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NEW YORK: America’s billionaires have seen their wealth increase by more than $ 1 trillion since the start of the coronavirus pandemic, according to a study on Wednesday (Dec. 9), which fueled a debate over higher taxes for the rich.
The collective wealth of the 651 billionaires in the United States soared from $ 2.95 trillion on March 18 to $ 4.01 trillion on Monday, said the Institute of American and Political Studies for Fiscal Equity (ATF).
“Never before has the United States seen such accumulation of wealth in so few hands,” said Frank Clemente, ATF executive director, noting that the gain exceeds an aid package that is being considered by Congress.
“Their earnings from the pandemic are so immense that America’s billionaires could pay a significant COVID-19 relief bill and still not lose a penny of their pre-virus riches,” he added.
On Tuesday, the White House unveiled a $ 916 billion stimulus proposal in a final race to break a months-long jam on new aid for the coronavirus-hit U.S. economy before President Donald Trump leaves office. in january.
The new proposal is slightly larger than a $ 908 billion pledge presented by a bipartisan group of senators last week.
The study authors say that the trillion dollar wealth gain would pay off $ 3,000 stimulus checks for all of the roughly 300 million Americans.
The study adds to the already heated debate in the United States about taxing the wealthy more to reduce growing wealth inequalities.
For example, Alexandria Ocasio-Cortez, a rising star on the left wing of the Democratic Party, is pushing for higher taxes in New York, which like many states faces a budget crisis caused by the pandemic.
A study released by UBS bank and accounting firm PwC in October found that the accumulated wealth of the world’s dollar billionaires reached a new record of $ 10.2 trillion, up from the previous peak of $ 8.9 billion recorded in 2017.
The pandemic triggered a stock market crash in March, which saw some of the billionaires’ club tumble, before a sharp rally in tech and healthcare stocks boosted billionaires in those sectors.
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