department for the new york times. good to have both of you. here in a new place for the atlantic, you are this. the evidence is overwhelming that beyond ups assistance level, people will fight even murder status than they do for money. we see that fight now in the anti-war comments and peacemaking efforts of russia s elites, after just a few days of sanctions pressure. you ve studied the ultrarich for years. our tell us a little bit more about what you see in the reaction of oligarchs? not just in terms of seizing their property, but in the coming price? rice well, the sanctions have taken away most of what makes being an oligarch worthwhile. there really is no point in being and all the guard if you re going to look to your country s wealth you, need to show it off. and yachts are the way oligarchs conspicuously me vest their status payments for being
the effect of bringing down the overall cost of energy but also, you know, raise the cost for competitive markets such as the haitian economy and the other factors energy prices alongside carbon offsets could actually increase the incentive towards moving to a zero carbon energy policy. towards moving to a zero carbon energy policy- energy policy. thank you. good to talk to you. let s head to the us now where president biden has announced his plans to tax the wealthiest americans. called a billionaires tax, it would require american households worth more than 100 million dollars to pay a rate of at least 20% as well as unrealized gains on other assets like stock portfolios. our business correspondent based in new york samira hussain has the details. president biden wants the ultrarich to pay a minimum of 20% in taxes. this includes
it started at the beginning of this administration. it is a reaction to this shut down of the fossil fuel industry that they go after in every conceivable way. what we ought to be doing is pumping more of our own to take care of not only our needs but to help europeans as well. in the midst of this we are talking about our financial here s what chuck schumer had to say about that fight. republicans can t stand the thought about asking the ultrarich to share their fair share. think it s radical for the federal government to dedicate resources for clean energy future. a couple of things. what we heard in headline after headline is that you guys just want to protect ultrarich people. they want to get $2.5 trillion in new taxes. if they had their way, you d be getting a massive amount of new
the wealth of black americans only up $1.5 trillion. and for hispanic families it is up just $600 billion. conversations around inequality usually center on the top 1% or even the ultrarich, 0.1%. but my next guest says it s actually the upper middle class, those in the next 9.9% that are really drivers of equality in this country. joining me now is matthew stewart, the author of a new book. matthew, it is great to jow. this is a book that caught my attention this week. it s been making a lot of headlines, and i wanted to talk to you about it because we re seeing it in realtime play out. according to data from the world inequality database at the end of 2019 in the u.s. the bottom 50% held just 1.5% of all wealth in this country while the top 1% held 39.1%. the 9% after them held even more
welcome back. what does wrigley chewing gum, the hyatt hotels, and a brazilian orange juice baron, and the former vice president of the dominican republic have in common? they all reportedly have substantial wealth hidden away in a tax haven in the united states. not in panama, not in switzerland. south dakota. according to a bombshell report released days ago, south dakota is among a number of u.s. states most popular these days among the ultrarich for stashing billions with little oversight. today south dakota is home to the nation s largest number of trusts. that s how this money is hidden. so much so that according to the washington post, the state s trust system has quadrupled in value in the last decade and now holds $367