The Enid News and Eagle, Enid, OK

National and world

February 23, 2014

5 tycoons who want to close the wealth gap

(Continued)

WASHINGTON, D.C. —

Hindery: The titan who wants to pay more taxes

Leo Hindery Jr., the New York City media and investing mogul, is one of hundreds of wealthy people directly asking Congress to raise their taxes as a member of Patriotic Millionaires. The group was formed in 2010 to advocate for the end of Bush-era tax cuts for people making more than $1 million a year. Hindery is also a member of Smart Capitalists for American Prosperity, and he was among a group of entrepreneurs who went door-to-door in the halls of Congress in early February asking for a higher minimum wage.

A managing partner of the media industry private equity fund InterMedia Partners, Hindery was previously chief executive of AT&T Broadband and of the YES Network, the cable channel of the Yankees. He says he’s turned down raises to ensure that he never makes more than 20 times the salary of his employees. He is also one of the biggest Democratic fundraisers in the nation.

The 66-year-old argues that giving rich people tax breaks makes no economic sense because people like him don’t put their extra dollars back into the economy.

“Do you think I don’t own every piece of clothing, every automobile? I already have it. You spend money. Rich people just get richer,” he told the AP.

Hindery credits his Jesuit upbringing with giving him the tools to look beyond his own economic advantages.

“How can we believe in the American dream when 10 percent of the people have half the nation’s income? It’s immoral, I think it’s unethical, but I also think that it’s bad economics,” Hindery said. “The only people who can take exception to this argument are people who want to get super rich and don’t care what happens to the nation as a whole.”

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