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Wednesday, August 25, 2021

Profit in a Pandemic

  Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS), which found the number of billionaires in the U.S. grew from 614 on March 18, 2020 to 708 as of last week. The nation's billionaires have seen their combined wealth skyrocket by nearly 62% over the past year and a half, from just under $3 trillion to almost $4.8 trillion.

Tesla CEO Elon Musk alone has gained more than $150 billion since the pandemic struck, a wealth surge of over 600%.

The collective fortune of billionaires in the United States has ballooned by nearly two-thirds during the coronavirus pandemic, and almost none of the $1.8 trillion gained by a few hundred of the nation's richest people over the past 17 months will be taxed unless Congress enacts progressive tax reforms.



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