COVID-19 has made the super-rich richer. It is time for a billionaire wealth tax

What ought to good societies do when a minority of the rich reap large monetary features in a worldwide pandemic?

As thousands and thousands of individuals misplaced their lives, their livelihoods, their well being and their wealth, the world’s billionaires and super-rich have thrived. Based on a examine by Individuals for TaxFairness and the Institute for Coverage Research, between March 18, 2020 and February 19, 2021, the mixed wealth of American billionaires elevated by $ 1.3 billion, a rise of 44.6% in simply 48 weeks.

The focus of wealth is astounding. There may be now 661 billionaires in america, with complete wealth of $ 4.26 billion as of February 19, 2021, up from $ 2.9 billion on March 18, 2020, nearly a yr earlier. As a perspective, the mixed wealth of the underside half of all U.S. households, 165 million folks, is 2.4 USDtrn, in line with the Federal Reserve.

Elon Musk’s wealth elevated by $ 157 billion, from $ 24.6 billion on March 18, 2020 to $ 182 billion on February 19, 2021, a virtually seven-fold enhance, spurred by the speedy enhance of the worth of the Tesla share.

Jeff Bezos’ wealth grew from $ 113 billion to $ 189 billion in the identical interval, a rise of virtually 60%.

Mark Zuckerberg’s wealth grew from $ 54.7 billion to $ 95.7 billion, fueled by his possession of Fb.

Dan Gilbert, chairman of Quicken Loans, noticed his fortune skyrocket 559%, from $ 6.5 billion in March 2020 to $ 42.8 billion on February 19, 2021.

Mixed wealth of US billionaires grew 44.6% between March 2020 and February 2021 | Information from the Institute of Coverage Research

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