Billionaires are scrambling to ward off the specter of populist anger – from wealth taxes to increased regulation – looming over an age of unprecedented inequality. Perhaps they should have thought of this outcome 40 years ago.
The 2020 election may trigger a “war on Wall Street and wealth,” too-big-to-fail bank Citi has warned its clients in a letter quoted by Bloomberg this week. The bank laments that the rich these days are merely seen as a cash cow for “re-distributional policies, including further tax relief for low- and middle-income persons” – never mind that the primary beneficiaries of Trump’s 2017 tax cuts were the same rich individuals who received Citi’s letter, as well as the corporations they own. The pitchforks are coming out, and Citi wants its customers to be prepared.
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