Stock market gains to the richest 2% of Americans in 2017 could pay for the entire nation's social programs

The wealthiest 2% of Americans got $1.15 trillion richer in 2017, nearly all of it in stock market gains -- more than enough to pay for state and federal Medicaid, and all mandatory and discretionary social welfare programs nationwide.

Food stamps provide about $1.50 per meal for 42 million Americans, mostly children, the elderly, and the disabled, at a cost in 2017 of $64 billion. In the past year Jeff Bezos and Mark Zuckerberg have together accumulated over $64 billion in new wealth.

Jeff Bezos has used tax havens and high-priced lobbyists to avoid the taxes owed by his company. Mark Zuckerberg created a 'charitable' foundation, which in reality is a tax-exempt limited liability company, leaving him free to make political donations or sell his holdings, all without paying taxes. But in one year the two of them made enough from their investments to feed most of America's hungry.

America's Richest 2% Made More Money in 2017 than the Cost of the Entire Safety Net [Paul Buchheit/Commondreams]

(via Late Stage Capitalism)