American billionaires have more net worth during the epidemic

‘THE TRANSLATOR OF THE PANDEMIA’
On the other hand, it was stated that Zoom’s CEO and founder Eric Yuan is one of the few people who experienced an increase in net wealth even though the markets collapsed, and Yuan’s wealth increased by $ 2.58 billion.
According to the new report for the Institute for Policy Studies, “those who turn pandemics into opportunities” constitute only part of the problem of inequality in the USA. In the background, since 1980, it has been stated that the taxes paid by billionaires have decreased by 79 percent.
“We have been reading news that the philanthropist billionaire shared 0,0001 percent of his income with people in the crisis, but in fact, for decades, he has been using tax rules to reduce taxes that can be used to build a better public health infrastructure.” They violate ”.
‘THERE ARE WEEKLY CHANGED AFTER THREE WEEKS’
It is stated that the said report will draw attention to billionaires who profit from the coronavirus thanks to good timing. It was also reported that Collins and other authors cited Forbes’ list of the world’s richest annually to compile the report. It was stated that Forbes compiled the data according to March 18 to prepare the list and announced the results on April 7.
“We started to investigate this right away, and we realized that the story suddenly changed three weeks later,” Collins said. See the story they are telling that the pandemic really affects billionaires, saying that their fortunes have fallen globally compared to last year and the US. What we have found waiting for three weeks shows that they exceeded the total wealth of last year and continued to rise.
‘IT HAS EXCEEDED ITS LEVEL BEFORE 2008 IN VERY SHORT TIME’
“Inequality was a condition that existed in America before,” says Collins. “We have already entered the pandemic polarized in terms of income, and unfortunately we do not want to get out of this even more polarized.”
Another important point of the report was the finding that it took less than 30 months for billionaires to return to the level of wealth before the economic collapse after the 2008 crisis. It was also reported that fortunes exceeded the level before 2008 in a very short time. However, as of 2019, it was underlined that the American middle class did not even reach the net fortune level in 2007.
Although some billionaires have made significant donations so far, Collins said that philanthropy should not be allowed to cast a shadow over the inequality debate. Philanthropy is not a substitute for a fair tax system and a properly funded public safety network. Stating that he had a hard time paying millions of Americans’ rent, shopping and trying to survive during the pandemic, Collins said that disaster times reveal particularly inequality.

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