A recent report shows that the ten richest people in the United States have seen their fortunes increase by $700 billion since Donald Trump's return to the presidency. This is attributed to the signing of the Big, Beautiful Bill, which reduced taxes for corporations and billionaires, while taxes for low-income households are expected to rise. Oxfam America stated that this law has facilitated one of the largest upward wealth transfers in recent decades.
The report also highlights that, despite the increase in billionaires' wealth, over 40% of the population lives on a low income. Senator Elizabeth Warren commented that the richest pay almost nothing in taxes and suggested measures to reduce inequality. Oxfam America's president, Abby Maxman, added that the data confirms the existence of an "American oligarchy." The report also mentions that the Trump family has gained $3.4 billion during his two terms, highlighting the close ties between billionaires and the Trump administration.
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