As the top 1 percent of the nation have settled into their windfalls post–2017’s tax cuts, they have increasingly invested in our political system—an investment they hope continues to pay off in the form of tax breaks for themselves and their businesses. And that bet has paid off for the billionaire class: The US already led the world in the number of billionaires when the Tax Cuts and Jobs Act passed in 2017, with 565 billionaires that year. Today, as Republicans look to extend those tax cuts for the wealthy, the US embarrassingly boasts a record 813 billionaires with a combined net worth of $5.7 trillion.
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Republican Tax Policies Will Create a…
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As the top 1 percent of the nation have settled into their windfalls post–2017’s tax cuts, they have increasingly invested in our political system—an investment they hope continues to pay off in the form of tax breaks for themselves and their businesses. And that bet has paid off for the billionaire class: The US already led the world in the number of billionaires when the Tax Cuts and Jobs Act passed in 2017, with 565 billionaires that year. Today, as Republicans look to extend those tax cuts for the wealthy, the US embarrassingly boasts a record 813 billionaires with a combined net worth of $5.7 trillion.