|
REPORT ABUSIVE REPLY
|
|
Message Subject
|
American billionaires have gotten $280 billion richer since the start of the COVID-19 pandemic
|
|
Poster Handle
|
Lady Jayne Smith |
|
Post Content
|
That increase in net worth likely came from things like precious metal holdings.
Quoting: Lady Jayne Smith 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." 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.
|
|
|
Please verify you're human:
|
|
|
Reason for reporting:
|
