Billionaires made $3.9 trillion during pandemic - enough to pay for everyone's vaccines

[Stevicus]

Billionaires made $3.9 trillion during the pandemic — enough to pay for everyone's vaccine

• An Oxfam report found billionaires' wealth increased by $3.9 trillion between March 18 and December 30, 2020.

• The increase for the world's 10 richest billionaires could pay for everyone to get vaccinated and stay out of poverty.

• The report recommends wealth taxes as one step toward a better world.

Not that it's any great surprise, but it's good to look at the numbers just the same.

A new report from Oxfam found that the world's billionaires didn't just recoup losses from the coronavirus: Their collective wealth increase could pay for the entire world's vaccinations and prevent anyone from falling into poverty.

"The increase in the wealth of the 10 richest billionaires since the crisis began is more than enough to prevent anyone on Earth from falling into poverty because of the virus and to pay for a COVID-19 vaccine for all," the report said.

Worldwide, billionaires saw their wealth increase by $3.9 trillion between March 18 and December 31, 2020. While billionaires saw initial losses at the start of the pandemic — like millions of others around the globe — the report says they had recovered all losses by November.

So, the billionaires made out pretty well during the pandemic, although 200 to 500 million have fallen into poverty and could take more than a decade to recover.

Meanwhile, recovery for those at the bottom could take up to a decade; the report also estimates that between 200 million to 500 million people may have fallen into poverty during 2020.

There is of course, an obvious and easy solution to the problem, as outlined in the article:

One possible solution: a wealth tax
The Oxfam report lays out "five steps towards a better world." One of them is implementing wealth taxes and cracking down on tax dodging.

They cite Argentina's wealth tax, which, as Insider's Josh Zitser reported, is a one-time tax on the super-rich in order to pay for coronavirus equipment and supplies.

Wealth taxes as a concept have been gaining popularity throughout the pandemic; as Insider's Joseph Zeballos-Roig reported in April, the International Monetary Fund (which had previously advocated for tax cuts) said governments should consider taxing their wealthiest residents for much-needed revenue.

"The coronavirus crisis must mark a turning point in the taxation of the richest individuals and big corporations," the Oxfam report said. "We must look back on this crisis as the moment when we finally started to tax the rich fairly once more — the moment that the race to the bottom ended and the race to the top began."

Should there be a wealth tax? Thoughts?

 

[Brickjectivity]

Should there be a wealth tax? Thoughts?

I think we should have a progressive spending tax not a wealth tax. When you spend, purchase something, maybe stock for example or land etc. Wealth is difficult to compute, is often untraceable, and its complexity is the reason why some people never pay taxes. Sales taxes and transfers and purchases are easier to tax and also more representative of wealth. As you spend more your tax rate could go up progressively, so I'm not talking about a flat tax. I'm talking about a progressive tax based on how much is spent.

 

[Brickjectivity]

Also, don't we want to get away from a surveillance based government? I think we do. I think we want to move back towards cash or should want to.

 

[ADigitalArtist]

I would prefer we return to pre-Regan era taxes where the top marginal bracket was 70%. And if I'm dreaming I'd want a global wealth cap. And if I'm dreaming of ponies I'd want a 50% decrease in defense spending, heavy restrictions on private insurance with a NHS replacement and nationalized college education for everyone. All things I think we need to change US wealth hoarding and low economic mobility in lower class.

 

[Twilight Hue]

I'm a proponent for shared wealth.

I'd much prefer a tethered/scale based system where the top CEO pay is linked with the lowest pay scale.

If the CEO makes more money, so do the workers that contributed to that success. Including bonuses and additional perks.

No limits, no one gets left behind. A win win for everyone.

 

[stvdv]

Billionaires made $3.9 trillion during the pandemic — enough to pay for everyone's vaccine

Makes me wonder ... or not really ... it's more than obvious to me

 

[Kenny]

Billionaires made $3.9 trillion during the pandemic — enough to pay for everyone's vaccine



Not that it's any great surprise, but it's good to look at the numbers just the same.



So, the billionaires made out pretty well during the pandemic, although 200 to 500 million have fallen into poverty and could take more than a decade to recover.



There is of course, an obvious and easy solution to the problem, as outlined in the article:





Should there be a wealth tax? Thoughts?

I think the progressive tax rate is a wealth tax.

But, all in all, are you saying that the pandemic was a conspiracy by billionaires to get more wealth at the expense of closing down small businesses?

 

[stvdv]

I think the progressive tax rate is a wealth tax.

But, all in all, are you saying that the pandemic was a conspiracy by billionaires to get more wealth at the expense of closing down small businesses?

Of course not. This is planned by God ... or do we call it coincidence on RF?

 

[stvdv]

I think the progressive tax rate is a wealth tax.

But, all in all, are you saying that the pandemic was a conspiracy by billionaires to get more wealth at the expense of closing down small businesses?

IMO:

1+1=2

God is the best planner

Billionaires never make a plan, or do they? ... no, when they make plans, their plans always fail

These ca. 4 trillions were just all coincidence, that is what we believe, don't we?

They planned it from the beginning calling it "the new normal"$$$

 

[Wandering Monk]

Of course, those billionaires would be paying corporations for the vaccines, corporations in which they probably have stock and possibly be on the board of directors.

 

[Subduction Zone]

I think the progressive tax rate is a wealth tax.

But, all in all, are you saying that the pandemic was a conspiracy by billionaires to get more wealth at the expense of closing down small businesses?

It isn't. It is a tax on what one earns. It is not a tax on possessions. We already have property tax. It does cost quite a bit to defend the wealth of the wealthy. Shouldn't they pay for the defense of their wealth?

 

[Subduction Zone]

So, the billionaires made out pretty well during the pandemic, although 200 to 500 million have fallen into poverty and could take more than a decade to recover.

I am surprised that there are that many billionaires and even more surprised that so many billionaires now find themselves in poverty

 

[Kenny]

It isn't. It is a tax on what one earns. It is not a tax on possessions. We already have property tax. It does cost quite a bit to defend the wealth of the wealthy. Shouldn't they pay for the defense of their wealth?

I don't understand...

Are you saying that people should be double taxed? So, you should be taxed again on how many clothes, furniture, TV, cars etc on what you have?

 

[Heyo]

Should there be a wealth tax? Thoughts?

There should not be a wealth tax. It is not fair to take wealth away from people who have earned it and it is too complicated to investigate which wealth is ill gained.
There should be a progressive income tax with a formula that approaches 100% asymptotically. (I.e. you pay 100% taxes if you have infinite income.) This should include all income, especially income from not working, i.e. rent and stock.
It would also be nice (but not practical in the near or mid future) if there was a 100% inheritance tax (and no, or very low, personal income tax). Paying taxes when you're dead is a thing most people should be in favour of. It should also be preferable by people who like merits and personal responsibility. Everyone starts at zero and only your skills and hard work determine your wealth (which you will keep 'till you bite the dust).

 

[Subduction Zone]

I don't understand...

Are you saying that people should be double taxed? So, you should be taxed again on how many clothes, furniture, TV, cars etc on what you have?

Please don't use loaded terms. It is an admission of being wrong.

People should be taxed for the services that they use. Do you realize that it takes a government to protect wealth?

 

[Subduction Zone]

There should not be a wealth tax. It is not fair to take wealth away from people who have earned it and it is too complicated to investigate which wealth is ill gained.
There should be a progressive income tax with a formula that approaches 100% asymptotically. (I.e. you pay 100% taxes if you have infinite income.) This should include all income, especially income from not working, i.e. rent and stock.
It would also be nice (but not practical in the near or mid future) if there was a 100% inheritance tax (and no, or very low, personal income tax). Paying taxes when you're dead is a thing most people should be in favour of. It should also be preferable by people who like merits and personal responsibility. Everyone starts at zero and only your skills and hard work determine your wealth (which you will keep 'till you bite the dust).

I disagree. There are already property taxes. The average person has to pay those. A wealth tax is only an extended property tax. Why should the lower classes have to pay a tax on their property and the wealth should be able to get away with not paying one on theirs?

 

[Twilight Hue]

I am surprised that there are that many billionaires and even more surprised that so many billionaires now find themselves in poverty

No doubt, a tough life lay ahead being relegated "gawd" worse. . demoted to driving a common Mercedes or BMW from a classic chauffeured Bentley.

 

[Kenny]

Please don't use loaded terms. It is an admission of being wrong.

People should be taxed for the services that they use. Do you realize that it takes a government to protect wealth?

Please don't play with words... it shows that you have no argument.

We are not talking about taxes for services we use -- that is a sales tax and billionaires pay more quantity in sales tax than the average person. And I'm sure you want the government to protect what you have. You want to get back to what people are talking about? Or are you wanting a merry-go-round?

 

[sun rise]

I'm a proponent for shared wealth.

I'd much prefer a tethered/scale based system where the top CEO pay is linked with the lowest pay scale.

If the CEO makes more money, so do the workers that contributed to that success. Including bonuses and additional perks.

No limits, no one gets left behind. A win win for everyone.

And it works. The company that instituted a decent pay rate for everyone found that the employees were indeed ready to help when the pandemic struck by taking voluntary pay cuts.

Shared rewards and treating everyone as worthwhile is the way to go.

 

[Subduction Zone]

Please don't play with words... it shows that you have no argument.

We are not talking about taxes for services we use. And I'm sure you want the government to protect what you have.

I am not playing with words. That is your sin. And yes, I pay for the government to protect what I have. I pay property tax, I pay income tax, I pay sales tax. You are trying to exclude the wealthy from paying taxes on their personal property.