One of the chief arguments for low taxes on the 1% is that governments do dumb things with money. Billionaires are more likely to invest it in beneficial research, enterprise, etc.. If left to their own devices and not stripped of their resources, good billionaires will do great things for society. Or so the claim goes.

The problem is, although much potential for good may exist in billionaires, the average billionaire spends next to nothing on philanthropy or research. It's only highly unusual exceptions who do. Next to nothing, even when well invested, accomplishes next to nothing.

If billionaires won't open their purses to support the society that has provided them with opportunity, that's what taxes are for. If billionaires aren't lining up to fund research institutes, that's what tax-funded government research is for.