Global wealth gap widens as epidemic hits Billionaires 54% richer

According to an analysis by the Institute for Policy Studies (IPS) Inequality Project, the world’s 2,365 billionaires saw their assets increase by a total of $4 trillion, or 54 percent, during the Newcastle pneumonia (CCP) epidemic.

IPS analyzed data from Bloomberg and Forbes, and other media, and pointed out that from March 18 last year to the same date this year, the world’s richest billionaires’ assets increased from $8 trillion 400 billion to $12 trillion 390 billion, widening the gap between rich and poor during the epidemic.

Among them, the world’s richest man, Amazon founder Bezos (Jeff Bezos) personal assets from $ 113 billion increased by 57%, to $ 178 billion.

The rich and powerful surge in value of the main thrust from the stock market hit a record high; in addition, people’s habits change, such as more reliance on online shopping, is the reason for the rise in revenue of companies such as Amazon.

More than 80 labor unions and leftist groups across the U.S. sent a letter to President Biden this week demanding that the tax cuts for the wealthy during the former Trump era be changed and that an additional 10% income tax be levied on the wealthy who earn more than $2 million a year.

However, despite the fact that two-thirds of the nation’s population is in favor of raising taxes on high-income groups that receive more than $400,000 a year, the tax on the rich is still difficult to promote in Washington; some tax experts believe that the tax on the rich may compress the salary growth of lower-income people, and may stimulate the rich to hide or move their income and assets overseas.

But IPS researcher Chuck Collins holds the opposite view, “From an economic and moral perspective, a tax on the wealthy could help the nation recover from the epidemic. Even if the rich are taxed, they still have billions of dollars more in assets than they did before the epidemic.”

In light of the widening gap between the rich and the poor, in recent years, some members of Congress have proposed different options for a tax on the rich; Democratic U.S. Senator Elizabeth Warren (D-MA) and others have proposed an Ultra-Millionaire Tax; not only would all rich people be taxed 3%, but families with assets between $50 million and $1 billion would be taxed 2% wealth tax; assets over 1 billion yuan, wealth tax rate will rise to 3%.