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Wealth of the top 1% in U.S. hits all-time high of $45 trillion
Mar 29, 2024
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.The wealth of U.S. billionaires is currently at $5.5 trillion, which is up 88% since the start of the Covid-19 pandemic. The nation's rich accruing so much wealth in recent years has renewed calls for a wealth tax.Sen. Elizabeth Warren (D-Mass), Rep. Pramila Jayapal (D-Wash.), 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."As President Biden says: No one thinks it's fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher," said Warren. "All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance."As progressives fight to pass a wealth tax at the federal level, legislators in many states are pursuing their own wealth taxes.
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Politic
Mary Trump 'energized' as uncle 'Donald's campaign spirals into chaos'
Mar 29, 2024
Donald Trump's campaign is in chaos, and his niece says she's energized.Mary Trump, the niece of the former president and a psychologist by trade, has previously been critical of her uncle.On Thursday, she said her uncle's failures are adding up.ALSO READ: A neuroscientist reveals how Trump and Biden's cognitive impairments are different"As the RNC’s fundraising falters and Donald’s campaign spirals into chaos, I am energized!" she said in a Substack post.She then continued:"When Donald dominates the news cycle, it’s hard not to feel overwhelmed. Every bad headline has a negative impact. But then I remember something crucial: There’s usually more to the story than meets the eye. I’m determined to cut through the media noise and share with you all the good that happened this week. These are the headlines we need to remain energized and hopeful that the media largely ignored."Mary Trump goes on to highlight President Joe Biden's recent fundraising hauls."President Biden’s $155 million+ war chest has just received another turbo boost, bringing the total of cash on hand to at least $180 million. (By comparison, between his campaign and the RNC, Donald barely has over $50 million — and continues to drain the accounts to cover his absolutely staggering legal expenses)," she wrote. "This is a development that could significantly increase Biden’s ability to influence the narrative in crucial swing states."This, she says, also tells us a lot about voter excitement for Biden."While critics have expressed doubts about the degree to which the Democratic base is fired up as compared to 2020, today’s $25 million fundraiser, raised with donations ranging from $250 to $500,000, should put any doubts to rest — yes, we are absolutely behind President Biden and Vice President Harris and we’re in this fight until the end," she wrote.Read the full post here.
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Politic
Trump's Bible plan comes under new scrutiny as intended purpose for proceeds is murky
Mar 29, 2024
Former President Donald Trump is now promoting a $60 large-print edition of the Bible that includes America's founding documents and the lyrics to Lee Greenwood's "God Bless the USA" — a move that has drawn outrage from some Christians who find both the extra content added to the Bible and the attempt to monetize people's religious beliefs a form of sacrilege.But there's one question that still needs answering, CNN reported on Thursday: where exactly is the money from all this going?"In addition to the multitude of theological questions it raises, Trump’s endorsement of the 'God Bless the USA' Bible coincides with several legal battles that could put the presumptive Republican nominee for president on the line for hundreds of millions of dollars," reported A.J. Willingham. "The FAQ section of the 'God Bless America' Bible website clarifies that no proceeds from the sales of the Bible will go towards Trump’s presidential campaign. However, there is no mention of whether any proceeds could be put toward his personal legal troubles."ALSO READ: A neuroscientist reveals how Trump and Biden's cognitive impairments are different"'No, GodBlessTheUSABible.com is not political and has nothing to do with any political campaign. GodBlessTheUSABible.com is not owned, managed or controlled by Donald J. Trump, The Trump Organization, CIC Ventures LLC or any of their respective principals or affiliates,' the site reads," continued the report. "However, it goes on to say Trump’s name, likeness and image are under 'paid license from CIC Ventures LLC.' CIC Ventures is directly linked to Trump in his 2023 public financial disclosures."EliteSource Pro, the company marketing the God Bless the USA Bible, has not yet returned comment on the matter as of press time.Trump is currently on the hook for hundreds of millions of dollars from various legal judgments, including the E. Jean Carroll defamation case and the New York civil fraud case — both of which he is appealing but has been required to post bond in. This comes at a time when his political fundraising is severely lagging behind that of President Joe Biden.
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