The Institute for Policy Studies (IPS) reported that the top 15 US billionaires experienced the most significant gains last year, with their combined fortunes jumping from $2.4 trillion to $3.2 trillion. This 33% increase significantly outpaced the 16% growth seen in the S&P 500. This elite cohort includes high-profile figures such as Elon Musk, Jeff Bezos, Larry Page, and Larry Ellison.
Researchers link these gains to the 2025 Trump-GOP budget, which redirected funds from food stamps and health insurance to finance tax breaks and increased defense spending. Chuck Collins, director of the Program on Inequality and the Common Good at IPS, stated that such extreme wealth concentration rigs the economy, forcing ordinary workers to shoulder the burden of the current affordability crisis. IPS researcher Omar Ocampo added that the existing tax structure allows these individuals to amass vast fortunes while contributing a disproportionately small share in taxes, further entrenching economic disparity.
Comments (0)
No comments yet. Be the first!