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How do billionaire team owners end up paying lower tax rates not only than their millionaire players, but even the person serving beer in the stadium? Let’s go to the highlights.
Tax laws allow owners to claim that their teams lose value, lowering their tax bills. The government misses out on billions in revenue.
In left history, the two poles of “reform” and “revolution” are often counterpoised, and for good reason. In the book under review, the author tries to square the circle. The reviewer critically but comradely weighs the author’s successes.
Economists are grappling with how much to blame bias or a changing economy for the widening wage gap over the last 40 years.
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Instead of debating tweaks at the edges of our tax system, what we should be doing is stretching ourselves to imagine a world where billionaires are impossible.
Some of the wealthiest Americans use a strategy called Buy, Borrow, Die to dramatically reduce their tax bills while their fortunes continue to grow.
Rich Americans pay only about 2 percent on inherited fortunes, “less than one-seventh the average tax rate on income from work and savings.”
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