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Against Oligarchy, Part I: Progressive Taxation

Paul Krugman | Forbes
Paul Krugman | Forbes

A few hundred billionaires, around 0.0002% of the adult population, have a combined wealth equivalent to approximately 20 percent of GDP. This tiny set of hyper-wealthy individuals also accounts for approximately 20 percent of total campaign contributions and thereby exerts huge influence over public policy – a state of affairs that is a direct result of the Koch-created Roberts Supreme Court’s Citizens United ruling. The hyper-wealthy use their influence to push policies that are in their class’s interest, such as corporate tax cuts. And because these policies are almost always highly unpopular, they also use their influence to undermine accountability and democracy in America.

Posted in: News on 07/21/2026 | Link to this post on IFP |
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