America’s 400 richest are collecting far more of the nation’s income than they did two generations ago — and paying Uncle Sam far less. To fudge these facts, pals of plutocrats are having to work overtime.
Good things trickle down from the top, cheerleaders for grand fortune like to argue, when wealth concentrates. In real life, suggests economist Robert Frank, inequality makes things worse even for its ostensible beneficiaries.
To really take on grandiosity and greed, a new report from a prestigious CEO pay watchdog suggests, we may need to shove onto the global political stage the notion of a maximum wage.
The CEOs of America’s 20 largest restaurant chains must be providing diners some mighty fine service. Their ‘performance’ is costing Uncle Sam nearly a quarter-billion dollars a year.
The kingpins of Congress have spent years carving tax loopholes that help America’s CEOs fleece the federal treasury. Now these kingpins are pushing a corporate tax ‘reform’ that ignores the loopholes.
“It may be that a redistribution of income and wealth from the rich owners of breakthrough technologies to the rest of us becomes the only means of making the future economy work.”
Robert Reich, former U.S. labor secretary, The ‘iEverything’ and the Redistributional Imperative, March 16, 2015
The world’s “ultra high net worth” population — deep pockets with over $30 million in net worth — make up just 0.004 percent of global adults, notes a new report from Wealth-X and NFP Life. They held $29.7 trillion in wealth last year, over double the $13.8 trillion in wealth that belonged to adults with net worths under $10,000, a group that includes 66.2 percent of the world’s adult population.
A century ago, just like today, the rich dominated American economic and political life. But by the mid 20th century a mass middle class had shrunk this rich down to democratic size. How did that ever happen?
This American Library Association “outstanding title” of the year explores the price we pay for massive inequality. Now available for reading online.
By every measure that matters, relatively equal nations outperform nations where income and wealth concentrate at the top. This powerful new book explores these contrasts — and explains them.