Meet the Billionaire Nepo Babies Benefiting from Trump Tax Scam
Today, Americans for Tax Fairness released a new report detailing key beneficiaries of the Trump tax policies: billionaire nepo babies. Alongside cheeky profiles of inheritors wasting family fortunes on failed vanity businesses, medieval church purchases, lifestyle brands, private jets, and more, the report examines the startling realities of billionaire wealth growth. Example: 30 of the largest billionaire dynasties have seen their fortunes swell by 54% over the past nine years, while the wealth gap between the top 0.01% and bottom 90% has reached its highest level since the Great Depression.
Even more damning than the frivolous use of wealth, the report reveals how inheritors have spent vast sums over decades to elect politicians who protect their unearned wealth and manipulate the country's economy in their favor.
“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 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."
Report Highlights:
- Nepo babies profiled: Wyatt Koch, Sam Logan (of the Scripps family), Timothy Mellon, Nicola Peltz-Beckham, Gabriel Rubenstein, Eric Trump
- Forbes 400 wealth growth is almost 10 times greater than bottom 90% of families since 1982
- Wealth gap between top 0.01% and bottom 90% reaches highest level since Great Depression
- 150 billionaire families have spent a record $1.9 billion on 2024 elections—a figure that will increase once final numbers are reported
- If all the loopholes were closed, the current estate tax on billionaires and centimillionaires would yield enough for free childcare, preschool, and paid family leave with hundreds of billions left over.