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Tech founder pledges to give away half his wealth to make American dream more possible

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By THALIA BEATY

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i’m deep into boomer territory (72), but i fully appreciate how younger generations are getting screwed.

massive, high interest student loans - one working couple with $72k in student loans, paid $500 per month for 20 years and still owe $67k.

housing - there’s no such thing as a starter home anymore. they can’t afford the down payment, let alone qualify. rents climbing out of reach.

productivity has shot up, but income has not.

the lack of jobs - harvard mbs’s have trouble getting a job. slave labor-like working conditions at places like amazon at wages that can’t support a single person.

it’s easy to see the lack of hope if you look.

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In pledging to give away half of his wealth, Atwood is following in the footsteps of a group of even wealthier people. In 2010, Warren Buffett, Bill Gates and Melinda French Gates started the Giving Pledge, which invites billionaires — exclusively — to commit to giving away more than half of their wealth in their lifetimes or at the time of their death. So far, 244 have joined.

Now, the super wealthy are volunteering to donate their money. They know they don't need that kind of ridiculous amount of money.

At one time, it was the standard to distribute wealth through taxes. Everyone in American society benefited with the non-hoarding of wealth.

In the early 1940s, the top richest people paid apx. 60% of their income in taxes. Then it shot up to about 90% in the last 40s. 

In the early 60s, Kennedy (from the very wealthy class) was able to lower it to about 65%. 

Then Reagan in the 80s dropped it down to 50 and then down to 28%. (You could see why Trump loved him.)

Since the 90s it's been hovering in the 30% tile.

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Only half of his fortune?

Well it's a start

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the high tax rates were not on all income, only marginal income above super rich level.

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