Blog/The Hunt for Taxes
Posted Mar 9, 2020 by Martin Armstrong
While the Democrats love to yell at the rich for always getting richer, in 2016, there were 541 US billionaires with wealth totaling about $2.4 trillion. In 2019, there were 607 US billionaires with wealth totaling about $3.1 trillion. Of course, this is based on stock market valuations and is not cash in the bank. There is no doubt that the wealthiest Americans have gotten wealthier under Trump, though others have also gained.
According to the Federal Reserve, the combined wealth of the top 1% of American households, which includes all members of Congress, increased 18% from the fourth quarter of 2016 to the third quarter of 2019 — from $29.18 to $34.53 trillion. However, the combined wealth of the bottom 50% of households actually increased 55% from $1.08 trillion to $1.67 trillion. In truth, there were far more people who have benefited from the Trump Tax Cuts than what the Democrats ever will admit.
That is a REAL Fact Check!
Tags: 1%, Tax reform, Trump tax cuts