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    super-wealthy

    Warren Buffett raises his arms.

    The Tax Foundation’ Misleading Math Overstates How Much Billionaires Really Pay

    By taking into account corporate taxes while ignoring corporate income, the foundation’s methodology drives up effective income tax rates for the super rich only because these rich happen to own a massive amount of corporate stock.

    Bob Lord
    Mar 04, 2025

    An income tax rate of over 100% would be hard for anyone to sustain. At a rate a smidge over 100%, our deepest pockets might be able to get by if they drew down their wealth or borrowed against it. But keeping up, year in and year out, with an income tax rate of over 1,000%, 10 times income? That seems, on its face, totally implausible.

    Yet the Washington, D.C.-based Tax Foundation would have us believe Warren Buffett did just that for at least five years running, all while enormously growing his own personal wealth.

    Keep ReadingShow Less
    Opinion
    taxation
    Jason Isaacs and Carrie Coon at White Lotus premier.

    What Is the Political Role of White Lotus and Other ‘Eat the Rich’ Media?

    Are entertainments like these seriously acknowledging the deep-seated anxieties—and anger—that Americans are feeling today? Or is the entertainment industry just shamelessly exploiting those anxieties and that anger?

    Sam Pizzigati
    Feb 26, 2025

    America’s richest have never been richer. Our over 800 billionaires ended 2024 worth a combined $6.72 trillion. Today, almost two months later, Americans make up 14 of the 15 richest people in the world. Just these 14 alone hold a combined net wealth of over $2.5 trillion.

    One predictable consequence of numbers like these: Our world’s “super yacht” sector is doing spectacularly well, as the annual Miami International Boat Show this month convincingly confirmed. The star of this year’s show turned out to be a super yacht nearly the length of a football field.

    Keep ReadingShow Less
    Opinion
    inequality
    Donald Trump Watches SpaceX Launch Its Sixth Test Flight Of Starship Spacecraft

    Trump and Musk Are Returning Us to the Age of the Robber Barons

    For generations, the ultra-rich have been pushing to overthrow the Progressive Era’s and the New Deal’s utilitarian reforms. They have now found their moment.

    Peter F. Crowley
    Feb 20, 2025

    U.S. President Donald Trump, Elon Musk, and their ilk are returning the U.S. to the Gilded Age of robber barons, replete with railroad monopolies and no union protections. They are bringing us back to a time before the Progressive movement had instituted the first real wave of social reforms, which were later widely expanded by New Deal programs. These initial reforms offered workers’ compensation, free school meals for poor children, regulated working hours, and put antitrust laws on the books. They protected the everyday person, white- and blue-collar alike, and were a setback for the ultra-rich. For generations afterward, the ultra-rich have been pushing to overthrow the Progressive Era’s and the New Deal’s utilitarian reforms.

    It started with deregulation in the 1970s and was then magnified during Ronald Reagan’s neoliberal presidency. The talking points behind deregulation duped people through bastardizing the concept of “freedom.” The U.S. is a free country, the argument goes, so there shouldn’t be regulation. Yet deregulation, in this sense, is focused on giving businesses and corporations free rein, screwing the rest.

    Keep ReadingShow Less
    Opinion
    donald trump

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    Big Brother Trump Is Watching You

    Mike Lee Tries to Sneak Public Land Sale Back Into 'Big, Ugly Bill' Ahead of Senate Vote

    'Just Killed, for Nothing': Israeli Troops Say They Were Ordered to Shoot Aid-Seeking Gaza Civilians

    Zohran Mamdani's Battle Against the Billionaire Class and Democratic Establishment Is Just Beginning

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