Wealth

Want to Fight Income Inequality? Start With Plugging Loopholes in the Estate Tax

Want to Fight Income Inequality? Start With Plugging Loopholes in the Estate Tax
In 2013, casino mogul Sheldon Adelson engineered 30 complicated trusts to escape $2.8 billion in estate taxes and hand his heirs $8 billion of his fortune tax-free.
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One Answer to Low-Wage Work: Redistributing the Gains

One Answer to Low-Wage Work: Redistributing the Gains
The President’s speech last week on inequality avoided the “R” word. No politician wants to mention “redistribution” because it conjures up images of worthy “makers” forced to hand over hard-earned income to undeserving “takers.” The number of losers is growing so quickly, and so much of the economy's winnings are going to a small group at the top — since the recovery began, 95 percent of the gains have gone to the richest 1% — that some direct redistribution of the gains is necessary.
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Robert Reich
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Wall Street Banks Are to the Economy What Autocrats Are to Their Citizenry

Wall Street Banks Are to the Economy What Autocrats Are to Their Citizenry
In America we tend to look down on Third World autocrats who siphon their country’s wealth into their personal Swiss bank accounts at the expense of their citizens. But we have our own class of kleptocrats that in many ways behave the same way — and often with the same result.
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Lobbyist on New Members of Congress: 'Like Investing in a First Round Draft Pick for the NBA or NFL'

Lobbyist on New Members of Congress: 'Like Investing in a First Round Draft Pick for the NBA or NFL'
Former Rep. Steven LaTourette recently told "National Journal" that he missed "Congress like an abscessed tooth," yet some members are loving their time on the Hill more than Scrooge McDuck enjoys swimming laps in his vault. Welcome to the new same ol' Washington — a lucrative place to (not) do the country's business.
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Michael Winship
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America Doesn’t Have the Richest Middle-Class in the World ... We’re Ranked 27th

America Doesn’t Have the Richest Middle-Class in the World ... We’re Ranked 27th
America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!
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The Biggest Republican Lie — ‘America Is Broke’

The Biggest Republican Lie — ‘America Is Broke’
The big lie in American politics today is that “America is broke” or “in this time of austerity we have to tighten our belts.” America is not broke. We are not in a time of “scarcity” and when we buy into this fallacy, we contribute to political decisions that actually will do damage to our standard of living and that of our children.
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Studies Find: DC Does What Wealthiest Want, Majority Opposes

Studies Find: DC Does What Wealthiest Want, Majority Opposes
Why do policymakers focus so intently on the deficit issue? Because the small minority of wealthy individuals that see the deficit as the nation’s priority have more clout than the majority that didn’t.
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Who Benefits From the Climbing US Stock Market?

Who Benefits From the Climbing US Stock Market?
While a growing stock market is important not just for the top 1 percent — a lot of pension funds and 401(k)’s get a boost from the bull — the vast majority of the value of the stock market is held by the wealthiest households.
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A Tax Deal Only the Ultra-rich Could Love

A Tax Deal Only the Ultra-rich Could Love
How much do the newly enacted tax hikes on the wealthiest Americans actually affect them? Hardly at all.
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Harold Meyerson
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Bill O'Reilly Tells Tall Tales About Texas in Post-Thanksgiving Talking Points Memo

God did bless Texas, but when we talk about social statistics, and the general welfare of our citizens - we’re always reminded to give thanks for Mississippi.
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