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.

  • givesomefucks@lemmy.worldEnglish
    11·
    8 months ago

    Biden told donors at an event at the Carlyle Hotel in Manhattan on Tuesday evening that he would not “demonize” the rich and promised that “no one’s standard of living will change, nothing would fundamentally change,” Bloomberg News reported.

    Either Biden did something significant and lied…

    Or what you’re saying he did wasn’t enough.

    Because like you said, trumps tax cuts in 2017 were in effect in 2019 when he said that.

    I’m sorry there’s no way for Biden to be right both times, and I understand how it’s frustrating when confronted with evidence instead of just insults and insinuations.

    But at the end of the day, either Biden lied, or he’s not doing enough.

    That’s just life.

    • disguy_ovahea@lemmy.world
      11·
      8 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
        11·
        8 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.