new York
Cnn
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Despite a brief fear of the market, the richest 10 Americans got closer to $ 365 billion in the past year, according to a new Oxfam analysis.
The astonishing increase in wealth represents a gain of approximately $ 1 billion a day for these billionaires.
On the other hand, the typical American worker earned just over $ 50,000 in 2023. Oxfam found that it would take 726,000 years with an amazing for 10 American workers to earn so much money.
The results have made an exclamation point on the country’s wealth inequalities and came while the Republicans debate an expensive bill which, according to non -partisan experts, will make the rich even richer and depth nearly 1 billion of dollars from the main safety net programs.
“The billionaire wealth has increased astronomical while so many ordinary people find it difficult to reach both ends,” said Rebecca Riddell, political and racial justice in Oxfam America, in the report.
To measure the richest earnings, Oxfam has measured the estimated wealth changes in the top 10 of the billionaire of Forbes in real time between the end of April 2024 and the end of April 2025.
Elon Musk, the richest person in the world and CEO of Tesla, represents a little more than half of the total of wealth gains, with its net value by 186.1 billion dollars over this period. An analysis last fall revealed that Musk, a pivotal figure of President Donald Trump’s return to the White House, is on the right track to become the first trillionaire in the world.
The net value of Meta Boss Mark Zuckerberg and the heir of Walmart Rob Walton increased by $ 38.7 billion each. Legendary investor Warren Buffett won $ 34.8 billion in wealth, while Walmart Jim Walton’s heir won $ 36.5 billion. Some billionaires such as Google co -founders of Google Larry Page and Sergey Brin lost wealth during this period.
Oxfam argues that the republican bill, a legislative priority of Trump, would further stack the bridge against ordinary people in favor of the richest.
“We see a designed tax code that would lead to the first trillionaire in the world,” said Riddell.
Some progressives have called to combat inequalities by imposing a tax on wealth on ultra-millionaire and billionaires. Oxfam found that a 3% tax on wealth greater than $ 1 billion would increase $ 50 billion compared to the richest American 10 – enough to provide food assistance for one year to 22.5 million people.
Of course, the taxation of wealth would be very difficult, in part because it can be difficult to enhance the net value. And some legal researchers have wondered if a tax on wealth is even constitutional.
Legislators debate if and how to extend the law on tax reductions and 2017 jobs, the Trump’s signature tax law. The bill that has advanced to the House would make it permanent essentially all the income tax alternatives of individuals in the 2017 law and temporarily reduces taxes on advice and overtime.
The legislation, known as “One Big Beautiful Bill Act”, would increase the resources for American households on average, according to a new analysis of the Office of the Budget of the Non -Sample Congress (CBO). However, these gains would not be distributed evenly.
Household resources would drop by 4% in 2033 for the lowest 10% of employees, according to the CBO. On the other hand, the 10% highest of employees would earn 2% compared to this period due to the drop in taxes.
The legislation would increase the economic production of the country, measured by the gross domestic product (GDP), by 0.5% in 10 years and 1.7% in 30 years, according to an analysis of the budgetary model of Penn Wharton. These economic gains are said to be fueled by higher savings and the supply of labor, encouraged by a lower social security net, Penn Wharton revealed.
The bills of the bill would be disproportionately to the rich, according to the analysis. The 10% the highest of employees would receive approximately two thirds (65%) of the total value of the legislation, while households in the lower 20% would lose approximately $ 1,035 in 2026 due to medicaid cuts, food coupons and other changes, according to Penn Wharton.
Kent Smetters, professor of commercial economics and public policy at the Wharton school of the University of Pennsylvania, told CNN that the highest 10% of households would obtain approximately 3.1 billions of dollars in tax reduction over 10 years. Smetters, who directs Penn Wharton’s budgetary model, noted that the American tax system is “very progressive”, the same group paying around 70% of all federal income and payroll taxes.
Democratic senator Elizabeth Warren from Massachusetts said that the GOP bill was a “gift” for the rich.
“Donald Trump and the Republicans at Congress are trying to blur thanks to massive tax gifts for the richest Americans – the millionaires and billionaires who only find themselves by day. The billionaires do not need another break, the workers do,” Warren said in a press release at CNN.
The White House, however, says that Trump’s budgetary priorities would help the Americans to prosper, extending the gains of its first mandate.
“Inequalities of wealth in the United States have in fact decreased for the first time in decades during the first term of President Trump thanks to his economic program of tax reductions, deregulation, domestic energy production and prices,” said the White House spokesman Kush Desai, in a press release in CNN. “The only one, a great magnificent bill locks many of these successful policies, including the historic tax reductions of President Trump, to restore prosperity for rue Main.”
The debate occurs as the concerns increase in relation to the American mountain of 36 billions of dollars of the debt.
On Friday, Moody’s notes lowered the perfect credit note that it has had for the United States since 1917 due to concerns about the overvoltage of public debt in the last decade and high interest payment ratios.
The White House argued that the GOP tax bill will help respond to these concerns by reducing expenses. Karoline Leavitt, press secretary of the White House, said on Monday that radical legislation will not add to the deficit.
However, in his demotion decision, Moody’s said that she “does not believe that significant reductions in compulsory expenses and deficits will result from current tax proposals.”
Likewise, the Committee for a responsible federal budget, a budget surveillance group, warns that the GOP bill “would massively add to short -term deficits” by stacking 3.3 swamps of additional dollars on the national debt over a decade, including interest. This figure reaches 5.2 billions of dollars if temporary arrangements are made permanent.
The CBO noted that the legislation would be even more important of 3.8 billions of dollars at the national debt.
“This additional short -term loan could stir up inflation and increase interest rates,” wrote the committee for a federal budget responsible in its analysis.
