Image provided by: University of Oregon Libraries; Eugene, OR
About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Jan. 8, 2014)
®1?e ^Jortlnnb (Dbserucr Pa. < < e 14 January 8, 2014 New Prices Effective May 1,2010 Martin Cleaning Service Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG $45.00 A sm all distance/travel charge m ay be applied CARPET CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas (Includes: I small Hallway) 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) Stairs (12-16 stairs - With O ther Services): $25.00 America’s Wealth Concentration has No Limit Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs (Wooly. $40.00Minimum A callout for our leaders to change course Heavily Soiled Area: by B ob Additional $10.00 each area (RequiringExtensive Pre-Spaying) UPHOLSTERY CLEANING Sofa: $69.00 Loveseat: $49.00 Sectional: $109 - $139 Chair or Recliner $25 - $49 Throw Pillows (With th Other Services): $5.00 % ADDITIONAL SERVICES • Area & Oriental Rug Cleaning • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (503) 281-3949 L ord Y ou have to co n sult D ictio n ary .co m fo r the definition o f “trillionaire.” W eb ster’s d o e sn ’t yet r e c o g n iz e trillionaire as a w ord. B ut it w ill. If y o u ’re u n d er 60, A m erica’s first trillionaire w ill likely ap p ear in y o u r lifetim e. A nd the recen t b u d g et deal in C ongress does nothing to alter that scenario. In 1982, F orbes m ag azin e p u b lished its first survey o f the 400 w ealthiest A m ericans. T he w ealthi est A m erican at that tim e, D aniel L udw ig, held a reported net w orth o f $2 billion. Bill G ates topped the 2013 Forbes 4 00 list at $72 billion. T h a t’s a 36-fold increase in A m erica’s larg est fortune over 31 years. A nd th e in crease co u ld have been larger. By all appearances, G ates lost interest in building his fortune years ago. H ad he not given aw ay billions in charitable gifts since then and had his prim ary focus re m ained personal w ealth accu m u la tion, the M icrosoft fo u n d e r’s net w orth w ould now top $ 100 billion. If you co u n t total fam ily w ealth, Sam W alto n ’s heirs already are co m fo rt ably past the $ 100-billion m ark after inheriting the W alm art fortune. A s F o rb es a c k n o w le d g e s, its o f re a l e sta te in M a n h a tta n . A survey tends to undercount w ealth, trillionaire could take ev ery o n e on L ast year, a Tax Justice N etw o rk the p lan et out fo r a $100 steak din- analysis put the u nreported global ner, if w e h ad a restau ran t that could w ealth stashed in offshore tax h a hold 7 billio n people. A $1 trillion vens at $21 trillio n .' fortune w ould equal the w ealth o f a T he super-rich are setting million millionaires. new records, $10 billion, $50 W h a t’s fueling this astonishing billion, and soon enough $ 100 concentration o f w ealth? Tax policy, b i’lion. R ather than objecting, In Bill C linton’sw ords, it’s ju st arith- o u r nation celeb rates the in- metic. creasingly o b scen e fortunes o f A ll individuals face fo u r princi- the super-rich as w e do athletes pal constraints on the w ealth they breaking sports records. can accum ulate: living expenses, the * Taxes on income from capital and inheritance taxes, in the end, stand as the only meaningful constraints on wealth accumulation by the super rich. But these taxes have decreased over recent decades. Policy makers have, in effect, lifted the lid on wealth accumulation by those who already have significant wealth, while holding firmly in place the lid on wealth accumulation fo r those who d o n ’t. R eaching $ 1 trillion w ill be w hat hitting 73 hom e runs w as before w e knew B arry B onds cheated to get there. W ill o u r first trillio n -d o llar fo r tune also be tainted by m isdeeds o f the ach iev er? C o u ld that be w hat finally w akes us from o u r slum ber? A fortune w orth $1 trillion — $ 1,000,000,000,000— w ould today be enough to buy ev ery square foot c o m e fro m la b o r h a v e a n e g lig ib le c o n stra in in g e ffe c t, b e c a u se th e se ric h are p u llin g in in c o m e , m o stly fro m c a p ita l, th a t d w a rfs th e ir liv in g e x p e n se s. T axes on incom e from capital and inheritance taxes, in the end, stand as the only m eaningful co n straints on w ealth accum ulation by the su p er rich. B ut these taxes have d e creased o v er recent decades. Policy m akers have, in effect, lifted the lid on w ealth accu m u latio n by those w h o a lr e a d y h a v e s ig n if ic a n t w ealth, w hile holding firm ly in place the lid on w ealth accum ulation for those w ho d o n ’t. A nd things are getting w orse. S tates are en g ag in g in a destructive “race to the b o tto m ,” com peting to see w ho can give the w ealthy the best deal at tax tim e. A t the federal level, an underfunded IRS can n o t k eep up w ith tax law yers and a c co u n tan ts d ev elo p in g e v er m ore sophisticated tax-saving schem es. T he u n avoidable result: W ealth at the top is grow ing faster than e v e ry o n e e ls e ’s w e a lth . T h a t’s w here the arithm etic com es in to play. If the w ealth o f one group g ro w s at a fa s te r rate th an the n a tio n ’s total w ealth, that g ro u p ’s piece o f the pie w ill increase. T h a t’s a m athem atical certainty. A nd unless o u r leaders change course, A m erica’s w ealth co n cen tration has no lim it. taxes they m ust pay on incom e from labor, the taxes they m ust pay on incom e from capital, and inheritance taxes. T he roles those constraints play ch an g e as p eople m ove up the w ealth scale. A t th e b o tto m , liv in g e x p e n se s an d ta x e s on in c o m e fro m la b o r Bob Lord is a veteran tax lawyer g re a tly im p e d e th e a c c u m u la tio n from Phoenix and an associate fe l o f w e alth . B ut fo r th e s u p e r rich , low with the Institute fo r Policy liv in g e x p e n s e s an d ta x e s o n in- Studies.
