estate tax

The estate tax only kicks in at $5.4m in wealth — so it’s not about the “American worker”!

Repealing it would give away $270 billion to rich elites.

The concept of “double taxation” is a red herring, because most estates contain real estate assets whose capital gains have never been realized and taxed. 

Inequality

Inequality is the difference in measures of economic well-being between individuals in a group, among groups in a population, or among countries. Also known as economic inequality; inclusive of both income inequality and wealth inequality.

In the United States, the data broadly shows shared economic growth and prosperity in the post-WWII period until the 1970s, when things begin to take a turn: economic growth slowed and income inequality began to increase. For the past 40-50 years, income growth for lower and middle class Americans has stagnated while income growth at the top of the distribution remained growing strongly. Meanwhile as wages have stagnated, costs have risen dramatically, especially in key universal areas like housing, utilities, health care, and education.

Inequality illustrated

Wealth is even more greatly concentrated than income. A recent Oxfam report found that the world’s richest 62 people control as much wealth as the bottom half of the entire population of the planet. In the U.S., the richest 20% of families owned about 89% of the country’s wealth as of 2013 figures.

Those at the top of the wealth distribution who benefit financially from the growing inequality find numerous ways to justify the architecture of the system, and retain much of the power and control over its design. Yet an overwhelming majority of the available historical and present-day data indicates that stark income inequality has wide-ranging negative effects on societies as a whole, from exacerbating social ills to deleterious effects on basic human needs.

Related effects

Further resources

Billionaires 2021: The Richest People in the World

The vast majority of billionaires in the world got richer during the year of the pandemic — fantastically richer. And they still demand more!

NameNet WorthWealth SourceIndustry
Jeff Bezos$177 BAmazonTechnology
Elon Musk$151 BTesla, SpaceXTechnology
Bernard Arnault & family$150 BLVMHFashion & Retail
Bill Gates$124 BMicrosoftTechnology
Mark Zuckerberg$97 BFacebookTechnology
Warren Buffett$96 BBerkshire HathawayFinance & Investments
Larry Ellison$93 BsoftwareTechnology
Larry Page$91.5 BGoogleTechnology
Sergey Brin$89 BGoogleTechnology
Mukesh Ambani$84.5 BdiversifiedDiversified
Amancio Ortega$77 BZaraFashion & Retail
Francoise Bettencourt Meyers & family$73.6 BL'OréalFashion & Retail
Zhong Shanshan$68.9 Bbeverages, pharmaceuticalsFood & Beverage
Steve Ballmer$68.7 BMicrosoftTechnology
Ma Huateng$65.8 Binternet mediaTechnology
Carlos Slim Helu & family$62.8 BtelecomTelecom
Alice Walton$61.8 BWalmartFashion & Retail
Jim Walton$60.2 BWalmartFashion & Retail
Rob Walton$59.5 BWalmartFashion & Retail
Michael Bloomberg$59 BBloomberg LPMedia & Entertainment
Colin Zheng Huang$55.3 Be-commerceTechnology
MacKenzie Scott$53 BAmazonTechnology
Daniel Gilbert$51.9 BQuicken LoansFinance & Investments
Gautam Adani & family$50.5 Binfrastructure, commoditiesDiversified
Phil Knight & family$49.9 BNikeFashion & Retail
Jack Ma$48.4 Be-commerceTechnology
Charles Koch$46.4 BKoch IndustriesOil & Gas
Julia Koch & family$46.4 BKoch IndustriesOil & Gas
Masayoshi Son$45.4 Binternet, telecomTechnology
Michael Dell$45.1 BDell computersTechnology
Tadashi Yanai & family$44.1 Bfashion retailFashion & Retail
François Pinault & family$42.3 Bluxury goodsFashion & Retail
David Thomson & family$41.8 BmediaMedia & Entertainment
Beate Heister & Karl Albrecht Jr.$39.2 BsupermarketsFashion & Retail
Wang Wei$39 Bpackage deliveryService
Miriam Adelson$38.2 BcasinosGambling & Casinos
He Xiangjian$37.7 Bhome appliancesManufacturing
Dieter Schwarz$36.9 BretailFashion & Retail
Zhang Yiming$35.6 BTikTokTechnology
Giovanni Ferrero$35.1 BNutella, chocolatesFood & Beverage
Alain Wertheimer$34.5 BChanelFashion & Retail
Gerard Wertheimer$34.5 BChanelFashion & Retail
Li Ka-shing$33.7 BdiversifiedDiversified
Qin Yinglin & family$33.5 Bpig breedingFood & Beverage
William Lei Ding$33 Bonline gamesTechnology
Len Blavatnik$32 Bmusic, chemicalsDiversified
Lee Shau Kee$31.7 Breal estateReal Estate
Jacqueline Mars$31.3 Bcandy, pet foodFood & Beverage
John Mars$31.3 Bcandy, pet foodFood & Beverage
Yang Huiyan & family$29.6 Breal estateReal Estate
Alexey Mordashov & family$29.1 Bsteel, investmentsMetals & Mining
Robin Zeng$28.4 BbatteriesEnergy
Hui Ka Yan$27.7 Breal estateReal Estate
Susanne Klatten$27.7 BBMW, pharmaceuticalsAutomotive
Vladimir Potanin$27 BmetalsMetals & Mining
Dietrich Mateschitz$26.9 BRed BullFood & Beverage
Pang Kang$26.4 Bsoy sauceFood & Beverage
Klaus-Michael Kuehne$26.3 BshippingLogistics
Vladimir Lisin$26.2 Bsteel, transportMetals & Mining
Wang Xing$26.1 Be-commerceTechnology
German Larrea Mota Velasco & family$25.9 BminingMetals & Mining
Leonardo Del Vecchio & family$25.8 BeyeglassesFashion & Retail
Takemitsu Takizaki$25.8 BsensorsManufacturing
Leonard Lauder$25.5 BEstee LauderFashion & Retail
Thomas Peterffy$25 Bdiscount brokerageFinance & Investments
Vagit Alekperov$24.9 BoilEnergy
Leonid Mikhelson$24.9 Bgas, chemicalsEnergy
Jim Simons$24.6 Bhedge fundsFinance & Investments
Jiang Rensheng & family$24.4 BvaccinesHealthcare
Gina Rinehart$23.6 BminingMetals & Mining
Rupert Murdoch & family$23.5 Bnewspapers, TV networkMedia & Entertainment
Shiv Nadar$23.5 Bsoftware servicesTechnology
Zhang Zhidong$23.4 Binternet mediaTechnology
Iris Fontbona & family$23.3 BminingMetals & Mining
Lei Jun$23 BsmartphonesTechnology
Zhang Yong$23 BrestaurantsFood & Beverage
Richard Qiangdong Liu$22.4 Be-commerceTechnology
Gennady Timchenko$22 Boil, gasEnergy
Stephen Schwarzman$21.9 BinvestmentsFinance & Investments
Goh Cheng Liang$21.7 BpaintsManufacturing
Stefan Quandt$21.6 BBMWAutomotive
Li Xiting$21.5 Bmedical devicesHealthcare
Pierre Omidyar$21.4 BeBay, PayPalTechnology
Stefan Persson$21.3 BH&MFashion & Retail
Abigail Johnson$20.9 Bmoney managementFinance & Investments
R. Budi Hartono$20.5 Bbanking, tobaccoFinance & Investments
Andrew Forrest$20.4 BminingMetals & Mining
Ray Dalio$20.3 Bhedge fundsFinance & Investments
Michael Hartono$19.7 Bbanking, tobaccoManufacturing
Li Shufu$19.7 BautomobilesAutomotive
Zhong Huijuan$19.7 BpharmaceuticalsHealthcare
Xu Hang$19.5 Bmedical devicesHealthcare
Lui Che Woo & family$19.4 Bcasinos/hotelsGambling & Casinos
Emmanuel Besnier$19.1 BcheeseFood & Beverage
Laurene Powell Jobs & family$19 BApple, DisneyTechnology
Eric Schmidt$18.9 BGoogleTechnology
Sun Piaoyang$18.9 BpharmaceuticalsHealthcare
Theo Albrecht, Jr. & family$18.8 BAldi, Trader Joe'sFashion & Retail
Alisher Usmanov$18.4 Bsteel, telecom, investmentsMetals & Mining
Robert Pera$18.3 Bwireless networking gearTechnology
Wu Yajun$18.3 Breal estateReal Estate
Fan Hongwei & family$18.2 BpetrochemicalsEnergy
Dhanin Chearavanont$18.1 BdiversifiedDiversified
Peter Woo$18 Breal estateReal Estate
Chen Bang$17.9 BhospitalsHealthcare
Andrey Melnichenko$17.9 Bcoal, fertilizersEnergy
Dustin Moskovitz$17.8 BFacebookTechnology
Su Hua$17.8 Bvideo streamingMedia & Entertainment
Donald Newhouse$17.6 BmediaMedia & Entertainment
Petr Kellner$17.5 Bfinance, telecommunicationsFinance & Investments
Lee Man Tat$17.4 BfoodFood & Beverage
Pavel Durov$17.2 Bmessaging appTechnology
James Ratcliffe$17 BchemicalsManufacturing
Jorge Paulo Lemann & family$16.9 BbeerFood & Beverage
Reinhold Wuerth & family$16.8 BfastenersManufacturing
Charlene de Carvalho-Heineken & family$16.7 BHeinekenFood & Beverage
Radhakishan Damani$16.5 Bretail, investmentsFashion & Retail
Wang Chuanfu$16.3 Bbatteries, automobilesAutomotive
Steve Cohen$16 Bhedge fundsFinance & Investments
Ken Griffin$16 Bhedge fundsFinance & Investments
Chen Zhiping$15.9 Be-cigarettesManufacturing
Ernest Garcia, II.$15.9 Bused carsAutomotive
Uday Kotak$15.9 BbankingFinance & Investments
Carl Icahn$15.8 BinvestmentsFinance & Investments
Suleiman Kerimov & family$15.8 BinvestmentsFinance & Investments
Thomas Frist, Jr. & family$15.7 BhospitalsHealthcare
Lukas Walton$15.6 BWalmartFashion & Retail
Mikhail Fridman$15.5 Boil, banking, telecomEnergy
Wei Jianjun & family$15.5 BautomobilesAutomotive
Zuo Hui$15.5 Breal estate servicesReal Estate
Zhou Qunfei & family$15.4 Bsmartphone screensTechnology
Donald Bren$15.3 Breal estateReal Estate
Hinduja brothers$14.9 BdiversifiedDiversified
Lakshmi Mittal$14.9 BsteelMetals & Mining
Georg Schaeffler$14.9 Bauto partsAutomotive
Eric Yuan & family$14.9 Bvideo conferencingTechnology
Wang Jianlin$14.8 Breal estateReal Estate
Kwong Siu-hing$14.7 Breal estateReal Estate
Robin Li$14.7 Binternet searchTechnology
Pallonji Mistry$14.6 BconstructionConstruction & Engineering
Eduardo Saverin$14.6 BFacebookTechnology
Roman Abramovich$14.5 Bsteel, investmentsDiversified
David Tepper$14.5 Bhedge fundsFinance & Investments
Gong Hongjia & family$14.4 Bvideo surveillanceFinance & Investments
Mike Cannon-Brookes$14.2 BsoftwareTechnology
John Menard, Jr.$14.2 Bhome improvement storesFashion & Retail
Seo Jung-jin$14.2 BbiotechHealthcare
Cheng Yixiao$14.1 Bvideo streaming appMedia & Entertainment
Liang Wengen$14.1 Bconstruction equipmentManufacturing
Scott Farquhar$14 BsoftwareTechnology
Finn Rausing$13.9 BpackagingFood & Beverage
Jorn Rausing$13.9 BpackagingFood & Beverage
Kirsten Rausing$13.9 BpackagingFood & Beverage
Brian Chesky$13.7 BAirbnbTechnology
Joseph Lau$13.6 Breal estateReal Estate
David Duffield$13.5 Bbusiness softwareTechnology
Charoen Sirivadhanabhakdi$13.5 Balcohol, real estateFood & Beverage
Kim Jung-ju$13.3 Bonline gamesTechnology
Robert & Philip Ng$13.3 Breal estateReal Estate
Zhang Bangxin$13.3 BeducationService
Anders Holch Povlsen$13.2 Bfashion retailFashion & Retail
Wang Wenyin$13.2 Bmining, copper productsMetals & Mining
Wang Liping & family$13.1 Bhydraulic machineryManufacturing
Tatyana Bakalchuk$13 BecommerceFashion & Retail
Michael Platt$13 Bhedge fundsFinance & Investments
Huang Shilin$12.9 BbatteriesEnergy
Ricardo Salinas Pliego & family$12.9 Bretail, mediaFashion & Retail
Kumar Birla$12.8 BcommoditiesDiversified
Dang Yanbao$12.7 BcoalMetals & Mining
Cyrus Poonawalla$12.7 BvaccinesHealthcare
Robert Kuok$12.6 Bpalm oil, shipping, propertyDiversified
Hank & Doug Meijer$12.6 BsupermarketsFashion & Retail
Jack Dorsey$12.5 BTwitter, SquareTechnology
Lu Zhongfang$12.5 BeducationAutomotive
Ma Jianrong & family$12.5 Btextiles, apparelFashion & Retail
Zhang Tao$12.5 Be-commerceFashion & Retail
Nathan Blecharczyk$12.4 BAirbnbTechnology
John Doerr$12.4 Bventure capitalTechnology
Joe Gebbia$12.4 BAirbnbTechnology
Forrest Li$12.4 BgamingMedia & Entertainment
Yu Renrong$12.3 BsemiconductorsManufacturing
Liu Yonghao & family$12.1 BagribusinessService
Gordon Moore$12.1 BIntelTechnology
Jeff Yass$12 Btrading, investmentsFinance & Investments
Bobby Murphy$11.9 BSnapchatTechnology
Patrick Drahi$11.8 BtelecomTelecom
Jensen Huang$11.8 BsemiconductorsTechnology
Alexander Otto$11.8 Breal estateReal Estate
Cen Junda$11.6 BpharmaceuticalsHealthcare
Joseph Tsai$11.6 Be-commerceTechnology
Aliko Dangote$11.5 Bcement, sugarManufacturing
Marcel Herrmann Telles$11.5 BbeerFood & Beverage
Mikhail Prokhorov$11.4 BinvestmentsFinance & Investments
Jorge Moll Filho & family$11.3 BhospitalsHealthcare
Viktor Rashnikov$11.2 BsteelManufacturing
Harry Triguboff$11.2 Breal estateReal Estate
Leonid Fedun & family$11.1 BoilEnergy
Eyal Ofer$11.1 Breal estate, shippingDiversified
Evan Spiegel$11.1 BSnapchatTechnology
Luis Carlos Sarmiento$11 BbankingFinance & Investments

Working Hard vs. Hardly Working: An Illustrated Guide

Much has been said regarding the so-called laziness of the poor. Hands have been wrung, glasses have been drained, Davos hotel rooms have been trashed year after year in elite consternation over The Perennially Perplexing Plight of the Poor.

Meanwhile in the American political landscape, the answer is already clear:

THEY’RE NOT WORKING HARD ENOUGH!!!!

But perhaps there’s some confusion over what is meant by the term “hard work” — certainly it’s ambiguous, and no one takes a pause in the middle of a vigorous, breathy debate to define their terms, curiously. So, for the barely literate cretins out there who can barely manage to hold down a job much less participate in the ever-prosperous U.S. economy — a visual guide:

Working hard vs. hardly working: An Illustrated Guide to Hard Work

Working hard

(direct link: https://tpc.quip.com/00POAlXJ6I8Y)