Gala du Metropolitan Museum of Art

Joe Biden held in check on his ISF made in the USA

We were going to see what we were going to see… and we saw nothing. As every time it gives itself a Democratic (left) president, America is unable to reduce the abyss of inequalities which is widening, while the fortune of American billionaires today represents 19% of the national GDP, against 9% ten years ago and 2% in 1982.

It is not a surprise. It’s a disappointment. President Biden, demanding that the super-rich pay “their fair share”, presented an ambitious proposal in March. Its “Billionaire Tax” plans to tax households with assets of more than 100 million dollars (the richest 0.01%) of a minimum of 20% on their income, and, above all, on unrealized capital gains of their shares, financial and real estate assets. Because the wealthiest, Jeff Bezos, Mark Zuckerberg, Elon Musk, are large shareholders of listed companies that do not distribute dividends, pay themselves a low salary and do not sell their shares, which limits their taxable income. The measure is supposed to bring in 360 billion dollars over ten years while the 700 American billionaires have seen their fortunes increase by 1,000 billion in 2021, according to the White House.

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