Pundits usually have income in mind when they talk about the top 1 percent. And analysts sometimes rank our richest by wealth. But Duke University sociologist Lisa Keister points out that if we really want to understand privilege, we need to start looking at both.
How concentrated has America’s wealth become? In the not-so-distant future, if current trends continue, the Koch brother, Walton, and Mars family households will together hold over $1 trillion in wealth, over 1 percent the net worth of a nation with over 300 million people.
A half-century since Dr. King’s dream, we’re living through a nightmare where America’s 400 richest now hold as much wealth as America’s 14 million African-American households. Dr. King worried deeply about wealth distribution in his day. He would be even more worried today.
Making the market “decisive” means that the Chinese government has decided to place profits before people — and even before that previously invincible talisman, economic growth.
In the United States today, thanks to glaring tax loopholes, even modestly competent tax attorneys can help their wealthy clients sidestep the federal estate tax almost entirely. If we don’t plug these loopholes soon, some observers feel, we may as well not even bother.
Fox News may have failed to have an impact on the outcome of the 2012 Presidential election in the United States, but media organizations controlled by Rupert Murdoch celebrated a victory this year in Australia.
A tiny tax on global personal wealth over $1 million could ensure that no child anywhere has to live in extreme poverty. That’s the takeaway suggested by the data in new reports on wealth and income distribution from the Credit Suisse Research Institute and the World Bank.
Call their bluff. Take the plunge. Go over the cliff. Let the government default on its bonds.
Need a job? Join the new servant economy.
Private wealth management groups continue to survey the holdings of the world’s rich, and Capgemini and RBC have just offered the most up-to-date look yet. The millionaire share of world wealth, the data show, has jumped 14 percent since the global economic crisis began in 2007.