Billionaires now control 1 out of every 25 dollars of American wealth.

Billionaires now control 1 out of every 25 dollars of American wealth.

Over the past years in the U.S., everyday Americans have been increasingly crushedunder 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 the richest Americans were centi-billionaires, meaning that they did not have over $100 billion; now, the top 10 U.S. billionaires are all centi-billionaires, according to the report.

    • disguy_ovahea@lemmy.world
      11·
      7 months ago

      You’re suggesting nothing is happening to protect consumers from corporate price gouging and wealthy tax evasion. I sent links to two initiatives Biden wrote, with links to bills. I’m not copying and pasting that much text simply because you don’t want to read in off of whitehouse.gov.

        • disguy_ovahea@lemmy.world
          11·
          7 months ago

          I’m sorry. I missed that. When did he say things didn’t change for the wealthy? I don’t understand the context.

            • disguy_ovahea@lemmy.world
              11·
              7 months ago

              You’re quite hostile, and make a lot of assumptions. I’m an advocate for information, and just as critical of Biden as I am supportive. My comments linked to bills were meant to inform those that assume inaction. You are right that I didn’t see this before. He said he won’t “demonize the rich.” He’s increasing their taxes, as well as corporate taxes, and closing loopholes, while funding and empowering the IRS to audit the wealthy (a process that was previously considered too difficult with the thinly-spread accounting staff). He’s not demonizing them, he’s just holding them financially accountable.

                • disguy_ovahea@lemmy.world
                  11·
                  7 months ago

                  What don’t you understand? We’re going in circles now. He proposed his tax reform in March of this year. It won’t go into effect until Trump’s tax breaks on the wealthy expire in December.

                  And yes, the wealthy will lose money. And no, it will not affect their standard of living, just their portfolios.