Demand is outpacing supply for public housing across Australia, new figures show, as soaring property prices and a tightening rental market across regional Australia has led to what some experts are calling a “crisis.”
"Stepped-up basis" lets billionaires transfer assets without paying taxes. Closing it could help raise more than $320 billion, the White House said.
Wealthy Americans' incomes surged the last 50 years. NBER researchers think this created a "vicious cycle" of tumbling rates and a yawning wealth gap.
Buffett won the "ovarian lottery" by being born in the US, a country that rewarded his talent for investing.
Over the past year, the wealthiest 1% of Americans saw their stock wealth increase by 74%, adding $8 trillion.
The 50 richest US families are worth $1.2 trillion. The 65 million families in the bottom half of US households are worth $2.5 trillion.
Americans now believe it takes $1.9 million to be considered wealthy, according to a Charles Schwab report. In 2020, it was $2.6 million.
Biden's plan to reclaim $780 billion over 10 years would close about 8% of a collection gap that the IRS chief says could be as high as $1 trillion.
Those worth $15 million to $30 million comprise just 16% of very high net worth millionaires, but hold 32% of the cohort's wealth, per Wealth-X.
Vaccines have been unevenly distributed, according to Bloomberg. The wealthiest countries are vaccinating at 25 times the rate of poorer countries.
Education and health became status symbols with the rise of "discreet wealth" in the 2000s. They've also far outpaced the rate of inflation.
The bill would place a 2% annual tax on household net worth between $50 million and $1 billion and a 3% tax on household net worth over $1 billion.
The wealthy may be gaming the system, but vaccine and wealth inequality are alike, with lack of coordination and underinvestment advantaging the rich.
Democratic Rep. Ro Khanna's bill requires a boost in IRS audits for individuals making more than $10 million, but does not yet include any tax hikes.
Paul Constant is a writer at Civic Ventures and a frequent cohost of the “Pitchfork Economics” podcast with Nick Hanauer and David Goldstein. In the latest episode, Constant and Hanauer spoke with author and progressive radio host Thom Hartmann about US income inequality. Hartmann says raising the tax rate for […]
Sen. Elizabeth Warren of Massachusetts emphasised the need for a wealth tax during an interview with CNBC on Thursday. Warren said that the stock market is like a “casino” and is not reflective of the actual economy, hurting Americans who are suffering during the pandemic. Establishing clearer SEC guidelines for […]
The US central bank’s economic rescue efforts during the pandemic have supported America’s recovery, which is turning out to be K-shaped. To stimulate the economy after a dramatic slowdown and stock-market crash triggered by the coronavirus pandemic, the Federal Reserve bought Treasury bonds and mortgage-backed securities, a process known as […]