The following is the opinion and analysis of the writer:
Terry Bracy
Having corralled as much wealth and power as possible, many of America's billionaires are heading for tax-safe havens. One of the most popular is the fantasy island of Indian Creek in South Florida, which houses the obscenely rich and famous in what humorists call "Billionaires' Bunker." Residents of the island are protected from the reality they helped create — and now seek to escape — by a two-lane bridge staffed 24/7 by armed guards.
The latest immigrant is Jeff Bezos, who will join the likes of Ivana Trump, Jared Kushner and Carl Icahn. Billionaires attracted to cooler climates might choose other tax-avoidance locations such as Delaware, Nevada, South Dakota, or Wyoming.
One of the current kingpins among America's wealthiest individuals is German-born Peter Thiel, who demonstrated his genius for strategic investment by providing seed money for such winners as Facebook and PayPal. Thiel is a naturalized U.S. citizen who has benefited from a world-class education, Wall Street connections, and Pentagon contracts, yet does not seem to feel any special allegiance to the country that helped create his wealth.
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Thiel has purchased a second citizenship in New Zealand and was recently seen dining with the right-wing president of Argentina in Buenos Aires, where he has purchased yet another mansion, perhaps in anticipation of a third citizenship. After all, tax laws in Florida can change with new administrations, and the prescient Thiel always takes care to stay one step ahead of the taxman.
Another hero of the right-wing anti-tax movement is Elon Musk, the man who proudly wielded the electric saw that became a symbol of the brutality and disruption with which federal jobs were cut. Part genius, part provocateur, Musk has been described by one of his children as a "man-child." His daily use of ketamine has drawn public attention, though it has done little to slow the accumulation of a fortune approaching $1 trillion. According to Forbes, his net worth exceeds the gross domestic product of many nations.
Musk lives as a nomad and, like Thiel, is a foreign-born American who carries multiple passports. Like Thiel, his wealth is heavily tied to the advantages of an elite education, American free markets, and substantial U.S. government contracts. Musk does pay taxes, but reports suggest that sophisticated accounting strategies significantly reduce his effective tax burden compared with that borne by many ordinary workers.
As many of America's billionaires head for the hills, they have ironically never played a bigger role in running the country. This influence was made possible, in part, by the Supreme Court's decision in Citizens United v. Federal Election Commission. In 2010, the Court dramatically expanded the role of money in politics by holding that political spending is a form of protected speech under the First Amendment.
The impact has been profound. A substantial portion of modern campaign spending now comes from a relatively small number of ultra-wealthy donors. Their investments have helped shape elections and public policy, influencing decisions affecting housing, labor, health care, education, finance, and technology.
Critics argue that this concentration of influence has extended to emerging fields such as artificial intelligence, where policymakers have been reluctant to impose significant regulatory guardrails despite predictions that AI may have a greater impact on society than the internet itself. Even Adam Smith, often regarded as the father of free-market capitalism, recognized a role for regulation in preserving the public good. Smith also believed in civic responsibility and allegiance to one's country.
Looking toward a more permanent destination, billionaires such as Peter Thiel, who frequently speak on philosophy and religion, might reflect on the words of Jesus as recorded in the Gospel of Matthew:
"It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God."
It remains one of history's most enduring observations about wealth, power and responsibility.
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Terry Bracy has served as a political adviser, campaign manager, congressional aide, sub-Cabinet official, board member and as an adviser to presidents.
