A new analysis by 4TaxFairness finds that the 704 billionaires in the U.S. now own more wealth than the bottom half of Americans—roughly 165 million people.
by Americans for Tax Fairness finds that the 704 billionaires in the U.S. now own more combined wealth than the 165 million people in the bottom half of the country's wealth distribution.
The new analysis stresses that billionaires' pandemic windfall"may never be taxed" because it consists of unrealized capital gains, which are not subject to taxation under current U.S. law. As one possible solution, ATF voices support for Sen. Ron Wyden's proposed, legislation that would impose an annual levy on ultra-wealthy Americans' unrealized gains from tradable assets such as stocks.
"Why should our economic system allow billionaires to hoard wealth unchecked, letting almost all of it go tax-free?"a further watered-down version of the Build Back Better proposal that calls for tax reforms targeting the wealthy and corporations, but it's unclear whether the West Virginia Democrat would accept a tax on billionaires.
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