07/27/2026
Today's New York Times has an article about the Democratic National Committee's fundraising disparity with the Republicans (https://www.nytimes.com/.../ken-martin-dnc-democrats.html). What it does not mention is something Krugman pointed out in his substack a week or so ago, which is the reason the Republicans have so much more money: "A few hundred billionaires, around 0.0002% of the adult population, have a combined wealth equivalent to approximately 20 percent of GDP. This tiny set of hyper-wealthy individuals also accounts for approximately 20 percent of total campaign contributions and thereby exerts huge influence over public policy – a state of affairs that is a direct result of the Koch-created Roberts Supreme Court’s Citizens United ruling. The hyper-wealthy use their influence to push policies that are in their class’s interest, such as corporate tax cuts." https://paulkrugman.substack.com/p/against-oligarchy-part-i-progressive
The history and theory of taxes on the elite