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Article: DYNASTIES! How their wealth and power threaten democracy.(in the United States)
- Article from:
- The Nation
- Article date:
- July 8, 2002
- Author:
CopyrightCOPYRIGHT 2002 The Nation Company L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Maybe it's time for a new set of Fourth of July orations. Only at first blush is there silliness to the idea of the United States--the nation of the Minutemen, John and Samuel Adams and Thomas Jefferson--becoming a hereditary economic aristocracy. When you think about it, there is evidence for serious concern.
More than a decade ago, the United States passed France to have the highest inequality ratios of any major Western nation. More and more of the country's richest clans have been setting up family offices, captive trust companies and other devices to manage and entrench their swelling fortunes. The elimination of the inheritance tax being sought by the Bush ...