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3 books focus on Americas income inequality, and why its getting worse
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: December 23rd, 2019
https://datebook.sfchronicle.com/books/review-3-books-focus-...
Emmanuel Saez and Gabriel Zucman say were coddling a tiny minority of ultra-rich Americans, and theyd like to put a stop to it. The Triumph of Injustice demonstrates how small sets of wealthy, white, well-connected citizens command inordinate financial and political clout. This, it seems, is the season for such books. Investigative reporter Aaron Glantzs Homewreckers focuses on billionaires who cash in when the middle class struggles. Anne Nelsons Shadow Network is about a coterie of influential far-right operatives. Taken together, these smart, engrossing titles paint a stark picture of the power wielded by a handful of plutocrats and religious hard-liners. Theres always been economic inequality, but its worse today than just decades ago. According to Saez and Zucman, Americas richest 1% own 37% of the nations wealth (housing, pension funds, and all financial assets), up from 22% at the end of the 1970s. Conversely, the wealth share of the bottom 90% of adults has declined from 40% to 27%. Counting all forms of taxation, Saez and Zucman say that the great majority of Americans pay 25% to 30% of their income in taxes into the public coffers. By contrast, Americas 400 richest people barely pay 20%. This disparity is the result of many factors. These include ... access to offshore bank accounts, exotic trusts (and) hidden shell corporations, Saez and Zucman write. Corporations use similar tactics. Facebook, for one, has dodged billions in corporate taxes by establishing a presence in the Cayman Islands.
Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.
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