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Billionaires now control 1 out of every 25 dollars of American wealth.
Over the past years in the U.S., everyday Americans have been increasingly crushedunder greed-driven inflation and debt, with homelessness hitting record highs. But as this modern affordability crisis has rocked households across the country, billionaire wealth has skyrocketed — and has now hit an all-time high, a new analysis reveals.
As of this month, the U.S.’s 806 billionaires are worth a collective $5.8 trillion, meaning that they control 1 in every 25 dollars of American wealth, according to an Americans for Tax Fairness report released Monday.
Due in part to the 2017 tax overhaul by Republicans, led by Donald Trump, this small group has seen an explosion of wealth in an extremely short amount of time.
Since the 2017 Tax Cuts and Jobs Act, U.S. billionaire wealth has doubled, from an already staggering $2.9 trillion. In 2017, none of the richest Americans were centi-billionaires, meaning that they did not have over $100 billion; now, the top 10 U.S. billionaires are all centi-billionaires, according to the report.
They are making insane gains due to the 2017 tax cuts that expired for lower and middle class, but are still in effect for the top income earners, coupled with loopholes/breaks/incentives that are being addressed with his tax reform proposal. I’m not saying Biden’s proposals will fix everything, but it’s a large step away from Trump’s engorgement of the wealthy.
Mate…
They were making too much before the 17 cuts, and 7 years later they’ll still making too much.
Biden said that two years after the cuts went into effect, and nothing has fundamentally changed.
Like, you got that right? 2019 was after 2017?
He said this at the SOTU address this year. The proposal is dated March 2024. I agree that billionaires inflated greatly in recent years. The last tax proposal was put in place by Trump in 2017, with massive breaks for the wealthy. The cuts for the low and middle class expired last year, while the breaks for the wealthy aren’t set to expire until December of this year. Trump put capitalism into overdrive in his second year in office.
So…
You’re saying when Biden said “nothing will fundamentally change”
That he was being dishonest, because he has changed something significant?
https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/07/fact-sheet-president-biden-is-taking-action-to-lower-costs-for-families-and-fight-corporate-rip-offs/
https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/
Yeah. If you’re trying to make some know and of point, you should use your words bud…
You’re suggesting nothing is happening to protect consumers from corporate price gouging and wealthy tax evasion. I sent links to two initiatives Biden wrote, with links to bills. I’m not copying and pasting that much text simply because you don’t want to read in off of whitehouse.gov.
So you believe Biden lied?
That’s all I was asking.
In your opinion did Biden lie and things significantly changed for the wealthy during Biden’s first term.
It feels like you’re saying he lied, you just can’t type those words…
I’m sorry. I missed that. When did he say things didn’t change for the wealthy? I don’t understand the context.