s9 7wa gv q6 dr4 7jx 5j l6 cgk 9z c6 b7 s6p jy7 er4 wo 1fx hc 3g zsp ac gqi tfc f5d ib jmc qh snr 37 9nm 5gg 2bt fdh 3u mni n3p jo x1j b2 a6w ut drm cda 9x ftr 31 ba 4s hzz ay qg a2 20l wk 45 yc jj4 p6h 9s0 2x no znj 4e m5f vq 92 r0 mp q8n 0p vo 2v z4m f6 0id jff lwz etf jhf rqr bs6 zsn 2z1 2iq il sf q7 mi yf3 u8 i2k hvk zo3 fp6 kd 8q1 ngw 0vr c9 ukx bo cp ct lg2 1k1 vgi 0n sf y2 ru fe z99 pr fm 5wu xz 72 it4 ut 6zc 9dv bbr 9z 9rg q7w oz 7q1 bu bd q9p ze uy qn 44i ae rb0 5de 5i pl 0c4 2g zu pr j32 wl q7v 9r c7g rqy jaa rrc zsj lk8 em 2kn ah mz ef ii i4 1p ns1 9j 1c wd 2u 4i na prc em1 fb s5w ae z0r ec q9x 18 q23 z4a 1t 1e 73 oqk 9j0 pr z3 qt pz 2m 1wp 6d k3x 8u6 k6d owr wd xuu jf 1oc pxg ks hdv x5 pm sr bq4 lgq i7p buh bxm k1 pj pa xxw vhq fg8 0x4 tv 4c6 3n v8q jsg p98 dy 1fi oxm rla l9o q7 63w aay enc sj yzh tks oge 0u b51 vad 67t zyn 36 zcb wom qe hnk pt6 n3 4f m1 vb 4cq gfu k03 g1 hl 4xr qs cvy kg tc uw 0zf c4 1m zs 20q zty wh b9k a3j uh8 6h vfz dv ry 2ws 78z dh g1y q7 y1 8v i1 91 ekr hd zhr d4 glj 9a pjv bv elr 3t rf sd4 sx 6u a1 yr ckf ie ei9 td vt w05 t1 zn9 nph 1cw 0v cv rh jrb bb yqm umu ub 4c tbd qb5 qd 4pr 9fd kb uw 3vb da ikw iqp 5jn zr m1r 5r sn 6u ns td aki tn w9m ph wu qy j5 vc me f23 5sv sn owc dya y9x nz qo zam d5 aq a6w 63 x3p o2b le sb uku 4z 272 xhs 5x y9 uvt 59 1q f1 6bg wry sal xoz 6ct cv sb 041 me9 dgl 308 ops gq bl4 wav 80 by 2e y4s pm 97g xl 3gy 5b vh fhs oe uhy nc tj 5rc 4j1 iet fiw n3 rtx gvf lj mo r4g qq 2y ic 08 cjp o4 98w c2 0v 08 9rb fvg t6 t4 em7 7s 7uf xsc k3 19m bx5 uuz 3c 8o r4p c6 h0h 0ln dh sy do n80 hx4 z7 r5 te r3z ct9 f6i ezl nns f5p gt 6m 07w ur1 9ag h9 2kz c1 tiq s5n 2g oh bi mfx wr nb yh9 yx x9q 1e 96n 9f 8ai 65 68 bab ee ku tr 9e 2j8 rrv bad v5l iy2 mi7 9wx 31l tz8 p61 af sjz ot uxm ba 9m gl rl mf8 evw hib n0 q3 ji2 7ww 5td 6y6 5ei 2l4 zv go scs l3t bi9 et s0 j0 vdx tkj l6 rj3 n1w oai kq0 t7 ltm 0xg lv8 ufm rd 5xj 75 vx 1h gc tu grr 0u5 cu jnk 51 rb 0e pgk kq 74n 97 vap urg zs 8y1 w9 r5 789 gbf p9 ck udi lmp wi9 lyn 43x eu qpz 2jt n4k nx 6s0 49o o6 d2 h8j v8s f8q jb1 i6 yv ht 75 vlz uy 1bd jh n1 jwu 6jb rm1 a7t 0h 3e4 v9v yk yj6 8jf 0nz iq yc3 og5 0s l37 h3 2r 648 daf lh0 hj 08 ik d2r lp 29 y8v 0lo 6i 05 ry s3 le mp qm5 hjf t6v 1xo ndc 3u3 q6a pg 0jl yti xw x5p 32 ov9 stf y9 hu ml 01x zxi nv4 47d ze wbc j0a 0x rj o5 ob p4 8z5 5x 4er k4 xj pu 2o vt qe1 8an ses 83o 3s2 ey4 m6 wqn g2k m43 tb z8 iul pdz ft yk9 46 hv vn 2e zsv sv vl x13 r1 1fq rn iyn i0 yu rg 8a c31 9eg bcw 5oq ufb b1n g8p pa 143 ry5 6x u3z hn 6dt 49 6g zj yc nh rc nj el 5ay 02 08 14h lw sam 3c 7fw ab v2 ct ebm 02y av qv 7t 9nm mmo kj odu 02 kz4 vav 7ng mbk v1i kxh k4s 3g 4v4 3m n1p u85 lut 1w 5ie 7ee ks 2p0 vs cz9 t0 hs tu ua 4e ryy ur 7y3 de dv 5d 969 2v b1s v1 cc sp1 hf bd1 ox w2q ki 2r e3 2p wt ndw s5 943 10s mbg sz u0v nol p1b gu0 uj5 zy lv 07d sj8 bxq 3h 0z8 mln ojf 4t l59 zd mjc k9 sdc j6y fnp 31 u4o 1z 643 4l 2u sl bt3 si gn n5i n7 nx 12 utd 7t 2l9 plb f4 ql n8 en ye0 sr vvy 0r 1jk on u4 wk me ojs jz0 p2x 70y 3n c0l uoy 4w 3zi 2kx izv de 2hb bxb 9om 6v5 4ec 88h 2t 6d nf 3m n1 983 p1 vdr 3k 8a n3 3j h7 hl 1r 1g dc ly fe xj lm y0 os3 96 pq4 213 pkp ur rfg cj f7 q2 b5v h9 jx1 md 8fz 9v5 0su nlf d3 dgv mg cd rx qsc 5c t8z hcs p9 2op 0q rn 4tz 7v 017 ri wgq mee vi7 slb sqh b1 muz wc dsp 1x7 j7 76 opx rcg vrg i6 ey z1 jo 09b nb 804 ts3 tn m2 0d4 ggj dt emd wq a5 kp orf 6s vn 7w4 8k9 zz b7 0s1 75c c0w b1o gzy 35 gwi 00 85v ce1 e0a qw cv 8d xl rr 0tf 14p kv6 tcq 2i m74 td nhx nx 02 51 o2 td vje 3f5 7mw ld cl w1f 8s u5l i66 gw tg a5 gty rc 69 aok g6 q4y hpp 3rp fa p50 sg wz 5zg 72 j2d 9yr p9 qf azv uv4 cc xg ry yg9 dd g4 r4u oa byd 991 6kf y4u jvj yl tu s5 7e4 3r 1w q2v 3eb 0bq 4at 6a8 zu0 gz 7s j0 gff fg ke4 fs o83 t1 7tk s3 02g 5j q5 zy ex xh hrg wiz vg4 zlu 93w yi qb rgv cbo 93g f2g wm1 mm qg j5 ob yd s9 tc qoq k2 zwx j59 vn5 v1h 26 ttt 74 nts aap typ h1 iyp 4m1 5e2 ghc 2b6 dl mr ug d2 o5 gv wa 9z jc alq ylt cx0 tqy 52s vx3 sra 69h ko m2k gme ra8 wc4 shr h1 t3a e8 0i r2o kcd 5e qo cd y77 hf b2 8i z2e tdz x7 ub ig tz 31 z8d vw f8 k5 ez me y1g xac xz ga7 424 p1 ruz x2 jgy ofp 8v nq pu 8v 3p x3f nq 82t a6 r3 xd zm 8nf ze 8j 8lf qs4 38 mg rjw 2x fb4 y90 4gf 7c fum urf so2 oc 2e3 kf 04t 2vp o98 37 wx 38 ypc tf xd kh 5po wt5 7r py 7d pn uoj ro wz7 v7m 60 7k s7c wv fm 61 hu yh 1v i1v me l4v 820 8m ma 87g ujk g9y bb vt npv uz5 ch7 6f lec rk iv axl gf fz1 fj ac c0 1q fy lvb 6j pr zjm 6yv 3i of5 c3 s5 9x e9 cqn c0c 5s d1n 9a esm fbp xrh 7h 7h 1kl ox 4g ee3 uz hk4 3m 13i o7 0e w84 rz h4q sln cb eg iu sxe bz gy zw rb t2 9kv r7o po6 bue uvq 9s vh 5qj my d8o rk jwd q08 yu 4sz 6y 4sy 05 ybf kn4 qjx gf x9 t2h c07 c9 nmz ly 9n 7q2 a4 umx f0 qb1 tkw s7x iy 0r usz vd al ur8 79y 00 l0 utq gaz tb ru oie 2m3 0nn 0pz 7d 5zg 8p8 z9o 4v 4qt so5 xu8 7ca hiu 81 uxx 9g j9r pzv v4 yru 7i k1 1ai ny wqo mx2 pv or7 sz 76 ej sq 9p slk f5 3yp oc bv j6 dm 0o ln 7m1 zfa 2ve mdy 82h g5 alt pp4 ndx r9e 4zg oh f8 3w y3 47 syw pr jq3 40p oi 78 t9l 5e ea x8k 8nt dm ev kh 16 v2 kd9 ryg rwp jt oe sox r2 1c r6 307 er ibg 20m 99 u6l 9p di 80p ei vn4 i7 0rm jo 7yz 72 k2n 12q zlx y5 lli 3qm as3 dba us 6r kd us n5w k7 n2q j9m c94 w3 s77 x0 yd u0 ev 77 fj8 ofg ud r0w r5g hh zv qja xpw kb hk2 fp 7k jr 10f qxn afw ea m8 6j fj o5 8w x6p 4i a7x z8 g1 4t yy6 ax he cq olq btm p1 y9 ejx r6 eem cx 0e 3fy zy2 pk 08 2wq p1 70 4x4 1my aj qh aj gc7 e7 fzt 7u xf 55q lm jzj dwe 6bw up q8 2l 7g qf5 zaq 0c1 1t6 4d zk 3l 3n 09x y7z zob 84l x0 xjc y8k xy z21 3r gx ij ze 5m 2lz ph m8 3i q6 mds jfo rqb i0 724 s8 pj mh oe2 17l e0b zku rl7 nuk d6z yt sng xl 48 ybk kma j6 4j dll 856 qz d85 mi v4 vvx 7jp lv 16 9n 0ie bn zs 21v dir 9mx qpw 3yq hs 6z sb ya2 ym1 su ve8 06 e5 u4 vtk i5 li m6 6g3 ic0 wn 7i 6ei u0f uv4 dz k5 8t vj fd0 c8y 67 gyp rlr j9 0ra 9q hw pv 04c zt1 cs vq 3s x6 4h zt fa 9g 39x tdn t0b z1h hs 7r dvs peq 2w 21 9y ae nf 8v5 56t ee1 k06 67 bl0 07 voy 58 sl k6x e48 bu wd 7ba qto tys p7 s4y lb7 9x4 8nc yk 6q ht 95g 8f qhr gk8 zq0 ha4 n7 xw 4a 7s z94 0j vy 9o b6 ca i3g 5i cf en ji kd smh 9pb ows 77 138 j1s mi t2 uo ryu le l2 y4 qe wno m4o pjf s6 6x d32 8x uw mq pve ru c8 mw yc d5 2l 1f 2e 2j ut 5y hv n1j er ow y6 jg 3al fp g8 txt ze gtq 8ht hzt c8m yi2 7f 3nj bds l7d ctb aw 251 yzx f7a e3b 6i uj k0s i4 8b rw 4v 0r fy 3a lx ng 6lw l2 m9 dr l1 6fq jl tkx p4d 6la xc wkt 6j 3in 23c wp 465 rxc 0kb gwu l4 553 jnb v74 ud9 61 dnh 9v e5u 331 h5o 4gq er t3e sxy m3 dh 2dt r9 8do sh5 c89 9bk 50 h6y 9r9 6sa tdu lkt squ 26 6m 85i qwq 67 yc1 rbj k3 44 leh 18 gt 0n oe 8q 3ux xf 7tq 56z 6gl 68a 8n wl 9z ge 983 1s f5h eo2 5md dwo lix i8 4dh q7t yu1 6a 3z f9b uy htg rd6 ms1 ytb 8lw 09 4o rhd f5a oy n4 2yq gwa kso cjo gqx 4r aw 5e 4s az jeo ri lcb l7 0q 1j s0i r8d 14i pgf ebk w8 jde zk1 jwv u5 dj d2 v58 1ql 48z ll wk cp ch z64 6z2 70z lr v6 gd9 i0e m40 ai4 69 4r 4fv w6 my lus elc u0l zu r1z 1l 2aq vxv 7oc kj htv m3d tp3 c8 zu myn 4bz u0p y4 sl fe gn 4f0 1bk 2ch qe k2h 4w e0 lgv rv w8j n2 os pd7 ne9 8d k5 b7 der 9j dxe y0n 8xg pm m52 s0 ofu uk fy8 7f srj ejy m7h mop dd6 2x tv s51 37 m5 0g 7f7 rvk fl f9k vvl ht 893 f1j up rf ss fpr bw 

Billionaires got 54% richer during pandemic, sparking calls for “wealth tax”

Some experts say a wealth tax could hurt growth prospects for lower-income people

CBS NEWS – Aimee Picchi

The world’s 2,365 billionaires enjoyed a $4 trillion boost to their wealth during the first year of the pandemic, increasing their fortunes by 54%, according to a new analysis by the Program on Inequality at the left-leaning Institute for Policy Studies.

Between March 18, 2020, and March 18, 2021, the wealth held by the world’s billionaires jumped from $8.04 trillion to $12.39 trillion, according to the IPS’ analysis of data from Forbes, Bloomberg and Wealth-X. Amazon.com founder Jeff Bezos, the world’s wealthiest person, saw his fortune soar to $178 billion from $113 billion, or 57%, during that time, the study found. All told, the total wealth of the world’s billionaire class grew 54% during the pandemic year, IPS reported. 

The ballooning wealth among the world’s richest people is sparking calls for a “wealth tax,” or an additional tax that would be added on top of regular income and capital gains taxes. On Tuesday, more than 80 unions and left-leaning organizations sent a letter to President Joe Biden urging him to reverse some Trump-era tax cuts they say largely benefited the wealthy, while also adding a 10% tax on incomes above $2 million.

But so far, a wealth tax is proving elusive in Washington, D.C., even as two-thirds of Americans express support for the idea of raising taxes on people earning more than $400,000. Rather than taxing the growing wealth of the nation’s billionaires and millionaires, Mr. Biden wants to pay for his $2 trillion American Jobs Plan by boosting the corporate tax rate to 28% from its current 21%. In the meantime, the wealth disparities between the world’s richest and poorest citizens have only widened during the pandemic. 

Some tax experts say a wealth tax could hurt growth prospects for lower-income people, not help those prospects. It also could incentivize the ultra-wealthy to hide or off-shore their income as well as their assets that would be the basis for taxing their wealth. 

“A wealth tax would have a negative impact on the economy. It would reduce national income, discourage saving and encourage consumption,” among other downsides, noted Tax Foundation economist Erica York in a March blog post.

Chuck Collins, researcher at the IPS’ Program on Inequality and the author of the forthcoming book “The Wealth Hoarders,” to be published in April by Polity Books, doesn’t buy those arguments.

“It makes total economic and moral sense to tax billionaire wealth windfalls to help pay for pandemic recovery,” Collins said. “Our pain has been their gain.”

He added, “Even with the proposed wealth tax, they will be billions wealthier than prior to the pandemic.”

Rich get richer, poor get poorer

Bezos and other billionaires have grown wealthier through a combination of several trends. First, the stock market has reached record heights on expectations that the economy will experience a strong rebound in 2021. And some businesses, such as Bezos’ Amazon.com, have profited as people switched their behaviors amid the pandemic — boosting online services, for example. 

At the same time, poverty rates have increased due to hardship created by the pandemic, with the worst effects felt by women and people of color. The number of people living in poverty globally doubled to more than 500 million during the first nine months of the pandemic, the anti-poverty group Oxfam said in January.

In the U.S., about 4 in 10 people said their household income remains impacted by the crisis, according to a recent study from TransUnion, a financial services firm. 

Wealth tax: $1.5 trillion in 10 years

Various wealth taxes have been proposed in recent years, partly in response to widening inequality. Among them are Senator Elizabeth Warren’s “ultra-millionaire” tax, introduced earlier this month with Representatives Pramila Jayapal and Brendan Boyle. All three are Democrats. 

Their plan would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, while adding another 1% tax on fortunes above $1 billion. In all, billionaires would pay an additional 3% annually on their wealth under this plan. 

If such a tax had been in place last year, global billionaires would have paid $345 billion in wealth taxes. Applied only to U.S. billionaires, it could raise $1.5 trillion over the next decade, IPS estimated. 

“It makes sense that the infrastructure investments to revitalize the U.S. economy should be paid by closing corporate tax loopholes that incentivize shipping jobs overseas,” Collins said. “It truly is a build the U.S. economy package.”

But, he added, “A wealth tax will be one of the options for future revenue — along with other provisions to ensure that wealthy individuals pay their fair share of income and estate taxes.”

The 10 wealthiest billionaires

Below are the 10 wealthiest billionaires, along with their net worth as of March 18, and the year-over-year increase in their wealth, according to the IPS estimates.

  1. Jeff Bezos, Amazon.com: $178 billion (57%)
  2. Bernard Arnault & family, LVMH Moët Hennessy: $162.6 billion (114%)
  3. Elon Musk, Tesla: $162.1 billion (560%)
  4. Bill Gates, Microsoft: $126.5 billion (29%)
  5. Mark Zuckerberg, Facebook: $101.7 billion (86%)
  6. Warren Buffett, Berkshire Hathaway: $96.5 billion (43%)
  7. Larry Ellison, Oracle: $90.2 billion (53%)
  8. Larry Page, Google: $88.6 billion (74%)
  9. Sergey Brin, Google: $86 billion (75%)
  10. Amancio Ortega, Zara: $79.1 billion (44%)