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Black Tie Wealth Management  1 2

Black Tie International - Wealth Management
Mark Pappa

Mark Pappa

Mark Pappa

 

Mayor de Blasio
Should Tap Inequality Creators
 to
Help Battle His War on Poverty.
 
 

New York City Mayor William de Blasio has masterfully leveraged upon the growing concern of income inequality to win the mayoral election.He has officially declared war on on the rich with an income tax increase on city residents earning more than $500,000 per year.
I am not a fan of using the term war since there are too many casualties and the scars resulting from collateral damage can last forever. There are a more equitable and socially beneficial ways for Mayor de Blasio to address income inequality that deserves serious consideration. 

The War on Poverty

President Lyndon B. Johnson began The War on Poverty 50 years ago. In real terms, it’s cost taxpayers more than all US Wars combined.According to a recent report by the CATO Institute, $15 trillion has been spent to battle the war on poverty and it hasn’t worked. It’s clear the Government can't win this battle alone must embrace new ideas in order reduce poverty. 

Raising Taxes Is The Wrong Weapon

Mayor de Blasio's proposed new taxes will effect 40,000 city residents and is estimated to raise $532 million over 5 years to fund early childhood education programs. There’s nothing more politically powerful than providing less fortunate children with the hope of a quality education and the potential for upward mobility. Who would disagree?  Unfortunately, my experience in politics knows lawmakers usually include a legal back door to recharacterize those revenues to the general fund during tough budgetary times. There’s no guarantee appropriate funding for the early childhood education program is sustainable or if the new taxes will cover the tab.The New York City economy is highly correlated to Wall St. and when Wall St. sneezes everyone else gets the flu causing revenue shortfalls. Finally, a portion of those high earning city residents will turn up AWOL and migrate elsewhere.   

Tax the Rich, it’s their fault. 

I despise class war fare politics and I am a proponent of an America that understands we all have to work in unison to drive change.
There are millions of wealthy people in America who built their fortunes by working hard over many decades. Calling them greedy is both irresponsible and disappointing. Most are grateful for their success and they are eager to give back to create a better society for the next generation by setting up foundations, charitable trusts, through direct donations, or volunteerism. There is a new way to address social problems that combines free market economics with social responsibility called B-Corporations or Benefit Corporations.  

Secret Weapon-The Benefit Corporation

Legislation for New York Benefit Corporations was signed into law by Governor Cuomo in December, 2011.Benefit Corporations or B-Corps, are unique in the sense that they must use their profits for the common good to effectuate a social or environmental benefits.  Social goals are enacted within their corporate charters and the social impact is monitored and measured by management, the board of directors,and their auditors. 

Localized Marshall Plan 

De Blasio should engender the formation of Benefit Corporations by establishing social benefit enterprise zones in each borough.Benefit Corporations are vested in their community, create jobs, help distressed economies, and grow the city tax base in ways that relieve city hall
 from financial pressures.To go one step further, de Blasio could provide tax incentives for B Corporation clusters that earmark funds for early childhood education to cultivate more revenues over the long run and to help fund his plan. 

Please call a truce

In closing,No amount of government funding can create hope for the millions of underemployed or unemployed living in poverty. That idea is $15 trillion dollars in the red.Social change agents are eager to move forward but need the right incentives from local government.
When all the stakeholders including entrepreneurs, employees, the community, and parents work towards a goal, good things happen.For example, job growth within the Benefit Corporation structure is growing at an average of 5% per annum versus stagnant growth elsewhere.Benefit corporations can and should be part of the solution.Mayor de Blasio needs to be the General who leads this special force army of allied socially conscience entrepreneurs into battle against the axis of poverty and income inequality.

 
Mark Pappa is an account executive with Financial Resources, Inc.

 


 

 

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