Billionaire wealth has increased to $5 trillion since the start of the US COVID-19 pandemic in March 2020. Trillions of uncounted amounts are likely sequestered away in trusts, which are increasingly finding ways to evade taxes with the help of numerous US states. The US is now an international tax haven, and discrepancies in state law are a key part of the story. For a discussion on this worrying trend and its effects on wealth inequality, Marc Steiner spoke with Chuck Collins of the Institute for Policy Studies and author of The Wealth Hoarders, along with journalist and researcher Kalena Thomhave.
Chuck Collins and Kalena Thomhave co-authored an IPS report,