Billionaires
A new Democratic proposal would target investments held by the wealthiest Americans, such as stocks, in order to pay for new social programs.
Billionaires pretty much get a pass in the tax-hike proposal, even though their wealth has increased 62% in the pandemic, wrote the former U.S. labor secretary.
The singer is the wealthiest female musician in the world, according to Forbes.
The 33-year-old singer and actor's wealth mostly stems from her partial ownership of Fenty Beauty, Savage X Fenty and Fenty Skin.
WHAT'S HAPPENING
The announcement comes weeks after Bill and Melinda Gates announced that they were divorcing after 27 years of marriage.
"We are governed by a humbling belief that it would be better if disproportionate wealth were not concentrated in a small number of hands," the billionaire said.
ProPublica has obtained a vast cache of IRS information showing how billionaires pay little in income tax compared to their massive wealth — sometimes, even nothing.
Pay packages rose yet again last year for the CEOs of the biggest companies, even though the pandemic sent the economy to its worst quarter on record.
The billionaires saw their net worth increase by nearly 45% over the last 12 months while tens of millions of Americans struggled amid COVID-19.
Meanwhile, millions of Americans are unemployed and struggling to pay mortgages or rents amid the coronavirus crisis.