Zong Qinghou Quotes
The public doesn’t have to be hostile to the rich. ‘Robbing the rich to help the poor’ will only drive the rich away to other countries along with their money. As a matter of fact, their wealth should be respected. All wealth in China belongs to the country.
He, Huifeng. "Stop Bashing the Rich, Says Mainland's Wealthiest Man." South China Morning Post, 4 Mar. 2013.
This quotation is a wonderful example of the use of sarcasm. Schwartz does not really advocate the emigration of the super rich, but uses the hypothetical concept to illustrate that one solution to a socio-economic problem will work but have very undesirable consequences.
The tax rates on income from working is much higher than on income generated from money which is invested. The reason for this is that the government wants economic growth and lowering the tax rate on investment profits will produce more investment which theoretically creates more jobs and strengthens the economy. However, most workers have no choice about whether they have to work. Lowering their tax rate will not induce them to work more. This not only produces a patently unfair burden on the worker compared to people who have capital to invest—usually among the wealthiest Americans. Another problem is that there are many forms of investment that does not produce any benefit for the United States. Many people invest in overseas banks, non American companies. These we tax at a low rate and all the benefits of the investment go to the foreign country.
Zong Qinghou (11 October 1945 – 25 February 2024) was a Chinese billionaire businessman, and the founder, chairman and CEO of the Hangzhou Wahaha Group, China's leading beverage company. As of March 2022, his net worth was estimated at US$8.7 billion.