Trump Delivered 22% Boost to Billionaire Wealth in 2025, But Catastrophe for Working Class
"After a year in office, Trump and the GOP majority betrayed their promises to working people, instead serving billionaire elites and wealthy corporations," said the executive director of Americans for Tax Fairness.
The first year of President Donald Trump's second White House term made abundantly clear who he and his Republican allies in Congress serve—and who they don't.
That's the argument of a report published Tuesday by Americans for Tax Fairness (ATF) marking the one-year anniversary of the start of the second Trump administration, which has so far delivered big for the billionaire class while shafting the working class.
"While American families struggle to pay the bills due to higher tariffs and cuts in public benefits, Trump’s billionaire cronies have never been wealthier," said ATF, noting that "billionaires bet big on Trump and Republicans in the 2024 elections, with just 30 MAGA billionaire families spending $1.4 billion to influence the outcome."
"Their investment seems to be paying off rapidly, with this clique’s collective wealth growing by $408 billion in 2025, an increase of 37.5% from the year prior," the group continued. "Billionaires across the country saw their collective wealth reach a record high of $8.2 trillion in the first year of the second Trump regime. Their total wealth increased from $6.7 billion, a 22% increase in 2025."
In the summer of 2025, Trump and congressional Republicans passed sprawling legislation extending massive tax breaks for the wealthiest Americans, fueling their wealth surge. ATF noted Tuesday that "the top 1% of households alone will get $1 trillion from this tax package."
Meanwhile, in the same legislation, Trump and the GOP's launched an unprecedented assault on Medicaid and federal nutrition assistance with cuts that are expected to leave millions without health insurance and food aid in the coming years and inflict significant damage on healthcare systems across the country.
The ATF report also points to the Trump-GOP refusal to extend Affordable Care Act subsidies that lapsed at the end of 2025, sending health insurance premiums skyrocketing for millions of people nationwide.
"After a year in office, Trump and the GOP majority betrayed their promises to working people, instead serving billionaire elites and wealthy corporations," David Kass, ATF's executive director, said in a statement. "Trump promised lower prices but enacted chaotic tariffs that spiked consumer costs, and also cut billions from SNAP and Medicaid while ballooning the deficit. He eliminated ACA tax credits, making healthcare unaffordable for millions—all to fund trillions in tax giveaways to the ultra-wealthy and large corporations."
"With an affordability crisis and historic income inequality," Kass added, "Americans for Tax Fairness will oppose this administration's regressive economic policy."
Entering year two of Trump's second White House term, Republicans are signaling that they have no intention of changing course. Last week, the Republican Study Committee released its priorities for a possible second reconciliation bill—a list that includes repeal of the estate tax, a move that would benefit a small sliver of rich Americans.
"After a year of broken promises around affordability and control of government, this is what House Republicans have come up with: legislation that further enriches the richest of the rich at the expense of working Americans” Leor Tal, campaign director of the progressive advocacy coalition Unrig Our Economy.
“After the Republican tax law made the largest cuts to Medicaid and SNAP in history," said Tal, "Republicans should stop raising costs on working families and, instead, focus on helping their constituents afford basic items like groceries and stop stripping even more Americans of vital services."
