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.

  • henfredemars
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    8 months ago

    Our governor: socialism has never worked! That means you must remove all social services. I disband the Postal Service if I could.

    Also our governor: if capitalism isn’t working, we just haven’t deregulated enough.

    • stringere@leminal.space
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      8 months ago

      Our governor: socialism has never worked! That means you must remove all social services. I disband the Postal Service if I could.

      Also our governor: if capitalism isn’t working, we just haven’t deregulated enough.

      Which one? There are so many that fit the description.