November 2025
Welcome to The Billionaire Bulletin, brought to you by Tax the Greedy Billionaires and the Extreme Wealth Center. Each month, we explore how extreme concentrations of wealth are distorting our economy and eroding our democracy. Join our mailing list to get this newsletter in your inbox every month.
MAGA’S NEXT FRONTIER IS A FULL-BLOWN ARISTOCRACY
As wealth inequality continues ballooning to unprecedented levels, a secretive group of ultra-rich tech moguls are building a political machine to solidify American aristocracy. Last week, the Washington Post published an in-depth exposé of the Rockbridge Network, its role in elevating J.D. Vance to the vice presidency, and plans for reshaping the country in the midterms and beyond.
The piece pulls back the curtain on how a small group of extremely wealthy individuals, including Marc Andreessen and David Sacks, are building extensive voter databases, a documentary crew, and online ad campaigns to elevate their political ideology and elect candidates who will deliver policies that favor them. This is not merely another political organizing apparatus. Rockbridge aims to establish an aristocracy where a small group of elites channel populist anger to rebuild the government in a way that prioritizes their business interests.
Rockbridge is yet another example of the corrosive power of extreme wealth and how a small group of elites wield it to achieve political outcomes that reflect their priorities, while stymieing the will of the majority of citizens. This wealth doesn’t just hurt our democracy, it’s making life increasingly unaffordable for working families. While housing, healthcare, childcare, groceries, and energy costs rise, our economy stalls because money isn’t flowing through society – it’s trapped at the top with wealthy people who can’t spend it all.
To reset the balance of power in our economy and our democracy at large, we must break up this extreme concentration of wealth. One way to do this is to impose a 5% tax on households with wealth over $50 million and a 10% tax on households with wealth over $250 million. Not only would this raise $6.8 trillion in the first ten years, it would also slow the emergence of new billionaires and reduce the total share of wealth controlled by billionaires.
HARD TRUTH
New analysis by Americans for Tax Fairness reveals that billionaire wealth has surpassed $8 trillion for the first time. That’s an increase of over $5 trillion—or 172%—since Trump’s 2017 tax cuts were enacted. To put that growth into perspective: this means the richest 15 Americans now have more wealth than every billionaire did in December 2017. Just like the 2017 tax cuts, the cuts in the Big Beautiful Bill disproportionately favor the ultra-wealthy, with more than 70% of the net tax cuts going to the richest fifth of Americans in 2026.
BILLIONAIRE BLIGHT OF THE MONTH
Tesla shareholders approved a $1 trillion compensation package for Elon Musk, putting him on the path to becoming the world’s first trillionaire. The package also creates a pathway for Musk to expand his 15% stake in Tesla to 25%, giving him the control he desires to oversee his “robot army,” while further insulating him from a potential ouster. In a futuristic twist on trickle-down economics, Musk claims his robot army will “increase the global economy by a factor of 10, or maybe a hundred” as humanoid robots free us from the need to work. Robots or not, trickle-down has never worked.
JOIN US: “The Billionaire Takeover: Power, Greed, and the Fight for Democracy”
Join The Extreme Wealth Center, Tax the Greedy Billionaires, and The American Prospect for a timely conversation about the unprecedented concentration of wealth in America and the dangerous ideologies driving ultra-wealthy elites to override democratic institutions.
This author panel brings together leading voices examining how billionaires are not just accumulating wealth, but wielding it to reshape society according to their own vision—from Silicon Valley’s techno-utopian crusades to private equity’s systematic extraction of value from American communities. As extreme wealth continues to distort housing markets, healthcare systems, and democratic processes, understanding the ideological frameworks that justify this concentration of power has never been more urgent.
Sign up for the livestream here.
NEWSWORTHY NUGGETS
- If Dems Won’t Tax Billionaires After This, What Are They Even Doing?
- Trump’s One Big Beautiful Bill is wrecking Michigan’s middle class | Opinion
WHAT IS THE BILLIONAIRE BULLETIN?
This monthly newsletter aims to highlight the many ways in which extreme wealth concentration threatens our economy, democracy, climate, and more. In each issue, we tackle timely topics by pulling back the curtain and exposing how billionaires are rigging the system against ordinary Americans.
Here are some additional ways to get engaged:
- Encourage your friends and colleagues to sign up for our newsletter here.
- Visit Tax the Greedy Billionaires and the Extreme Wealth Center for fact sheets and research.
For questions, contact us at [email protected]
