wealthy

Here's the Underhanded Plan the Trump Admin. Is Considering to Slash Taxes Even More for the Wealthy

After Republicans slashed taxes for corporations and the wealthy at the end of last year while blowing up the deficit, there was little sign of the economic miracle that we were promised would occur as a result of the policy. So few if any serious voters or political observers have been clamoring for more tax cuts for the wealthy.

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School Choice Tax Break Is Yet Another Gift to the Wealthy

According to Edweek, Congress's proposed tax plan would allow families to pull up to $10,000 a year out of their 529 college savings account and spend it on K-12 private school tuition (as well as other educational expenses).  The proposal appears to be more an act of desperation than rationality in pursuing public support for private choice in K-12 education.  The Trump administration's earlier proposal to take federal funding for public schools and drive it toward vouchers and charters never got any serious traction.  If anything, DeVos's support for privatizing education made that proposal less popular with the public.  

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The Story Behind Jared Kushner’s Curious Acceptance into Harvard

This story was co-published with The Guardian.

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The Rich Should Embrace Bernie: America’s Plutocrats Have Much to Gain from Sanders’ Platform

Since the Great Recession began almost a decade ago, the growing divide between the richest Americans and everyone else has become increasingly apparent in the United States and around the world. After nearly four decades of neoliberal economic policies—e.g., deregulation, sweeping tax cuts for the wealthy, privatization, free trade deals, etc.—wealth and income inequality have skyrocketed from record lows in the 1970s to historic levels today.

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I Love California Deeply: Here's Why I'm One of the Hundreds of Thousands Who Left to Move North

It’s mid-March in Portland, Oregon and a chill rain is pelting the roof. I’m bundled up in three layers, a scarf and sweatshirt—indoors. I know that for much of the country this time of year, this is just an everyday afternoon. But not so much in my native home on the central coast of California.

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Elizabeth Warren’s Big Win: The New, Much-Needed Rule that Could Rein in Wall Street Slime

Are you in the market for some good news? While everyone is being told to follow the excitement of the 2016 campaign to the exclusion of all else, out of the spotlight but not far away, the Obama administration is calmly trying to enact lasting progressive change. In the Labor Department earlier this month, consumer advocates won a big battle, as the vast middle class was “gifted” with a new requirement being placed on the financial services industry. As Massachusetts Sen. Elizabeth Warren explained, a glaring conflict of interest has been resolved in the favor of people saving for retirement. No longer can investment advisers recommend funds to their clients that reward them or their firms; instead, they must, without exception, direct customers into the best financial products, with lower or, sometimes, zero fees.

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We’ve Been Conned by the Rich Predators of Davos

As metaphors go, this one takes some beating. This week, some of the richest people on Earth will gather high up a snowy mountain in the world’s biggest tax haven. Most will have paid big money to attend the three-day meeting in Davos: the most exclusive memberships cost somewhere in the region of £100,000 each. From there, they will relay thoughts on global risks and opportunities to the ski-jacketed press corps. They will talk about gender inequality and technological innovation. The message will go out: however turbulent the global economy, it is being capably stewarded.

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Sipping Champagne on the Titanic: Twenty Billionaires Own More Than the Bottom Half of Americans

The new Institute for Policy Studies report "Billionaire Bonanza: The Forbes 400 and the Rest of Us" is out. I printed a copy, started reading and promptly threw it against the wall in fury and disgust.

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Robert Reich: America Is Now a Full-Scale Oligarchy

According to an investigation by the New York Times, half of all the money contributed so far to Democratic and Republican presidential candidates—$176 million—has come from just 158 families, along with the companies they own or control.

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The Staggering Income of America’s 10 Richest CEOs

In America, chief executive pay is now 300 times more than the average worker's. That’s a high enough ratio that presidential candidates are taking note on both sides of the aisle. Senator Bernie Sanders listed the statistic in a statement supporting mandated CEO disclosure of salaries, and CEO Trump himself declared that the numbers were “disgraceful."

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The Alternative Wealth Model: Funding Organizing and Wealth Redistribution

In a political and economic system seemingly tailor-made for the 1 percent, backlash against “wealth therapy” — the trend of moneyed Americans seeking counsel through their Occupy-induced feeling of shame and isolation — is well-placed. While the top 0.1 percent of families in the United States possess as much wealth as the bottom 90 percent, money psychologist Jamie Traege-Muney moaned to the Guardian that the movement wrongly “singled out the 1 percent and painted them globally as something negative.”

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