In a recent article from The American Thinker, Chris Corrodo provides an excellent counter to those who advocate increasing the taxes of the so-called “rich.” He briefly discusses the characteristics of the millionaires profiled in The Millionaire Next Door.
Thomas J. Stanley’s insightful book tells us that the majority of wealthy people live quite frugally, and about 80% of them are first generation rich, receiving little to none of their wealth from inheritance. It’s hard [for advocates of tax the rich] to talk about the greedy rich guy when he drives a 2004 pick-up truck and gets his clothes from Ross.
Instead, the conventional picture of wealth as a morally questionable man in an Italian suit, driving a Ferrari onto his yacht before enjoying a cruise on the Mediterranean while smoking fine cigars lit with $100 bills — and don’t forget about the corporate jet. This is the picture of wealth from the perspective of the left, and it is very politically advantageous. If anyone deserves to be resented and hated for his excesses, it’s certainly this oppressive character, no matter how fictitious he may be.
The motives of the millionaires next door are misunderstood by most people. Building wealth is much more about becoming financially independent than living in a mansion surrounded by expensive artifacts.