On 7 April, the Forbes story that lots of billionaires lost lots of money from the coronavirus “pandemic” was widely (re)published by our wonderful media? It looks like Forbes intentionally selected 18 March as the best date to push this propaganda.
Chuck Collins commented:In the same month that 22 million Americans lost their jobs (with US employment rate coming close to 15%), American billionaires added about $282 billion (10%) to their net worth, from 18 March to 10 April. They now together own $3.229 trillion.We started to immediately look at it and realize, even three weeks later, the story was changing quickly. Their story was, ‘Hey, the pandemic is really affecting even the billionaires; their wealth is down from last year globally and in terms of the U.S.’ What we found was, wait three weeks and they’ve now surpassed last year’s collective wealth and now they’re surging to new heights.
The combined wealth of these billionaires is higher than it was in 2019...
Since 1980, the taxes paid by billionaires, as a percentage of their wealth, dropped 79%: https://www.fastcompany.com/90494347...id-19-pandemic
(http://web.archive.org/web/20200423120531/https://www.fastcompany.com/90494347/american-billionaires-have-gotten-280-billion-richer-since-the-start-of-the-covid-19-pandemic)
Between 1 January 2020 and 10 April 2020, 34 of the nation’s wealthiest 170 American billionaires have seen their wealth increase by tens of millions of dollars.
Eight of these billionaires grew richer by more than $1 billion: Jeff Bezos (Amazon), MacKenzie Bezos (Amazon), Eric Yuan (Zoom), Steve Ballmer (Microsoft), John Albert Sobrato (Silicon Valley real estate), Elon Musk (Tesla and SpaceX), Joshua Harris (Apollo Global Management), and Rocco Commisso (Mediacom).
Jeff Bezos’ worth supposedly dropped to a “mere” $105 billion by 12 March.
But by 15 April, his net worth is $25 billion more than it was on 1 January 2020.
Eric Yuan added $2.58 billion to his wealth: https://inequality.org/great-divide/...-bonanza-2020/
(http://archive.is/eVDTp)
The Joint Committee on Taxation (JCT) analysed the tax provision in the $2 trillion coronavirus relief fund and concludes that almost 82% of its benefits will go to millionaires and billionaires that earn at least $1 million per year.
The clause “temporarily” suspends a limit to the amount that owners of “pass through” structured businesses can deduct against their “non-business income” to reduce the tax they pay.
Just 3% of the benefits of this clause will go to Americans who earn less than $100,000 annually.
Suspending the limitation will result in fewer taxes collected in excess of $90 billion in 2020 alone.
It is expected that the whole series of tax amendments will add nearly $170 billion to the US national deficit by 2030.
Rep. Lloyd Doggett commented:
https://www.dailymail.co.uk/news/art...lionaires.htmlfor those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments.
Someone wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the Trump family, with a tax loophole not available to middle class families. This net operating loss loophole is a loser that should be repealed.
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