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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."

Jake Johnson

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.

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'We WILL Fight Back': Outrage, Resolve as Protests Erupt Against SCOTUS Abortion Ruling

Demonstrators took to the streets Friday to defiantly denounce the Supreme Court's right-wing supermajority after it rescinded a constitutional right for the first time in U.S. history.

Brett Wilkins ·

80+ US Prosecutors Vow Not to Be Part of Criminalizing Abortion Care

"Criminalizing and prosecuting individuals who seek or provide abortion care makes a mockery of justice," says a joint statement signed by 84 elected attorneys. "Prosecutors should not be part of that."

Kenny Stancil ·

Progressives Rebuke Dem Leadership as Clyburn Dismisses Death of Roe as 'Anticlimactic'

"The gap between the Democratic leadership, and younger progressives on the question of 'How Bad Is It?' is just enormous."

Julia Conley ·

In 10 Key US Senate Races, Here's How Top Candidates Responded to Roe Ruling

While Republicans unanimously welcomed the Supreme Court's rollback of half a century of reproductive rights, one Democrat said "it's just wrong that my granddaughter will have fewer freedoms than my grandmother did."

Brett Wilkins ·

Sanders Says End Filibuster to Combat 'Outrageous' Supreme Court Assault on Abortion Rights

"If Republicans can end the filibuster to install right-wing judges to overturn Roe v. Wade, Democrats can and must end the filibuster, codify Roe v. Wade, and make abortion legal and safe," said the Vermont senator.

Jake Johnson ·

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