A report by Oxfam America reveals that the collective wealth of America’s top 10 richest individuals surged by $698 billion over the past year, driven by President Donald Trump’s tax policies. The report criticizes Trump’s economic agenda for escalating inequality, labeling it as contributing to “the rise of a new American oligarchy.”
The report highlights Trump’s “One Big Beautiful Bill,” a significant piece of legislation that reduces corporate tax rates and markedly lowers taxes for the wealthy. It estimates that the top 0.1 percent will save $311,000 in taxes by 2027, while low-income households earning under $15,000 will likely face tax increases.
Rebecca Riddell from Oxfam emphasized that inequality stems from policy choices that have bipartisan support over the last 40 years. Data shows the top 1 percent gained 101 times more wealth than the median household since 1989, and nearly 1,000 times more than those in the bottom fifth of earners.
The report also points out that over 40 percent of Americans, including half of all children, are classified as low-income. In an introduction, Senator Elizabeth Warren connects the growing inequality to Trump’s presidency, arguing that policy decisions have favored the wealthy while neglecting everyone else. The White House declined to comment on the report.
