BILLIONAIRE’S INCOME TAX WOULD ADDRESS ECONOMIC INEQUALITY EXACERBATED BY THE PANDEMIC 

The Rich Got Richer During the Pandemic While Middle Class Americans Struggled — Exacerbated Existing Income Inequality 

Build Back Better Act Could Address This With a Billionaire’s Income Tax 

The Build Back Better Act’s historic investments in child care, clean energy, and more may be funded by a Billionaire’s Income Tax. This provision could address the country’s income inequality, which was exacerbated during the Covid-19 pandemic.

While middle class Americans struggled to get by during the pandemic, billionaires saw their wealth skyrocket

  • America’s billionaires have grown $2.1 trillion richer during the pandemic — with fortunes increasing by 70 percent:

    • Elon Musk’s wealth grew by $184 billion during the pandemic, an increase of 751%.

    • Larry Page’s wealth grew by $69 billion during the pandemic, an increase of over 137%.

    • Mark Zuckerberg’s wealth grew by $62 billion during the pandemic, an increase of over 114%.

    • Larry Ellison’s wealth grew by $65 billion during the pandemic, an increase of over 111%.

    • Jeff Bezos’ wealth grew by $79 billion during the pandemic, an increase of over 70%.

  • The pandemic also produced 131 new billionaires.

  • Overall, the 400 richest Americans are now 40% richer than they were last year.

Despite these surging fortunes, current tax loopholes allow billionaires to shield their wealth from taxation: 

  • The top 25 billionaires paid on average just 3.4 percent of their wealth-growth in federal income taxes — far less than working families.

  • The average federal income tax for billionaires is 8% — nearly half of the average income tax rate for the median American couple.

  • Many billionaires — including Jeff Bezos and Elon Musk — have gone multiple years paying zero federal income tax.

The Billionaire’s Income Tax would ensure the wealthiest Americans pay their fair share in taxes and the tax code rewards work, not wealth. 

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