It’s something beyond tragedy, beyond farce. The Trump administration and its Republican congressional allies are trying to pass the “One Big Beautiful Bill Act,” which would, among other measures, make Donald Trump’s 2017 tax cuts permanent. The total cost of the bill’s revenue-slashing provisions is expected to come in at $3.8 trillion over ten years. The rich will be the beneficiaries.
Republicans argue the tax cuts will create wealth. It’s simple, misleading, debunked trickle-down nonsense. As a growth strategy, it won’t work. It never does. Indeed, it’s hard to believe it’s even meant to. But as a giveaway to oligarchs — many of whom support the Trump administration and some of whom literally work for it — well, it will work just fine.
Over the last year or so, the richest handful of Americans did quite well for themselves while millions of others struggled to get through the day. The ten richest people in the country increased their wealth by $365 billion. Elon Musk himself managed to make a cool $186 billion — over half of the total increase.
As Matt Egan writes for CNN, the 2024–25 growth, from April to April, accounts for roughly a billion dollars a day in growth for the top ten. “By contrast,” he notes, “the typical American worker made just over $50,000 in 2023.” To put that in perspective: according to Oxfam, it “would take a staggering 726,000 years for 10 US workers at median earnings to make that much money.”
A 2022 report found that the top 10 percent of Americans hold 60 percent of the country’s…
Auteur: David Moscrop
