Colorado’s billionaires make billions extra throughout pandemic and recession

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Whereas Colorado was grappling this spring and summer season with 10% unemployment, a wave of small enterprise closures, an enormous state price range crunch and the potential eviction of a whole bunch of hundreds of individuals from their properties, the wealthiest residents of the Centennial State had been buying billions of {dollars} extra.
Between March 18 and July 22, Colorado’s 10 billionaires elevated their web value by a mixed $6.9 billion — a 22% achieve — in line with Forbes knowledge analyzed by People for Tax Equity. Solely two of the 10 misplaced cash within the sudden and stark recession attributable to the coronavirus pandemic and accompanying shutdowns.
“So few People can reside such a fabulously rich life whereas all people else is toiling away, making an attempt to maintain their head above water, making an attempt to make it each day and struggling,” mentioned Frank Clemente, government director of People for Tax Equity, a nationwide group that advocates for progressive tax insurance policies.
Charlie Ergen, co-founder and chairman of DISH Community, elevated his web value by about $four billion, or 73%, within the brutal financial months between mid-March and mid-July, in line with the Forbes knowledge. Ken Tuchman, founding father of the outsourcing firm TTEC, elevated his value by $596 million, or 46%. Each males, by spokespeople for his or her respective firms, declined to remark this week.
Colorado’s wealthiest particular person, Phil Anschutz, started the recession with $11 billion and now has $11.7 billion. Its second-wealthiest, media tycoon John Malone, had $5.eight billion on March 18 and $6.9 billion by Wednesday, in line with the info.
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“Of us on the prime like this are in a position to accumulate a lot wealth for many causes, however one motive is as a result of their wealth is rather more flippantly taxed than a median particular person’s salaries and wages,” mentioned Clemente, a wealth tax proponent. “The expansion of their wealth isn’t even taxed until they promote their wealth.”
Pat Stryker, a medical know-how inheritor and the wealthiest girl in Colorado, elevated her wealth by 29% — from $2 billion to $2.6 billion — within the 4 months from mid-March to mid-July. A spokesperson for Stryker’s Bohemian Basis in Fort Collins didn’t reply to a request for remark Thursday.
Two of Colorado’s billionaires misplaced cash in the course of the powerful financial occasions this yr. James Leprino, CEO of Leprino Meals, watched his web value go from $3.2 billion in March to $Three billion on Wednesday, in line with the Forbes knowledge, and financier Thomas Bailey misplaced a comparatively modest $34 million in that point.

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