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ten richest people Donald Trump’s wealth in the United States has jumped by $700 billion since he returned to office earlier this year President’s Agenda “Taking inequality to new heights”, according to a new report.
One of the most important functions of the Commander-in-Chief was to sign big, beautiful bill In legislation that cut corporate tax rates and cut taxes for billionaires. Meanwhile, taxes on the lowest-income families are expected to rise.
Now, Oxfam America Says Trump’s controversial bill facilitated “one of the largest transfers of wealth in decades.”
according to ReportThe poorest household in the top 1 percent gained 987 times more wealth last year than the richest household in the bottom 20 percent. Additionally, over the past year, which includes a few months under President Joe Biden, the wealth of American billionaires has increased by $698 billion.
Despite this huge increase in the wealth of the wealthiest Americans, more than 40 percent of the country is classified as low-income and live on less than twice the federal poverty line.
In the introduction to the report, senator elizabeth warren Wrote that “the wealthiest among us” are able to generate “unimaginable wealth” while paying almost nothing in taxes.
The Democrat, who supported the wealth tax while running for her party’s presidential nomination, also suggested the report could offer a new path forward.
“This report examines the depth of inequality in America and points to a way forward,” Warren wrote. “We know what works.
“Breaking up big corporations to ensure stronger competition, supporting our workers, dismantling the tax code, and investing in services not only helps families, it strengthens our entire economy.
“When we invest in our people, when we enforce the rules fairly, when we ask the richest people to do their share, we all do better.”
Abby Maxman, president and CEO of Oxfam America, echoed Warren’s sentiments.
“The data confirms what people across our country already know intuitively: The new American oligarchy is here,” he said in a statement. “Billionaires and mega-corporations are booming while working families struggle to afford housing, health care, and groceries.”
However, billionaires Has played an important role in Trump becoming the second President.
Many CEOs were also present with him on the stage during the inauguration. Elon MuskMark Zuckerberg, TikTok CEO Shou Zi Chew and Jeff Bezos.
Meanwhile, corporations like Palantir, OpenAI, Google, and Lockheed Martin are involved The biggest financier of their $300 million projectWhich is being built despite the ongoing government shutdown.
One report even claims that the Trump family Earned a staggering $3.4 billion Thanks to profits from cryptocurrencies, MAGA-branded merchandise, and a Mar-a-Lago estate during his two terms as president.
The commander in chief also became happy How much he brags about his billionaire friends Made during his tenure.
Pointing to Charles Schwab and NASCAR team owner Roger Penske, who have an estimated net worth of $12.9 billion and $5.6 billion, respectively, Trump boasted of their substantial wealth.
“He made $2.5 billion, and he made $900 million! That’s not bad!” he said during a press event in the Oval Office in April.
Independent Elizabeth Warren, the US Treasury Department and the White House have been contacted for comment.