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Stimulus Check Update: Small Wealth Tax to Raise $900,000 on Wealthy Americans Yearly

Photo by Ron Lach from Pexels

A small wealth tax on multi-millionaires and billionaires would raise over $900 billion annually. A new analysis claims on Wednesday that would be enough to fund two more $1,400 stimulus checks.

Global wealth has risen rapidly amid increasing inequality due to the COVID-19 epidemic according to research by Fight Inequality Alliance, Institute for Policy Studies, Oxfam, and Patriotic Millionaires.

Taxing Wealthy Americans

According to KMJNow, the wealth of the world’s 500 wealthiest people increased by $1 trillion last year. In the United States alone, the combined wealth of their 745 billionaires has increased by more than $2 trillion since the outbreak of the pandemic.

However, there are times when the medicine is discovered alongside the disease. The unprecedented concentration of wealth on a global scale has sparked a global movement to tax the wealth of the world’s wealthiest individuals in order to fund health care.

The report revealed that according to recent research by the Fight Inequality Alliance, the Institute for Policy Studies, Oxfam, and Patriotic Millionaires. In total, 3.6 billion people living in low- and lower-middle-income nations would benefit from universal health care and social safety, due to the fact that millionaires and billionaires could raise over $2.5 Trillion per year.

Could Raise Government Health Budget

As reported by MSN, an additional $928.39 billion may be used to increase the government’s health budget by a third or to eliminate half of the out-of-pocket health costs incurred by households.

The American Rescue Plan, which was implemented last year, includes approximately $400 billion, which was utilized to make direct payments of $1,400 to the majority of Americans.

These actions would assist them in capturing the unequal rewards that have accrued at the top of that list as a result of the epidemic. They would change the course on decades of great inequality that had made them so vulnerable to the pandemic.

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