Robert Reich: Accumulate Billions

Meaning of Robert Reich Money Quote: saying ways to super-wealth are limited to buying your way in, profiting from monopoly or inheriting wealth – not hard work. Robert Reich said:
 
 

 

“There are basically 4 ways to accumulate a billion dollars in America: 1) Profiting from a monopoly 2) Insider trading 3) Political payoffs 4) Inheritance Don’t believe the self-made myth” — Robert Reich

In this quote, Robert Reich is challenging the idea that billionaires in America become self-made through hard work and innovation alone. He suggests there are really only four main ways one can accumulate a billion dollars:

1. By profiting from a monopoly, which allows domination of a market without competition.
2. Through insider trading, or taking advantage of privileged confidential information unavailable to the average investor.
3. Via political payoffs, meaning gaining wealth through lobbying or special favors from politicians.
4. Through inheritance, by acquiring massive wealth simply by being born into a wealthy family rather than earning it themselves.

Overall, Reich is asserting that while some may portray themselves as entirely self-made, the reality is that billionaires often rely on one of these four less meritocratic means to amass their extreme fortune. He aims to dispel the notion that all billionaires achieved their status solely through hard work and talent.

Harry Belafonte: Made Billion Rights

Meaning of Harry Belafonte Money Quote: saying he could have become more wealthy, but decided to be a civil rights champion instead. Harry Belafonte said:

 

 

“I could have made $2 billion or $3 billion – and ended up with some very cruel addiction – but I chose to be a civil rights warrior instead” — Harry Belafonte

This quote from Harry Belafonte suggests that he passed up significant financial opportunities in order to dedicate himself to the civil rights movement. Some key points in interpreting his perspective:

• Belafonte implies that he had prospects to earn billions of dollars through his musical career and fame, but chose a different path.
• He portrays forgoing wealth accumulation to instead champion racial justice and equality through activism, seeing that role as more important.
• Belafonte’s perspective conveys that he prioritized advancing social causes over maximizing personal profits, feeling compelled to use his platform constructively.
• However, reasonable people can disagree on where to draw lines around civic participation versus self-interest, as priorities and what constitutes purposeful living understandably vary between individuals.

Overall, the quote reflects Belafonte’s belief that dedicating himself to civil rights was a worthier and more fulfilling choice than amassing vast riches, given his means and opportunities. But the best interpretation considers this perspective as one of many valid stances, and recognizes that people of integrity can and do weigh work, advocacy and life’s deeper meanings in diverse, equally valid ways according to their unique paths and philosophies. The quote captures one viewpoint, but individuals define prosperity differently according to personal temperament and priorities.

Birthday: March 1, 1927 – Death: April 25, 2023

Dan Price: Effective Tax Rate

Dan Price Money Quote saying Elon Musk net worth is over $300 Billion Dollars and pays an effective tax rate of less than 5% No Salary would earn that much in a lifetime. Dan Price said:
 

 

“Elon Musk just became the first person in the history of civilization to be worth $300 billion. If your salary was $1 million a year and you never spent any of it you would reach his current $302B net worth 302,000 years from now. He pays an effective tax rate of 3.3%” — Dan Price

In this quote, Dan Price is providing context around Elon Musk’s massive $302 billion net worth by comparing it to more relatable salary and time scales. His key points are:

• Elon Musk is the first person ever worth over $300 billion
• To accumulate the same wealth as Musk’s current net worth, even earning $1 million per year and never spending anything, it would take over 302,000 years
• This highlights just how enormous a sum $300 billion is and how difficult it is for ordinary people to comprehend
• He also notes Musk pays an effective tax rate of only 3.3% on this wealth, which Price seems to imply is unfairly low given Musk’s unprecedented level of earnings and accumulation of assets

Overall, Price is attempting to put Musk’s extraordinary wealth and success into more tangible perspective for average readers by comparing it to lifetime salary earnings and timescales that provide greater context of its scale and implications.

Grady Booch: Two Billionaires U.S.

Grady Booch Money Quote saying 50 years ago there were only a couple of U.S. Billionaires and today there are nearly a thousand. Grady Booch said:
 

 

“In 1969, there were two billionaires in the United States: J Paul Getty and Howard Hughes, each worth around $1-1.5 billion. In 2021, there are 724 billionaires in the United States” — Grady Booch

In this quote, Grady Booch is making an observation about the dramatic growth in extreme wealth in the United States over the past 50+ years. Specifically:

• Booch notes that in 1969, there were only two billionaires total in the US, with each worth between $1-1.5 billion in today’s dollars.
• However, by 2021 there were 724 billionaires residing in America according to his data, showing a massive increase in ultra-high net worth individuals.

The best interpretation is that Booch is highlighting how the ranks of the ultra-wealthy in the US have expanded enormously relative to the very small numbers several decades ago.

His quote conveys how the rise of industries like technology and finance contributed to a huge proliferation of billionaires and unprecedented fortunes being amassed in recent times compared to the country’s economic elite in the late 1960s based on his comparative statistics.

In 1969, there were two billionaires in the United States: J Paul Getty and Howard Hughes, each worth around $1-1.5 billion.

In 2021, there are 724 billionaires in the United States, a list that includes both you and Elon.

— Grady Booch (@Grady_Booch) November 15, 2021

Joe Biden: Pay Taxes Billionaires

Joe Biden Money Quote saying it is important that corporations pay taxes on income, because they avoid tax now. Joe Biden said:
 

 

“You have 55 corporations in the US making $40 Billion or more that don’t pay a cent. Not a single red cent. Not a single little red cent. Now, I don’t care, I’m a capitalist. I hope you can be a millionaire or billionaire. Not a problem. But at least pay your fair share! Chip in a little bit! ” — Joe Biden

Joe Biden is talking about large, profitable corporations in the United States that pay little to no taxes each year. He says that there are 55 corporations that make $40 billion or more annually but pay “not a cent” in taxes. Biden acknowledges that he supports capitalism and does not have a problem with people becoming millionaires or billionaires through their businesses.

However, he believes these very large, profitable corporations should still pay their “fair share” in taxes and “chip in a little bit” to support public services and infrastructure that help enable their business success. Overall, the quote expresses Biden’s view that extremely profitable corporations should contribute more in taxes rather than avoiding them entirely.

Birthday November 20, 1942

There’s no reason why millionaires and billionaires shouldn’t pay their fair share of taxes. pic.twitter.com/FJe4Qd7V7a

— The Democrats (@TheDemocrats) October 22, 2021

Robert Reich: Billionaires Taxed

Robert Reich Money Quote saying Jeff Bezos just saw his net worth increase to over $200 Billion and paid no taxes – why? Robert Reich said:
 

 

“Jeff Bezos just became the first person on the Forbes 400 list with a net worth of $200 billion … and we’re still arguing about whether the billionaires need to be taxed” — Robert Reich
 

In this quote, Robert Reich is expressing frustration that while Jeff Bezos has just reached the unprecedented milestone of having a $200 billion net worth, making him the richest person in modern history, there is still debate around whether extreme wealth at the billionaire level should be more heavily taxed.

Reich seems to be implying that Bezos’ immense fortune, larger than almost any private accumulation of wealth ever, underscores how the tax system does little to curb the growing concentration of wealth and power among a tiny few individuals.

By pointing out that this discussion is still ongoing even in light of Bezos’ unparalleled wealth, Reich appears to be arguing that billionaires have accumulated too much and higher taxes are needed to reasonably address wealth inequality in society.

Jeff Bezos just became the first person on the Forbes 400 list with a net worth of $200 billion … and we’re still arguing about whether the billionaires need to be taxed.

— Robert Reich (@RBReich) October 5, 2021

ProtonMail: Social Media Revenue

Since the apple App Store allowed users to decline data tracking by apps – nearly 70% choose not to allow and cost social media billions. @ProtonMail said:
 

 

“Social media giants lost nearly $10 billion in revenue since April because users chose not to be tracked across apps. Almost makes you think they mine personal data for profit or something” — @ProtonMail

In this quote, the privacy-focused email provider ProtonMail seems to be subtly criticizing large social media/tech companies that rely on collecting user data for targeted advertising revenue. Specifically:

• ProtonMail notes that from April to present, giants like Facebook/Google lost around $10 billion collectively due to Apple’s anti-tracking changes in iOS.
• This implies users value privacy enough to opt-out of cross-app monitoring when given a choice, costing these firms major ad income.
• ProtonMail then sarcastically suggests that maybe, just maybe, these companies “mine personal data for profit” – a clear jab that data harvesting is their primary business model.

The best interpretation is ProtonMail is taking a dig at tech platforms by pointing out the massive financial impact of even minor constraints on user data collection. The quote aims to underscore these firms’ overwhelming reliance on mining personal profiles to fuel ad sales and question whether user privacy or profits ultimately drive their behavior, at least from ProtonMail’s skeptical perspective on their data-based operations and incentives.

Social media giants lost nearly $10 billion in revenue since April because users chose not to be tracked across apps. Almost makes you think they mine personal data for profit or something.

— ProtonMail (@ProtonMail) November 1, 2021

Daniel Craig: Carnegie Gave

Daniel Craig Money Quote saying that Andrew Carnegie gave away billions in his philanthropy, but surely kept much for himself. Daniel Craig said:
 

 

“I think Andrew Carnegie gave away what in today’s money would be about $11 billion, which shows how rich he was because I’ll bet he kept some of it too” — Daniel Craig

In this quote, Daniel Craig is commenting on the immense wealth accumulated by American industrialist Andrew Carnegie. By noting that Carnegie gave away the equivalent of $11 billion in today’s dollars through philanthropic works, but also acknowledging that Carnegie likely “kept some of it too”, Craig is providing context for just how rich Carnegie was at the height of his success founding the Carnegie Steel Company.

The quote aims to give a sense of scale to Carnegie’s fortune by comparing it to billions donated to charitable causes, while also realistically admitting that even after philanthropic efforts, Carnegie still retained a significant personal fortune.

Overall, Craig is using Carnegie’s example to illustrate just how vast an individual’s wealth could become during the Gilded Age of American industrialization in the late 19th century.