By Darrell M. West
Meet the Billionaires: the 1,645 women and men who regulate an important proportion of world resources worthy $6.5 trillion. Darrell West unearths what the opposite 99.99998% folks want to know. With wealthy anecdotes and private narratives, West is going contained in the global of the extremely prosperous. Meet U.S. billionaires equivalent to Sheldon Adelson, Michael Bloomberg, David and Charles Koch, George Soros, Tom Steyer, and Donald Trump—as good as overseas billionaires from worldwide. The becoming political engagement of this small supra-wealthy workforce increases very important questions on impression, transparency, and govt functionality, and West lays naked the wealthification of politics, together with: • How billionaires can block appointments and laws they don’t like • Why the supra-wealthy moved into coverage advocacy and referenda on the country point • Why billionaires run for workplace in additional than a dozen nations worldwide
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Extra info for Billionaires: Reflections on the Upper Crust
Stretch every penny. But chances are you pay a higher tax rate than him. Mitt Romney made $20 million in 2010 but paid only 14 percent in taxes, probably less than you. 18 In many respects, Romney was the perfect target for Obama’s attacks on unfairness and out-of-touch rich people. The GOP candidate had bank accounts in Switzerland, the Cayman Islands, Luxembourg, and Bermuda, and he refused for much of the year to release details from his tax returns. Brad Malt, who served as Romney’s personal lawyer, revealed dramatic tone deafness when he defended the nominee’s portfolio in the following manner: “I don’t care whether it’s the Caymans or Mars, if it’s organized in 42 Can Rich Dudes Buy an Election?
Activists representing poor and middle-class constituencies fear the power of the rich and employ rhetoric attacking the wealthy for having money. That makes the well-to-do feel that advocates are unfairly engaging in class warfare. 43 Researchers examining these claims have found a strong connection between income inequality and political polarization. S. 44 From 1913 to the 1930s, when the top 1 percent earned a large percentage of income, political polarization was high. When their income share dropped between the 1930s and 1970s, polarization dropped.
One is social and political divisions within the upper elite. According to this perspective, the activism of liberal billionaires balances the activism of conservative ones and entrepreneurs in different business sectors don’t always agree with each other; group divisions thus prevent billionaires from coalescing into a single, monolithic class and using their wealth to impose their views on other p eople. In addition, a number of countries, such as the United States, have countervailing forces that limit the power of the wealthy.