E-commerce billionaire Michael Rubin: There needs to be 'more pressure' on wealthy to give back

Rather than a wealth tax, successful businessman and businesswomen should be pushed to donate more, according to e-commerce billionaire Michael Rubin.

“There has to be more pressure on entrepreneurs, when they create great value, to give back,” Rubin told CNBC’s “Squawk Box” on Monday. “I always bank on an entrepreneur to give back and get great results versus giving that same money to the government.”

Rubin, executive chairman of online sports apparel giant Fanatics, said that while there’s a “responsibility” when it comes to giving back, it’s better to “bet on the entrepreneur who made the money” than on the government. He also has an ownership stake in the Philadelphia 76ers in the NBA and New Jersey Devils in the NHL. His Kynetic firm is the holding company of Fanatics as well as e-commerce brands Rue Gilt Groupe and Shoprunner.

Pointing to his efforts into reforming the U.S. parole and probation system, Rubin said, “I think we’re going to make a lot more progress than the government can with many more times that money. In January, he partnered with rapper Meek Mill and other sports-team owners and businessmen to donate $50 million to push for systematic changes.

A wealth tax could also stifle American innovation, Rubin added, though he didn’t comment on specific proposals.

“America’s a country where you can come, you can be an entrepreneur, you can create great value,” said Rubin, who never attended college but

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