And the Big Ugly
Just 100 extremely wealthy families invested $2.6 billion in the 2024 election that put Trump back in the White House and Republican majorities in both the House and Senate.
Soon, the billionaires who invested in Trump will get a giant return on their investment, courtesy of Trump’s Big Ugly budget bill.
The Joint Committee on Taxation estimates that by 2027, the richest 0.1 percent of taxpayers (of which the country’s estimated roughly 900 billionaires are a subset) will collectively save $60 billion in federal taxes, due to the Big Ugly.
Near-record levels of income and wealth are now concentrated at the very top, yet the rich don’t pay nearly their fair share in taxes.
Consider this: Musk’s 2024 campaign contributions were four times more than what he paid in annual federal income taxes between 2013 and 2018.
In fact, Musk — the richest person in the world — pays a lower tax rate than average Americans.
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