If current trends continue, an individual trillion-dollar fortune in the United States will be surfacing within not much more than a generation. How can we be sure? Just look at the arithmetic – and tax laws on investment income and inheritances that continue to privilege the super rich.
The world’s wealthy gathered in the Swiss Alps once again last week to discuss how to ‘solve’ the world’s toughest problems. The world’s biggest problem, suggests one top global anti-poverty outfit, may be their fortunes and the extreme inequality these outsized fortunes so relentlessly create.
All those millions that CEOs and hedge fund managers have grabbed over recent decades? Our newly revised tax code won’t let us grab them back. The stiff taxation of inherited wealth that U.S. Presidents like Theodore Roosevelt have advocated is melting away.
Americans haven’t heard much at all from Joe the Plumber this election cycle. A shame. Without his rants against sharing the wealth, no one’s bothering to debate how desperately America really needs to be sharing. The latest global wealth distribution comparisons from the Credit Suisse Research Institute drive that point home.
In real life, working hard only takes you so far. Those who go all the way — to grand fortune — typically get a substantial head start. So documents a new analysis of the Forbes 400.
All those official government stats on the maldistribution of wealth in the United States — and the world — vastly understate the actual extent of our contemporary inequality, says a just-released landmark new study on global tax havens.
America’s revolutionary generation, new research documents, lived in a society much more equal than our own. And early Americans prized that equality, an inconvenient reality for conservatives today.
A new World Wealth Report from two major global financial institutions is relating that “dollar millionaires” ended 2011 with a smaller net worth than when the year started. Go back another two years, on the other hand, and the global wealth concentration story completely changes.
Behind last week’s record-smashing $2 billion sale of the Los Angeles Dodgers sits a global economy that’s essentially enriching only the world’s super rich. A new report that tallies the latest stats on global wealth details just how incredibly far that enriching has gone.
In 2030, the latest United for a Fair Economy State of the Dream report points out, the majority of U.S. residents under 18 will be people of color. If current household wealth trends continue, the majority of America’s young people will be growing up in economically insecure households.