Reprinted with permission from Alternet.
As survey data continues to show that raising taxes on the wealthy is extremely popular among the U.S. public, new research by inequality expert and University of California, Berkeley economist Gabriel Zucman found that the richest 0.00025 percent of the American population now owns more wealth than the 150 million adults in the bottom 60 percent.
Zucman, who helped Sen. Elizabeth Warren (D-MA) develop her “Ultra-Millionaire Tax” proposal, observed in a working paper (pdf) that “U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties.”
According to Zucman’s research, the richest 0.00025 percent—just 400 Americans—have seen their share of America’s national wealth triple since the 1980s, while the wealth of much of the U.S.…
Reprinted with permission from Creators.
The rich aren’t merely different from you and me. … They’re ridiculous!
I mean the uber-rich, the billionaire barons of Wall Street who literally live above the real world and are clueless about the gross inequality their financial schemes are creating. Take Kenneth Griffin, a hedge fund tycoon who’s the latest gold medal champion of conspicuous consumption. He just paid an obscene $238 million for a sprawling 24,000-square-foot New York City penthouse located 79 stories above street level at Central Park South — a strip nicknamed “Billionaire Row.” Griffin’s splurge on three floors of the luxury building is the most expensive residential purchase in U.S.…