(C) Common Dreams
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Wealth of the Top 1% in US Hits All-Time High of $45 Trillion [1]
['Thor Benson', 'Thor Benson Is A Staff Writer For Common Dreams.']
Date: 2024-03-29 16:07:33+00:00
Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been.
The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. That's up from $30 trillion in 2020.
The main driver of wealth gains last year was from the stock market hitting record highs. While wages are increasing for average Americans, the top 1% is gaining wealth at a much faster pace.
When we talk about global oligarchy this is what we are talking about: Today, the top 1% throughout the world own more wealth than the bottom 95% of humanity combined. Children go hungry. Billionaires buy yachts and take joyrides on rocket ships. Change must come.
— Bernie Sanders (@SenSanders) March 28, 2024
The wealth of U.S. billionaires is currently at $5.5 trillion, which is up 88% since the start of the Covid-19 pandemic. The nation's rich accruing so much wealth in recent years has renewed calls for a wealth tax.
Sen. Elizabeth Warren (D-Mass), Rep. Pramila Jayapal (D-Wash.), and others are pushing to pass the Ultra-Millionaire Tax Act, which would put a 2-cent tax on every dollar of wealth over $50 million. Warren referred to U.S. President Joe Biden calling for higher taxes on billionaires during his State of the Union when the bill was reintroduced earlier this month.
With a two-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids.
https://t.co/f0dZDOYYCr
— Elizabeth Warren (@ewarren) March 28, 2024
"As President Biden says: No one thinks it's fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher," said Warren. "All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance."
As progressives fight to pass a wealth tax at the federal level, legislators in many states are pursuing their own wealth taxes.
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[1] Url:
https://www.commondreams.org/news/rich-rrecord-income-inequality
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