| The Incentive to Innovate Economics is all about "incentives." Higher living standards can only be achieved by giving entrepreneurs the incentive and the financing to succeed, and low tax rates allow them to keep enough of the fruits of their labors and to expand their creativity. Recent economic studies have incorporated the incentive to innovate into their calculation of optimal top tax rates. A study by Charles Jones at Stanford University found that "subsidizing the discovery of new ideas through low tax rates may be as effective as redistribution in raising worker welfare." He concluded that the optimal rate to encourage innovation is 26%, far lower than the high progressive tax rates previously recommended by economists. A new study by Stefanie Stantcheva at Harvard University found that high personal corporate income taxes significantly deter innovation, research, and development. Funding the "Trump Accounts" - Who but Billionaires Do This? Recently President Donald Trump announced "Trump Accounts" - these are special IRA accounts that parents can set up for their children up to the age of 18 to help their financial future (including buying a home). Funds are invested in the U.S. stock market. In December 2025, Michael and Susan Dell (of Dell Computers) announced a $6.25 billion personal philanthropic pledge to fund Trump Accounts for approximately 25 million children, focusing on those in lower-income ZIP codes. Ray and Barbara Dalio are contributing $75 million for Trump Accounts for 300,000 children in Connecticut. Major firms including BlackRock, Bank of America, BNY, and JPMorgan Chase are supporting the program by matching employee contributions. Who but billionaires are able to help millions of children establish Trump Accounts? Super Wealthy Give More to Charity Studies also show that the ultra-rich are giving more and more of their wealth to NGOs (Non-Government Organizations) and charitable causes (see the chart below). Granted, some of the organizations are political organizations, from Black Lives Matter to TurningPoint USA. They balance each other out. No doubt they have been encouraged by the Giving Pledge created by Bill and Melinda Gates and Warren Buffett to encourage the wealthy to donate up to 50% of their net worth to charities and non-profits. Over 250 billionaires have signed the pledge. Thirty years ago, in 1996, a book came out called The Millionaire Next Door by business professor Thomas Stanley. His extensive research revealed the surprising positive habits of America's wealthy, which turned out to be very different from what Hollywood portrays in the movies. He shows that most millionaires are not high-income earners with flashy lifestyles but rather disciplined individuals who build wealth over time through consistent financial habits such as budgeting, avoiding debt, devoting time to their families, going to church, and living modestly. Ben Franklin Shows the Way At the same time (1996), another book was published entitled The Wealthy 100: From Benjamin Franklin to Bill Gates—A Ranking of the Richest Americans, Past and Present, by Michael Klepper and Robert Gunther. Franklin was listed #1 because of his prowess as a successful businessman, entrepreneur, inventor, and philanthropist, supporting many good public causes. John Bogle, founder of the Vanguard Group of mutual funds, calls Franklin "America's first entrepreneur, who may well be our finest one." He set the standard for today's billionaires with these three quotes: - "Nothing but money is sweeter than honey."
- "It's incredible the quantity of good that a single man can do in a country if he makes a business out of it."
- "Great almsgiving lessens no man's living."
Near the end of his life, told a friend, "The years roll round and the last will come; when I would rather have it said, He lived usefully, than, he died rich." The Ideal Coffee Table Book That's why I wrote my new book for the 250th anniversary of our nation's founding, titled The Greatest American.  | | Senator Rand Paul with my new book. "Highly recommended!" | | |
Here is a nice summary of the book: Why This Man Deserves to be on the $100 Bill | Stock Investor My book is not a traditional biography of Franklin. Mine is 80 short chapters on how to apply Franklin's life and experiences as an investor, businessman, philanthropist, citizen, and to your personal life. It's been endorsed by Alexander Green and historian H. W. Brands. John Mackey, former CEO of Whole Foods Market, says, "Of all the Founding Fathers, Benjamin Franklin is my favorite. He was America's first conscious capitalist, achieving financial independence by meeting the needs and wellbeing of his customers. He then used his wealth to improve the community and played a crucial role in saving the country during its darkest hours. More than any other writer, Mark Skousen illustrates why Franklin has come to be regarded, both by citizens and historians, as the greatest American." My book is available at only $24 each ($19 for additional copies) at www.skousenbooks.com. It makes an excellent gift. I autograph all copies and include with each copy a rare Franklin stamp! After you read my book, put it on your coffee table, and see visitors and friends' eyes light-up! Everyone loves Ben Franklin. Good investing, AEIOU, Dr. Mark Skousen | 
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