He’s not buying what America’s billionaires are selling.
The CEO known for increasing his employees’ base annual pay to $70,000 says wealthy people donating their money and getting rewarded with “glowing articles, a hospital named after you and a massive tax write-off” amount to “one of capitalism’s biggest PR scams.”
Dan Price, the CEO of the credit-card processing company Gravity Payments, slammed America’s elites on Twitter TWTR, -1.45%, charging that the average billionaire donates a smaller share of their money to charity each year than the average non-billionaire.
“ ‘One of capitalism’s biggest PR scams is the ‘philanthropist.’ ”
— Dan Price, CEO of Gravity Payments
As evidence, Price cited a recent ranking of the biggest charitable contributions of 2020, which included deep-pocketed donors such as Amazon AMZN, -1.47% founder Jeff Bezos. Critics of wealth inequality have pointed out that billionaires have seen their fortunes swell during the pandemic, but the contributions they’ve made to charity represent a tiny fraction of their growing wealth.
(An Amazon spokesperson declined to comment.)
Price was inspired to weigh in on philanthropy because Washington state is debating a proposal to create the nation’s first state wealth tax, he told MarketWatch…