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+3 +1
Google’s ‘Democratic AI’ is Better At Redistributing Wealth Than America
It’s no secret that the overwhelming majority of wealth in the United States is concentrated at the very top, creating staggering levels of poverty and inequality that vastly outpace other supposedly “wealthy” nations. But while the current political system ensures that this upward extraction of wealth continues, AI researchers have begun playing with a fascinating question: is machine learning better equipped than humans to create a society that divides resources more equitably?
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+18 +1
Most of us don’t have a desire for unlimited wealth
Do humans always want more, or are we sometimes just happy with our lot? This debate has long raged in multiple disciplines: economics, politics, and even philosophy. And whether an unlimited desire for more is inherent or a product of capitalism is equally hotly contested.
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+17 +1
What’s Changed in 13 Years of Writing About the Wealthy
I began writing the Wealth Matters column in December 2008. The column was conceived earlier that year, when the economy still appeared to be running high. But by the time the first one ran, the economy was deep in crisis, and Americans were worried about their investments, their savings and, in many cases, their homes. It took years for many Americans to recover. As for the wealthy, they have flourished in those 13 years.
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+19 +1
What Marrying Into Money Taught Me About Capitalism
The rich get richer isn’t a saying, it’s literally how capitalism works. All that stuff about hard work and ‘hustle’ is bullshit. It’s not called ‘laborism’ lol, capitalism is all about CAPITAL. Let me give you the example of my life. I married into money. For your purposes, I am labor and my wife is capital. You can see the whole game play out within our marriage.
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+4 +1
Global tax on tech giants now 'highly likely,' German minister says after Yellen call
Silicon Valley tech firms look increasingly likely to face new global tax laws this year, as the change in the White House fuels optimism among European officials that an agreement will soon be reached.
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+1 +1
Jennifer Garner Net Worth: 3 Lessons from Her Path to Wealth
Jennifer Garner Net Worth 2021: $80 million. Jennifer Garner is best known for being a successful actress, but many people don’t know that Jennifer Garner is also an accomplished film producer, entrepreneur, and spokesperson. Looking
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+1 +1
Jimmy Fallon Net Worth: 3 Lessons From His Path to Wealth
Jimmy Fallon Net Worth 2020: $60 million. Jimmy Fallon was first known as a long-time cast member of Saturday Night Live (SNL) before hosting the late-night television shows Late Night with Jimmy Fallon and The
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+4 +1
Closing the racial wealth gap requires heavy, progressive taxation of wealth
Centuries of discrimination and exploitation have left Black Americans much poorer than white Americans. The median white household has a net worth 10 times that of the median Black household. If Black households held a share of the national wealth in proportion to their share of the U.S. population, it would amount to $12.68 trillion in household wealth, rather than the actual sum of $2.54 trillion. The total racial wealth gap, therefore, is $10.14 trillion.
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+1 +1
The Whiners Who Earn $200,000 and Complain They’re Broke
Many wealthy Americans insist they aren’t rich, and that has profound implications in electoral politics as well as economic policy. On July 11, MarketWatch published a letter, presumably real, from a reader complaining that she and her husband didn’t qualify for a stimulus payment because they make too much money. Said the upset letter writer:
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+9 +1
Just chilling with the commoners
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+18 +1
Bill Gates’s big takeaway from 2019: raise his taxes
The year 2019 saw Bill Gates reclaim his title as the world’s richest person from Jeff Bezos — and come under harsher scrutiny than ever amid a new, powerful backlash against the billionaire class and the economic system that produces extraordinary wealth like his.
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+14 +1
Boris Johnson takes private jet to fly 25 minutes, despite train taking just 53 minutes
Boris Johnson has been criticised after using a private jet to fly from Doncaster to Darlington - a journey that takes less than an hour by train. The prime minister took the plane as he embarked on a tour of marginal constituencies in the north east three days before the general election. Doncaster and Darlington are connected by a direct train route that takes 53 minutes, but the prime minister instead opted for a 25-minute flight.
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+11 +1
The staggering amount of wealth held by the Forbes 400 more than doubled over the last decade. But their tax rates actually dropped.
The share of wealth held by the Forbes 400 more than doubled from $1.27 trillion in 2009 to nearly $3 trillion this year. That marks a significant increase encouraged by a combination of sliding tax rates, stock market growth, and the economic recovery, according to Gabriel Zucman, an economist at the University of California, Berkeley.
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+21 +1
A Key Economic Argument Against Wealth Taxes Doesn’t Hold Up
Wealth has reached record highs. Corporations using their resources to keep shareholders happy, pressure on wages to fund these efforts and greater corporate concentration have all been major factors in the growth of wealth inequality.
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+17 +1
You now need to make more than $500,000 a year to be in the 1% in America, new study shows — and that's the highest it's ever been
It's getting harder to join the 1% in America. You'd need to make at least $515,371 a year to be in the top 1% of taxpayers in 2017, the most recent year for which data is currently available, an analysis of Internal Revenue Service data by Bloomberg's Alexandre Tanzi and Ben Steverman found. That's 7.2% higher than the year before. No more recent data has been released, Bloomberg said.
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+5 +1
American Capitalism Is Brutal. You Can Trace That to the Plantation.
Slavery helped turn America into a financial colossus. And our economy is still shaped by management practices invented by enslavers and overseers.
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+20 +1
American Wealth Is Broken
My family is a success story. We’re also evidence of the long odds African Americans face on the path to success.
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+11 +1
America’s Professional Elite: Wealthy, Successful and Miserable
The upper echelon is hoarding money and privilege to a degree not seen in decades. But that doesn’t make them happy at work.
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+29 +1
Study Shows Richest 0.00025% Owns More Wealth Than Bottom 150 Million Americans
As survey data continues to show that raising taxes on the wealthy is extremely popular among the U.S. public, new research by inequality expert and University of California, Berkeley economist Gabriel Zucman found that the richest 0.00025 percent of the American population now owns more wealth than the 150 million adults in the bottom 60 percent. Zucman, who helped Sen. Elizabeth Warren (D-Mass.) develop her "Ultra-Millionaire Tax" proposal, observed in a working paper (pdf) that "U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties."
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+19 +1
The top 26 billionaires are as wealthy as 3.8 billion people
The world's billionaires are growing $2.5 billion richer every day, while the poorest half of the global population is seeing its net worth dwindle. Billionaires, who now number a record 2,208, have more wealth than ever before, according to an Oxfam International report published Monday. Since the global financial crisis a decade ago, the number of billionaires has nearly doubled.
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