Mutating legal structures for US business may be more bad news for inequality. As reported by The Economist magazine, the fairly new master limited partnership manages to avoid tax and much regulation. These partnerships now have a valuation of $1 trillion, and in 2012 took in 28% of equity raised. According to IRS data (2008 latest available), these business structures accounted for 63% of profits. Much of the energy industry expansion over the past decade has been financed this way. Mutual funds can't invest in them - so most American's can't participate. Another downside is that these structures are dependent on loopholes, so very prone to (corrupting) money politics. The magazine asks:

“Are these new businesses, with their ability to circumvent rules that apply to conventional public companies, merely adroit exploiters of loopholes for the benefit of the plutocratic few? Or do they reflect the adaptability on which America’s vitality has always been based? ”

— The Economist, October 26, 2013