We’re Freeriders: Facebook Co-Founder Chris Hughes, Worth $500 Million, Wants to Pay Higher Taxes
Chris Hughes, co-founder of Facebook and worth an estimated $500 million, has called for higher tax rates for individuals valued above $50 million. | Source: REUTERS/Adam Hunger
Facebook co-founder Chris Hughes is back advocating for higher taxes for wealthy Americans. This is not the first time Hughes is calling on the government to take a step to help low-income Americans trying to make ends meet.
Hughes spoke on CNBC’s “Squawk Box” saying:
As a member of that 1-percent, 0.1-percent, I can tell you, I can afford a little bit higher taxes, and it would make my life better. The point is clear — my taxes should be higher.
Hughes, who is the author of Fair Shot: Rethinking Inequality and How We Earn has been an advocate for reforming the tax code to rebalance the economy so all American workers can be rewarded for their work. He was a Harvard dorm mate of Facebook CEO Mark Zuckerberg and was the social network’s first spokesperson was rewarded with $500 million for three years of work with Facebook.
For three years’ worth of work at Facebook, I ended up with nearly half a billion dollars, which is nothing but a lucky break. That is indicative of fundamental unfairness in our economy. Income inequality in our country has not been this bad since the Great Depression. And even though we’re reading the headlines that unemployment is at 3.9 percent and the stock market is at record highs, what’s actually happening is that the median incomes in our country haven’t budged in nearly 40 years.