According to the Americans for Tax Fairness (ATF) and the Institute for Policy Studies Programs on Inequality (IPS), the monetary value of Billionaires in the United States grew by a staggering 70 percent during the pandemic. This increased their combined net-worth worth to five trillion US dollars.
In contrast to this, the working class was hit by devastation as approximately 86 million Americans lost their jobs and 38 million Americans were affected by the Covid Virus. There was a growth in the net worth of wealthy individuals, which was equivalent to 60 percent. Most of the billionaires’ high gains went to the public in the form of the “Billionaire Income Tax.”
The governments of developing countries have tried to counter the economic downturn with new fiscal policies. However, since the situation around the world was deteriorating, it led to the erosion of human capital due to the breakdown of supply linkages and global trade. The growth of other racial groups in different areas of the world was also impacted because of the financial growth of white families.
These concerns included income disparities among minorities and racial groups living in underdeveloped countries. An example of this was that companies passed legislation to make billionaires pay taxes so that they could be used to better the situation of the people affected by the pandemic. The most unfortunate effect of this was on the people who died during the pandemic due to a lack of access to healthcare and basic financial resources.