Disney heiress denounces billionaires and generational wealth: “A structure upside down”

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Abigail Disney, heiress of the Walt Disney Company, argued Tuesday that the US economy is in an “upside down structure” in which some people work all the time. “to make ends meet ”, while the rich are“ sitting on their backs ”without“ paying taxes ”.

Disney, a longtime supporter of a federal wealth tax, said in a meeting on CNN’s “New Day,” said it “really is time for the rich to ask difficult questions.

Roy Disney’s granddaughter and Walt Disney’s grandniece said there had been a “Long, long and multi-generational ethos” in which wealthy families taught their children to take advantage of the tax system to protect their assets.

“One of the assumptions was that you would work very hard in your lifetime to take what you have inherited and turn it into more so that your children have more than you,” she said.

Disney went on to make the arguments it made in an editorial published by The Atlantic last week that followed a ProPublica report released earlier this month that sparked a wave of calls for tax hikes on the rich.

ProPublica reported that based on tax return data received from an anonymous source, billionaires including Jeff BezosJeffrey (Jeff) Preston Bezos Why Democrats Opposing Biden’s Tax Plan Are Wrong Balance / Sustainability – Presented by American Petroleum Institute – Climate Change Turns US into Coffee Country Foundations Promise Record Billion-Dollar Funding for biodiversity PLUS and Elon muskElon Reeve MuskElon Musk and Grimes have split after three years together UN Secretary-General denounces space tourism Elon Musk promises improved toilets and Wi-Fi on upcoming SpaceX flight have paid little or no tax in recent years.

Disney wrote in The Atlantic that “the crude fact of the matter is that none of the documented methods and practices that allowed these billionaires to so drastically minimize their tax obligations were illegal.”

She said some of the practices “are so mundane and commonly applied that most wealthy people don’t see them as unethical,” including “offsetting income with losses in unrelated businesses; structure the assets to grow rather than generate income, then borrow against those growing assets for cash flow purposes.

Disney told CNN on Tuesday: “The point is people are sitting on their butts on their sofas to earn and not pay tax on money as people go out every day to work and work their butt just right. to make ends meet. ”

“And it looks like an upside-down structure,” she said.

“There are people flying private planes right now who would rather get shot rather than sit in a first class seat on a normal airline because that would mean they would have to go through an airport terminal.”

“It is terribly dangerous for democracy, for society,” she said.

Disney, which two years ago said it had a net worth of $ 120 million, is part of a growing wave of people calling on the wealthy to pay more taxes, a move further rekindled by the ProPublica report. .

US lawmakers and senior officials condemned the ProPublica report, which was based on confidential tax data, with the Treasury secretary Janet YellenJanet Louise Yellen We don’t need platinum to solve the debt ceiling crisis calling the leaked tax returns a “Very serious situation”.



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