UNTAXED GROWTH IN SPOTLIGHT: Kirby Says Rules Let Wealthy Skip Taxes On Gains
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United Airlines CEO Scott Kirby is standing by his support for a national wealth tax. On Bloomberg Surveillance, he said his idea of a fair system would tax the growth in wealth while lowering income taxes. He stressed that he is not pushing a specific policy and that the basic concept is about fairness. His argument is that very wealthy people can put money into investments and, under current rules, never pay tax on the growth. He did not name a tax rate, a wealth threshold or any legislative proposal.
Kirby first raised the idea in a New York Times interview published October 18, where he also called for inheritance taxes that approach 100 percent at some level and said he would pay them himself. The comments drew pushback from conservatives, including Louisiana Governor Jeff Landry, who told him to simply cut a check. Asked whether he would hand part of his own fortune to lower-paid United employees, Kirby said no, arguing that individual giving cannot fix a problem he believes needs changes across the whole tax system. Wealth taxes remain highly controversial, and supporters and critics still argue over how such a tax would work and whether it would be fair. For now, Kirby's remarks are one executive's view and do not change any tax rules.