Wednesday, August 12, 2020

The Wealthy Few

$13,000,000,000. That’s how much Jeff Bezos, the wealthiest man alive, made in one day while the companies he owns denies paid sick leave, hazard pay and a safe workplace to hundreds of thousands of his workers.
$21,000,000,000. That’s how much the Walton family, the richest family in America, made over the past 20 weeks while US taxpayers continue to subsidize the starvation wages at Walmart, the largest private employer in America.
The three wealthiest people in America owning more wealth than the bottom 50%, the top 1% owning more wealth than the bottom 92% and 45% of all new income going to the 1%.
$731,000,000,000. That’s how much the wealth of 467 billionaires increased since the Federal Reserve started taking emergency actions to prop up the stock market in March.
 The top 0.0001% – are using a global pandemic as an opportunity to make outrageous profits after receiving a de facto bailout by the Federal Reserve.
A 60% tax on the wealth gains made by just 467 billionaires in America would raise over $420bn. That’s enough money to empower Medicare to pay all of the out-of-pocket healthcare expenses of every American in this country, including prescription drugs, for an entire year.  Healthcare would be extended to everyone in America through Medicare and no one, regardless of their coverage, would have to pay any out-of-pocket medical bills over the next 12 months.  Even after paying this tax, these 467 billionaires will still come out ahead by $310bn.

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