United Airlines CEO Scott Kirby is advocating for a federal wealth tax and an inheritance tax approaching 100% above certain asset thresholds.
"Wealth inequality has become a danger to our society, and we need to address that," he said in an interview with The New York Times published Oct. 18, when asked about declining public trust in corporate executives. "We should have a national wealth tax — it won't work by state because people will just move. And I think we should have inheritance taxes that get close to 100% at some level. I would pay them."
Following media scrutiny, Kirby clarified that he was not offering specific policy proposals, asset thresholds or tax rates, but he doubled down on his position.
Kirby, whose net worth is reportedly more than $125 million, joins a growing number of wealthy figures supporting higher taxes on the ultrawealthy as American companies face growing pressure to address economic inequality amid public frustration over affordability and the concentration of wealth.
Some businesses are making public commitments to share wealth, but corporate leaders face increasing scrutiny over whether those promises will produce meaningful change or amount to public relations efforts.
Some critics argue that the proposed tax policies would devastate the economy.
"It's obviously not good policy," says Advancing American Freedom research fellow Preston Brashers, who focuses on tax policy and works on a range of other economic and budget policy issues.
"One of the takeaways for me is that you can know a few things about business without necessarily being particularly adept at politics and understanding kind of how the overall economy is going to work for something like a wealth tax, which would be ruinous," he adds.
Brashers points out that wealthy individuals who advocate for higher taxes do not need new federal legislation to contribute more; the IRS already allows them to voluntarily pay more than their legally required tax liability.
Citing major philanthropic pledges by Michael Dell and Elon Musk tied to Trump Accounts, Brashers says people have "plenty of opportunities to be generous," but he understands that few choose to do so because the federal government "tends not to be the best steward of taxpayer resources."
Brashers also notes that debates over the tax burden often overlook a broader reality about who currently pays federal income taxes in the United States. Although the percentage varies from year to year, he estimates that "about 40% of Americans pay no federal income tax."
