What Taxing the Rich Could Yield - 0 views
-
IPS, details how the nation’s 15 wealthiest families—some with household names (Walton, Koch, Mars), some perhaps less-known (Duncan, Bass, Stryker)—are worth a combined $618 billion. Overwhelmingly, this is inherited money; the companies from which these families derive their wealth were all started at least a generation ago.
-
The report takes 1982—the first year the Reagan tax cuts on the rich took effect, and the year that Reagan’s Security and Exchange Commission legalized stock buybacks—as its point of departure. In that year, a person needed $75 million to qualify for the Forbes 400. A nice pile of money for sure, but today a person needs at least $2.1 billion, meaning that in the past 36 years, the bar for entry has risen by 2,800 percent.
-
The three richest families—the Waltons, the Kochs, and the Marses—saw their wealth grow by almost 6,000 percent since 1982, when the Forbes 400 was first published
- ...10 more annotations...