U.S. Billionaires are Now $2.1 Trillion Richer Than Before the Pandemic - Inequality.org
"U.S. Billionaires are Now $2.1 Trillion Richer Than Before the Pandemic
Senator Wyden’s proposed ‘Billionaires Income Tax’ could raise significant revenue to fund President Biden’s Build Back Better investment plans.
BLOGGING OUR GREAT DIVIDE
OCTOBER 18, 2021
by
Chuck Collins
"America’s billionaires have grown $2.1 trillion richer during the pandemic, their collective fortune skyrocketing by 70 percent — from just short of $3 trillion at the start of the COVID crisis on March 18, 2020, to over $5 trillion on October 15 of this year, according to Forbes data analyzed by Americans for Tax Fairness (ATF) and the Institute for Policy Studies Program on Inequality (IPS).
"Not only did the wealth of U.S. billionaires grow, but so did their numbers: in March of last year, there were 614 Americans with 10-figure bank accounts. Today there are 745.
"The $5 trillion in wealth now held by 745 billionaires is two-thirds more than the
$3 trillion in wealth held by the bottom 50 percent of U.S. households estimated by the Federal Reserve Board.
"The great good fortune of these billionaires over the past 19 months is even starker when contrasted with the devastating impact of coronavirus on working people.
"Almost 89 million Americans
have lost jobs, over 44.9 million
have been sickened by the virus, and over 724,000 have died from it.
"To put this extraordinary wealth growth in perspective, the $2.1 trillion gain over 19 months by U.S. billionaires is equal to:
- 60 percent of the $3.5 trillion 10-year cost of President Biden’s Build Back Better plan.
- The entire $2.1 trillion in new revenues over 10 years approved by the House Ways and Means Committee to help pay for President Biden’s Build Back Better (BBB) investment plan."