by Bob Lord, Inequality.org
It’s been a full decade now since I first predicted — warned, to be a bit more precise — that America would have its first trillionaire before 2040.
I stand by that warning today. Unfortunately, everything I said ten years ago has aged well. Too well. I explained back then how tax policy was supercharging the accumulation of obscene fortunes in America. Policy makers, I noted, had lifted the lid on wealth accumulation by decreasing taxes on inheritances and income from capital. That policy failure would go on to become substantially worse in 2017 with the passage of the Tax Cuts and Jobs Act.
Others would see this same ominous trend. In an interview with CNBC, several experts recognized the distinct possibility the world would have its first trillionaire by 2039, the year CNBC would turn 50. They offered various explanations for how that would happen, with most of them agreeing it would “take several Bill Gates-like successes from one individual to reach the trillion-dollar mark.”
I saw things differently, telling CNBC: “It might take the founder of five of today’s Microsofts to reach a trillion, but we’re going to see larger and larger Microsofts.”
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