The richest Americans boost $195b to their fortunes

The richest Americans have boosted their wealth by $195 billion $195 billion in the first 100 days of Biden’s administration amid the Covid-19 Pandemic.

US President Joe Biden wants rich Americans to pay their fair share of taxes, but it turns out they have become the main beneficiaries of his presidency.

According to Bloomberg, the combined value of the top 100 richest people in the United States has increased by $195 billion since Biden took office. From its election to its inauguration, they added $ 267 billion to their wealth, bringing total profit to $461 billion since November 4.

In the first 100 days of Biden’s presidency, billionaires have amassed a fortune of 20 % in cash during Trump’s inauguration and the 2020 election. According to Bloomberg, they became rich by $860 billion during this period.

The benefits are largely based on stimulus measures to help the economy mitigate the corona virus crisis, which has led to a rally in the stock market. In addition to Trump’s unanimous trillion-dollar move, Biden approved another $1.9 trillion stimulus package. Since Biden’s inauguration, the S&P 500 and Dow Jones index have risen 10 percent, giving the stock another boost.

The heads of tech and e-commerce giants like Amazon and Facebook were the biggest winners during the recent epidemics and recent rally in the stock market from the top. According to a report by the Institute for Policy Studies and Americans for Tax Fairness. , the collective gross value of American billionaires has increased by 55% in the last 13 months to $4.56 trillion.

However, Biden now wants the richest 1% of Americans and corporations to “pay their fair share.” He wants to bring “billions of dollars” into the economy and proposes to take the largest tax region for those earning $ 400,000 or more to 39.6% and a capital gains tax for those earning more than $1 million a year.