Billionaires Got This Much RICHER During the Covid-19 Pandemic

American billionaires have had a great time during the COVID-19 pandemic, collectively raising their wealth by around $1 trillion in 2021 alone. And the best part: none of these gains will ever be taxed unless the billionaires sell the assets themselves, something that rarely happens. Ana Kasparian discusses on The Young Turks. Watch LIVE weekdays 6-8 pm ET. Read more HERE: "America’s nearly 750 billionaires collectively got $1 trillion richer in 2021, a tax-free 25% gain, according to calculations by Americans for Tax Fairness (ATF) based on Forbes data. Their wealth rose from $4.1 trillion to $5.1 trillion over the 12 months ended on Dec. 31. That wealth rise could fund half of the Democrats’ proposed 10-year, roughly $2 trillion Build Back Better plan of social and environmental investments. Go here for the full data set and see the top 15 billionaires table below. The number of U.S. billionaires rose from 659 to 736 during the year. Under current law, none of that gain will ever be taxed unless the underlying assets are sold—something the very rich generally don’t need to do to lead lives of luxury. But if the Billionaires Income Tax (BIT) proposed by Sen. Ron Wyden had been law last year, billionaires would owe up to $240 billion on their 2021 wealth gains, depending on how much of that wealth gain was derived from tradable assets such as stock." *** The largest online progressive news show in the world. Hosted by Cenk Uygur and Ana Kasparian. LIVE weekdays 6-8 pm ET. Help support our mission and get perks. Membership protects TYT's independence from corporate ownership and allows us to provide free live shows that speak truth to power for people around the world. See Perks: ▶ SUBSCRIBE on YOUTUBE: ☞
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