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Pull those bootstraps a little harder.
(thelemmy.club)
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this post was submitted on 27 May 2026
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Americans love bashing on the EU for not having that many uber rich dudes. You know why? Because - in general - the EU people who would've become uber rich tend to invest more back into the market and local communities, whereas the US uber-rich just hoard money.
For example: a tech millionaire in an EU country would be heavily investing in a local tech university to ensure they train people on the latest hardware and software. A US tech spends the same money to buy out competition increasing his own wealth.
US loves to bash the EU for its heavy regulations. It's true. These are the regulations that prevent overrich to get richer faster by ruining the environment, treating workers like slaves, etc.
US also loves to bash the EU for its heavy taxes, but this tax money funds public services, and limit the trickling up of wealth.
But there are still wealth hoarding billionaires in the EU, and they're getting richer faster these last years, because neo-liberalism has the same result everywhere.
Is this evidence based, or feels based?
I don't have any statistics or research, but this comes from personal experience in my home country. A bunch of millionaires put a lot of money in universities, schools, libraries, many fund parks and recreational spots.
There was a pretty famous one who financed the computer hardware for one tech academy and had an internship program for its students at his business. Non tech millionaires would often fund things like marathons or other sports activities. One radio station that had its HQ near a national monument would spend a portion of its income on maintenance, etc., etc.
That's what higher taxes do. And that's pretty evident, taxes in EU are generally higher and it's harder to loophole out of paying them.
Higher taxes cause people to tend to give back to their communities instead of hoarding wealth?
I thought higher taxes forced them to give money to the government, who may or may not do that.
Taxes is how people give back to their communities, their wants have nothing to do with that. That's kind of the only way, rich people will never voluntarily give money away otherwise, that's why they're rich in the first place.
In a democracy, the government is "the people".
No shit. Why are you here telling me that?
Are you just here agreeing with me in a way that makes it feel like you are arguing?