While Joe Biden wants to raise your taxes, even when you’re dead, the woke hedge fund and endowment managers are reaping the rewards of their special treatment. They’re using your money for everything but what you need, profit. In a lengthy piece at The American Mind, J.D. Vance, (author of Hillbilly Elegy, and probable candidate for Senate in Ohio where he grew up and runs his business) explains how endowments and funds avoid taxes and use that subsidy as ammunition to attack America itself. He writes:
Finally, the allocators of capital themselves are going woke. Across our country we have non-profits, big foundations that are effectively social justice hedge funds. The Ford Foundation has $14 billion in assets under management. Their leadership is serving on many of our corporate boards, and of course the corporate boards of some of our biggest companies are serving as the leadership of the Ford Foundation. They’re investing in are Critical Race Theory, they’re investing in the racial division all across our country, and they’re invested in all of the progressive social causes of the moment. They are one of the biggest investors in the Black Lives Matter movement that destroyed many of our towns and cities last summer.
Now if a middle-class American wants to sell his house that he lived in for 30 years and makes a profit on the sale, he has to pay taxes on the gain, over a certain exempt amount. But if the Ford foundation sells $200 million of property in an investment transaction, they pay zero tax, because our public policy has enriched and prioritized the foundations and the non-profits that are destroying our country. This matters because if you work in private equity, if you’re a hedge fund manager, or if you’re just a business that needs money to operate, you have to go to these people to get the capital to do what you need to do.
One of the biggest capital allocators in the world is that woke social justice hedge fund known as Harvard University, which has over $120 billion under management, which funds some of the most destructive ideologies all across our country, which literally trains the next generation of priests in the woke seminary that’s dominating our professional class. That university’s endowment pays not a dollar of tax, it has no obligation to draw down the principle. It is literally ammunition for the left. And we, through our public policy, have empowered that endowment.
I don’t mean this to be exhaustive, I can’t possibly sketch out everything we have to do on the question of woke capital, but I think there are some obvious solutions, and it should start from a fundamental premise that if you are fighting the American nation state, if you are fighting the values and virtues that make this country great, the conservative movement should be about nothing if not reducing your power, and if necessary, destroying you.
We cannot let the people who are driving this country into the ground continue to benefit from special benefits, from tax breaks, from subsidies, or from liability protections. That is the simple rule that we should follow. Harvard University’s $120 billion endowment is ammunition for our enemies, and we can’t let the enemy have that much ammunition or we’re going to lose. It’s that simple. This principle should guide all of our policies. If you cannot go after the pocketbook of these people, if you cannot make them pay, then you are accepting defeat. It’s that simple. We’re never going to beat them unless we go after them.
We should eliminate all of the special privileges that exist for our non-profit foundation class. If you’re spending all your money to teach racism to our children in their schools, why do we give you special tax breaks instead of taxing you more? When Biden raises taxes, the rich won’t pay the brunt of this. They’ll give money to their foundations, which will use it to push their progressive agenda. They’ll be saved from the consequence of the tax increase even as it will empower institutions that hate us. We need to stop that. The decision to give those foundations and those organizations special privileges is a decision made by public policy. We need better public policy, and a willingness to actually go after the institutions that are trying to destroy the American way of life.
Action Line: Make sure you’re not investing any money with companies using it for their own anti-American political goals. That’s one of the biggest pitfalls in investing today. If you aren’t sure, I can help. I’d love to talk with you.
Originally posted on Your Survival Guy.