America’s top 10 richest saw their wealth grow by $700 billion combined under Trump: report
Warning over ‘rise of new American oligarchy’ as billionaires rake in another $700B
- A new report by Oxfam America reveals that the ten wealthiest individuals in the US have seen their fortunes increase by $700 billion since Donald Trump returned to office this year.
- The report attributes this significant wealth transfer to Trump's “Big, Beautiful Bill,” which substantially cut corporate and billionaire tax rates, while taxes for the lowest-income households are expected to rise.
- Despite the massive wealth accumulation by the richest, over 40 percent of the country is classified as low-income.
- Senator Elizabeth Warren, in the report's foreword, criticized the wealthy for generating “unimaginable fortunes while paying virtually nothing in taxes” and advocated for breaking up corporations and reforming the tax code.
- Trump's family’s personal wealth allegedly grew by $3.4 billion during his two terms as president, and he has openly boasted about the financial gains of his billionaire friends.