Billionaires now control 1 out of every 25 dollars of American wealth.
Then-President Donald Trump speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, D.C., on December 20, 2017.has rocked households across the country, billionaire wealth has skyrocketed — and has now hit an all-time high, a new analysis reveals.
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. As of April 1, Jeff Bezos was the richest person in America, with $198 billion, while Michael Bloomberg was the least wealthy of the top 10, controlling $106 billion. Each of the top 10 billionaires, whose wealth springs from either finance or tech, has experienced a growth in wealth since 2017, with Elon Musk seeing an 850 percent increase.Due to this influx to the very top, these 800 individuals now collectively control 1.
A modest capital gains tax on just the $3 trillion gain that billionaires have added over the past six years, by contrast, could pay for forgiveness of all student debt, expansions of Medicare and the Affordable Care Act, free preschool, and more over the next 10 years, the report says.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forbes Releases Annual World's Billionaires ListForbes has released its annual World's Billionaires List, revealing a record-breaking number of billionaires and an increase in their collective wealth. The United States has the highest number of billionaires on the list, with a total of 813. The world's billionaires are now worth $14.2 trillion, up by $2 trillion from the previous year.
Read more »
Ford U.S. EV Sales Almost Doubled In Q1 2024 To Over 20,000Ford's U.S. all-electric vehicle sales last month amounted to 9,181, 338% more than a year ago. EVs represented 5.3% of the company's overall sales volume.
Read more »
College Athlete Suicides Doubled In Past 20 Years, Researchers WarnI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
Read more »
College Athlete Suicides Doubled In Past 20 Years, Researchers WarnI am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.
Read more »
Hyundai U.S. EV Sales Doubled In March 2024In March, Hyundai sold 5,345 electric cars based on its E-GMP platform in the U.S., roughly 129% more than a year ago.
Read more »
Kia U.S. EV Sales More Than Doubled In March 2024In March, Kia's E-GMP-based EV sales amounted to 2,818. That's an impressive 185% increase year-over-year, and a 4.1% share out of the brand's total volume.
Read more »