Bloomberg's Ben Steverman offers a long and exciting profile of Gabriel Zucman (previously), a protege of Thomas Piketty (Zucman was one of the researchers on Piketty's blockbuster Capital in the 21st Century) who has gone on to a career at UC Berkeley, where he's done incredibly innovative blockbuster work of his own, particularly on estimating the true scale of the wealth gap in the USA and worldwide.
When Americans get their paycheck every month, there are a ton of deductions from it — some represent money taken by state governments, some by the feds, but one of the largest line-items is the amount taken to pay a private insurance company for some of the most expensive, least comprehensive medical insurance offered in any country on the planet.
Elizabeth Warren fumbled at the latest Democratic leadership debate when she was pressed on the question of whether Medicare for All would raise taxes, and she refused to answer, creating a soundbite that made her look like a sneaky, evasive politician, to the delight of right wingers who've struggled with her image as a straight-shooting, super-competent, quick-witted daughter of the soil.
In 2018, for the first time in recorded US history, the 400 richest American households paid a lower rate of tax than any other group of American taxpayers: 23%, down from 70% in 1950 and 47% in 1980.
The American savings crisis is a time-bomb, as multiple generations hurtle toward retirement with effectively no savings, and experts are now saying that having $1 million in the bank on retirement day isn't enough. Future generations will either have to let their parents starve or compromise their own ability to produce the next generation while caring for the previous one (this is the crisis underway in China and Japan right now).
The New York Times has collaborated with Berkeley economics prof Gabriel Zucman to produce an interactive explainer that walks through the baroque tax-evasion strategies deployed by multinationals like Google and Apple, as well as the super-rich, using plain language and explanatory graphics to get past the deliberately eye-glazing tedium of these arrangements, a shield of boringness that has allowed the super-rich to hide $8.7 trillion from tax authorities while taking advantage of national courts, education, roads, police, and health care.
1.4TB/13.4 million documents have leaked from Appleby, the offshore law-firm that is part of the "magic circle" of firms employed by the super-rich to manipulate their finances; the documents are supplemented with another "offshore provider"'s files, and the company registries of 19 tax havens.
The World Wealth and Inequality project's latest white-paper, co-authored by Thomas "Capital in the 21st Century" Piketty, painstaking pieces together fragmentary data-sources to build up a detailed picture of wealth inequality in Russia in the pre-revolutionary period; during phases of the Soviet era; on the eve of the collapse of the USSR; and ever since.
When Thomas Piketty and his team undertook their landmark study of wealth inequality in the world, they had to rely on the self-reported income of the super rich to see just how income was distributed — by definition, they couldn't directly measure the unreported income hidden in tax havens (though they did estimate it, with what was eventually shown to be pretty good precision).
In a new analysis of the World Income Database published by the National Bureau of Economic Research, Thomas Piketty and colleagues from the Paris School of Economics and UC Berkeley, describe a "collapse" of the share of US national wealth claimed by the bottom 50% of the country — down to 12% from 20% in 1978 — along with an (unsurprising) drop in income for the poorest half of America.
Cass Sunstein reviews The Hidden Wealth of Nations, a new book by UC Berkeley's Gabriel Zucman; and a new documentary, The Price We Pay, both of which map out the scale of international tax-havens, which are used by criminals and corrupt one percenters to hide money from their governments; and by corrupt governments to hide money from their citizens — the havens are a critical part of the secret, parallel US tax system that lets the rich pay less of their income in tax than the poor.