Economy American billionaires got $434 billion richer during the pandemic

[phoenixikki]

American billionaires got $434 billion richer during the pandemic

• U.S. billionaires saw their fortunes soar by $434 billion during the nation’s lockdown between mid-March and mid-May, according to a new report.
• Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg had the biggest gains.
• Bezos added $34.6 billion to his wealth and Zuckerberg picked up $25 billion.

America’s billionaires saw their fortunes soar by $434 billion during the U.S. lockdown between mid-March and mid-May, according to a new report.

Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg had the biggest gains, with Bezos adding $34.6 billion to his wealth and Zuckerberg adding $25 billion, according to the report from Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. The report is based on Forbes data for America’s more than 600 billionaires between March 18, when most states were in lockdown, and May 19.

The billionaire gains highlight how the coronavirus pandemic has rewarded the largest and most tech-focused companies, even as the economy and labor force grapples with the worst economic crisis in recent history.

According to the report, the net worth of America’s billionaires grew 15% during the two-month period, to $3.382 trillion from $2.948 trillion. The biggest gains were at the top of the billionaire pyramid, with the richest five billionaires -- Bezos, Bill Gates, Zuckerberg, Warren Buffett, and Larry Ellison -- seeing combined wealth gains of $76 billion.

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Easy to increase your profits when any business with less than 5000 employees was forced to shut down.

 

[goldennirvana]

I dread to think what the world will be like in 50 years time.

 

[hillelslovak87]

Funny how the Trumper forgets the trillions Trump's admin gives corporations absent oversight.

"I hate corporate control!!" while supporting the party that fights for it at every turn. SMRT.

 

[My Spot]

 

[Sano]

 

[helltoupee]

American billionaires got $434 billion richer during the pandemic

• U.S. billionaires saw their fortunes soar by $434 billion during the nation’s lockdown between mid-March and mid-May, according to a new report.
• Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg had the biggest gains.
• Bezos added $34.6 billion to his wealth and Zuckerberg picked up $25 billion.

America’s billionaires saw their fortunes soar by $434 billion during the U.S. lockdown between mid-March and mid-May, according to a new report.

Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg had the biggest gains, with Bezos adding $34.6 billion to his wealth and Zuckerberg adding $25 billion, according to the report from Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. The report is based on Forbes data for America’s more than 600 billionaires between March 18, when most states were in lockdown, and May 19.

The billionaire gains highlight how the coronavirus pandemic has rewarded the largest and most tech-focused companies, even as the economy and labor force grapples with the worst economic crisis in recent history.

According to the report, the net worth of America’s billionaires grew 15% during the two-month period, to $3.382 trillion from $2.948 trillion. The biggest gains were at the top of the billionaire pyramid, with the richest five billionaires -- Bezos, Bill Gates, Zuckerberg, Warren Buffett, and Larry Ellison -- seeing combined wealth gains of $76 billion.

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Sure glad Trump gave all these guys tax breaks. They really needed it.

But hey, Joe Schmoe got an extra $7 on his semi weekly paycheck so I guess it's all good. The funny thing is that more than half of those people who saw a small boost in their income because of the "tax cuts" simply had their withholding dropped, and will owe that money back to the government upon completion of their tax returns.

 

[zebby23]

Trumpers think this is a great idea unless a democrat is president than it’s terrible

 

[hillelslovak87]

Sure glad Trump gave all these guys tax breaks. They really needed it.

But hey, Joe Schmoe got an extra $7 on his semi weekly paycheck so I guess it's all good. The funny thing is that more than half of those people who saw a small boost in their income because of the "tax cuts" simply had their withholding dropped, and will owe that money back to the government upon completion of their tax returns.

How we gonna get people back to work? Nobody will ever work a job if they can get those sweet unemployment benefits for the rest of their lives. It's j- of course we have to bail out the airlines.

That's where the GOP is at this point.

 

[SBJJ]

Some of us called this from the very beginning and for some reason it really rustled the Not My Granny bros

 

[Butz2nutz]

Time to eat the rich

 

[TribalDrumz]

Mofos are buying 4K TVs and movies with their stimulus checks that’s how embarrassing this is . Straight to bezos accounts.

 

[llperez22]

i personally know people who are making double on unemployment than what they made while working and have no desire to go back to work and lose so much money. Hers one example, my cowrokers son worked at a movie theatre making little more than the min wage. He now gets unemployment, 600$ additional per week and at least one 1200$ stimulus check. I think top to bottom this stimulus stuff was handled like shit. theres stories out there of people using the payroll protection program to use over a million dollars to buy jewlery, 300K$ vehicles and stash the rest. What a shitshow

 

[Crom Cruach]

Inb4 some trumpet tells us Joe Schmoe is getting too much welfare and doesnt want to work for his masters now.

 

[Crom Cruach]

Remember Trumps tax breaks from earlier. Pretty much the only major legislation of his Presidency.

The corporations didn't create jobs for Americans. They did stock buy-backs with the money. Effectively making their executives richer with taxpayers money.

 

[TheFirstEMP]

People are stuck at home spending more time on Facebook and relying on delivery services, such as amazon. No shit they got richer. Many delivery services had exemplary growth. Also, I guarantee those complaining about amazon buy from amazon.

 

[phoenixikki]

"Trump signed the Tax Cut and Jobs Act into law in December 2017. It cut taxes for most Americans (I guess most Americans aren't billionaires...)
, especially those living in low-tax states.

But higher wage earners living in high-tax states such as California and New York weren’t able to deduct more than $10,000 of state and local taxes (SALT) off of their federal tax returns, reducing the value of their tax cut, and, in some cases, increasing their overall tax burden."

Funny how the Trumper forgets the trillions Trump's admin gives corporations absent oversight.

"I hate corporate control!!" while supporting the party that fights for it at every turn. SMRT.

Sure glad Trump gave all these guys tax breaks. They really needed it.

But hey, Joe Schmoe got an extra $7 on his semi weekly paycheck so I guess it's all good. The funny thing is that more than half of those people who saw a small boost in their income because of the "tax cuts" simply had their withholding dropped, and will owe that money back to the government upon completion of their tax returns.

 

[TheComebackKid]

But people kept telling me there was no reason to shut everything down.

@PrinceOfPain

 

[all caps]

Some of us called this from the very beginning and for some reason it really rustled the Not My Granny bros

I even posted the same thing 1 or 2 months ago
Mods probably deleted that along with all my other posts.

 

[MilesAbove]

Weird how this focused on two Billionaires that cucks like to focus on.... so weird.

I was told by cucks that losers complain about winners. So maybe stop worrying about the billionaires and go get yours you sad sacks.

 

[skysolo]

Sure glad Trump gave all these guys tax breaks. They really needed it.

But hey, Joe Schmoe got an extra $7 on his semi weekly paycheck so I guess it's all good. The funny thing is that more than half of those people who saw a small boost in their income because of the "tax cuts" simply had their withholding dropped, and will owe that money back to the government upon completion of their tax returns.

Remember Trumps tax breaks from earlier. Pretty much the only major legislation of his Presidency.

The corporations didn't create jobs for Americans. They did stock buy-backs with the money. Effectively making their executives richer with taxpayers money.

The House dems approved those cuts.

So let's make sure we put the blame on all of them. The bi-partisan cares act sold your grandchildren's future to corporations and they were all responsible.