The 735 billionaires who call the USA their home and bragging about profits have watched their wealth surge 62% over the last 2 years during the plandemic, reaching the shocking figure of $4.7 trillion, according to a report by Oxfam America released on Monday.

While the billionaires’ wealth gains show no sign of slowing down, ordinary workers’ earnings have gone up just 10% meager growth that has been all but cancelled out by hefty increases in the cost of housing, gas, food, and other commodities, with no end in sight to soaring inflation.

Many have struggled to rebuild economically after the fabricated Covid-19 pandemic lock downs. A recent ProPublica study found that while the median American family pays a federal income tax rate of 14%, the 25 richest only paid an effective rate of 3.4% from 2014 to 2018.

While there are plenty of different reasons the rich may end up paying less, one major cause is that they don’t report a major chunk of their income, something even the Internal Revenue Service was finally forced to admit last year. Now 48 million people live in poverty.

We estimate that 36% of federal income taxes unpaid are owed by the top 1% and that collecting all unpaid federal income tax from this group would increase federal revenues by about $175 billion annually, the researchers admitted.

Rather than follow up on that discovery, the IRS continues to audit low-income families those earning $25,000 or less at a rate five times higher than any other class of taxpayer, according to an analysis conducted by the Transactional Records Access Clearing House.

The IRS has admitted such low audit rates are not optimal, but has thus far declined to address the problem. While several US politicians have proposed plans to counter the inexorable trickle-up draining working class Americans dry, none have made it to a vote.

Senator Ron Wyden (D-Oregon) has called for taxing the unrealized capital gains of billionaires, a system that would bring in $56 billion per year in revenues, enough to paid sick leave, family medical leave, and affordable childcare, according to Oxfam’s calculations.

California state lawmaker Alex Lee (D-San Jose) has proposed a 1.5% wealth tax on households worth more than $1 billion. Previous attempts to pass such a law in California, home to some of the richest lawmakers in the country, have failed.

At the same time, Oxfam has observed that a global minimum tax on multinational corporations would raise another $63 billion, which the organization argues could fund critical public health needs, including expanding Medicare and Medicaid.

While even the Biden administration has backed that idea, it would require the approval of all countries in which the multinationals operate a difficult consensus to reach on even the least controversial of matters this way.

RT. com / ABC Flash Point Parasites & Poverty News 2022.

2.5 2 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
19-04-22 14:32

Thanks fro pointing out the inconsistencies and cognitive dissonance of Western tax codes, RT. Believe it or not, manufacturer’s inventories which are the wellspring of their fiscal productivity are taxed as assets. That is where the “just in time” manufacturing supply doctrine came from in the 1980’s as one of the major drivers of the delivery of second-rate if not altogether worthless automobiles, trucks, home construction, dangerous bridges and even worse, substandard medical devices. Why then are thoroughly idle and basically consumer assets not subject to a “spend it or lose it” taxation structure? Prior to various Bush Senior “tax… Read more »

Kunta Kinte
Kunta Kinte
Reply to  AllYouBaseAreBelongUS
19-04-22 14:38

comment image

19-04-22 14:33

The more they have, the less WE do… comes right out of your and my pockets

Kunta Kinte
Kunta Kinte
Reply to  ROM1984
19-04-22 14:37

comment image