During a recent conference in Washington, D.C., Abigail Disney, granddaughter of Roy Disney, co-founder of The Walt Disney Company, called on lawmakers to increase taxes on wealthy individuals like herself. Speaking at the Patriotic Millionaires conference, Disney, 65, emphasized the societal responsibility of affluent Americans to contribute more to the nation's economy.
"There is such a thing as too much money. It's bad for the world, and it's bad for the people who own it." - Abigail Disney
Addressing the attendees at Capitol Hill, Disney outlined her position, stating, "We can afford to pay more in taxes. We don't need any more money. We can see that pretty clearly." Her speech highlighted a perspective that seeks to address the wealth gap in America, which she believes disproportionately affects those least able to bear its consequences.
In an essay published by Time prior to the G20 Summit, Disney wrote about the contrast between America's vast billionaire class and the poverty affecting a significant portion of the population. She pointed out that nearly half of the nation's children are classified as poor or low-income.
Disney's tax reform proposals include a surtax on incomes exceeding $1 million and the elimination of taxes on the first $45,000 of income for working-class citizens. Furthermore, she advocates for higher taxes on corporations that maintain low-wage structures, as reported by the Daily Mail. According to Disney, this would prevent businesses from profiting more from underpaying workers than they pay in taxes.
The heiress also argues for equal taxation of investment income and income from labor, highlighting the passive nature of capital gains compared to the active effort required to earn a wage. Disney's views have reportedly made some of her wealthy peers uneasy. She recounted to Time how difficult it is for people to believe that someone might act in the interest of the greater good rather than personal gain.
Disney also shared an anecdote about an expensive lunch in Sedona, Arizona, which she found exorbitant, further illustrating her point about economic disparity. She contrasted this with the struggles of Disneyland employees in California, who have had to organize a food bank to support each other due to inadequate pay, while the company contributes relatively little to the local county food bank.
Expressing concern for her own safety and the implications of wealth inequality on societal stability, Disney warned of the potential for violence as a last resort for those desperate to gain political power or support their families. She also linked wealth inequality with environmental issues, stating that the consumption habits of the wealthy exacerbate climate change.
Disney has been vocal about her discomfort with her inherited wealth, expressing a sense of moral obligation to address the accompanying inequalities. At the IMF/World Bank meeting last month, she spoke about the global consequences of wealth inequality, describing excessive wealth as "bad for the world, and it's bad for the people who own it."
