Rise of the Toligarchs
Audio Recording by George Hahn
The 0.1% have insulated themselves from the general public with their own schools, health care, transportation, security, and justice system. The members of this rarefied class are unfazed by the chaos unfolding outside their gated properties. They’re indifferent to Roe v. Wade’s demise, immigration roundups, and rising prices at Walmart. If a family member has an unwanted pregnancy or mobs arrive with pitchforks, they’ll always have access to mifepristone and residency in Dubai, London, or Milan. They’re invested in hedge funds and fine art, not in the future of America. With the means to hire shrewd defense attorneys and aggressive PR firms that weaponize social media bots, the superrich are protected by the law, but not bound by it. The lower 99% are bound by the law, but not protected by it.
Living in their bubble, the extremely rich express shock and horror, but opt not to rock the $300 million boat. Along with prominent Republicans, Democrats, and corporate CEOs, they’re brothers in the disarmament … of our democracy. They’re forging an unholy alliance, tolerating the descent into kleptocracy and the slow burn toward fascism. If the heat pierces the shields they’ve erected, these Transnational Oligarchs, or Toligarchs, as I’ve labeled them, can grab their bags, write a check, and purchase a “golden visa” to Greece or Portugal.
Paying Your Debt
With vast wealth comes enormous influence. Money is a proxy for power. The top 0.1% have more than five times as much wealth as the bottom 50%. Just 100 billionaire families invested a record $2.6 billion in federal elections last year, 1 of every 6 dollars spent overall. These wealthy individuals could galvanize politicians and push back against policies that undermine American values, but they’re largely quiet. When you fail to speak out against threats to democracy, equality, and the rule of law, you turn your back on the people and country that elevated you to the iron throne of prosperity. Even the Lannisters always paid their debts.
Doom Loop
There’s a clear pattern: As wealth concentrates, political spending capacity increases, which secures policy outcomes that further concentrate wealth, creating a self-reinforcing cycle that undermines democratic equality. The most dramatic acceleration of this trend occurred after Citizens United, the 2010 Supreme Court ruling that opened the doors to unlimited spending on American elections.
Consider the following stats:
- In 1963, the wealthiest American families (the top 1%) had 36 times the wealth of families in the middle. By 2022, that had grown to 71 times.
- Billionaire political spending is up 160-fold since Citizens United.
- And the wealthiest 400 U.S. families paid an average federal individual income tax rate of just 8.2% between 2010 and 2018, a 2021 White House study found.
In sum, as wealth inequality gets worse … it gets (even) worse.
Class Traitors
In his first 100 days as president in 1933, Franklin D. Roosevelt moved swiftly to lift the country out of the Great Depression, building the foundation for his New Deal. As historians have observed, he had another objective: to prove democracy works. But the president’s programs sparked criticism from rich Americans, who regarded him as a traitor to his class. A powerful group, including the DuPonts, the founders of General Motors, and assorted oil millionaires, launched the American Liberty League to fight back.
Today we again need some bold class traitors to address America’s worsening inequalities. Over the past two decades, the top 0.1% of American households have seen their share of the country’s wealth rise from about 10% to 14%, according to Federal Reserve data. During the same period, the bottom 50% of Americans have watched their stake go from about 2.5% to …. 2.5%. More than $22 trillion (and counting) is in the hands of the 0.1%, while just $4 trillion is spread out across the bottom half of the country.
Exit Strategy
New data last month showed that $1 trillion of wealth — more than the value of Switzerland’s economy — was created for the 19 richest American households in 2024. It would take 726,000 years for 10 typical American workers to earn the $365 billion the country’s 10 richest billionaires made in the past 12 months.
The rapidly-expanding class of Toligarchs remains silent. Not because they’re content with the disorder, disruption, and erosion of American values, but because they continue to get richer. They lack the courage to make any noise, and their rights are largely portable. And the gap would only widen with Trump’s “big, beautiful” tax bill, which would take from the poor and give to the rich. The top 0.1% on average would reportedly gain more than $389,000 in after-tax income in 2026.
Just a few decades ago, when the rich felt more invested in America, such stats would have triggered a greater outcry. However, things have changed. Rather than using its platform to strengthen America, the country’s aristocracy is focusing more on its exit strategy if shit gets real. When the wealthiest 0.1% talk about diversification today, there’s a good chance they’re thinking about passports, not private equity.
Second Passports
One part of the escape plan are those golden visas, which allow foreigners to live and work in another country by making a large investment — starting at around $280,000 and stretching into the millions — and often offer a path to a second passport. Among the most attractive destinations are Greece, Italy, Malta, Panama, Portugal, and Thailand. One investment migration adviser (no doubt a growing business) said in January that it had registered a 1,000% increase in interest in second residencies and citizenships over the past five years. Bloomberg has chronicled how rich Americans are “flex-working” on the French Riviera, preparing to “swoop in” if New Zealand relaxes its ban on foreigners buying homes, and “flocking to Spain,” despite the end of its golden visa.
The Hamptons of England
In Britain, meanwhile, record numbers of Americans applied for citizenship in 2024, especially in the months leading up to the start of President Trump’s term. The surge in interest in getting another passport was attributed to the president’s reelection bid and victory in November, as well as tax changes in the U.K. that have pushed rich Americans to obtain British passports before they leave the country.
The number of Americans buying prime London real estate in Knightsbridge, Mayfair, and other expensive neighborhoods surpassed Chinese purchasers for the first time last year. A story in the Guardian earlier this month quoted a chef and business owner in the Cotswolds saying the region was becoming the “Hamptons of England.”
Gold Card
Globally, a record 135,000 millionaires are projected to migrate to a new country this year. In the U.K., where I’ve been living for a few years, not a day goes by without a story about millionaires fleeing the country in search of lower-tax jurisdictions or greater economic stability. A record number of British citizens have applied for Irish passports, five years post-Brexit, as they strive to gain “backdoor” access to the European Union.
At the same time, the U.S. is hoping to attract Toligarchs moving in the opposite direction. While America carries out a wave of arrests and visa revocations of students, it’s moving forward with a new “gold card” visa program that could lead to permanent residency for wealthy individuals who are willing to pay a fee of about $5 million. Anybody who is willing (i.e., needs to) pay $5 million for a visa to a Western country is not moving but fleeing.
Investing in America
American prosperity and rights blessed me with the opportunity to move to the U.K. These included access to family planning that staved off poverty for my single mom; the free and accessible education I got at UCLA/Berkeley, thanks to affirmative action programs (i.e., Pell Grants); and the country’s culture of entrepreneurship. The U.S. also offered the rule of law and consistency, which created the deepest pools of capital in the world (I’ve raised close to $1b for my startups and projects), an unrivaled talent pool of citizens and the best and brightest from abroad (immigrants), numerous European and Asian clients who enjoyed working with “the good guys” (Americans), and sane fiscal management that enabled massive investments in the technologies that have made me and hundreds of my colleagues wealthy. Those factors opened many doors for my family, including this one allowing me to cross the Atlantic for a spell.
This is not a time to plan an exit, or stay abroad, but to return home.
When I head back next year, I’ll use my voice and proximity to money and power to push for change to Make America America Again. And BTW, for those suffering from TDS (Trump devotion syndrome), hope is on the way. EBA (evidence-based analysis) or BPR (basic pattern recognition) should eventually pry people away from the criminality and stupidity of this administration.
For now, the Toligarchs are aligned with Fortune 500 CEOs, who privately believe the country is on a dangerous course but publicly cower. Just as the first corporate titans to stand up for what’s right will reap reputational and commercial rewards, Toligarch class traitors will earn a place in the history books as American patriots. At a minimum, if your blessings have not translated into the courage and obligation to use your power and platform to publicly voice concern, then do us all a favor and privately shut the fuck up.
Life is so rich,
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“the free and accessible education I got at UCLA/Berkeley, thanks to affirmative action programs”
Trying to wrap my head around what marginalized group the good professor represented: maybe “the balding white dudes with dorky glasses” cohort?
You repeatedly comment on income inequality – a concern I deeply share – and yet Daniel Waldenstrom in Foreign Affairs (May 19) argues eloquently the opposite, that the developed economies are more equal than ever. What do you think is going on here; is it just that the difference is more obvious?
“Campaign finance reform isn’t the biggest problem facing the country – but it’s the first.” Lawrence Lessig
My take is the growth of wealth inequality is primarily a function of math rather than morality. Wealth compounds. If the compounding is a function of monopolistic behavior, that’s a different story. If the compounding is a function of government capture, again a different story.
However, a simple focus on wealth inequality is not persuasive.
Prof. Galloway I have read and listened to most of not all of you podcasts and books and whenever you are a guest on a show or a contributor on other media. As a recently retired COO of a digital media agency and strategist with extensive experience in change management. I understand the power of organizational change the impact and cowardice that many in the c-suite possess. It is unfortunate that some of them cannot ban together to form a coalition to save us from this to limit my insanity.
Any right minded business person would assess this situation and fire this employee.
The clarity, directness and data driven commentary you speak connects with all levels of an organization even a new hire an entry level employee would understand. The skill you possess beckons your involvement by not just being an analyst or commentator but a driver of the attack strategy. Between you, Kara Swisher and Marc Cuban you thee can change our future path by shaping a strategy and comms plan that will resonate with many to win back America. Even your assisting in finding the candidate that will embody that voice and guiding them (if not you ) and bring us back to a better place. Gov Pritzker would be a good start. Many thanks for reading as I ponder my D7 Visa options.
Patrick
Thank you, Patrick. Scott lays out what is happening among the Rich vs the rest of us. It is frightening actually to realize it isn’t only money but the loss of integrity and compassion that folds into this analysis. Putting our heads in the sand is an option, for the rich – but the rest of us have got to fight, write, say something!
OMG! Thank you. It all makes sense now.
I am excited and intrigued regarding the plans you have for returning to the states. My only question is, if America is going to hell in a hand basket, why the wait until next year to return? Definitely appreciate your voice now (podcasts, articles, etc) – need to continue to widen the spread of the word and educating Americans on what is happening to them.
Please stop quoting effective tax rates (8.2%) that aren’t based on current tax law. That rate includes unrealized capital gains. If you want to lobby for that as policy, come clean and say that is what you advocate. But I suspect you don’t want to do that because you know it doesn’t work.
Doing this undermines the rest of your arguments.
Scott for president and Scaramucci as VP to pull in discontent Republicans.
Hi Scott! I am a Portuguese (Guimaraes, BTW) young (46!) father of 2. I’ve studied Economics and lived all my life on the assumption that world liberal democratic order granted by “American” principles and mighty power was a rock-solid feature of post-war civilization. That checks and balances of the American political system, and American people them selves, would prevent forever any disruption from this amazing progress machine. Almost 90% of my personal savings are invested directly or indirectly in the USA. Since the start of this year, following all this mess we’ve been witnessing, I’ve been feeling depressed and lost, because the world I’ve grown up in is falling apart really quickly. I’ve been more depressed even with all the lethargy of Americans (i.e. democratic institutions) regarding all this damage to their democracy, their country, their future generations and the whole world.
“This is not time to plan an exit or stay abroad, but to return home. When I get back next year, I’ll use my voice and proximity to money and power to push for change to Make America America Again”!
Thks a lot, Scott! You’ve gave me hope again.
Dear Scott: As usual your weekly research and comments are enlightening. I have two items I would like to point out for future consideration. First, you talk about the richest .01% Then you mention the top 1% then go on the compare to the top 10%. For clarity I would pick one and stick to it. Your column, your choice. I will not stop reading if you ignore this suggestion.
Second, I know you have to eat but having a second home advertiser, is playing into the hands of the 1% crowd who are the buyers of second homes. We have a homeless epidemic that is widespread in the United States and the 1% driving up prices by eliminating supply is criminal.
Respectfully
Mike Zappas
Scott is part of the .1% and has terminal TDS
And Harv apparently is a sock puppet for Trump. Gee Harv, tell us how Trump is going to end the war in Ukraine on day one. Tell us how he’s going improve the economy while adding trillions to the national debt. Tell us how Trump is going to lower prices on day one, while threatening all our trading partners with punitive tariffs that they, not we, will pay. Tell us how his Secretary of Defense has made us safer while he accidentally distributes war plans to journalists. Trump is an unmitigated disaster who only has power because he managed to convince a minority of Americans that ALL THEIR PROBLEMS are because of minorities.
Ditto Tom.
And while you are at it let us know how Trump grifting grotesque personal crypto roaches while regulating the asset helps me have trust in the system. Or taking the plane helps me trust he didn’t trade something for it? Or firing ALL the inspector Generals doesn’t take away a checks and balances.
List goes on and on. Only good thing about Trump’s greed is he is moving so fast (vs. cunningly slow) that he is shocking the system and activating the populace immune system
All about the midterms…..
Scott,
As far as prying people away, I hope you are right. I really don’t understand why those in power, ie Congress, are so afraid of him and even less so the wealthiest among us. What’s to fear? He is a fragile man broken beyond the repair of whatever inhuman cruelties and fawning prostrations feed his blackened soul. The rest of us are virtuous saints by comparison.
Scott, I love what you wrote and I’m sure your not micro managing your advertisers but ironically the sponsor of your article today is a billion dollar start up encouraging the wealthiest Americans to invest in home ownership abroad…”Pacaso’s innovative model makes luxury vacation homes more accessible by enabling co-ownership in the world’s most sought-after destinations. In just a few years, Pacaso has facilitated over $1B in real estate transactions and helped 2,000+ owners purchase second homes in 40+ top markets. And now they are expanding overseas, including new properties in London, Paris and beyond….” I guess even the great SG can’t escape it, were surrounded!!! Carry On.
Scott –You’re right to be concerned about the deficit, but cutting spending isn’t the only—or even the main—solution. The U.S. spends 36% of GDP on all government levels, while the OECD average is 46%. The real issue isn’t overspending, it’s undertaxing.
Consider this: if Congress passed just two tax reforms—
– A 25% Alternative Minimum Tax on all personal income over $1 million, and
– A 10% AMT on corporations with over $1 billion in annual revenue—
we’d reduce the deficit by $1.28 trillion annually each and every year moving forward. No reduction in investment not reduction in GDP growth.
Even after these changes, Americans would still pay less in taxes relative to GDP than the OECD median. This assumes we also double the IRS budget and are as aggressive in enforcing adherence to the law as we are ticketing black men driving a car with a broken rear light.
Sur, government waste exists and much can be done there. But the deficit is primarily about the rich and powerful avoiding taxes, not about excessive spending.
Inciting class warfare?
What is the relationship between income inequality and poverty?
If we were to double everyone’s income tomorrow, millions of Americans would be lifted out of poverty, but inequality would actually increase.
“Poverty can decline even as inequality rises, as long as the total amount of wealth in the world is growing. To ignore this is to fall prey to the “fixed pie fallacy.”
Throughout most of human history, global wealth hardly changed. But thanks to trade and industrialization, wealth has skyrocketed since the 1900s and continues to climb. At the same time, technological advances have also increased human wellbeing in ways not captured by looking at GDP alone.
Because the pie is growing, focusing solely on inequality makes little sense- but it does incite class warfare.
I appreciate where you are coming from. Regardless, you are actually promoting class warfare.
1. You said… “And the wealthiest 400 U.S. families paid an average federal individual income tax rate of just 8.2% between 2010 and 2018, a 2021 White House study found.” While this might be true, it is misleading. We have an income tax, not a wealth tax.
2.Historically, capitalism has lifted the living standards of the poor more than any other socioeconomic system- and it’s not even close. Such wealth increases the disparity of income- a frequent result of private enterprises satisfying customers while scaling the globe. This is a positive outcome when it occurs from a relatively free market; not when it’s the result of crony capitalism which frequently occurs through over-regulation due to corporate lobbying- the latter you have accurately addressed.
Really looking forward to you comments on the cover up of Joe Biden’s health. I assume that is an example of democracy in action???
A child of Great Depression era Democrats, checking in.
My mother’s family were tomato farmers and when the market plunged they flirted with starvation. My paternal grandfather was an immigrant living in “The Bottoms” with his family, and my father tried to support the family. My Boomer generation had the same privileges you had, courtesy of Roosevelt’s Deal. As the 80s arrived and I was making money, I voted for Reagan once with all of the pomposity of someone who had never missed a meal, and bought into Republican fiscal conservatism without having a definition since politicians just blather and don’t elaborate.
My parents were very clear in their reaction; “we would have starved but for Franklin Roosevelt. Republicans descend from robber barons who don’t care how educated you are or anything else about you. Watch your wallet.” I respected that and watched Reagan try to eviscerate the CA. school system’s excellent support for higher education.
And I’ll close with the little ditty a wealthy employee of my mother’s would chant as a means of taunting the Roosevelt’s by imagining their conspiracy: “You kiss the ni___, and I’ll kiss the J___, and we’ll stay in the White House as long as we choose”. Keep speaking out, Scott. I went “low” here, but lived experience is also valuable.
I am with you… sometimes you have to go low because it feels good. Plus your not the President of the US going low. My family story is not much different and I look back at my blind support for the Republicans, starting with Reagan with Shame. It took me until Bush crashed the economy to see what Robber Barrons they truly are.
I knew I wasn’t alone in my fabrication and I appreciate your validation. n
Curious if you have an outlined plan that is in progress to attempt to solve this? Wil it entail house reps and senators and personnel from corporate America? We welcome you back sooner than later. Until then the Blitz from the right continues unfortunately with short term court blockages that seem to be overturned or ignored.
I feel like limiting wealth could be a very politically popular idea. There are probably less than 1,000 people in the US with a net worth above $800M. The government should set a deadline to confiscate everything above that amount from the .01% and freeze the assets of anyone who appears to have moved substantial assets out of the country in order to avoid this. Let the ultra wealthy decide if they want to live on $800M or spend the rest of their time running from the government. It would put more money into circulation, increase domestic investment and have absolutely zero effect on the quality of life of the most wealthy Americans.
Justifying theft is a slippery slope that never ends well. Money flows where it’s treated best.
Hi Scott. Big fan, really like 90% of your stuff. Where we sometimes disagree seems to stem from “studies and facts” you link, such as the widely disputed 2021 White House Study on tax rates the wealthy pay. While I agree the disparity between wealthy and poor is a major issue for our country, Biden’s tax study seemed to flout any semblance of tax law in favor of headline grabbing “the richest only pay an effective 8.2% tax rate”. The erroneous way they came up with that number was to include unrealized gains on equity and real estate holdings. The study was completed while the WH was proposing an annual tax on unrealized gains, and now I see it frequently quoted as “fact”. Besides the obvious question of how the IRS would assign a value on an annual basis to illiquid assets such as real estate or private equity, the more important reason taxing unrealized gains is such a bad idea is it would discourage investment in the US, something I know you are not a proponent of. Again, big fan of you and your work.
The bottom 50% of the population he’s talking about would love to have the privilege of not paying tax on their “unrealized gains”. Your dispute of whether it is 8.2%, or somewhat higher mutes the point – the wealthy can afford to dodge paying a “fair share” while those that don’t have access to accountants and lawyers pay what they are told, lest they get fined or worse.
And in most states, they assess property for tax on a schedule, so that value is updated with some regularity. You own a $1m piece of land that goes to $4m? Cool – you have a tax bill on the $3m. Don’t like it? Borrow to pay the taxes, just like the working poor do via credit card debt, etc.
As I’ve acquired wealth in my life, I’ve climbed several ladders of the income and asset rungs and seen how I went from relative poverty while young and how that worked, to now employing the tactics to avoid paying high taxes. I’ve come to appreciate that “the system” is not fair. As the late, great George Carlin said a long time ago:
“The game is rigged and nobody seems to notice. Nobody seems to care. Good, honest, hard-working people: white collar, blue collar, it doesn’t matter what color shirt you have on.”
Good point, politely put.
I am flummoxed by trying to think up a solution to the fact that, for the past couple of decades, money made by money has been taxed at a lower rate than money made by work.
Had we fixed this quite awhile ago, simply leveling the playing field between unearned and earned income/cap gains could have prevented much of the wealth disparity.
But by now, the wealth gap is so huge that merely taxing unearned income and realized cap gains is unlikely to make the tax system fair.
But I have a hard time seeing my way to taxing wealth and/or unrealized gains, especially the latter.
And where’s the pokitical will for this, when people keep voting against their own interests and wealth means power?
Enough doom & gloom
It’s called CAPITALISM, not “laborism”.
Risking capital vs a guaranteed wage. Choice is yours. Liberty!
Well put ROCK!!! Totally agree!
And then watch as the wealthy proceed to flee the country to escape the taxes, a la the founder of IKEA and others from Europe. Also, there’s a box on your tax form where you can donate extra funds to the government. Wealthy people like you and Scott can be better served filling that out instead of virtue signaling.
Such misguided policy of punishing/ over-taxing and over-regulating the productive class (those that successfully please their customers) will only make us more like Europe- poorer.
Capitalism- Money goes to where it’s treated best driving productivity and reducing waste while raising aggregate standards of living.
Spot on. We aren’t any better when we spread misleading data. Incites class warfare.
“Fleeing not moving.” Spot on. Ouch
Scott, I learned of you from listening to Pivot. I enjoy yours and Kara’s banter as well as the topics covered and your perspective is usually an enlightening one. I’m pleased to read in your blog post that you will be returning to the US. You are needed, wanted and can make a difference where it is needed. Thank you for standing up and speaking out.
I’ve appreciated your insights on a number of issues, most recently about the plight of boys. Moving forward, I think all of us concerned about the direction of this country need to focus on practical solutions to correct course. What should be the platform for those looking to reclaim power from the toligarchs?
Even if the Dems reclaim trifecta power in 2028, if it’s only to return to the Obama/Biden status quo, they will not build an enduring majority. As Dunkelman, Klein, et al have pointed out, government doesn’t work for two reasons: The GOP doesn’t want it to, and the Dems prevent it by creating unworkable programs and policies.
That’s why Trump won. Voters were so fed up with gov’t not working for them that they wanted someone to blow it up. Yes, he has a base of nativists, racists and libertarians. But at best that gets him to 40%. That leaves 10% of his voters who Dems might persuade–if they are willing to stick their necks out to articulate a government reform strategy that convinces voters real change–to their benefit–is coming. Even half that would get us a working majority.
Some politicians are beginning to grasp that, but virtually none have offered a practical program of radical change.
How can we make things work?
I hope you’ll have those big thinkers on your podcasts.
In 1644 we considered the separation of Church and State. Maybe it is time that we consider the separation of Politicians and State.
“EBA (evidence-based analysis) or BPR (basic pattern recognition) should eventually pry people away from the criminality and stupidity of this administration.”
OH PLEASE HIGHER POWER BE TRUE! I’M 81 AND CAN’T TAKE ANYMORE.
I think most of this is fair, but I’d note that a major source of tax relief for the wealthy is the raising of the SALT cap—a policy championed almost exclusively by representatives from California and New York, whose residents are predominantly Democrats.
Your comment, “The superrich are protected by the law but not bound by it. The lower 99% are bound by the law but not protected by it” is so prescient. Don’t hurry home. We need a voice of reason here almost as urgently as your fellow Americans do.
We need you to run for President. I’ll volunteer for your campaign.
Agreed. Was thinking the same as I read this essay.
I second the motion.
I have two friends who left the US this year to take up residence in Ireland. CBS Sunday Morning did a segment a month or two ago about Malta being the best place for American ex-pats to relocate. When my financial advisor asked me what I thought I the current situation and I brought up fleeing the country, he quickly mentioned that their firm had a relationship with experts in international relocation at BDO. I would truly hate to leave family and friends behind. So I’ll wait for our “Crystalnacht.” I don’t know what that will be but I think we’re fast approaching it.
Test
Sigh, oh Scott. Per se usual you cherry pick your “statistics”. It’s a constant theme of yours. Nice to start the wealth gap chart in 2010 at the stock market low. ‘LOOK’ at the incredible increase since then ! And btw I moved to Spain THREE years ago to get away from the woke like you and the great Biden is “sharp as a tack” scam. And I love your 2025 estimate for movers —based on what? yeah right. The fact is people who can live abroad because of remote work have taken advantage–and that started long before Trump—heh even you moved to England when Biden was President!
Put away the edibles and your woke cloak and go back to writing coherent articles. There may be a strong argument in there, but it’s hard to find in your toilet of hate
100% correct!
Don’t be a jerk. He’s willing to stand up for a country that he loves. You clearly don’t love the USA since you moved away…as Scott so clearly explained!
He didn’t explain anything. Do you understand that if you give up your US citizenship you have to treat all your assets as if you sold them at fmv and then pay the appropriate tax before leaving? No .01% would do that as their assets are tied up in heavily appreciated assets. The alternative, a second passport, does not relieve from US tax and if you spend over 180 days in your “new” country you are also subject to their tax. Wow, what a great tax avoidance scheme. AND, he kind of neglected to mention the rich are fleeing England like there is a plague because of taxes, not flocking to England as he suggests. Finally, yeah move to a foreign country like Spain or Norway where your tax hits 45% at an income of 30k plus the 21% VAT. Taxes for the bottom 50% in the US are a fraction of those in Europe and England, while the taxes on their top 1% are not that different from the US, and 0 inheritance tax in many. Don’t go worshipping Scott until you realize the level of lies and misdirection he uses to make his “points”.
can you say more about this:
And BTW, for those suffering from TDS (Trump devotion syndrome), hope is on the way. EBA (evidence-based analysis) or BPR (basic pattern recognition) should eventually pry people away from the criminality and stupidity of this administration.
Great “piece”, don’t know if those who need to read it will hear it over the constant barrage of bs coming out of this regime. If they ever do, watch out! Pitchforks and torches.
You’re a toligarch too
So let me see if i get this correctly: the ultra rich are gaming the political system in their favor (taxes, regulations etc) only to be ready to exfil the tax and regulatory paradise they created?
Not saying we in the US aren’t struggling currently – but it seems like a middle road between MAGA kleptocracy and Progressive “seize the means of production” thru taxation and byzantine regulation (where by they wholly benefit with out the messy part of actually running a business or creating anything) should be what we are aspiring too.
Spot on!
I wonder when the uber wealthy will realize that they can’t buy their way out of the microplastics circulating in their blood and there are no water filters for the cocaine, sucralose and hydrocarbons in their drinking water, found in essentially every tap, creek, and marine environment in North America.
Veronica, look into reverse osmosis water filters. We have a Water Drop three-stage system and it does clear cocaine, sucralose and hydrocarbons as well as microplastics and all other contaminants. Just google “Will RO water filters clear cocaine, sucralose and hydrocarbons.”
Thank you, thank you, thank you. You and Stephanie Ruhle should talk about it. Kara, of course. This needs to be better understood by our citizens: “Over the past two decades, the top 0.1% of American households have seen their share of the country’s wealth rise from about 10% to 14%, according to Federal Reserve data. During the same period, the bottom 50% of Americans have watched their stake go from about 2.5% to …. 2.5%. More than $22 trillion (and counting) is in the hands of the 0.1%, while just $4 trillion is spread out across the bottom half of the country.” – Scott G.
Appreciate that you are returning to the US to be even more purposeful.