Here is what the page “Democrats Target Billionaires, but a New Book Warns They’re Missing the Real Wealthy Power” contains. As Democrats sharpen their attacks on billionaires like Elon Musk and Jeff Bezos, a new book cautions that the party may be overlooking a far more influential group: the merely rich. In “The Hidden Wealth of Nations,” author and economist Gabriel Zucman argues that the real tax avoidance happens not among the 0.0001% but among the top 1% to 0.1% of households—those worth $10 million to $100 million. These affluent business owners, doctors, and lawyers use trusts, pass-through entities, and loopholes to shield income at a scale that dwarfs billionaire tax dodges.
Zucman estimates that taxing this group more effectively could raise $1.4 trillion over a decade, enough to fund major Democratic priorities. The book lands as President Biden and progressive lawmakers push a billionaire minimum tax, but Zucman suggests the political focus on celebrity tycoons may let the quieter rich off the hook. The full version stays on the original page, which this listing opens directly.