When Donald Trump declared victory, in the early hours of November 6, his speech highlighted many of his signature issues: there was reference to closing the borders, using Elon Musk’s technology, and – of course – cutting taxes.
“We’re gonna be paying down debt. We’re gonna be reducing taxes,” said the former and future president. “We have, we can do things that nobody else can do. Nobody else is gonna be able to do it. China doesn’t have what we have. Nobody has what we have.”
A major goal of Trump’s first year will be getting Congress to renew his 2017 tax cuts and pass a number of the other tax cuts he’s touted, including an end to taxes on Social Security and lower corporate taxes. Massive tariffs are also on the horizon, with duties of as much as 20% planned on all foreign imports and 60% on Chinese products.
As at least one of Trump’s advisers has said that likely means hardship for at least the first few years of his presidency. His proposals would hasten Social Security’s insolvency, increase unemployment, raise inflation, lower GDP, add to the federal debt, and boost tax rates for the vast majority of Americans, according to most analyses published by economists.
Before Trump’s reelection, the gap between the top .01% of Americans and the bottom 90% was already larger than any other point since the Great Depression. If the president-elect’s new tax policies successfully make their way through Congress, this divide could become even starker, according to a new report from the progressive group Americans for Tax Fairness (ATF).
“The vast wealth inherited by centuries-old billionaire families is staggering. While these heirs and their billions go undertaxed, enormous sums are squandered on lavish mansions, private jets, and vanity projects instead of funding crucial public investments,” said David Kass, ATF’s Executive Director, in a statement.
“In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta. Now, Trump and his allies in Congress are doing their donors’ bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations—all while advocating for cuts to vital programs that working and middle-class Americans depend on.”
As part of their report, ATF profiled some of the billionaire heirs and heiresses that are expected to benefit the most from Trump’s new tax plan. Continue reading to learn more about the nepo babies that the ATF highlighted.
William Gavin contributed reporting.
