Disney Heiress Blasts US Tax System, Stresses Need for Overhaul to Correct “Upside Down Structure”

US

00:50 GMT 06/23/2021Get short url

Previously, a ProPublica report revealed that some American billionaires, including Amazon founder Jeff Bezos and business tycoon Elon Musk, pay minimal income taxes compared to the majority of Americans, despite having enormous fortunes. The report, based on tax data obtained from an anonymous source, quickly triggered an alarm.

Abigail Disney, heiress of the Walt Disney Company, recently argued that the US economy is currently in an “upside-down structure” as the richest in the country have legal opportunities to evade high taxes while working Americans struggle to to make ends meet.

Disney is no stranger to the concept of generational wealth and is the granddaughter of Roy Disney, who co-founded the company with his younger brother Walt and served as its first CEO. Her net worth is believed to be around $ 120 million, a significant portion of which was made available to her at age 21.

Although the heiress has benefited immensely from the conveniences her family’s wealth offers, she is an avid advocate of increasing taxes on the wealthy. In fact, she is a member of the Patriotic Millionaires, a group of wealthy Americans who are calling for the US tax system to be restructured to level the playing field.

Disney addressed wealth inequality during an appearance on CNN’s New Day on Tuesday, highlighting the avenues that allow the wealthy to grow their wealth while avoiding the tax officer.

“The fact is, people sit on their bum on their couches and make money and pay no taxes, while people go to jobs every day and work their bums off just to make ends meet,” Disney told the presenter Brianna Keilar. “And that just seems like an upside-down structure.”

The Disney heiress appeared on the show to discuss a recent opinion piece she posted on The Atlantic in response to a ProPublica report that revealed how various American billionaires evade high income taxes. The comment specifically describes how Disney became an asset manager at a young age and was taught by family and financial advisors how to preserve their wealth while legally minimizing their tax obligations.

“One of the assumptions was that you would work very hard in your life to take what you inherited and turn it into more so that your children could have more than you had,” Disney told Keilar, noting that some financial practices “so” trite and general that most rich people do not consider them unethical. ”

Abigail Disney, executive producer of the documentary series “Women, War and Peace,” delivers a keynote address at the 2012 Current Strategy Forum at the US Naval War College

Disney noted that some of these business practices are “comparing income to losses in independent companies” and “structuring assets to grow rather than generating income, and then borrowing against those growing assets for the company.” Cash requirement “.

“It really is time that wealthy people ask themselves some tough questions,” she later pointed out.

The heiress’ remarks came after a new analysis by the Institute for Policy Studies found that the majority of the US dynasty maintained their financial position because they hoarded their wealth rather than actively generating new funds. The results also showed that 27 of the top families listed on the Forbes 400 list in 1983 also entered the Forbes billion dollar dynasty list in 2020.

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