“For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top.”
As President Donald Trump and top members of his administration continue their push to deliver another round of tax cuts to rich investors, an analysis published Tuesday by the Institute for Policy Studies and Americans for Tax Fairness showed that U.S. billionaires have seen their collective wealth soar by nearly $800 billion since Covid-19 began spreading rapidly across the country in March.
The new research found that between March 18 and August 20—a five-month period in which the economy tanked and tens of millions of people across the U.S. lost their jobs—the combined wealth of America’s more than 600 billionaires jumped by $792 billion, bringing their collective net worth to a staggering $3.7 trillion.
“By demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation’s needs as America’s billionaires are disconnected from our nation’s misery.”
—Frank Clemente, Americans for Tax Fairness
“For billionaires, this is a heads we win, tails you lose economy, boosted by Trump policies to funnel wealth to the top,” Chuck Collins, director of the IPS Program on Inequality, said in a statement.
Collins said the fact that just 12 U.S. billionaires now own more than a trillion dollars in combined wealth is “an unprecedented and disturbing indicator of the concentrated wealth during a pandemic.” According to IPS, Amazon CEO Jeff Bezos—the richest man in the world—has seen his wealth grow by $81.9 billion since mid-March, a bigger jump than any other U.S. billionaire.
The updated wealth figures came just hours before Larry Kudlow, Trump’s top economic adviser, boasted about the president’s plan to slash the capital gains tax during a speech on the second night of the Republican National Convention Tuesday. The benefits of any cut to the capital gains tax would disproportionately flow to the wealthiest Americans.
“Looking ahead, more tax cuts and regulatory rollback will be in store,” said Kudlow. “Payroll tax cuts for higher wages, income tax cuts for the middle class. Capital gains tax cuts for investment, productivity, and jobs. Much more regulatory relief for small businesses.”
Earlier this month, Trump himself vowed to slash the capital gains tax if reelected in November.
Larry Kudlow says Trump’s re-election would usher in new tax cuts for middle class Americans and roll back regulations. He called out payroll and income tax cuts, and capital gains cuts.
— Bloomberg TV (@BloombergTV) August 26, 2020
Frank Clemente, executive director of Americans for Tax Fairness, said in a statement that “by demanding even more tax cuts for the rich at this crucial moment, President Trump shows he is as out of touch with our nation’s needs as America’s billionaires are disconnected from our nation’s misery.”
“The pandemic profiteering of America’s billionaires shows taxes on the wealthy must go up substantially to narrow the wealth gap and raise revenue vital for our big climb back from disaster,” Clemente added.
Democrats reveal huge fundraising hauls in Senate races after RBG’s death
Small donor contributions to Democratic Senate campaigns have skyrocketed after the death of Supreme Court Justice Ruth Bader Ginsburg.
"From Alaska to Maine to the Carolinas, Democratic strategists working on Senate campaigns described a spontaneous outpouring of donations the likes of which they had never seen, allowing Democrats the financial freedom to broaden the map of pickup opportunities, or press their financial advantage in top battlegrounds already saturated with advertising," The New York Times reported Monday.
Bank account used for Trump’s hush money payments got cash linked to Russian oligarch: Andrew Weissmann
The latest bombshell book on the Trump administration reveals new details on the special counsel investigation into the president's relationship with Moscow.
"The team led by Robert S. Mueller III, the special counsel, failed to do everything it could to determine what happened in the 2016 election, shying away from steps like subpoenaing President Trump and scrutinizing his finances out of fear he would fire them, one of Mr. Mueller’s top lieutenants argued in the first insider account of the inquiry," The New York Times reported Monday.
Jeffrey Toobin warns Republicans in NC and WI could declare Trump the winner — regardless of the vote
On CNN Monday, chief legal analyst Jeffrey Toobin warned of a possible scenario in which close states with right-wing legislatures could find a pretext to overturn the election and hand their electoral votes to President Donald Trump.
"What is so remarkable is how many different tentacles there are," said Toobin. "Bush v. Gore was just about Florida. But there are now literally 200 lawsuits pending around the country about various issues relating to voting."
"Let me just give you one example of the issues that are out there," said Toobin. "Most people don't know this, but under the Constitution, a state legislature can decide to award the electoral votes to the candidate of its choice, regardless of the voters. So if you have contested elections in North Carolina, in Wisconsin, states with active and very conservative Republican majorities, they can say, you know, this election is too chaotic, we are awarding our electoral votes to Donald Trump. That is a possibility that exists. And people need to start focusing on it now, because it is a real possibility."