If a Minor Wealth Tax Is Imposed, Two New $1,400 Stimulus Checks Might Be Distributed to Poor Americans.

By Jessa Martin On Jan 24, 2022

The United States’ multi-millionaires and billionaires might collect more than $900 billion each year if they paid a little wealth tax, which could pay two additional $1,400 stimulus cheques, according to reports.

According to the findings of the study, during the Covid-19 epidemic, the wealth of the world’s wealthiest people increased tremendously, while inequality increased.

Since the beginning of the pandemic, the wealth of American billionaires has soared by $2 trillion, whilst many families have been forced to struggle to make ends meet in order to survive.

However, according to research published by the Fight Inequality Alliance, the Institute for Policy Studies, Oxfam, and a group known as Patriotic Millionaires, there is a solution to the problem.

According to the analysis, a wealth tax with rates starting at 2 percent for people with more than $5 million and rising to 5 percent for billionaires could generate $928.39 billion in revenue every year.

Two percent tax on wealth over $5 million, increasing to ten percent for those with more than $1 billion, would generate $1.34 trillion in additional revenue.

According to the analysis, an additional $928.39 billion could be used to increase the federal government’s healthcare budget by a third.

It might also eliminate 50% of the out-of-pocket health expenses 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.

However, many American families are still struggling to make ends meet as a result of the ongoing pandemic.

Approximately $928.39 billion in tax income would be sufficient to cover the cost of two more $1,400 stimulus cheques.

Additionally, a wealth tax on the world’s multimillionaires and billionaires could generate $2.52 trillion in revenue per year, according to the analysis.

2.3 billion people would be lifted out of poverty, enough vaccinations would be produced for the entire planet, and people in low-income countries would have access to healthcare and social protection, according to the United Nations.

It comes after the Patriotic Millionaires, a group of more than 100 of the world’s wealthiest individuals, called on governments to raise taxes on them to a higher level.

According to the authors of an open letter published to coincide with the World Economic Forum’s “virtual Davos,” “as millionaires, we are well aware that the current tax system is unfair.”