No Mercy / No Malice: The 1% Next Door

America's private-business wealth is broadly distributed among "everywhere millionaires" in ordinary trades, fueled by pass-through tax rules and public college access, not elite credentials.

• Everywhere millionaires defined: Zidar and Zwick identify 3 million wealthy U.S. private business owners (excluding tech/finance execs) with average net worth of $25 million, living outside major coastal hubs.
• Pass-through income drives inequality: Over half the rise in top-1% income since 1985 came from pass-through businesses, enabled by the 1986 Tax Reform Act's individual-below-corporate rate loophole.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.