How do you learn about the economic shortcomings (and entitlement, as it were) of multitudes of billionaires? Take a man already entrenched in a world supported by overwhelming wealth, put him in front of his own financial connections involved in the work, and let his curiosity run wild.
A release already highly touted by many upstanding institutions, Chuck Collins’ The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions debuted last week — March 29, 2021 — to high praise from politicians and journalists alike.
As an Institute for Policy Studies (IPS) inequality expert, Collins is a networking machine. Earning his master’s through the School of Community Economic Development at Southern New Hampshire University, his community and equitable work span five decades.
As the great-grandson of Oscar Mayer, he inherited $500,000 as a young man, and his academic knowledge and position allowed him to donate all of it to charitable funds, and he has been working to reduce wealth inequality ever since. His career and the privilege he was born into have led him to cross paths with key players in high-achieving billionaire partnerships.
Much of the shady work going on has everything to do with political campaigns, partnerships, and investments. As a large portion of the book discusses the questionable practices of the elite, a few notable names came out in support of the tell-all. Senator Bernie Sanders’ high praise almost leaps off the pages, as his larger-than-life personality comes alive through his review:
“What is shocking is the sprawling system of corruption that the ultra-rich have designed in order to hoard their unimaginable wealth at the expense of everyone else,” says Sanders, “Chuck’s book reveals not only the inner workings of this elaborate scheme to hide more than $20 trillion in wealth, it offers us a blueprint for reversing this obscene inequality so we can take back our democracy and ensure that our government works for everybody, not just the billionaire class and wealthy campaign contributors.”
While the rest of us have been working tediously to increase our value, wealth, and save toward our retirement funds, billionaires have raked in money beyond public knowledge through shady practices. Individuals recognized as millionaires and billionaires are often hoarding trillions of dollars for themselves or their immediate circle.
They are jumping through hoops to ensure their financial assets are inheritable through the system, and not dependent on generational wealth practices. Loopholes exist. As does a secret, incredibly strange operating system full of financial advisors that are doing the bidding and being rewarded handsomely.
Collins penned this system as the “Wealth Defense Industry” and goes on to explain their purpose — and how to fight back — through the pages of The Wealth Hoarders.
“The wealth defenders are a booming sector of the white-collar workforce around the world,” Collins explains. “They are the gatekeepers — the lawyers and accountants with expertise in trusts and estates, tax law, incorporation, and business transactions.”
They know how to evade taxes without getting audited or being asked questions, how to invest in the right commodities to ensure their value and increase their portfolio, and much, much more.
“While the government takes out taxes before we get paid, the wealthiest avoid taxes with trusts, evade taxes with help from tax haven governments and escape the IRS because Congress hobbles tax law enforcement,” explains Pulitzer Prize-winning journalist David Cay Jonston. “Collins, who rejected the privilege of his birth, explains in plain English how wealth hoarding works and shows how we can stop this costly corruption.”
No, wealth hoarding is not just championed by high-visibility politicians. If you have been outraged by the number of money billionaires have been making, especially during a pandemic when so many inequities are being unearthed, then you might want to enjoy some caffeine-free tea while enjoying The Wealth Hoarders. The tea in this book will open your eyes to a much bigger issue. But rest assured, Collins doesn’t leave us without the advice and next steps to help dismantle the system and promote better equity.
And guess what? We have more control over the outcome than we think.