Billionaires now control 1 out of every 25 dollars of American wealth.

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.

  • disguy_ovahea@lemmy.world
    11·
    7 months ago

    What don’t you understand? We’re going in circles now. He proposed his tax reform in March of this year. It won’t go into effect until Trump’s tax breaks on the wealthy expire in December.

    And yes, the wealthy will lose money. And no, it will not affect their standard of living, just their portfolios.

    • givesomefucks@lemmy.worldEnglish
      1·
      7 months ago

      And no, it will not affect their standard of living, just their portfolios.

      Then it’s not enough…

      Billionaires were out of control in 2016 too…

      I’m glad you realize we’re going in circles now, that’s the first step to understanding. To be honest, I needed that reassurance that this working.