Progressives face headwinds in drive for tax hikes accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
Yves here. The article cites a list by Robert Reich of how people become billionaires. Reich’s categories wind up missing private equity, since Reich assumes the only way people get rich in money management is via inside information. In fact, someone is twice as likely to become a billionaire by managing money as he is by going into tech. Asset management has strong scale economies based on the size of fund. Get a big enough fund and charge high enough fees (and in private equity, they are both rapacious and well disguised) and you get rich.
The cover of the May 20, 2020 issue of
Biden gets prodded from left on tax hikes that now look unlikely mdjonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mdjonline.com Daily Mail and Mail on Sunday newspapers.
Covid cash coming from Congress?
Congressional negotiators are close to a deal on the latest coronavirus spending package, which could include a second round of direct payments, but omit state and local government support and a corporate liability shield.
The emerging legislation would allocate $900 billion and an agreement could be imminent.
With some exceptions, the aid package will resemble the bipartisan proposal introduced by Sens. Mitt Romney (R-Utah) and Joe Manchin (D-W.Va.), in conjunction with other House and Senate moderates.
That bill would distribute hundreds of billions in aid to small businesses and unemployed Americans, along with tens of billions for education, transportation, and other critical needs.
The pandemic of capitalist profiteers
By Editor posted on December 14, 2020
There is a new term to describe the super-rich: “centi-billionaires.” They are individuals whose net worth comes to over $100 billion.
Having added $67.2 billion to his net worth in 2020, Amazon owner Jeff Bezos tops the list of global centi-billionaires: $182.2 billion as of Dec. 13, according to the Forbes website. Next in line, Tesla founder Elon Musk’s net worth of $147 billion represents an increase of over $100 billion to his wealth since 2019.
Both Microsoft founder Bill Gates – net worth of $118.3 billion – and Facebook’s Mark Zuckerberg – net worth of $101.8 billion saw income gains of over $10 billion each in 2020.