The wealth of U.S. billionaires has grown tremendously during the pandemic, and the increase in their wealth alone could pay for a majority of President Joe Bidenâs new infrastructure and jobs plan, finds a new report by Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS).
Between March of 2020 and now, the 719 U.S. billionairesâ collective wealth has grown by 55 percent, finds the report. Their combined wealth grew from $2.95 trillion to $4.56 trillion, a growth of $1.62 trillion. Just the increase in their wealth, the report says, could cover almost 70 percent of Bidenâs new $2.25 trillion American Jobs Plan to create jobs and invest in infrastructure across the U.S.