Cashing in on Covid: Musk, Bezos, Zuckerberg, Gates, others added billions to their wealth throughout pandemic

With the intention to deal with the wealth inequality within the US, the nation had earlier this month proposed the ‘Extremely Millionaire Tax Act’ to levy 2 per cent annual tax on wealthy Individuals.
(Picture: REUTERS)

Even because the Covid pandemic impacted folks, companies, and economies the world over, the wealth of know-how billionaires solely skyrocketed additional previously yr. The fortune of the 9 richest tech titans within the US together with Tesla’s Elon Musk, Amazon’s Jeff Bezos, Fb’s Mark Zuckerberg, and Google’s Larry Web page and Sergey Brin, Oracle’s Larry Ellison, Invoice Gates, Steve Ballmer, and Michael Dell jumped by $363 billion from March 5, 2020, to March 5, 2021, in keeping with Bloomberg Billionaires Index.

Elon Musk had led the pack with $118 billion added to his web price throughout the interval adopted by Jeff Bezos who added $58 billion to his wealth, Larry Web page with $33 billion addition to his fortune, Sergey Brin with $32 billion, $29 billion added to the wealth of Mark Zuckerberg, $28 billion to Larry Ellison, Invoice Gates added $24 billion, Steve Ballmer earned $23 billion and Michael Dell $18 billion, in keeping with a report by The Washington Put up citing Bloomberg knowledge. The report famous that almost all of the wealth addition was tied to the businesses’ share value the lads co-founded or lead, and during which they continue to be important shareholders.

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With the intention to deal with the wealth inequality within the US, the nation had earlier this month proposed the ‘Extremely Millionaire Tax Act’ to yearly tax 2 per cent levy on Individuals with a wealth of greater than $50 million and three per cent on wealth of over $1 billion. The tax would have an effect on the wealthiest 100,000 American households or the highest 0.5 per cent, CNBC had reported. As soon as it comes into impact, Bezos must pay $5.7 billion whereas Musk could be paying $4.6 billion in taxes for 2020. Likewise, Invoice Gates and Mark Zuckerberg must pay $3.6 billion and $3 billion respectively, based mostly on the calculations from the Institute for Coverage Research and Individuals for Tax Equity.

Actually, Gates had himself burdened previously on having a good tax system within the US to cut back wealth hole. In keeping with Gates, the space between the highest and backside incomes within the US is way better than it was 50 years in the past, he wrote in his weblog on December 30, 2019. “That’s why I’m for a tax system during which, if in case you have more cash, you pay the next share in taxes. And I believe the wealthy ought to pay greater than they presently do, and that features Melinda and me.”

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