In Millionaire Migration and the Taxation of the Elite: Evidence from Administrative Data, Stanford sociologist Cristobal Young builds on his substantial research on "millionaire migration," to show that only a small minority of millionaires move when local taxes go up — far too few to represent a net loss to the tax coffers.
Chelsea Clinton's husband Marc Mezvinsky is a Goldman Sachs alumnus; in 2014, he founded Hellenic Opportunity, a hedge fund that raised $25M to bet on distressed assets from Greece's collapsed economy, wagering that the country's investors would force it to make deeper cuts to finance payments on the debts.
Further Future is a desert festival created by wealthy Burning Man attendees who want to get rid of the festival's DIY/participatory ethic and replace it with a pampered weekend where poor people wait on them while they strut around the desert, "networking."
Journalist Alejandro Alvarez took this striking photo of a campaign finance reform activist being arrested at a Democracy Spring demonstration at the US Capitol yesterday.
At least 400 people were arrested at a Democracy Spring demonstration at the US Capitol yesterday. The protesters were calling for controls on the influence of big money over politics.
The Atlantic had the excellent idea of commissioning Sarah Jeong, one of the most astute technology commentators on the Internet (previously), to write a series of articles about the social implications of technological change: first up is an excellent, thoughtful, thorough story on the ways that the "cashless society" is being designed to force all […]
Nixon's War on Drugs, Reagan's three strikes rules, and Clinton's "superpredator" crime bill turned America into history's greatest imprisoner, a carceral state where a racially biased justice system was made worse with every passing day, thanks to the campaign contributions and lobbying by the private prison industry, led by Corrections Corporation of America.
Philosopher John Danaher's new paper "Will life be worth living in a world without work? Technological Unemployment and the Meaning of Life" assumes that after the robots take all our jobs, and after the economic justice of figuring out how to share the productivity games can be equitably shared among the robot-owning investor class and […]
China's millionaires, having looted their country, are anxious to get their money out of reach of the Politburo, to guard against confiscation should the political tides turn. Only one problem: the government will only let Chinese nationals move $50K/year out of the country.
Jon Schwarz, a former Moore staffer, reviews Michael Moore's first movie in six years, "Where to Invade Next," which Schwarz calls Moore's "most subversive movie."
Y Combinator founder and essayist Paul Graham's essay on the inevitability — and desirability — of income inequality sparked many scathing rebuttals, some of them quite brilliant, but the best so far comes from Tim O'Reilly, one of technology's towering figures.
Seven years ago, Alex Steffen and I proposed that rather than preparing "bug out bags" you can grab and go with after the apocalypse, we should all have "bug-in bags" full of things we'll use to help our neighbors when the lights go out.
Political scientists and economists who've undertaken peer-reviewed research into policy outcomes have concluded that all over the world, and at every level of government, wealth inequality is correlated with corrupt policy-making in which politicians create laws and regulations that favor the rich at the expense of the wider public.
The Guardian's story about wealth therapists, who help one percenters cope with the stress of being rich in an era of widening wealth inequality, features quotes from some really awful-sounding, clueless people who compare the plight of the wealthy to the discrimination experienced by black people.
George Osborne, born to a titled millionaire, has explained that he is cutting the tax-credits that let the working poor survive, despite the Tory party's election promise not to do any such thing — because it will reduce the deficit and therefore save them from the cuts that the country would have to pay in […]
The Prime Minister of Iceland offered to take in 50 Syrian refugees; 10,000 of his countrymen responded to this announcement by offering their homes to house Syrians fleeing horrific violence and danger.
The Catalan independence movement is a perennial factor in Spanish politics, but it's had a new lease on life since the financial crisis and the imposition of brutal austerity by the country's banker-friendly, authoritarian government.