Ben Steverman, Laura Davison, and William Horobin of Bloomberg Wealth, have recently made available their article that discusses politicians’ expected endorsement of tax plans that will plug legal loopholes used by the wealthiest individuals and corporations to pay lower tax rates. Their article, “World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion,” begins as follows:
Amazon.com Inc. founder Jeff Bezos has the resources to launch himself into space. Elon Musk does, too.
In many ways, though, the richest people left the vast majority of the world behind long ago.
The world’s wealthiest 500 individuals are now worth $8.4 trillion, up more than 40% in the year and a half since the global pandemic began its devastation. Meanwhile, the economy’s biggest winners, the tech corporations that created many of these vast fortunes, pay lower tax rates than grocery clerks, and their mega-wealthy founders can exploit legal loopholes to pass huge windfalls onto heirs largely tax-free.
To view the full article, click here: “World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal