Former Wall Street investor Foster Friess told FOX Business that the issue of income inequality should not be viewed as a problem in this country.
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“Income inequality is a manifestation of the American dream. Income inequality is not the problem, the problem is getting lower-level income workers higher pay," Friess said on "Cavuto: Coast-to-Coast" Wednesday.
Friess added that all the wonderful things about America is a result of wealth created by the country’s free market and entrepreneurial spirit.
"Income inequality should be applauded, not disparage it,” he said.
Friess is urging the wealthy businessmen and women to consider using their wealth to give back to their communities.
"In 2017 alone, there was $413 billion of charitable contributions...The excitement of being able to become successful is that you can be a blessing to others and be a contributor to your society.” When asked about calls to increase taxes on the wealthy, Friess said, he worries that higher taxes will create a bigger government and take away an individual’s freedom. He also floated the idea of keeping taxes on certain wealthy individuals limited.
"Someone like Bill Gates, he ought to have his taxes limited a certain amount because the money he would have left over would create more businesses," Friess said.
Walt Disney Company heiress Abigail Disney testified on In Capitol Hill Wednesday against CEO Bob Iger’s salary saying he should get paid “closer to $10,000” an hour, rather than his current rate of $21,000 an hour.
“There’s nothing inherently wrong with a $65 million payday, as long as his employees are not going home and rationing their insulin,” she added, referring to lower-income workers who skip critical treatments.