R: Be Grateful to the 1%

The rallying cry against "the 1%" has rung loudly in the last few years of American politics. Politicians like Bernie Sanders have reminded us that the 1% control almost half of America's total wealth and is receiving a huge fraction of new wealth generated as well. There is heavy evidence, in addition, that income inequality in the United States is becoming more disparate every year. In addition to the purely material differences between the 1% and the 99%, such inequality could lead to lower community cohesion due to jealousy and a sense of unfairness, which is something that has been seen in many unequal nations throughout history.

At the same time, however, the 1% is also responsible for about half of all income tax revenue, and their gigantic corporations are responsible for another large proportion of the tax base. In addition to tax revenue, the wealthy CEOs and business-owners of America are responsible for millions of jobs throughout the country, and likely a large proportion of philanthropic giving. Throughout history, we can also see evidence of benevolence from the rich, such as the many private universities founded and funded by millionaires, and even in the pre-industrial era there was a sense of noblesse oblige which guided the actions of the feudal Lords of medieval times.

What do we owe to the 1%? Is their material wealth the only thanks they should get, or should we who benefit indirectly from their investment in the economy look to them with appreciation? What are the drawbacks of such inequality in the United States, and what should we as conservatives think about it?