America only had a handful of billionaires 40 years ago. We’re now creating ‘centibillionaires’–and unless we tax them, trillionaires

Main Idea: The article says Michael Bloomberg is close to joining the $100 billion “centibillionaire” club, and argues that weak taxes on great wealth are helping create even bigger fortunes and more political power.

Key Points:

• Bloomberg’s wealth has risen fast, from $27 billion in 2013 to an estimated $94.5 billion today.
• The piece says the U.S. now has multiple people with more than $100 billion, a huge jump from just 13 billionaires 40 years ago.
• Bob Lord argues that ultra-wealthy people often pay very little tax on wealth growth, which lets their fortunes keep growing.
• The article supports higher taxes on wealth and income from wealth, saying this would help slow extreme wealth concentration and protect democracy.