America’s top 10 billionaires gained $365 billion last year—$1 billion a day—thanks in part to tax policies that critics say deepen inequality and threaten public programs.
At a Glance
- America’s 10 wealthiest billionaires gained $365 billion in 12 months
- Trump-era tax policies largely benefit the ultra-wealthy and corporations
- A 3% wealth tax could raise $50+ billion for social programs
- House prepares to vote on a new tax deal favoring high earners
- Oxfam warns current tax code could produce the world’s first trillionaire
Wealth Soars, Taxes Stall
A new analysis from Oxfam reveals that the 10 richest Americans—including Elon Musk, Jeff Bezos, and Mark Zuckerberg—have collectively added $365 billion to their fortunes in the past year alone. That’s roughly $1 billion in wealth accumulation every day. These gains are shielded by tax policies that allow billionaires to pay lower effective rates than many working Americans.
If their wealth increases were taxed as income, Oxfam estimates it would generate $135 billion in federal revenue—enough to make a significant dent in food insecurity or housing assistance. As it stands, the system incentivizes wealth hoarding over wage-based earnings, with billionaire portfolios ballooning while the middle class absorbs the cost.
Trump’s Tax Legacy Lives On
The Tax Cuts and Jobs Act (TCJA), signed during Trump’s first term, slashed corporate tax rates and reduced top income brackets, offering massive relief to the country’s wealthiest. Now, a new tax package backed by President Trump and House Republicans seeks to make these cuts permanent—at a projected cost of $3.8 trillion. The plan would offset this with $1 trillion in cuts to public services like Medicaid and food aid.
The Congressional Budget Office confirms that high earners would be the largest beneficiaries. Oxfam’s press release warns the proposal “could create the world’s first trillionaire,” adding urgency to calls for a restructured tax code.
Watch a report: Senator Markey Calls Out Trump and Billionaire Tax Cuts.
Policy Clash: Wealth Tax vs. Tax Cuts
Oxfam and other advocates propose a 3% tax on fortunes over $1 billion—generating more than $50 billion annually. That’s enough to fund federal rental aid or provide a year’s worth of food support for 22.5 million Americans. Critics argue that without such reforms, the wealth gap will continue to widen, fueling political instability and eroding public trust.
A report from MSN underscores the disconnect: as billionaire wealth surges, essential services face unprecedented cuts. Rebecca Riddell of Oxfam put it plainly: “We’re seeing a tax code being designed that would bring about the world’s first trillionaire.”
The House is set to vote soon, and with that, the country’s economic future—between continued billionaire gains or systemic reform—hangs in the balance.
