The singer-songwriter has made a fortune from her adoring fans and now has a chance to become the poster girl for responsible capitalism.
Taylor Swift, at 33, is on her way to becoming America’s youngest self-made female billionaire and one of the few magnate Millennials who hasn’t made her fortune from meme stocks and cryptocurrency.
But investing meaningfully in the priorities of her fans will look different, and the public should expect her to give back on an ambitious scale. The overall effective tax rate of the ultra-wealthy in the US has plummeted in recent decades. In 1970, it was 75 per cent, in 2004, 35 per cent, and today, it is 8.2 per cent.
It has been widely covered that her carbon footprint via her private jet last year alone was nearly 2000 times the global average and about 650 times per-capita emissions in the US. In response, her team has offered a bafflingly evasive statement saying she lent her jet out to friends.
Swift should commit to carbon-neutral touring, which goes well beyond personal air travel to include efficient stadium lighting, sustainable food vendors, and limits on single-use plastics. Doing this would be far less painful than enduring public criticism for doing nothing.
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