‘It’s just about fairness’: United’s CEO doubles down on a wealth tax despite his $32 million pay

United Airlines CEO Scott Kirby received a total compensation of approximately $32.3 million last year, according to Fortune. During an interview with The New York Times, Kirby expressed his belief that individuals like him should contribute more through a wealth tax, as well as inheritance taxes nearing 100% at higher levels. Kirby stated that he would be willing to pay such taxes.

However, his remarks sparked criticism, particularly regarding his own substantial pay. Kirby further defended his stance on CNBC's Squawk Box, describing the concept as a matter of fairness, arguing that wealthier individuals could indefinitely accumulate wealth without ever being taxed. This perspective contrasts with the current federal tax system, which only taxes income upon realization.

Kirby's stance is notable given his position as the CEO of a Fortune 500 company that generated $59.1 billion in revenue the previous year. He emphasized that these were his personal views and not political or policy-related. The idea of a wealth tax faces significant opposition, with critics arguing that it could stifle investment and entrepreneurship, ultimately hindering economic growth.

Mariana Trujillo, a managing director at the Reason Foundation, a libertarian-leaning think tank, contended that wealth taxes discourage investment and entrepreneurship, which are key drivers of material progress. She also noted the historical failure of such taxes in European countries, citing concerns about capital flight, administrative costs, and insufficient revenue generation.

Additionally, California voters recently rejected a proposed billionaire tax, with 52.8% opposing it compared to 47.2% in favor. This defeat, supported by high-profile economists and substantial opposition funding, suggests that the nationwide push for wealth taxes may encounter similar obstacles.