Republican Tax Cuts Boost Their Fortunes To Dizzying Heights Even As Workers Lose Paychecks & Families Are Denied Services

Today, as the government shutdown drags on, America’s 916 billionaires have reached a record-breaking wealth level of $8 trillion collectively, according to a new report from Americans for Tax Fairness (ATF). That’s up over $5 trillion—or 172%—since the enactment of the 2017 Trump-GOP tax law, whose generous provisions for the rich have fueled the snowballing of billionaire fortunes. This means the top 15 richest Americans have more wealth today than every billionaire did in December 2017. Additionally, just since Donald Trump was sworn in for a second term, billionaires’ collective wealth has jumped $1.2 trillion.

Republicans permanently extended that law this past summer and partially paid for it with cuts to Americans’ healthcare and nutrition. President Trump and Congressional Republicans have shut down the federal government in an attempt to force expiration of the ACA Premium Tax Credits that help lower health care costs for millions of Americans. Federal workers also face the loss of pay while families are denied public services.

“Even as the billionaire-backed GOP keeps the government shut down—with civil servants furloughed and working without pay, and federal services from aviation safety to Social Security services suffering—billionaires somehow continue to get even richer at unprecedented levels,” said David Kass, ATF’s executive director. “We have a rigged system where billionaires get richer while families feel the crunch of high costs and growing economic uncertainty. President Trump and the GOP need to reopen the government, and Congress needs to seriously address the issue of concentrated billionaire wealth, starting with adoption of the Billionaires Income Tax.”

A comprehensive list of billionaires and their wealth growth compiled by Americans for Tax Fairness can be found here.

Source: Americans for Tax Fairness