.B $132.15 -0.05%
T $33.04 0.67%
AAPL $110.37 0.00%
FB $88.15 0.00%
GOOG $606.25 0.00%

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs