Some billionaires do indeed game the system, control the law, government, politicians, etc. But like all people, everywhere, not all people within a certain classification of wealth, race, religion, profession are alike. Politicians love lumping people into groups as if they are all the same, to divide and win elections so maybe it's time to be a bit smarter, better informed about this stuff. Let's take Mike Bloomberg as an example, one of the wealthiest people in the world:

Recent social media posts claim billionaire Mike Bloomberg, who employs over 26,000 people across 159 locations worldwide as of early 2026, pays virtually no taxes, further fueling this narrative. But the reality is somewhat different. Bloomberg did indeed only pay 3.7% in federal income tax for 2018, paying $70.7 million in taxes on approximately $1.9 billion in income that year (no mention of what he paid in state, local and sales taxes). In these posts there was also no mention of:

- The over $25 billion he has donated to charities so far (over 20% of his net worth on top of taxes, that's after tax dollars.
- In 2024, he gave $3.7 billion, almost double what he earned in 2018, to causes including public health, education, and the environment.
- He was one of the original 40 signatories of The Giving Pledge in 2010, a commitment by the world's wealthiest individuals to donate the majority of their wealth to philanthropic causes.
- Bloomberg's net worth has doubled since 2018. Would the US government have doubled that investment had they taken that in taxes? We all know the answer to this.

How does Mike Bloomberg's charity benefit the community at large, besides buying tons of real estate and paying lots of real estate taxes every single year, not to mention all the taxes paid by those 26,000 employees?

Here's one example from Bloomberg’s $100 million personal donation for the Cornell Tech campus on Roosevelt Island:

•  It helped establish a 2 million square foot, net-zero-capable hub for tech education and innovation.
• The investment secured 12 acres of city land for a campus designed for the digital age.
• As of FY 2022-2023, the campus, its alumni, and related startups have generated $768 million in economic impact, supporting 2,800 jobs, with projections to reach $1.5 billion by 2030.
• It serves as a magnet for world-class researchers and entrepreneurs, fostering startups and technical innovation.
• The campus, particularly the Bloomberg Center, features all-electric, net-zero energy capabilities.
• The project aims to diversify New York City's economy and create over 38,000 permanent jobs in the long term.

When the government partners and collaborates with billionaires, amazing things can happen. If a tax is an individual's contribution to society at large, we may have to re-examine how this is actually measured.