We need a 5% wealth tax on America\u2019s 938 billionaires. Over a ten-year period, this bill would raise much-needed $4.4tn for public coffers<\/p>\n
Never before in American history have so few had so much wealth and power. Today, the top 1% owns more wealth than the bottom 93%. One person, Elon Musk, worth $805bn, owns more wealth than the bottom 53% of American households. And that inequality is getting worse. Last year alone, after receiving the one of the largest tax breaks in history from Donald Trump, 938 billionaires in America became $1.5tn richer. Since he was re-elected, Trump and his family have become $4bn richer.<\/p>\n
Never before in American history have we had such concentration of ownership. While profits soar, a handful of giant corporations dominate virtually every sector of our economy, charging higher and higher prices for the products they sell. Four Wall Street firms combined \u2013 BlackRock, Vanguard, Fidelity, and State Street \u2013 are the major stockholders of more than 90% of American corporations.<\/p>\n
Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" We need a 5% wealth tax on America\u2019s 938 billionaires. Over a ten-year period, this bill would raise much-needed $4.4tn for public coffers Never before in American history have so few had so much wealth and power. Today, the top 1% owns more wealth than the bottom 93%. One person, Elon Musk, worth $805bn, owns … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-70570","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/70570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=70570"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/70570\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=70570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=70570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=70570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}