Tag: Billionaires

“The Rich Get Richer”

How many times have you heard that in your lifetime?

As much as one may not like this slogan it is true….in the past year billionaires fortunes have shot up 81%….last year alone they shot up 16%….and it ain’t over yet.

Billionaires are entering 2026 wealthier and more numerous than ever, even as global poverty progress stalls, according to a new Oxfam report timed to the World Economic Forum in Davos. The charity says billionaire wealth hit a record $18.3 trillion last year, climbing 16% or $2.5 trillion, with more than 3,000 individuals in the club, per CNBC. Since 2020, their fortunes have grown 81%, or $8.2 trillion—enough to eliminate global poverty 26 times—while overall poverty levels have remained roughly where they stood in 2019, per the Guardian. The report, titled “Resisting the Rule of the Rich: Protecting Freedom from Billionaire Power,” argues that concentrated wealth increasingly translates into political and media influence.

It points to Elon Musk’s role in the US administration, Jeff Bezos’ ownership of the Washington Post, and French billionaire Vincent Bolloré’s control of the news outlet CNews as examples. “The outsized influence that the super-rich have over our politicians, economies and media has deepened inequality and led us far off track on tackling poverty,” said Oxfam Executive Director Amitabh Behar. Oxfam also highlights President Trump’s 2025 tax package, which it says delivered notable breaks for high earners, including an estimated 3% income boost for those making more than $1 million, while many Americans struggle to cover basic needs; about 10% lived in poverty in 2024, while a 2023 study found most can no longer afford a “minimal quality of life.”

Beyond the US, Oxfam connects economic strain to social unrest, referencing more than 140 significant anti-government protests across 68 countries last year. The organization urges governments to adopt national inequality-reduction plans, increase taxes on the ultra-wealthy, strengthen barriers between money and politics, and protect free expression. Without such moves—and with rich nations cutting foreign aid “further and faster than before,” including the shuttering of USAID—Oxfam warns that as many as 14 million additional people could die by 2030. “Being economically poor creates hunger. Being politically poor creates anger,” Behar said.

You work, right?…did your income grow by 81% in the last 5 years?  Or for that matter did it grow by 16% last year?

Look at the timeline…..the past 5 years includes Biden as well as Donny….so matters not which party sits in the WH….they are all responsible.

I Read, I Write, You Know

“lego ergo scribo”

What If Billionaires Paid Taxes?

I know a fanciful idea that probably will go nowhere….as much as I dislike AI the author of this piece asked AI that very question and here is what it responded…

The tax system feels upside down sometimes. You work a regular job, and a big chunk of your paycheck goes to taxes. Meanwhile, you hear stories about billionaires paying almost nothing. So, I asked ChatGPT: What would actually happen if the ultra-wealthy paid the same tax rates as everyone else?

It turns out, at least according to ChatGPT, the current system isn’t just unfair. More than that, the country could be getting hundreds of billions of dollars every year if things changed.

ChatGPT started with some shocking numbers about current tax rates. According to research from the National Bureau of Economic Research, the top 400 wealthiest Americans paid an effective tax rate of about 23.8% between 2018 and 2020.

Meanwhile, the average American paid around 30%, and high earners who mostly rely on wages paid closer to 45%. In some years, the richest 400 families actually paid less than the bottom 50% of households.

The most extreme example ChatGPT cited was from Oxfam, which found that in 2021, the wealthiest 400 families paid just 8.2% in federal individual income tax compared to a national average of 13%.

So, the people with the most money are paying the lowest rates. ChatGPT explained this happens because of capital gains preferences, tax loopholes and sophisticated tax planning that regular people can’t access.

When I asked ChatGPT to run the numbers on what equalizing tax rates could raise, the amounts were, quite frankly, staggering.

The most conservative estimate suggested that making billionaires pay taxes at the same rate as working-class Americans could generate $500 billion to $1 trillion per year in additional revenue.

Other scenarios were even more dramatic. If the top 1% paid just 10 percentage points more in taxes, that could raise $300 billion annually or $3 trillion over 10 years.

A more aggressive approach like raising billionaire tax rates by 25 percentage points could yield $800 billion or more per year. Yes, you read that number correctly.

ChatGPT also looked at specific policy proposals. Sen. Elizabeth Warren’s wealth tax could generate $113 billion annually, while Sen. Ron Wyden’s billionaire income tax might add $56 billion per year.

https://www.gobankingrates.com/taxes/tax-laws/asked-chatgpt-what-would-happen-if-billionaires-paid-taxes-at-same-rate-as-working-class

A fascinating answer…..

Personally I think that everyone should pay the same taxes regardless….since corporations are considered humans now they too should pay the same tax as we on all income.

Any thoughts?

I Read, I Write, You Know

“lego ergo scribo”