• Dan Price, founder and CEO of the credit-card processing company Gravity Payments, hit out at billionaires who enjoy praise for their charitable giving¬†
  • Price said billionaires actually donate a smaller fraction of their fortunes than the average American
  • The average billionaire donates just 1% to charity each year while the average American parts with 2% of their fortune he said
  • The entrepreneur also cast doubt on the motives behind philanthropic giving claiming it helps the rich ‘avoid having to face steeper [tax] bills’¬†
  • Price weighed in on the debate as Washington state lawmakers are currently mulling a billionaire wealth tax
  • If passed, it will implement a 1% tax on people with more than $1 billion in wealth
  • Price gained instant recognition in 2015 when he raised his staffs’ minimum wage to $70,000 and lowered his own wage from $1.1 million to $70,000