Let’s treat this subject like an onion, peeling skins and facts one layer at a time.
The Big Picture: According to Wealth X Billionaire Census 2019 there are 2,604 billionaires worldwide. Forbes identifies 607 billionaires in the Unite States. The combined net worth of these billionaires is $7.67 Trillion ( $7,670,000,000,000,000.00) , which is more than the COMBINED GPS of 152 countries. (Forbes).
Let’s peel the onion some more. One US billionaire model: Amazon founder and his family. Together Jeff Bezos and his ex wife own 78.8 million shares or 16% of Amazon. This has a current value of $100 Billion ($100,000,000,000.00). Amazon, the company, has 647,500 employees getting paid a medium pay in 2017 of $28,446 @ approx. $13.68/hourly wage.
Instead of collecting big profits, CEO Jeff Bezos, prefers to take whatever profits he makes and plow it right back into the company. In a way, Amazon operates like a big start-up. Just keep investing for growth. As a result, Amazon operates at breakeven point or at loss occasionally. (Aug. 2013)
Also, Amazon paid no 2018 Federal Income Tax on more than $11 Billion in PROFITS before taxes. Amazon also received $129MM tax rebate from the federal government. CNBC April 14, 2019.
Back to the 647,500 employees making $13.68 taxable / hours. Amazon announced a overall raise in hourly wages to $15/hour. Let’s be clear you cannot pay taxes, rent, food, clothing, medical expenses, transportation and childcare on 15 bucks per hour.
Taxing billionaires must become an urgent priority since they are skinning us alive and enough with being the only onions in the bin. Get involved. Let’s make this wrong right.
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