US Billionaires’ Wealth Grew by 62% During the Pandemic
HAVANA TIMES – A new study by Oxfam America finds the wealthiest U.S. billionaires are worth a combined $4.7 trillion — a 62% increase over the past two years. Oxfam released its report on Tax Day, noting that taxing the wealth and income of the nation’s 735 billionaires and enacting a global minimum corporate tax would drastically reduce widening wealth inequality in the U.S. This follows a recent ProPublica investigation that found the 25 richest U.S. billionaires paid a true tax rate of just 3.4% between 2014 and ’18. Meanwhile, over the past decade, a typical American household paid more in taxes than it accumulated in wealth.