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American billionaires have gotten $280 billion richer since the start of the COVID-19 pandemic
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Lady Jayne Smith:MV80Mzc1MzEyXzc5NjQ5MTM0XzU5MUQ2NUND] [quote:Anonymous Coward 78861367:MV80Mzc1MzEyXzc5NjQ3ODA3XzQzNzJCMDk=] [quote:Lady Jayne Smith:MV80Mzc1MzEyXzc5NjQ3Njg0XzVGNzlEREIx] That increase in net worth likely came from things like precious metal holdings. [/quote] Article doesn't breakdown the increase. Suggests it's part of tax break trend. "In the background is the fact that since 1980, the taxes paid by billionaires, measured as a percentage of their wealth, dropped 79%. “We’re reading about benevolent billionaires sharing .0001% of their wealth with their fellow humans in this crisis, but in fact they’ve been rigging the tax rules to reduce their taxes for decades." [/quote] Most billionaires do not have earned income. They live off capital gains. The tax "breaks" on earned income did go to the mid-middle class & lower, not the upper middle class & lower upper class who saw tax increases. The cuts really did not impact the billionaires at all, one way or the other. Many billionaires hold a lot of tax free municipals -- when cities start to go belly up, and default, that is when the net worth of some billionaires will be impacted. Those tax free munis are a BIG way the uber wealthy have gotten around taxes for a VERY long time. [/quote]
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"Though the coronavirus itself may not discriminate in terms of who can be infected, the COVID-19 pandemic is far from a great equalizer. In the same month that 22 million Americans lost their jobs, the American billionaire class’s total wealth increased about 10%—or $282 billion more than it was at the beginning of March. They now have a combined net worth of $3.229 trillion."
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link to www.fastcompany.com (secure)
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