Could YOU Find a Use for $200 Million?

Here’s a slap for the 200 billionaires and multimillionaires who signed a letter asking for an additional tax on those making $5 million per year or more.

This one really flipped my switch.

Abigail Disney, the heiress to the Disney fortune, was on Squawk Box a few weeks ago and had a few things to say about the millionaire’s tax that she and 199 other members of the New York elite are urging.

One of the show’s hosts, Joe Kernen, asked the same question The Journal and I asked a few weeks ago when we first heard there was a letter going around requesting a wealth tax also signed by megawealthy individuals.

Joe asked her why she doesn’t just cut a check now – why wait for the government’s mountain of bureaucrats to tax her and take their cut?

Her response might be the most descriptive of a person who is completely detached from money reality.

She said, “It’s ridiculous to say that. My measly few hundred million dollars will do nothing to address the roads, infrastructure, schools, hospitals.”

Measly? A measly few hundred million dollars. I don’t know how the people on that panel didn’t laugh in her face.

Well, Abigail, let me give you an idea of what you can do with your measly couple hundred million dollars.

Suppose you take only 4% per year of your couple hundred million – let’s assume you have $200 million, but it could be more. That would be $8 million.

The average in-state tuition in the U.S. is $9,970 per year. Your measly $8 million could pay the tuition for 802 in-state college students every year.

That doesn’t sound measly to me. That sounds like the start of how to change the world.

And that’s just 4% of my guesstimate of her wealth. If she has any kind of decent wealth management team, she should still net another 3%.

If the other 199 people who signed the letter asking for a millionaire’s tax did the same thing, they’d be paying the tuition for 160,400 students.

Measly! Someone should take these people out back and give them a good waking up experience.

These people need a money reality check.

How do people who have never wanted for anything and have lived incredible lives of luxury and privilege ever come to believe that the government is a source of solutions?

Doesn’t this government’s track record of debt, debt and more debt tell them anything?

I’m still stunned by this one. Talk about the wonderful world of Disney!

Good investing,

Steve