Author: Morris Pearl
Publisher: The New Press
ISBN: 1620976641
Category : Political Science
Languages : en
Pages : 273
Book Description
A powerfully persuasive and thoroughly entertaining guide to the most effective way to un-rig the economy and fix inequality, from America's wealthiest “class traitors” The vast majority of Americans—71 percent—believe the economy is rigged in favor of the rich. Guess what? They’re right. How do you rig an economy? You start with the tax code. In Tax the Rich! former BlackRock executive Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization’s founder, take readers on an engaging and enlightening insider’s tour of the nation’s tax code, explaining exactly how “the rich”—and the politicians they control—manipulate the U.S. tax code to ensure the rich get richer, and everyone else is left holding the bag. Blunt and irreverent, Tax the Rich! unapologetically dismantles the “intellectual” justifications for a tax code that virtually guarantees destabilizing levels of inequality and consequent social unrest. Infographics, charts, cartoons, and lively characters including “the Werkhardts” and “the Slumps” make a complicated subject accessible (and, yes, sometimes even funny) and illuminate the practical reforms that can put America on the road to stability and shared prosperity before it’s too late. Never have the arguments in this book been more timely—or more important.
Tax the Rich!
Author: Morris Pearl
Publisher: The New Press
ISBN: 1620976641
Category : Political Science
Languages : en
Pages : 273
Book Description
A powerfully persuasive and thoroughly entertaining guide to the most effective way to un-rig the economy and fix inequality, from America's wealthiest “class traitors” The vast majority of Americans—71 percent—believe the economy is rigged in favor of the rich. Guess what? They’re right. How do you rig an economy? You start with the tax code. In Tax the Rich! former BlackRock executive Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization’s founder, take readers on an engaging and enlightening insider’s tour of the nation’s tax code, explaining exactly how “the rich”—and the politicians they control—manipulate the U.S. tax code to ensure the rich get richer, and everyone else is left holding the bag. Blunt and irreverent, Tax the Rich! unapologetically dismantles the “intellectual” justifications for a tax code that virtually guarantees destabilizing levels of inequality and consequent social unrest. Infographics, charts, cartoons, and lively characters including “the Werkhardts” and “the Slumps” make a complicated subject accessible (and, yes, sometimes even funny) and illuminate the practical reforms that can put America on the road to stability and shared prosperity before it’s too late. Never have the arguments in this book been more timely—or more important.
Publisher: The New Press
ISBN: 1620976641
Category : Political Science
Languages : en
Pages : 273
Book Description
A powerfully persuasive and thoroughly entertaining guide to the most effective way to un-rig the economy and fix inequality, from America's wealthiest “class traitors” The vast majority of Americans—71 percent—believe the economy is rigged in favor of the rich. Guess what? They’re right. How do you rig an economy? You start with the tax code. In Tax the Rich! former BlackRock executive Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization’s founder, take readers on an engaging and enlightening insider’s tour of the nation’s tax code, explaining exactly how “the rich”—and the politicians they control—manipulate the U.S. tax code to ensure the rich get richer, and everyone else is left holding the bag. Blunt and irreverent, Tax the Rich! unapologetically dismantles the “intellectual” justifications for a tax code that virtually guarantees destabilizing levels of inequality and consequent social unrest. Infographics, charts, cartoons, and lively characters including “the Werkhardts” and “the Slumps” make a complicated subject accessible (and, yes, sometimes even funny) and illuminate the practical reforms that can put America on the road to stability and shared prosperity before it’s too late. Never have the arguments in this book been more timely—or more important.
The Good Rich and What They Cost Us
Author: Robert F. Dalzell
Publisher: Yale University Press
ISBN: 0300188889
Category : Social Science
Languages : en
Pages : 275
Book Description
This timely book holds up for scrutiny a great paradox at the core of the American Dream: a passionate belief in the principle of democracy combined with an equally passionate celebration of the creation of wealth. Americans treasure an open, equal society, yet we also admire those fortunate few who amass riches on a scale that undermines social equality. In today's era of "vulture capitalist" hedge fund managers, internet fortunes, and a growing concern over inequality in American life, should we cling to both parts of the paradox? Can we?/div To understand the problems that vast individual fortunes pose for democratic values, Robert Dalzell turns to American history. He presents an intriguing cast of wealthy individuals from colonial times to the present, including George Washington, one of the richest Americans of his day, the "robber baron" John D. Rockefeller, and Oprah Winfrey, for whom extreme wealth is inextricably tied to social concerns. Dalzell uncovers the sources of contradictory attitudes toward the rich, how the very rich have sought to be perceived as "good rich," and the facts behind the widespread notion that wealth and generosity go hand in hand. In a thoughtful and balanced conclusion, the author explores the cost of our longstanding attitudes toward the rich./divDIV DIV DIVAmong the case studies in America's Good Rich:/divDIVPuritan merchant Robert Keayne/divDIVGeorge Washington/divDIVManufacturers Amos & Abbot Lawrence/divDIVOil magnate John D. Rockefeller/divDIVBill Gates/divDIVWarren Buffet/divDIVSteve Jobs/divDIVOprah Winfrey/div
Publisher: Yale University Press
ISBN: 0300188889
Category : Social Science
Languages : en
Pages : 275
Book Description
This timely book holds up for scrutiny a great paradox at the core of the American Dream: a passionate belief in the principle of democracy combined with an equally passionate celebration of the creation of wealth. Americans treasure an open, equal society, yet we also admire those fortunate few who amass riches on a scale that undermines social equality. In today's era of "vulture capitalist" hedge fund managers, internet fortunes, and a growing concern over inequality in American life, should we cling to both parts of the paradox? Can we?/div To understand the problems that vast individual fortunes pose for democratic values, Robert Dalzell turns to American history. He presents an intriguing cast of wealthy individuals from colonial times to the present, including George Washington, one of the richest Americans of his day, the "robber baron" John D. Rockefeller, and Oprah Winfrey, for whom extreme wealth is inextricably tied to social concerns. Dalzell uncovers the sources of contradictory attitudes toward the rich, how the very rich have sought to be perceived as "good rich," and the facts behind the widespread notion that wealth and generosity go hand in hand. In a thoughtful and balanced conclusion, the author explores the cost of our longstanding attitudes toward the rich./divDIV DIV DIVAmong the case studies in America's Good Rich:/divDIVPuritan merchant Robert Keayne/divDIVGeorge Washington/divDIVManufacturers Amos & Abbot Lawrence/divDIVOil magnate John D. Rockefeller/divDIVBill Gates/divDIVWarren Buffet/divDIVSteve Jobs/divDIVOprah Winfrey/div
The Rich
Author: William Davis
Publisher:
ISBN: 9780099475705
Category : Millionaires
Languages : en
Pages : 0
Book Description
Publisher:
ISBN: 9780099475705
Category : Millionaires
Languages : en
Pages : 0
Book Description
Taxing the Rich
Author: Kenneth Scheve
Publisher: Princeton University Press
ISBN: 0691178291
Category : Political Science
Languages : en
Pages : 282
Book Description
A groundbreaking history of why governments do—and don't—tax the rich In today's social climate of acknowledged and growing inequality, why are there not greater efforts to tax the rich? In this wide-ranging and provocative book, Kenneth Scheve and David Stasavage ask when and why countries tax their wealthiest citizens—and their answers may surprise you. Taxing the Rich draws on unparalleled evidence from twenty countries over the last two centuries to provide the broadest and most in-depth history of progressive taxation available. Scheve and Stasavage explore the intellectual and political debates surrounding the taxation of the wealthy while also providing the most detailed examination to date of when taxes have been levied against the rich and when they haven't. Fairness in debates about taxing the rich has depended on different views of what it means to treat people as equals and whether taxing the rich advances or undermines this norm. Scheve and Stasavage argue that governments don't tax the rich just because inequality is high or rising—they do it when people believe that such taxes compensate for the state unfairly privileging the wealthy. Progressive taxation saw its heyday in the twentieth century, when compensatory arguments for taxing the rich focused on unequal sacrifice in mass warfare. Today, as technology gives rise to wars of more limited mobilization, such arguments are no longer persuasive. Taxing the Rich shows how the future of tax reform will depend on whether political and economic conditions allow for new compensatory arguments to be made.
Publisher: Princeton University Press
ISBN: 0691178291
Category : Political Science
Languages : en
Pages : 282
Book Description
A groundbreaking history of why governments do—and don't—tax the rich In today's social climate of acknowledged and growing inequality, why are there not greater efforts to tax the rich? In this wide-ranging and provocative book, Kenneth Scheve and David Stasavage ask when and why countries tax their wealthiest citizens—and their answers may surprise you. Taxing the Rich draws on unparalleled evidence from twenty countries over the last two centuries to provide the broadest and most in-depth history of progressive taxation available. Scheve and Stasavage explore the intellectual and political debates surrounding the taxation of the wealthy while also providing the most detailed examination to date of when taxes have been levied against the rich and when they haven't. Fairness in debates about taxing the rich has depended on different views of what it means to treat people as equals and whether taxing the rich advances or undermines this norm. Scheve and Stasavage argue that governments don't tax the rich just because inequality is high or rising—they do it when people believe that such taxes compensate for the state unfairly privileging the wealthy. Progressive taxation saw its heyday in the twentieth century, when compensatory arguments for taxing the rich focused on unequal sacrifice in mass warfare. Today, as technology gives rise to wars of more limited mobilization, such arguments are no longer persuasive. Taxing the Rich shows how the future of tax reform will depend on whether political and economic conditions allow for new compensatory arguments to be made.
Eat the Rich
Author: P. J. O'Rourke
Publisher: Open Road + Grove/Atlantic
ISBN: 1555847102
Category : Business & Economics
Languages : en
Pages : 348
Book Description
A New York Times bestseller: “The funniest writer in America” takes on the global economy (The Wall Street Journal). In this book, renowned political humorist P. J. O’Rourke, author of Parliament of Whores and How the Hell Did This Happen? leads us on a hysterical whirlwind world tour from the “good capitalism” of Wall Street to the “bad socialism” of Cuba in search of the answer to an age-old question: “Why do some places prosper and thrive, while others just suck?” With stops in Albania, Sweden, Hong Kong, Moscow, and Tanzania, O’Rourke takes a look at the complexities of economics with a big dose of the incomparable wit that has made him one of today’s most refreshing commentators. “O’Rourke has done the unthinkable: he’s made money funny.” —Forbes FYI “[O’Rourke is] witty, smart and—though he hides it under a tough coat of cynicism—a fine reporter . . . Delightful.” —The New York Times Book Review
Publisher: Open Road + Grove/Atlantic
ISBN: 1555847102
Category : Business & Economics
Languages : en
Pages : 348
Book Description
A New York Times bestseller: “The funniest writer in America” takes on the global economy (The Wall Street Journal). In this book, renowned political humorist P. J. O’Rourke, author of Parliament of Whores and How the Hell Did This Happen? leads us on a hysterical whirlwind world tour from the “good capitalism” of Wall Street to the “bad socialism” of Cuba in search of the answer to an age-old question: “Why do some places prosper and thrive, while others just suck?” With stops in Albania, Sweden, Hong Kong, Moscow, and Tanzania, O’Rourke takes a look at the complexities of economics with a big dose of the incomparable wit that has made him one of today’s most refreshing commentators. “O’Rourke has done the unthinkable: he’s made money funny.” —Forbes FYI “[O’Rourke is] witty, smart and—though he hides it under a tough coat of cynicism—a fine reporter . . . Delightful.” —The New York Times Book Review
Who Is Rich?
Author: Matthew Klam
Publisher: Random House
ISBN: 0812997999
Category : Fiction
Languages : en
Pages : 354
Book Description
A provocative satire of love, sex, money, and politics that unfolds over four wild days in so-called “paradise”—the long-awaited first novel from the acclaimed author of Sam the Cat “I seriously, deeply love this book.”—Michael Cunningham NAMED ONE OF THE BEST BOOKS OF THE YEAR BY THE NEW YORK TIMES AND THE WASHINGTON POST Every summer, a once-sort-of-famous cartoonist named Rich Fischer leaves his wife and two kids behind to teach a class at a weeklong arts conference in a charming New England beachside town. It’s a place where, every year, students—nature poets and driftwood sculptors, widowed seniors, teenagers away from home for the first time—show up to study with an esteemed faculty made up of prizewinning playwrights, actors, and historians; drunkards and perverts; members of the cultural elite; unknown nobodies, midlist somebodies, and legitimate stars—a place where drum circles happen on the beach at midnight, clothing optional. Once more, Rich finds himself, in this seaside paradise, worrying about his family’s nights without him and trying not to think about his book, now out of print, or his future as an illustrator at a glossy magazine about to go under, or his back taxes, or the shameless shenanigans of his colleagues at this summer make-out festival. He can’t decide whether his own very real desire for love and human contact is going to rescue or destroy him. A warped and exhilarating tale of love and lust, Who Is Rich? goes far beyond to address deeper questions: of family, monogamy, the intoxicating beauty of children, and the challenging interdependence of two soulful, sensitive creatures in a confusing domestic alliance. LONGLISTED FOR THE CENTER FOR FICTION FIRST NOVEL PRIZE “Funny, maddening . . . defiantly original . . . [Matthew] Klam’s prose is so clean, so self-assured, that it feels a little like a miracle.”—The New York Times “A dazzling meditation on monogamy [and] parenthood . . . full of sound and fury and signifying pretty much everything.”—The Boston Globe “Comic, wondrous, and sad.”—The New Yorker “Almost scarily astute.”—People “An electric amalgam of frustration and tenderness, wonder and rebellion: a paean to the obliterating power of parental love.”—Jennifer Egan “A contemporary masterpiece.”—Salon
Publisher: Random House
ISBN: 0812997999
Category : Fiction
Languages : en
Pages : 354
Book Description
A provocative satire of love, sex, money, and politics that unfolds over four wild days in so-called “paradise”—the long-awaited first novel from the acclaimed author of Sam the Cat “I seriously, deeply love this book.”—Michael Cunningham NAMED ONE OF THE BEST BOOKS OF THE YEAR BY THE NEW YORK TIMES AND THE WASHINGTON POST Every summer, a once-sort-of-famous cartoonist named Rich Fischer leaves his wife and two kids behind to teach a class at a weeklong arts conference in a charming New England beachside town. It’s a place where, every year, students—nature poets and driftwood sculptors, widowed seniors, teenagers away from home for the first time—show up to study with an esteemed faculty made up of prizewinning playwrights, actors, and historians; drunkards and perverts; members of the cultural elite; unknown nobodies, midlist somebodies, and legitimate stars—a place where drum circles happen on the beach at midnight, clothing optional. Once more, Rich finds himself, in this seaside paradise, worrying about his family’s nights without him and trying not to think about his book, now out of print, or his future as an illustrator at a glossy magazine about to go under, or his back taxes, or the shameless shenanigans of his colleagues at this summer make-out festival. He can’t decide whether his own very real desire for love and human contact is going to rescue or destroy him. A warped and exhilarating tale of love and lust, Who Is Rich? goes far beyond to address deeper questions: of family, monogamy, the intoxicating beauty of children, and the challenging interdependence of two soulful, sensitive creatures in a confusing domestic alliance. LONGLISTED FOR THE CENTER FOR FICTION FIRST NOVEL PRIZE “Funny, maddening . . . defiantly original . . . [Matthew] Klam’s prose is so clean, so self-assured, that it feels a little like a miracle.”—The New York Times “A dazzling meditation on monogamy [and] parenthood . . . full of sound and fury and signifying pretty much everything.”—The Boston Globe “Comic, wondrous, and sad.”—The New Yorker “Almost scarily astute.”—People “An electric amalgam of frustration and tenderness, wonder and rebellion: a paean to the obliterating power of parental love.”—Jennifer Egan “A contemporary masterpiece.”—Salon
News for the Rich, White, and Blue
Author: Nikki Usher
Publisher: Columbia University Press
ISBN: 0231545606
Category : Language Arts & Disciplines
Languages : en
Pages : 232
Book Description
As cash-strapped metropolitan newspapers struggle to maintain their traditional influence and quality reporting, large national and international outlets have pivoted to serving readers who can and will choose to pay for news, skewing coverage toward a wealthy, white, and liberal audience. Amid rampant inequality and distrust, media outlets have become more out of touch with the democracy they purport to serve. How did journalism end up in such a predicament, and what are the prospects for achieving a more equitable future? In News for the Rich, White, and Blue, Nikki Usher recasts the challenges facing journalism in terms of place, power, and inequality. Drawing on more than a decade of field research, she illuminates how journalists decide what becomes news and how news organizations strategize about the future. Usher shows how newsrooms remain places of power, largely white institutions growing more elite as journalists confront a shrinking job market. She details how Google, Facebook, and the digital-advertising ecosystem have wreaked havoc on the economic model for quality journalism, leaving local news to suffer. Usher also highlights how the handful of likely survivors—well-funded media outlets such as the New York Times—increasingly appeal to a global, “placeless” reader. News for the Rich, White, and Blue concludes with a series of provocative recommendations to reimagine journalism to ensure its resiliency and its ability to speak to a diverse set of issues and readers.
Publisher: Columbia University Press
ISBN: 0231545606
Category : Language Arts & Disciplines
Languages : en
Pages : 232
Book Description
As cash-strapped metropolitan newspapers struggle to maintain their traditional influence and quality reporting, large national and international outlets have pivoted to serving readers who can and will choose to pay for news, skewing coverage toward a wealthy, white, and liberal audience. Amid rampant inequality and distrust, media outlets have become more out of touch with the democracy they purport to serve. How did journalism end up in such a predicament, and what are the prospects for achieving a more equitable future? In News for the Rich, White, and Blue, Nikki Usher recasts the challenges facing journalism in terms of place, power, and inequality. Drawing on more than a decade of field research, she illuminates how journalists decide what becomes news and how news organizations strategize about the future. Usher shows how newsrooms remain places of power, largely white institutions growing more elite as journalists confront a shrinking job market. She details how Google, Facebook, and the digital-advertising ecosystem have wreaked havoc on the economic model for quality journalism, leaving local news to suffer. Usher also highlights how the handful of likely survivors—well-funded media outlets such as the New York Times—increasingly appeal to a global, “placeless” reader. News for the Rich, White, and Blue concludes with a series of provocative recommendations to reimagine journalism to ensure its resiliency and its ability to speak to a diverse set of issues and readers.
Environmentalism of the Rich
Author: Peter Dauvergne
Publisher: MIT Press
ISBN: 0262535149
Category : Political Science
Languages : en
Pages : 232
Book Description
What it means for global sustainability when environmentalism is dominated by the concerns of the affluent—eco-business, eco-consumption, wilderness preservation. Over the last fifty years, environmentalism has emerged as a clear counterforce to the environmental destruction caused by industrialization, colonialism, and globalization. Activists and policymakers have fought hard to make the earth a better place to live. But has the environmental movement actually brought about meaningful progress toward global sustainability? Signs of global “unsustainability” are everywhere, from decreasing biodiversity to scarcity of fresh water to steadily rising greenhouse gas emissions. Meanwhile, as Peter Dauvergne points out in this provocative book, the environmental movement is increasingly dominated by the environmentalism of the rich—diverted into eco-business, eco-consumption, wilderness preservation, energy efficiency, and recycling. While it's good that, for example, Barbie dolls' packaging no longer depletes Indonesian rainforest, and that Toyota Highlanders are available as hybrids, none of this gets at the source of the current sustainability crisis. More eco-products can just mean more corporate profits, consumption, and waste. Dauvergne examines extraction booms that leave developing countries poor and environmentally devastated—with the ruination of the South Pacific island of Nauru a case in point; the struggles against consumption inequities of courageous activists like Bruno Manser, who worked with indigenous people to try to save the rainforests of Borneo; and the manufacturing of vast markets for nondurable goods—for example, convincing parents in China that disposable diapers made for healthier and smarter babies. Dauvergne reveals why a global political economy of ever more—more growth, more sales, more consumption—is swamping environmental gains. Environmentalism of the rich does little to bring about the sweeping institutional change necessary to make progress toward global sustainability.
Publisher: MIT Press
ISBN: 0262535149
Category : Political Science
Languages : en
Pages : 232
Book Description
What it means for global sustainability when environmentalism is dominated by the concerns of the affluent—eco-business, eco-consumption, wilderness preservation. Over the last fifty years, environmentalism has emerged as a clear counterforce to the environmental destruction caused by industrialization, colonialism, and globalization. Activists and policymakers have fought hard to make the earth a better place to live. But has the environmental movement actually brought about meaningful progress toward global sustainability? Signs of global “unsustainability” are everywhere, from decreasing biodiversity to scarcity of fresh water to steadily rising greenhouse gas emissions. Meanwhile, as Peter Dauvergne points out in this provocative book, the environmental movement is increasingly dominated by the environmentalism of the rich—diverted into eco-business, eco-consumption, wilderness preservation, energy efficiency, and recycling. While it's good that, for example, Barbie dolls' packaging no longer depletes Indonesian rainforest, and that Toyota Highlanders are available as hybrids, none of this gets at the source of the current sustainability crisis. More eco-products can just mean more corporate profits, consumption, and waste. Dauvergne examines extraction booms that leave developing countries poor and environmentally devastated—with the ruination of the South Pacific island of Nauru a case in point; the struggles against consumption inequities of courageous activists like Bruno Manser, who worked with indigenous people to try to save the rainforests of Borneo; and the manufacturing of vast markets for nondurable goods—for example, convincing parents in China that disposable diapers made for healthier and smarter babies. Dauvergne reveals why a global political economy of ever more—more growth, more sales, more consumption—is swamping environmental gains. Environmentalism of the rich does little to bring about the sweeping institutional change necessary to make progress toward global sustainability.
Richistan
Author: Robert Frank
Publisher: Crown Currency
ISBN: 0307341453
Category : Social Science
Languages : en
Pages : 290
Book Description
THE NEW YORK TIMES BESTSELLER RICH-I-STAN n. 1. a new country located in the heart of America, populated entirely by millionaires, most of whom acquired their wealth during the new Gilded Age of the past twenty years. 2. a country with a population larger than Belgium and Denmark; typical citizens include “spud king” J. R. Simplot; hair stylist Sydell Miller, the new star of Palm Beach; and assorted oddball entrepreneurs. 3. A country that with a little luck and pluck, you, too, could be a citizen of. The rich have always been different from you and me, but Robert Frank’s revealing and funny journey through “Richistan” entertainingly shows that they are truly another breed.
Publisher: Crown Currency
ISBN: 0307341453
Category : Social Science
Languages : en
Pages : 290
Book Description
THE NEW YORK TIMES BESTSELLER RICH-I-STAN n. 1. a new country located in the heart of America, populated entirely by millionaires, most of whom acquired their wealth during the new Gilded Age of the past twenty years. 2. a country with a population larger than Belgium and Denmark; typical citizens include “spud king” J. R. Simplot; hair stylist Sydell Miller, the new star of Palm Beach; and assorted oddball entrepreneurs. 3. A country that with a little luck and pluck, you, too, could be a citizen of. The rich have always been different from you and me, but Robert Frank’s revealing and funny journey through “Richistan” entertainingly shows that they are truly another breed.
Only the Rich Can Play
Author: David Wessel
Publisher: Hachette UK
ISBN: 1541757203
Category : Business & Economics
Languages : en
Pages : 281
Book Description
In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super-rich, and inequality compounds. David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur develops an idea intended as a way to help poor people that will save rich people money on their taxes. He organizes and pays for an effective lobbying effort that pushes his idea into law with little scrutiny or fine-tuning by congressional or Treasury tax experts-and few safeguards against abuse. With an unbeatable pair of high-profile sponsors, bumper-sticker simplicity and deft political marketing, the Opportunity Zone became an unnoticed part of the 2017 Trump tax bill. The gold rush followed immediately thereafter. David Wessel follows the money to see who profited from this plan that was supposed to spur development of blighted areas and help people out of poverty: the Las Vegas strip, the Portland (Oregon) Ritz-Carlton, the Mall of America, and self-storage facilities-lucrative areas where the one percent can park money profitably and avoid capital gains taxes. And the best part: unlike other provisions for eliminating capital gains taxes (inheritance, for example) you don't have to die to take advantage of this one. Wessel provides vivid portraits of the proselytizers, political influencers, motivational speakers, consultants, real estate dealmakers, and individual money-seekers looking to take advantage of this twenty-first century bonanza. He looks at places for which Opportunity Zones were supposedly designed (Baltimore, for example) and how little money they've drawn. And he finds a couple of places (Erie, PA) where zones are actually doing what they were supposed to, a lesson on how a better designed program might have helped more left-behind places. But what Wessel reveals is the gritty reality: The dark underbelly of a system tilted in favor of the few, with the many left out in the cold
Publisher: Hachette UK
ISBN: 1541757203
Category : Business & Economics
Languages : en
Pages : 281
Book Description
In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super-rich, and inequality compounds. David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur develops an idea intended as a way to help poor people that will save rich people money on their taxes. He organizes and pays for an effective lobbying effort that pushes his idea into law with little scrutiny or fine-tuning by congressional or Treasury tax experts-and few safeguards against abuse. With an unbeatable pair of high-profile sponsors, bumper-sticker simplicity and deft political marketing, the Opportunity Zone became an unnoticed part of the 2017 Trump tax bill. The gold rush followed immediately thereafter. David Wessel follows the money to see who profited from this plan that was supposed to spur development of blighted areas and help people out of poverty: the Las Vegas strip, the Portland (Oregon) Ritz-Carlton, the Mall of America, and self-storage facilities-lucrative areas where the one percent can park money profitably and avoid capital gains taxes. And the best part: unlike other provisions for eliminating capital gains taxes (inheritance, for example) you don't have to die to take advantage of this one. Wessel provides vivid portraits of the proselytizers, political influencers, motivational speakers, consultants, real estate dealmakers, and individual money-seekers looking to take advantage of this twenty-first century bonanza. He looks at places for which Opportunity Zones were supposedly designed (Baltimore, for example) and how little money they've drawn. And he finds a couple of places (Erie, PA) where zones are actually doing what they were supposed to, a lesson on how a better designed program might have helped more left-behind places. But what Wessel reveals is the gritty reality: The dark underbelly of a system tilted in favor of the few, with the many left out in the cold