The latest release of the Forbes 400 once again documents just how staggeringly unequal the United States has become over the past four decades.
With his $2-million purchase of a one-of-a-kind Wu Tang album, Martin Shkreli continues to personify our staggeringly unequal society.
We should institute a direct tax on immense wealth, an idea popularized by Thomas Piketty in his landmark book Capital in the Twenty-First Century. This would both increase tax fairness and raise revenue.
America’s super rich today actually hold more wealth than their counterparts back in 1918, the year Forbes first took a stab at identifying the nation’s grandest fortunes. In short, thanks to the Kochs, Waltons, and friends, our new Gilded Age has officially begun.
Forbes has just released its latest list of America’s wealthiest 400. The new numbers don’t just stagger the imagination. They stagger common sense. The average Forbes 400 member now holds a fortune over 1,000 times the wealth of someone with a $5.2 million fortune.
How swell a year have America’s 400 richest enjoyed over the past 12 months? This good: Google billionaires Sergey Brin and Larry Page each saw their personal fortunes jump by $1.7 billion over the year — and each has slipped five slots in the latest edition of the Forbes 400.