America’s billionaires saw their wealth rise by over one trillion dollars since the start of the coronavirus pandemic, according to a study, fueling a debate about higher taxes on the rich.
The collective wealth of the 651 billionaires in the United States soared from 2.95 trillion dollars on March 18 to over four billion this month, said the Institute for Policy Studies and Americans for Tax Fairness.
Noting that the gain exceeds a relief package being considered by Congress, Frank Clemente, ATF’s executive director, said, “Never before has America seen such an accumulation of wealth in so few hands. Their pandemic profits are so immense that America’s billionaires could pay for a major COVID relief bill and still not lose a dime of their pre-virus riches.”
Last week, the White House unveiled a 916-billion-dollar stimulus proposal in a final dash to break a months-long logjam over new aid for the US economy before President Trump leaves office in January.