wealth inequality
Report details fast-growing CEO tax loophole giving multi-millionaires huge retirement advantages
A new report shows that a group that least needs to shelter its retirement savings — multi-million-dollar CEOs — enjoys far more generous tax benefits than the average working stiff. And that assumes the working stiff even makes enough to set some money aside in a 401(k). The report, published Thursday by the Institute for […]
Ohio among worst states for enabling billionaires and making inequality worse, think tank reports
By loosening trust laws for more than 20 years, Ohio has established itself as an “emerging enabler” of billionaires and wealth inequality, a new report from Washington think tank The Institute for Policy Studies says. The report ranks Ohio as tied for 7th worst in the nation for enabling billionaires and exacerbating inequality. “Billionaire wealth […]
Economic inequality keeps getting worse, along with America’s toxic, corrupt politics
The most reliable economic fact for nearly 50 years is that American wealth and income inequality continues to explode. Alongside that we’ve seen rampant corruption and the toxic debasement of our politics. Meanwhile, hard-working Ohio and American families continue to suffer enormous hardship from poverty wages; childhood and family hunger; limited access to basic personal […]
Ohio politicians push regressive tax system while shedding crocodile tears over inflation
Inflation hurts the people who make the least money the most, as do supply-side, regressive tax systems. So the wailing over inflation by wealthy politicians refusing to help hungry families and burdening them with regressive taxes while giving hand-outs to the rich, rings pretty hollow. Inflation squeezes working and middle class families because money doesn’t […]
How the Trump tax law created a loophole that lets top executives net millions
By Robert Faturechi and Justin Elliott, Pro Publica This story was originally published by ProPublica. In the months after President Donald Trump signed the Tax Cuts and Jobs Act in December 2017, some tax professionals grew giddy as they discovered opportunities for their clients inside a law that already slashed rates for corporations and wealthy […]
Let’s celebrate working people by unrigging the economy
This Labor Day will be different. If they happen at all, most parades and cookouts will be smaller and socially distanced. One way we’ll celebrate, though, is by reflecting on the incredible acts of selflessness and generosity performed by Ohio’s working people during this pandemic — from the ICU nurse in Cleveland tending to a […]
The world on a billionaire’s budget
The world’s wealthiest are prospering. As of February 2017, there were about 2,000 billionaires in the world. This micro-elite controls over US$7.6 trillion, an increase of 18% from 2016. A billionaire’s spending power is difficult to grasp, both because most people do not correctly intuit large numbers, and because a billion dollars far outstrips most […]
Money buys even more happiness than it used to
Many factors determine happiness, but one has stirred considerable controversy over the years: money. While the old adage says that money can’t buy happiness, several studies have determined that the more your income increases, the happier you are, up until US$75,000 a year. After hitting that threshold, more income doesn’t make a difference. But in […]