Thor Benson is a staff writer for Common Dreams.
Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been.The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. That's up from $30 trillion in 2020.The main driver of wealth gains last year was from the stock market hitting record highs. While wages are increasing for average Americans, the top 1% is gaining wealth at a much faster pace.
Pramila Jayapal , and others are pushing to pass the Ultra-Millionaire Tax Act, which would put a 2-cent tax on every dollar of wealth over $50 million. Warren referred to U.S. President Joe Biden calling for higher taxes on billionaires during his State of the Union when the bill was reintroduced earlier this month.
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