By February 16, 2014 0 Comments Read More →

Venture Capitalist Says $1 Million In Taxes Should Mean 1 Million Votes


Venture capitalist Tom Perkins recently said that only taxpayers should have the right to vote. Moreover, he suggests that the rich – who pay more in taxes – should get more votes. $1 million dollars should, in a sense, equal 1 million votes. The poor, by contrast, should not be allowed to vote at all.

Perkins claimed that his idea would “change the world”, during a speaking engagement in San Francisco, which was moderated by Fortune magazine’s Adam Lashinsky.

“The Tom Perkins system is: You don’t get to vote unless you pay a dollar of taxes,” he explained.

“But what I really think is, it should be like a corporation. You pay a million dollars in taxes, you get a million votes. How’s that?”

The people in attendance at the Commonwealth Club loved the idea, responding with hearty laughter. Perkins, however, did not crack a smile. He was not joking at all.

“I intended to be outrageous, and it was,” he said of his proposal.

The proposal, he said, would “make you more angry than my letter to the Wall Street Journal.”

That letter, which was published last month, described what Perkins called an “assault” on the wealthy. He even compared this to the persecution of Jews under Nazi Germany

“The fear is wealth tax, higher taxes, higher death taxes – just more taxes until there is no more 1%. And that that will creep down to the 5% and then the 10%,” Perkins said.

The letter was so controversial that venture capitalists from the firm he co-founded – Kleiner Perkins Caufield & Byers – distanced themselves from his comments.

(Article by M.B. David)

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