The ten wealthiest people in the United States have seen their fortunes explode by $700 billion since Donald Trump returned to office earlier this year, with the president’s agenda “driving inequality to new heights,” according to a new report.
Among the commander-in-chief’s most significant acts was the signing of the Big, Beautiful Bill into law, which slashed corporate tax rates and cut taxes for billionaires. Meanwhile, taxes on the lowest-income households are expected to go up.
Now, Oxfam America says that Trump’s controversial bill facilitated “one of the single largest transfers of wealth upwards in decades.”
According to the report, the poorest household in the top 1 percent gained 987 times more wealth than the richest household in the bottom 20 percent in the last year. Additionally, over the past year, which includes some months under President Joe Biden, the wealth of U.S. billionaires increased by $698 billion.
Despite this massive increase in wealth for the wealthiest Americans, more than 40 per cent of the country are classified as having a low income and live on less than twice the federal poverty line.
In the foreword for the report, Senator Elizabeth Warren wrote that “the wealthiest amongst us” have been able to generate “unimaginable fortunes while paying virtually nothing in taxes.”
The Democrat, who backed a wealth tax when she ran for her party’s presidential nomination, also suggested that the report could offer a new way forward.
“This report examines the depth of inequality in America and charts a path forward,” Warren wrote. “We know what works.
“Breaking up big corporations to ensure robust competition, supporting our workers, unrigging the tax code, and investing in services doesn’t just help families—it strengthens our entire economy.
“When we invest in our people, when we enforce the rules fairly, when we ask the wealthiest to contribute their share, we all do better.”
Oxfam America’s President and CEO, Abby Maxman, echoed Warren’s sentiments.
“The data confirms what people across our nation already know instinctively: the new American oligarchy is here,” she said in a statement. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare and groceries."
However, billionaires have played a key role in Trump’s second presidency.
During his inauguration, he was joined on stage by CEOs such as Elon Musk, Mark Zuckerberg, Shou Zi Chew, the CEO of TikTok, and Jeff Bezos.
Meanwhile, corporations like Palantir, OpenAI, Google, and Lockheed Martin are among the largest funders of his $300 million project, which is being built despite the ongoing government shutdown.
A report even claimed that the Trump family has raked in a staggering $3.4 billion during his two terms as president, thanks to profits from cryptocurrencies, MAGA-branded merchandise, and the Mar-a-Lago estate.
The commander-in-chief has even gleefully bragged about how much his billionaire friends have made during his time in office.
Pointing to Charles Schwab and NASCAR team owner Roger Penske, who are estimated to be worth $12.9 billion and $5.6 billion, respectively, Trump boasted about 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.
The Independent has contacted Elizabeth Warren, the U.S. Treasury Department, and the White House for comment.
