The Walmart Heirs Are Worth More Than Everyone in Your City Combined

[Playinghardball]

By: Josh Harkinson
Mother Jones

Monday, October 6, 2014



Everybody knows that middle-class incomes have stagnated while those of the richest Americans have skyrocketed, but the trend is even more pronounced when you look at the relative fortunes of the super-duper rich. Consider the Walmart heirs: Since 1983, their net worth has increased a staggering 6,700 percent. According to a report released today by the union-backed Economic Policy Institute, here's how many American families earning the median income it would have taken to match the Waltons' wealth in a given year:

In 1983, the Walton family's net worth was $2.15 billion, equivalent to the net worth of 61,992 average American families, about the population* of...

Peoria, Arizona

In 1989, the Walton family's net worth was $9.42 billion, equivalent to the net worth of 200,434 average American families, about the population of...

Albuquerque, New Mexico

In 1992, the Walton family's net worth was $23.8 billion, equivalent to the net worth of 536,631 average American families, about the population of...

San Antonio. Texas

More here: http://www.motherjones.com/politics/2014/10/walmart-walton-heirs-net-worth-cities

[yeoman6987]

1. They really need to get rid of trusts

That really is protecting the ultra rich. My proposal would make 1,000,000 tax free and then 90 percent tax on anything above that amount. Trusts are so ridiculous. I had a wealthy friend with a 250 acre farm and we were talking about her life. She is 76 and has a trust. I said what about taxes the kids would pay without it? The country loses those funds. She said the kids could not afford the taxes and would have to sell it. I said so we all suffer. She just looked at me funny. Was I wrong?

[ohnoyoudidnt]

3. I wouldn't be opposed for some kind of low interest

payment plan, so the heirs of some companies in the low millions can keep their business and pay back Uncle Sam with the profits over time. In the case of the mega wealthy like the Waltons, they will have to sell some stock. right away.

[hifiguy]

2. Well they

worked soooooo hard to get that rich. Need I add this?

The hereditary rich are a cancer that should be excised from the body politic or the parasite will kill the host.