The Inequality Gap: Billionaires v. The Rest

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From the time the covid-19 pandemic began through to this week, billionaires in the United States increased their worth by $2.1 TRILLION to a total of $5 TRILLION.

This compares to the 89 million Americans who lost their jobs, the 45 million sickened by the virus, and the 724,000 who died from it.

The 745 billionaires in the US (up from 614 in March 2020) now own wealth almost double the $3 trillion estimated to be held by the lowest 50% of households.

As Inequality.org notes:

“Most of these huge billionaires’ gains will go untaxed under current rules and will disappear entirely for tax purposes when they’re passed onto the next generation … On average, billionaires pay an effective federal income tax rate of about 8 percent when the increased value of their stock is counted, according to the White House. This is a lower rate than that paid by many middle-income taxpayers, including teachers, nurses, and firefighters … The country’s 25 top billionaires paid a tax rate of just 3.4 percent on a $400 billion increase in their collective fortune between 2014-18.

Just the recent $2.1 TRILLION gain for these 745 individuals would pay for 60% of Biden’s 10-year economic recovery plan.

This is what modern finance capitalism brings us. It cannot be allowed to continue.

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