American Tax Policy in the Age of Trillionaires

Barely a year ago, my colleagues Chuck Collins and Omar Ocampo noted the passing of “a disturbing milestone in the U.S. history of concentrated wealth and power.” On August 13, 2020, just twelve obscenely wealthy Americans held a combined $1.015 trillion. They called those twelve the “Oligarchic Dozen.”Oh, how quaint, how yesteryear.On October 29, 2021, just half that group — just six extraordinarily rich people — held wealth totaling $1.003 trillion.Meet our “Oligarchic Half-Dozen”: Elon Musk ($292.6 billion), Jeff Bezos ($195.9), Bill Gates ($137.4), Larry Ellison ($130.0), Larry Page ($126.2), and Sergey Brin ($121.6). That number for Elon Musk, definitely not a typo: America now has its first “quarter-trillionaire.”

Source: American Tax Policy in the Age of Trillionaires – CounterPunch.org

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