New analysis shows that American billionaires have accumulated a huge amount of wealth during the pandemic, while the rest of the population has suffered from an unstable economic environment.
Americans for Tax Fairness released an analysis last week. foundBillionaires have amassed $1.7 trillion in wealth in the past two years, which is 57 percent more than they were in March 2020. U.S. billionaires are now worth a collective $4.6 trillion, and the amount of wealth that they’ve hoarded over the past two years alone could Have paid almost the entire amountCreate a Better Act.
According to the analysis of, there are now more billionaires than ever before the pandemic. Forbes data. There were 614 billionaires in March 2020; now there are 704, a 15 percent increase.
The 15 richest billionaires in the country have contributed hugely to billionaires’ cumulative wealth gain. The top billionaires all gained at least $10billion in the pandemic. Bill Gates and Jeff Bezos gained more than $52 billion and $31billion respectively. Sergey Brin and Larry Page, Google co-founders, have more than doubled their wealth.
Elon Musk saw the greatest gains among the top 15 billionaires in both his previous wealth as well as in dollar amounts. Musk’s net worth was already staggering $24.6 billion in March 2020. He added $209.4 trillion to his wealth over the pandemic, making his net worth $234 billion. This is an 851 percent increase.
In contrast, wages and salaries for workers grew by 2.6 % and 4.5 % respectively in 2020 and 2021. Together, billionaires control more than half of the American public’s bottom 50 percent. — Made up of 65 millions households — Who own $3.4 trillion in total?
It’s likely that none of these wealth gains will ever be taxed, the report found. This gap is only going to get worse without regulations to curb billionaire wealth. a RAND corporation report from 2020The bottom 90 percent of the population would have $50 Trillion more in 2018 if income growth was as equitable as it was during the 1970s, according to a study.
Some Democrats offered to pay for it. a billionaires income taxTo be included in the Build back Better Act last year, however, such measures faced opposition from conservative DemocratsIn the Senate
Still, the report advocates for the implementation of a billionaires income tax, which would capture a portion of billionaires’ investment incomes, which are not taxed. Measures like Wealth tax could also help stem the explosive and inequitable growth of billionaires’ wealth. A poll found that billionaires are most likely to be taxed. Is very popularWith voters from all political parties.
The pandemic has especially accelerated billionaires’ wealth gains; Amazon’s profits grew precipitouslyThey grew rapidly during the pandemic, and have continued to grow ever since. sales growing 22 percent last yearOver 2020 While Bezos reaps the benefits from that revenue growth and his company enjoys them, Union busts are fiercely opposedPlaces severe quotas on its workersIn some cases, you may not be able to pay. them enough to afford rent.
“For billionaires, it’s been two years of raking in the riches, while for most families it’s been two years of fear, frustration and financial worry,” said Frank Clemente, executive director of Americans for Tax Fairness.
“Working families pay what they owe in taxes each paycheck. Billionaires generally pay little or nothing in taxes on these extraordinary gains in wealth,” Clemente continued. “Congress should enact a Billionaires Income Tax to directly tax these wealth gains as income each year, so that billionaires begin to pay their fair share of taxes.”