Majority of American millionaires support a wealth tax on American millionaires

When Elizabeth Warren proposed a Thomas Piketty-style wealth tax (2% annually on family fortunes over $50m, 1% more on fortunes over $1b), she ballparked the returns at $1.9-2.75t over the first ten years. Read the rest

Americans are too poor to survive whether or not they're working

A new study from the United Way claims that 43% of American households are in a status called "asset limited, income constrained, employed" (ALICE), which denotes employed people who can't afford housing, food, childcare, healthcare, transportation, and a cellphone -- the basics of modern living. Read the rest

The UK grew rich by looting the world; now it launders billions for other looters

The British empire was a globe-spanning criminal enterprise that produced vast riches for England (and, to a lesser extent, Scotland and Wales) by stealing the lands of others while slaughtering and enslaving them; today the empire is in decline and the UK is no longer reliant on direct looting. Read the rest

Gabriel Zucman: the Piketty-trained "wealth detective" who catalogued the secret fortunes of the super-rich and figured out how to tax them

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. Read the rest

After Notre Dame bailout Yellow Vests urge more Victor Hugo tributes, starting with "Les Miserables"

The Notre Dame fire is a global tragedy, and it's also raising complicated questions about our present moment, including trenchant inquiries into which church fires merit global outpourings and whose sacred sites get mourned when they are destroyed. Read the rest

1% of England owns half of England

Guy Shrubsole is the author of Who Owns England? a forthcoming book that reports out a paintstaking researched data-set laying out, for the first time, a comprehensive view of the land ownership in England, finding that half of the country is owned by 1% of its people: a mere 25,000 aristocrats, oligarchs and corporations. Read the rest

Text-mining journalists find that lawmakers introduced 10,000 bills that were copypasted from lobbyists' "model legislation"

For two years, researchers from USA Today, The Arizona Republic and the Center for Public Integrity have been ingesting the bills introduced in all 50 state legislatures, yielding a corpus of more than 1,000,000 bills, and then consumed months of computer time on a large cluster, comparing these bills to "model legislation" promoted by lobbyists, using a text-mining engine that could identify paraphrases, synonyms, and other techniques used to file the serial numbers off of these bills. Read the rest

Teen Vogue explains capitalism

Teen Vogue continues its run of excellent, progressive political reporting with Kim Kelly's potted explanation of capitalism, and not a minute too soon, as Kelly explains: "the reason many millennials haven’t been investing in mutual funds or building up their own financial nest eggs isn’t because they’re too broke, or that they lack personal responsibility — it’s because they think our current economic system, capitalism, will cease to exist by the time they are in their 60s." Read the rest

How the super-rich defeated the IRS's crack Global High Wealth unit

In 2009, the IRS created a Global High Wealth Industry Group to audit the super-wealthy, staffing it with skilled lawyers and accountants who could unravel the webs of "trusts, foundations, limited liability companies, complex partnerships and overseas operations" that were used to hide the income of the super-rich from the tax-collector. Read the rest

Thomas Piketty explains how Elizabeth Warren's wealth tax is American as apple pie

Last month, Democratic presidential hopeful Elizabeth Warren proposed an annual tax on the largest fortunes in America, with some of the cash generated by the tax being funneled into the IRS to catch dodgers who move or hide their money to escape the tax. Read the rest

Fox News blames schools teaching "fairness" for support for a tax on the super-rich

Why are policies like a 70% tax on income over $10m and a 2% annual tax on personal wealth over $50m (with an additional 1% on wealth over $1b) so amazingly popular with Democrats and Republicans? Well, according to Fox News, it's because "the idea of fairness has been promoted in our schools for a long time, and we're starting to see kids who have grown up with this notion of 'fairness above all' and now they're becoming voting age and they're bringing this ideology with them." Read the rest

The plane(t) has been hijacked by billionaires, and we're all passengers

Anand Giridharadas is the Aspen Institute Fellow and former McKinsey consultant whose book Winners Take All is a must-read indictment of the way that charitable activities are used to launder the reputations of billionaires who have looted and boiled our planet, amassing titanic fortunes while starving the public coffers, and still retaining sterling reputations and massive influence thanks to the trickle of funds they release through "philanthropy." Read the rest

A 70% tax on income over $10m is designed to correct inequality, not raise revenue

Just as the purpose of a tobacco tax is not to pay for cancer treatment, the purpose of Alexandria Ocasio-Cortez's wildly popular proposal to tax income over $10m at 70% is to correct inequality and reduce the corrosive power of extreme wealth to distort political decisionmaking, not to fund programs. Read the rest

Elizabeth Warren proposes Thomas Piketty-style annual wealth tax

Following recommendations set out in Thomas Piketty's landmark Capital in the 21st Century, would-be Democratic 2020 presidential candidate Elizabeth Warren has proposed a 2% annual tax on household wealth over $50,000,000, with an additional 1% annual tax on household wealth over $1,000,000,000, which would bring in $1.9-$2.75 trillion over the first decade (about 1% of US GDP). Read the rest

Most Americans want a 70% tax rate on earnings over $10,000,000

During a 60 Minutes interview Alexandria Ocasio-Cortez casually mentioned that she thought that America's super-rich should pay a marginal tax-rate of 70% on annual earnings over $10,000,000 (which is a better deal than they got under Reagan); since then, the proposal has roiled the political classes and billionaire-backed news outlets, who coincidentally oppose taxing billionaires. Read the rest

Mass protests and parliamentary chaos in Hungary over "slave labour" law

Hungary's far-right, xenophobic government rose to power by exploiting racism and economic anxiety, just like Trump -- and just like Trump, they've pursued an agenda that uses performative racist cruelty to distract people while they enact policies that make the rich much richer, at everyone else's expense. Read the rest

84% of stocks owned by richest 10% of Americans

Every time Trump reminds you that the stock market has experienced a feverish, tubercular bloom under his presidency, just recall that 84% of stocks are held by 10% of Americans. Read the rest

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