Started by tahoeblue, Oct 04, 2019, 12:27:44 PM
0 Members and 4 Guests are viewing this topic.
Quote from: tahoeblue on Apr 29, 2020, 10:44:50 AMhttps://www.zerohedge.com/markets/americas-super-rich-see-their-wealth-rise-282-billion-three-weeks-pandemicAmerica's Super-Rich See Their Wealth Rise $282 Billion In Three Weeks Of PandemicAuthored by Alan Macleod via MintPressNews.com,A new report from the Institute for Policy Studies found that, while tens of millions of Americans have lost their jobs during the coronavirus pandemic, America's ultra-wealthy elite have seen their net worth surge by $282 billion in just 23 days. This is despite the fact that the economy is expected to contract by 40 percent this quarter....The report also noted that between 1980 and 2020 the tax obligations of America's billionaires, measured as a percentage of their wealth, decreased by 79 percent.In the last 30 years, U.S. billionaire wealth soared by over 1100 percent while median household wealth increased by barely five percent.In 1990, the total wealth held by America's billionaire class was $240 billion; today that number stands at $2.95 trillion.Thus, America's billionaires accrued more wealth in just the past three weeks than they made in total prior to 1980.As a result, just three people – Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Berkshire Hathaway's Warren Buffet – own as much wealth as the bottom half of all U.S. households combined.The Institute for Policy Studies' report paints a picture of a modern day oligarchy, where the super-rich have captured legislative and executive power, controlling what laws are passed. The report discusses what it labels a new "wealth defense industry" – where "billionaires are paying millions to dodge billions in taxes," with teams of accountants, lawyers, lobbyists and asset managers helping them conceal their vast fortunes in tax havens and so-called charitable trusts. The result has been crippled social programs and a decrease in living standards and even a sustained drop in life expectancy – something rarely seen in history outside of major wars or famines.Few Americans believe their children will be better off than they were. Statistics suggest they are right.