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https://www.commondreams.org/news/billionaires-trump-cabinet
Since winning the presidential election earlier this month, Donald Trump has wasted no time working to fill his incoming administration with billionaires and other ultra-rich individuals who are poised to benefit from the GOP agenda of tax cuts for the wealthy and large-scale deregulation.
In separate analyses published this week, Americans for Tax Fairness (ATF) and Accountable.US offered overviews of the president-elect's key nominations and their potential conflicts of interest as Trump prepares to retake power in January.
So far, Trump has announced plans to nominate billionaire hedge fund manager Scott Bessent to head the Treasury Department, WWE billionaire Linda McMahon to head the Education Department, billionaire crypto banker Howard Lutnick to head the Commerce Department, and billionaire entrepreneurs Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency—an outside advisory commission tasked with slashing federal spending and regulations.
"These appointments clearly show the incoming administration will be run by and for the ultra-wealthy," said David Kass, ATF's executive director. "They've already announced plans to spend trillions of dollars to renew the Trump tax bill, to further enrich large corporations and wealthy elites like themselves while advocating for cuts to vital programs that working and middle-class Americans depend on."
ATF's analysis, released Monday, shows that the combined wealth of Trump's richest nominees and transition team members—including the president-elect and Sen. JD Vance (R-Ohio), the vice president-elect—is over $313 billion. By comparison, the combined net worth of President Joe Biden's Cabinet is an estimated $118 million.
Since winning the presidential election earlier this month, Donald Trump has wasted no time working to fill his incoming administration with billionaires and other ultra-rich individuals who are poised to benefit from the GOP agenda of tax cuts for the wealthy and large-scale deregulation.
In separate analyses published this week, Americans for Tax Fairness (ATF) and Accountable.US offered overviews of the president-elect's key nominations and their potential conflicts of interest as Trump prepares to retake power in January.
So far, Trump has announced plans to nominate billionaire hedge fund manager Scott Bessent to head the Treasury Department, WWE billionaire Linda McMahon to head the Education Department, billionaire crypto banker Howard Lutnick to head the Commerce Department, and billionaire entrepreneurs Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency—an outside advisory commission tasked with slashing federal spending and regulations.
"These appointments clearly show the incoming administration will be run by and for the ultra-wealthy," said David Kass, ATF's executive director. "They've already announced plans to spend trillions of dollars to renew the Trump tax bill, to further enrich large corporations and wealthy elites like themselves while advocating for cuts to vital programs that working and middle-class Americans depend on."
ATF's analysis, released Monday, shows that the combined wealth of Trump's richest nominees and transition team members—including the president-elect and Sen. JD Vance (R-Ohio), the vice president-elect—is over $313 billion. By comparison, the combined net worth of President Joe Biden's Cabinet is an estimated $118 million.
