I’ve been following a discussion like this on my beloved Sullivan Blog but NPR had a good story on it recently. America which once was the land of upward mobility has fallen far behind many of the nations of Western Europe. Here’s one way we’re creating an Aristocracy from another NPR story.
A couple of years ago, a billionaire investor named Billy Joe “Red” McCombs made one of these deals. It made him $259 million, but because it wasn’t officially a sale, he didn’t report that $259 million as income and it never showed up on a tax return, Drucker says.
He probably donates to the Republican National Committee.
And here’s how the US has handed over our citizen’s shot at upward mobility to the Europeans.
