Saturday, September 22, 2018

Bill Gates, Jeff Bezos and Warren Buffett own more wealth than bottom half of US

IPS's Chuck Collins and Josh Hoxie know it is not a “natural phenomenon” how the rich got rich at the expense of the rest of the population.

These three men – Microsoft co-founder Bill Gates, Amazon boss Jeff Bezos, and veteran financier Warren Buffett – are the three richest men in the world. And they now own more wealth than the bottom 50 percent of the U.S. population. Their net worth is over $248.5 billion combined.

The Billionaire Bonanza report stated: “Our wealthiest 400 now have more wealth combined than the bottom 64 percent of the U.S. population, an estimated 80 million households or 204 million people.” That’s more people than the population of Canada and Mexico combined.

IPS’s Chuck Collins and Josh Hoxie know it is not a “natural phenomenon” how the rich got rich at the expense of the rest of the population. They say it’s the result of “unfair economic policies that benefit those at the top at the expense of those at the bottom.”

This IPS report, Billionaire Bonanza, says “All combined, households in the bottom one percent have a combined negative net worth of $196 billion. For comparison, the top one percent, a category holding the exact same number of people, have positive $33.4 trillion in combined net worth.”

It is said that President Donald Trump’s current tax plan must not pass as the inequality gap between the top one percent and the rest of the U.S. population would increase dramatically. He is attempting to scrap estate tax and income taxes for top earners, which only benefits the super rich and powerful.

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