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Wednesday, April 10th, 2024

US Billionaires Have Doubled Their Wealth Since 2017 Trump Tax Overhaul

Author:     Sharon Zhang
Source:     truthout
Publication Date:     April 9, 2024
 Link: US Billionaires Have Doubled Their Wealth Since 2017 Trump Tax Overhaul
Stephan:  

You would think that the MAGAts who support criminal Trump would get how badly they have been treated under the Republican Party’s rigging of the IRS tax system to favor the very rich, as is described in this article. You might think that, but they don’t. They whine about their own taxes but don’t seem to have any concept of what is really going on. And it is going to keep going on as long as the Republicans hold power.

Criminal Trump, then President, speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, D.C., on December 20, 2017. Credit: Brendan Smialowski / AFP / Getty

Over the past years in the U.S., everyday Americans have been increasingly crushed under 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 […]

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