A business owner has gone viral after he revealed he had cut his own salary by over $1 million in order to raise the pay of his employees.
36-year-old Dan Price is a self-made millionaire and the Gravity Payments founder and CEO who matched his own salary with the salaries of his employees.
By reducing his salary from $1.1 million to $70k, the young businessman, who became a millionaire by the time he hit 31, was able to raise his employees’ pay to $70k per year.
Price also took the opportunity to lash out at philanthropists as he called the seemingly generous deeds of billionaires “one of capitalism’s biggest PR scams.”
According to the 36-year-old, an average billionaire donates somewhere around one percent to charity while many Americans donate much more, percentage-wise, but don’t get recognized for it because they aren’t that rich.
The CEO also insisted that most billionaires simply do charity in order to pay less in taxes as he shared his opinion about the proposed bill, which is currently being debated by Washington lawmakers, that would see billionaires slapped with a 1% wealth tax.
“One of capitalism’s biggest PR scams is the ‘philanthropist’. The average billionaire donates 1% of their fortune to charity yearly – less than non-billionaires,” Price said in his tweet.
“But when you donate $200 you don’t get glowing articles, a hospital named after you and a massive tax write off.”
In an interview with MarketWatch, the millionaire also blasted billionaires who avoid paying higher taxes under the pretense of being philanthropists.
“In reality, the amount [they] donate is a fraction of what they would pay if their tax rates were in line with the working class,” Price told the publication.
“I think billionaires donate for various reasons, but it’s clear that giving away the equivalent of what’s in their couch cushions helps them avoid having to face steeper bills that would actually make a difference in solving systemic problems,” he added.
What are your thoughts on this matter? Let us know in the comments and don’t forget to SHARE this post with your family and friends. For more news and stories, follow us on Facebook!