Here's an interesting article by the Hoover Institute on Noam Chomsky, the "closet capitalist."
Highlights, for the reading impaired:
I'm open to criticism, but I would advise that it be more sophisticated than "hurr durr the Hoover Institute is pro-corporation, of course they're going to hate."
Highlights, for the reading impaired:
One of the most persistent themes in Noam Chomsky’s work has been class warfare. He has frequently lashed out against the “massive use of tax havens to shift the burden to the general population and away from the rich” and criticized the concentration of wealth in “trusts” by the wealthiest 1 percent. The American tax code is rigged with “complicated devices for ensuring that the poor—like 80 percent of the population—pay off the rich.”
But trusts can’t be all bad. After all, Chomsky, with a net worth north of $2,000,000, decided to create one for himself. A few years back he went to Boston’s venerable white-shoe law firm, Palmer and Dodge, and, with the help of a tax attorney specializing in “income-tax planning,” set up an irrevocable trust to protect his assets from Uncle Sam. He named his tax attorney (every socialist radical needs one!) and a daughter as trustees. To the Diane Chomsky Irrevocable Trust (named for another daughter) he has assigned the copyright of several of his books, including multiple international editions.
Chomsky favors the estate tax and massive income redistribution—just not the redistribution of his income. No reason to let radical politics get in the way of sound estate planning.
When I challenged Chomsky about his trust, he suddenly started to sound very bourgeois: “I don’t apologize for putting aside money for my children and grandchildren,” he wrote in one e-mail. Chomsky offered no explanation for why he condemns others who are equally proud of their provision for their children and who try to protect their assets from Uncle Sam. Although he did say that the tax shelter is okay because he and his family are “trying to help suffering people.”
When I asked Chomsky about his investment portfolio he reverted to a “what else can I do?” defense: “Should I live in a cabin in Montana?” he asked. It was a clever rhetorical dodge. Chomsky was declaring that there is simply no way to avoid getting involved in the stock market short of complete withdrawal from the capitalist system. He certainly knows better. There are many alternative funds these days that allow you to invest your money in “green” or “socially responsible” enterprises. They just don’t yield the maximum available return.
I'm open to criticism, but I would advise that it be more sophisticated than "hurr durr the Hoover Institute is pro-corporation, of course they're going to hate."