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Global millionaires now own nearly half of world’s $361 trillion in wealth

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The millionaires of the world, who account for just 0.9 percent of the global population, now own nearly half of the planet’s $361 trillion in wealth while the bottom 56 percent of the population owns just 1.8 percent.

That’s according to the annual Global Wealth Report released Monday by Credit Suisse, which found that the number of millionaires in the world grew to 47 million between mid-2018 and mid-2019, with the United States leading the world in both new and total millionaires.

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According to Credit Suisse, the U.S. added 675,000 new millionaires over the past year, bringing the country’s total to 18.6 million.

Japan and China both added over 150,000 millionaires, while the U.K., France, Australia, and Italy were among the nations that saw a decline in millionaires.

Overall, the report shows the world’s millionaires now own a combined $158.3 trillion, or 43.9 percent of all global wealth:

The new figures detailing vast inequities in wealth distribution globally and within individual nations come as two of the leading contenders for the Democratic presidential nomination in the U.S., Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.), have released proposals designed to combat wealth inequality through taxation.

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Warren’s “Ultra-Millionaire Tax” plan, unveiled in January, would impose a two percent tax on assets over $50 million and a three percent tax on assets over $1 billion.

Last month, Sanders released his “Tax on Extreme Wealth” proposal, which would would create a one percent tax on wealth between $32 and $50 million. The tax would progressively increase for richer Americans—those with over $10 billion in wealth would face an eight percent tax.

“At a time when millions of people are working two or three jobs to feed their families, the three wealthiest people in this country own more wealth than the bottom half of the American people,” Sanders said. “Enough is enough.”

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2020 Election

‘Recipe for disaster’: NC doctor slams Trump’s hopes for a packed GOP convention as ‘an incredibly bad idea’

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A North Carolina strongly cautioned his state's governor from caving in to President Donald Trump's wishes for a packed Republican National Convention.

The president has threatened to move the RNC this summer from Charlotte if Gov. Roy Cooper did not ease coronavirus restrictions to allow for a full-scale event, but a local physician told WCNC-TV that Trump's plan was unreasonable.

"What do we know about infections?" said Dr. Jeffrey Galvin, of the Vitality Medical Wellness group. "Infection requires two things, exposure plus time."

Trump wants to pack 20,000 Republicans, journalists and others into Spectrum Center in August, but Galvin said infected people shed small amounts of the virus every time they breathe.

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Trump Tower’s profits magically grew by $3 million in 2010 — which helped them borrow another $73 million

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A decade ago, loan filings showed Trump Tower in New York City had a reported profit of about $13.3 million. But when the tower refinanced its debt soon after, the profits for the same year — 2010 — somehow appeared higher. A new lender listed the profits as $16.1 million, or 21% more than they had been recorded previously.

The next year’s earnings for the building also “improved” between the two filings. Profits for 2011 were listed as 12% higher under the new loan than the old, according to reports by loan servicers and data provider Trepp.

ProPublica uncovered the Trump Tower discrepancies by examining publicly available data for mortgages that are packaged into securities known as commercial mortgage-backed securities, comparing the same years in reports for different CMBS. If a bank had held onto the loan, instead of selling it to investors, such information would have been kept private. No evidence has emerged that the Trump Organization was involved in changing the profit figures.

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2020 Election

2016 Trump campaign vets warn he’s ‘slipping badly’ in multiple swing states

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Two men who worked on President Donald Trump's 2016 election campaign have warned the president that his position in swing states is significantly deteriorating amid the COVID-19 pandemic.

Politico reports that former Trump campaign officials Corey Lewandowski and David Bossie delivered a face-to-face warning to the president that he was "slipping badly" in several key states, including must-win battlegrounds such as Florida and Arizona.

"Bossie and Lewandowski, who served as top aides on Trump’s 2016 effort, complained to the president about his political operation," the publication writes. "Trump’s campaign team, in response decided to rush their Arizona and Florida representatives onto airplanes for a Thursday meeting with the president."

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