'The Tax Fight Is Starting Now'
An analysis released Wednesday showed that the United States' 815 billionaires have seen their combined wealth surge by roughly $280 billion since Donald Trump's victory in the 2024 presidential election earlier this month, a finding that came as Republicans continued to lay the groundwork for another massive tax giveaway for the rich.
Citing Forbes data, Americans for Tax Fairness (ATF) noted that the collective net worth of the nation's billionaires jumped $276 billion between November 4—the day before Election Day—and November 12. Elon Musk, the world's wealthiest man and a Trump confidant, accounted for 20% of the total billionaire wealth surge, with his net worth growing by $57 billion in just a week.
ATF found that U.S. billionaire wealth is now at an all-time high of $6.7 trillion—a fact that hasn't deterred Republican lawmakers from pursuing additional tax cuts for the wealthiest Americans, which they want to pay for in part by slashing Medicaid and federal nutrition assistance.