capitalism
Out of context: Reply #915
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- utopian4
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.
- Right, Build Back Better didn't pass because of insufficient funds.palimpsest
- You seem to be confusing income with growth.Morning_star
- Thanks, Elon.palimpsest
- every single one started as dishwashersandpipe
- Shapeshifters.palimpsest
- That's how investments work. They aren't taxed until they are accessed. They just sit there, so it's all paper money now.formed
- That also contradicts itself. It's click-bait, sensationalized bs. Either state what it is and discuss or don't state anything at all.formed
- (not pointing fingers at you U, but whoever wrote that wrote it to stir emotions, not present reality)formed