Director of National Economic Council Larry Kudlow smiles as President Donald Trump speaks with reporters during a meeting in the Roosevelt Room of the White House on May 11, 2018 in Washington, D.C. (Photo: Alex Edelman-Pool/Getty Images)
As Trump Pushes New Tax Cuts for Wealthy, Analysis Shows US Billionaires $800 Billion Richer Since Pandemic Hit
"For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top."
As President Donald Trump and top members of his administration continue their push to deliver another round of tax cuts to rich investors, an analysis published Tuesday by the Institute for Policy Studies and Americans for Tax Fairness showed that U.S. billionaires have seen their collective wealth soar by nearly $800 billion since Covid-19 began spreading rapidly across the country in March.
The new research found that between March 18 and August 20--a five-month period in which the economy tanked and tens of millions of people across the U.S. lost their jobs--the combined wealth of America's more than 600 billionaires jumped by $792 billion, bringing their collective net worth to a staggering $3.7 trillion.
"By demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
--Frank Clemente, Americans for Tax Fairness
"For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top," Chuck Collins, director of the IPS Program on Inequality, said in a statement.
Collins said the fact that just 12 U.S. billionaires now own more than a trillion dollars in combined wealth is "an unprecedented and disturbing indicator of the concentrated wealth during a pandemic." According to IPS, Amazon CEO Jeff Bezos--the richest man in the world--has seen his wealth grow by $81.9 billion since mid-March, a bigger jump than any other U.S. billionaire.
The updated wealth figures came just hours before Larry Kudlow, Trump's top economic adviser, boasted about the president's plan to slash the capital gains tax during a speech on the second night of the Republican National Convention Tuesday. The benefits of any cut to the capital gains tax would disproportionately flow to the wealthiest Americans.
"Looking ahead, more tax cuts and regulatory rollback will be in store," said Kudlow. "Payroll tax cuts for higher wages, income tax cuts for the middle class. Capital gains tax cuts for investment, productivity, and jobs. Much more regulatory relief for small businesses."
Earlier this month, Trump himself vowed to slash the capital gains tax if reelected in November.
Frank Clemente, executive director of Americans for Tax Fairness, said in a statement that "by demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
"The pandemic profiteering of America's billionaires shows taxes on the wealthy must go up substantially to narrow the wealth gap and raise revenue vital for our big climb back from disaster," Clemente added.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
As President Donald Trump and top members of his administration continue their push to deliver another round of tax cuts to rich investors, an analysis published Tuesday by the Institute for Policy Studies and Americans for Tax Fairness showed that U.S. billionaires have seen their collective wealth soar by nearly $800 billion since Covid-19 began spreading rapidly across the country in March.
The new research found that between March 18 and August 20--a five-month period in which the economy tanked and tens of millions of people across the U.S. lost their jobs--the combined wealth of America's more than 600 billionaires jumped by $792 billion, bringing their collective net worth to a staggering $3.7 trillion.
"By demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
--Frank Clemente, Americans for Tax Fairness
"For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top," Chuck Collins, director of the IPS Program on Inequality, said in a statement.
Collins said the fact that just 12 U.S. billionaires now own more than a trillion dollars in combined wealth is "an unprecedented and disturbing indicator of the concentrated wealth during a pandemic." According to IPS, Amazon CEO Jeff Bezos--the richest man in the world--has seen his wealth grow by $81.9 billion since mid-March, a bigger jump than any other U.S. billionaire.
The updated wealth figures came just hours before Larry Kudlow, Trump's top economic adviser, boasted about the president's plan to slash the capital gains tax during a speech on the second night of the Republican National Convention Tuesday. The benefits of any cut to the capital gains tax would disproportionately flow to the wealthiest Americans.
"Looking ahead, more tax cuts and regulatory rollback will be in store," said Kudlow. "Payroll tax cuts for higher wages, income tax cuts for the middle class. Capital gains tax cuts for investment, productivity, and jobs. Much more regulatory relief for small businesses."
Earlier this month, Trump himself vowed to slash the capital gains tax if reelected in November.
Frank Clemente, executive director of Americans for Tax Fairness, said in a statement that "by demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
"The pandemic profiteering of America's billionaires shows taxes on the wealthy must go up substantially to narrow the wealth gap and raise revenue vital for our big climb back from disaster," Clemente added.
As President Donald Trump and top members of his administration continue their push to deliver another round of tax cuts to rich investors, an analysis published Tuesday by the Institute for Policy Studies and Americans for Tax Fairness showed that U.S. billionaires have seen their collective wealth soar by nearly $800 billion since Covid-19 began spreading rapidly across the country in March.
The new research found that between March 18 and August 20--a five-month period in which the economy tanked and tens of millions of people across the U.S. lost their jobs--the combined wealth of America's more than 600 billionaires jumped by $792 billion, bringing their collective net worth to a staggering $3.7 trillion.
"By demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
--Frank Clemente, Americans for Tax Fairness
"For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top," Chuck Collins, director of the IPS Program on Inequality, said in a statement.
Collins said the fact that just 12 U.S. billionaires now own more than a trillion dollars in combined wealth is "an unprecedented and disturbing indicator of the concentrated wealth during a pandemic." According to IPS, Amazon CEO Jeff Bezos--the richest man in the world--has seen his wealth grow by $81.9 billion since mid-March, a bigger jump than any other U.S. billionaire.
The updated wealth figures came just hours before Larry Kudlow, Trump's top economic adviser, boasted about the president's plan to slash the capital gains tax during a speech on the second night of the Republican National Convention Tuesday. The benefits of any cut to the capital gains tax would disproportionately flow to the wealthiest Americans.
"Looking ahead, more tax cuts and regulatory rollback will be in store," said Kudlow. "Payroll tax cuts for higher wages, income tax cuts for the middle class. Capital gains tax cuts for investment, productivity, and jobs. Much more regulatory relief for small businesses."
Earlier this month, Trump himself vowed to slash the capital gains tax if reelected in November.
Frank Clemente, executive director of Americans for Tax Fairness, said in a statement that "by demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation's needs as America's billionaires are disconnected from our nation's misery."
"The pandemic profiteering of America's billionaires shows taxes on the wealthy must go up substantially to narrow the wealth gap and raise revenue vital for our big climb back from disaster," Clemente added.