About Responsible Wealth

Responsible Wealth, a project of United for a Fair Economy, was founded in 1997 to give a voice to business leaders and wealthy individuals who believe that the economic rules of the US economy are tilted in their favor and that growing economic inequality is not in their long-term best interest.

Responsible Wealth’s 700 members nationwide are individuals and couples in the top 5 percent of family income and/or wealth who are tired of being used as the poster children for regressive policies they don’t support. They are business owners, investors, heirs, and others who advocate for more-progressive tax policies, responsible budgets, and greater corporate accountability. Responsible Wealth’s members and staff write letters to the editor and op-eds, sign open letters, speak to the media, contact their elected officials, and use their stock ownership to file shareholder resolutions on executive compensation, corporate governance, political influence, and other topics.

In each of these cases, the “man bites dog” nature of affluent individuals’ speaking out against their narrow financial self-interest in favor of the common good provides a powerful and much-needed counterbalance to the anti-tax, anti-government, free-market narrative that often fills the airwaves, dominates corporate boardrooms, and pervades the halls of Congress. The surprising voices of Responsible Wealth members have turned heads, elicited tears, and at times turned the tide of public debate on issues of taxation, wages, and corporate accountability.

One particularly clear example of Responsible Wealth’s effectiveness has been on the estate tax. When George W. Bush made repeal of the estate tax his number one priority—the “engine” of his tax cut plans—Responsible Wealth quickly made it the caboose, taking out a New York Times ad, recruiting more than 2,000 wealthy signers of its Call to Preserve the Estate Tax, organizing lobby days, and speaking to the media about why the country needs a strong estate tax. Though weakened, the estate tax has not been repealed in the years since, despite many attempts, in large part thanks to wealthy proponents of the tax, including the members of Responsible Wealth.

Another strong example of Responsible Wealth’s impact came in 2009, when the state of New York faced a $19 billion budget shortfall. Responsible Wealth (with its state partner, New Yorkers for Fiscal Fairness) organized more than 90 upper-income New Yorkers to sign an open letter to the governor and the legislature, saying, in effect, “tax us” to help fill the gap. Although everyone knew that this was what needed to be done, nobody was willing to say it publicly—not the politicians, not the media—until after Responsible Wealth’s letter was delivered. Soon thereafter the state enacted a tax surcharge on incomes over $200,000, with a second tier starting at $500,000, that accounted for more than $4 billion in new annual revenue.

As the nation (and the states) continue to debate policies around taxes, budgets, the role of government, and corporate accountability, Responsible Wealth will continue to play an important role in turning heads and influencing public policy. For more information contact Responsible Wealth at info@responsible wealth.org or call (617) 423-2148.