InHouse America
U.S. Billionaires Gained $1.7 Trillion During the Pandemic
Published: 1:30 pm (GMT-5), Tue October 1, 2024
3 Minute Read
Extreme Wealth Disparity
(Top 1% vs. 92%)
The top 1% of U.S. billionaires control more wealth than the bottom 92% of Americans combined (Federal Reserve).
($4.5 Trillion Dominance)
The wealth of the top 0.1% has surpassed $4.5 trillion, representing over 35% of the nation's total wealth.
($800 Billion by 5 Billionaires)
Musk, Bezos, Gates, Buffett, and Ellison collectively own $800 billion, more than what 200 million Americans own combined (Forbes).
Pandemic Wealth Surge
($1.7 Trillion Growth)
Between March 2020 and March 2022, U.S. billionaires' net worth surged by $1.7 trillion, a 57% increase.
(Wealth vs. Poverty)
Their combined wealth jumped from $3.4 trillion to $5.1 trillion, while 8 million Americans fell into poverty during the same period (Institute for Policy Studies, U.S. Census Bureau).
Tax Avoidance and Loopholes
(3.4% Billionaire Tax Rate)
The wealthiest 25 Americans paid an average tax rate of 3.4% from 2014 to 2018, significantly lower than the 14-24% paid by typical American workers (ProPublica).
Carried Interest Loophole
(20% on Investment Gains)
Billionaires benefit from the carried interest loophole, paying just 20% on investment earnings, compared to the 37% top income tax rate (Tax Policy Center).
Charitable Giving and Tax Shelters
($2 Billion in Tax Savings)
Jeff Bezos donated $10 billion to climate causes in 2020, saving $2 billion in taxes thanks to Donor-Advised Funds (DAFs) (IRS Data).
($140 Billion Unused in DAFs)
Over $140 billion remains idle in DAFs, delaying actual charitable distributions but still providing tax benefits (Chronicle of Philanthropy).
Massive Lobbying Budgets
($3.7 Billion Lobbying Spend)
U.S. billionaires and their corporations spent $3.7 billion on lobbying in 2022, influencing legislation in industries like technology, healthcare, and finance (Center for Responsive Politics).
(Koch Brothers’ $1 Billion)
The Koch brothers alone have spent over $1 billion since 2010 to shape policies on tax cuts and deregulation (The Guardian).
Campaign Contributions
(40% of Election Donations)
In the 2020 election cycle, billionaires contributed nearly $2 billion, accounting for 40% of all individual donations (OpenSecrets, CNBC).
(Adelson and Bloomberg)
Sheldon Adelson and Michael Bloomberg together donated over $400 million to political campaigns (OpenSecrets, CNBC).
Billionaire-Owned Media Outlets
(70% of U.S. Media)
Billionaires control 70% of major U.S. media outlets, including The Washington Post (Bezos), Fox News and The Wall Street Journal (Murdoch), and Bloomberg News (Bloomberg) (Columbia Journalism Review).
($200 Billion in Media Control)
The top 5 media billionaires control news outlets with combined wealth exceeding $200 billion, shaping public opinion (Harvard University Study).
Social Media Influence
(Musk’s $44 Billion Purchase)
Elon Musk’s acquisition of X (formerly Twitter) for $44 billion gives him control of a platform with over 150 million users (Reuters).
(87% Viral Content from Wealthy Sources)
In 2022, a study found that 87% of viral political content on platforms like Facebook and Twitter originated from wealthy individuals or corporations (Media Matters).
Offshore Tax Havens
($1.5 Trillion Hidden Offshore)
U.S. billionaires have stashed an estimated $1.5 trillion in offshore tax havens, costing the U.S. government billions in lost taxes (Global Financial Integrity).
(50 Billionaires Exposed by Pandora Papers)
At least 50 U.S. billionaires were revealed to be using offshore entities to hide their wealth and obscure financial assets (ICIJ).
Non-Liquid Assets
($1 Trillion in Non-Liquid Wealth)
Over $1 trillion of billionaire wealth is held in non-liquid assets, including luxury real estate, art, and yachts (Knight Frank).
(Ellison’s $500 Million Island)
Larry Ellison owns 98% of Lanai, a Hawaiian island valued at over $500 million (Forbes).
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