Monday, May 3, 2021
Chuck Collins (Institute for Policy Studies), The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions (2021):
For decades, a secret army of tax attorneys, accountants and wealth managers has been developing into the shadowy Wealth Defense Industry. These “agents of inequality” are paid millions to hide trillions for the richest 0.01%.
In this book, inequality expert Chuck Collins interviews the leading players and gives a unique insider account of how this industry is doing everything it can to create and entrench hereditary dynasties of wealth and power. He exposes the inner workings of these “agents of inequality,” showing how they deploy anonymous shell companies, family offices, offshore accounts, opaque trusts, and sham transactions to ensure the world’s richest pay next to no tax. He ends by outlining a robust set of policies that democratic nations can implement to shut down the Wealth Defense Industry for good.
This shocking exposé of the insidious machinery of inequality is essential reading for anyone wanting the inside story of our age of plutocratic plunder and stashed cash.
It is no great surprise anymore that we are facing the greatest crisis in income and wealth inequality that we have seen since the 1920s. What is shocking is the sprawling system of corruption that the ultra-rich have designed in order to hoard their unimaginable wealth at the expense of everyone else. Chuck's book reveals not only the inner workings of this elaborate scheme to hide more than $20 trillion in wealth, it offers us a blueprint for reversing this obscene inequality so we can take back our democracy and ensure that our government works for everybody—not just the billionaire class and wealthy campaign contributors.
Senator Bernie Sanders
Chuck Collins reveals how the superrich are different than the rest of us. While government takes out taxes before we get paid, the wealthiest avoid taxes with trusts, evade taxes with help from tax haven governments and escape the IRS because Congress hobbles tax law enforcement. Collins, who rejected the privilege of his birth, explains in plain English how wealth hoarding works and shows how we can stop this costly corruption.
David Cay Johnston, Pulitzer Prize winning journalist and author of Perfectly Legal and Free Lunch