Pennsylvania billionaires greater than doubled their fortunes throughout a pandemic, the Pittsburgh report stated

Exclusive to Pennsylvania, it reflects the national trend of seeing bold names like former Amazon boss Jeff Bezos, who saw their wealth soar during the worst public health crisis of the first century. The billionaire class has also gotten richer due to the COVID-19 pandemic.

The analysis shows that the state’s wealth of 17 billion people doubled during the pandemic, from $ 28.4 billion in March 2020 to $ 61.4 billion by August 17, 2020, an increase from $ 33 Billion US dollars or 116%. ..

The report was sent to the members of the Pennsylvania parliamentary delegation. $ 3.5 Trillion Budget Resolution Now, pay it to Capitol Hill lawmakers and tax the richest Americans and corporations.

The document “explains why an entire state legislative delegation is needed to support the president. [Joe] Antoinette Klaus, general secretary of the Pennsylvania Health Access Network, one of the groups behind the report, said in a statement.

Biden’s proposal is to “invest $ 3.5 trillion in working families and our communities by getting rich and paying companies fair taxes.” We will provide the funds needed to create thousands of high-paying jobs in Pennsylvania and help people purchase medical care, long-term care, child care, education, housing and more, ”continued Klaus.

Other organizations involved in the report include the Americans for Tax Fairness, Health Care for America Now, and the Pennsylvania Budget & Policy Center.

Below, let’s take a look at the wealthiest Pennsylvanians and how their wealth grew during the pandemic.

click to enlarge

According to CBS News, the world’s 236.5 billion billionaires saw a spectacular $ 4 trillion wealth increase in the first year of the pandemic, citing an analysis of the Progressive Policy Institute’s inequality program. I did.

Analysis shows that the world’s richest people grew their wealth by 54% despite millions of people being excluded from work and lost health insurance and other benefits as the pandemic worsened. I think I did.

“Analyzing data from Forbes, Bloomberg and Wealth X, IPS found that between March 18, 2020 and March 18, 2021, millionaires worldwide held between $ 8.04 trillion and $ 12.39 trillion in assets. It rose against the dollar, ”reported CBS News. ..

Similar to the Pennsylvania report, the March data release puts a greater financial burden on the wealthiest people in the country, which was significantly reduced in taxes by the previous Trump administration, through wealth taxes. I was asked to do it.

In their statement, Pennsylvania supporters said that if US Senator Elizabeth Warren (D-Mass.) Proposed wealth tax goes into effect in 2020, “only the country’s millionaires will be this year.” You paid $ 114 billion – and you will pay. “It is estimated to total $ 1.4 trillion over 10 years. ”

Despite survey data showing public support for tax hikes for the wealthy, some experts say it undermines the growth prospects of low-income earners or protects the wealthy in order to protect them. We believe that boosting the offshore space could have the opposite effect of the intended effect, a tax hike, reported CBS News.

“The wealth tax has a negative impact on the economy, which will reduce national income, discourage savings and stimulate consumption,” said Erica York, economist at the tax foundation, in March about inadequacies, among other things. I wrote in a blog post. According to CBS news.

Data released by the Pennsylvania Group on Wednesday shows that U.S. billionaires’ wealth rose 62%, or $ 1.8 trillion, during the pandemic, from $ 2.95 trillion in March 2020 to 4.77 Trillion US dollars by August 17th. ..

They claimed that taxing those assets would pay more than half of Biden’s $ 3.5 trillion 10-year package.

“It’s time for Pennsylvania billionaires and big corporations to take a step forward and pay a fair share,” said Jeff Garris, who coordinates the 99% Pennsylvania campaign at the Pennsylvania Budget Policy Center, in a statement. Specified.

“It is time for lawmakers to reward their work, not their wealth, and prioritize those who work by closing huge tax loopholes,” Garris continued. Our goal was well-paying jobs, affordable health care, and real opportunities for a better future. ”

The Democratic government’s plan is, “We will stop collecting taxes on people with incomes less than $ 400,000, which means 99% of Americans and 97% of small business owners will stop paying taxes and get rich. The companies will eventually pay a fair share. “Garris drew a conclusion.

John Misek is the editor-in-chief of Pennsylvania Capital Star, the place where this story first appeared.

Pennsylvania billionaires more than doubled their fortunes during a pandemic, the Pittsburgh report said

Pennsylvania billionaires more than doubled their fortunes during a pandemic, the Pittsburgh report said

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