Even as the Covid pandemic impacted folks, enterprises, and economies across the globe, the wealth of technologies billionaires only skyrocketed additional in the previous year. The fortune of the nine richest tech titans in the US like Tesla’s Elon Musk, Amazon’s Jeff Bezos, Facebook’s Mark Zuckerberg, and Google’s Larry Page and Sergey Brin, Oracle’s Larry Ellison, Bill Gates, Steve Ballmer, and Michael Dell jumped by $363 billion from March 5, 2020, to March 5, 2021, according to Bloomberg Billionaires Index.
Elon Musk had led the pack with $118 billion added to his net worth for the duration of the period followed by Jeff Bezos who added $58 billion to his wealth, Larry Page with $33 billion addition to his fortune, Sergey Brin with $32 billion, $29 billion added to the wealth of Mark Zuckerberg, $28 billion to Larry Ellison, Bill Gates added $24 billion, Steve Ballmer earned $23 billion and Michael Dell $18 billion, according to a report by The Washington Post citing Bloomberg information. The report noted that practically all the wealth addition was tied to the companies’ share cost the guys co-founded or lead, and in which they stay substantial shareholders.
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In order to address the wealth inequality in the US, the nation had earlier this month proposed the ‘Ultra Millionaire Tax Act’ to annually tax 2 per cent levy on Americans with a wealth of more than $50 million and 3 per cent on wealth of more than $1 billion. The tax would influence the wealthiest one hundred,000 American households or the top rated .5 per cent, CNBC had reported. Once it comes into impact, Bezos would have to spend $5.7 billion although Musk would be paying $4.6 billion in taxes for 2020. Likewise, Bill Gates and Mark Zuckerberg would have to spend $3.6 billion and $3 billion respectively, based on the calculations from the Institute for Policy Studies and Americans for Tax Fairness.
In reality, Gates had himself stressed in the previous on possessing a fair tax method in the US to lessen wealth gap. According to Gates, the distance involving the top rated and bottom incomes in the US is a lot higher than it was 50 years ago, he wrote in his weblog on December 30, 2019. “That’s why I’m for a tax system in which, if you have more money, you pay a higher percentage in taxes. And I think the rich should pay more than they currently do, and that includes Melinda and me.”