The powerful millionaires hiding in plain sight

Key Points:

• The book "The Everywhere Millionaire" by economists Eric Zwick and Owen Zidar reveals that America's wealthiest are often private business owners—doctors, car dealers, lawyers, and small business entrepreneurs—rather than just billionaires in tech or finance.
• These "Main Street millionaires" control significantly more wealth collectively than the Forbes 400 billionaires and have substantial political influence, often shaping policies to lower their taxes and protect their business interests.
• The rise of pass-through businesses, whose income is taxed at individual rates rather than corporate rates, has been central to the growth of this wealthy class since the 1986 Tax Reform Act, contributing to much of the increase in income inequality.
• Many of these millionaires operate in industries with regulatory protections that limit competition, such as car dealerships and medical practices, enabling them to maintain high profits through political clout and lobbying.
• Main Street millionaires are disproportionately represented in political offices at both state and federal levels, blending business interests with policymaking, which raises concerns about conflicts of interest and the shaping of laws to benefit their own wealth.