The world’s richest 1 percent raked in 82 percent of the wealth created last year, according to a new report by poverty-fighting nonprofit Oxfam. Just 42 people now hold as much wealth as the poorest 3.7 billion, the organization said. In the U.S., the country’s three richest people have the same wealth as the poorest half of the American population. The Oxfam report specifically criticizes Trump for creating “a cabinet of billionaires” and for “pushing for huge tax cuts for the richest 1 percent” in the new tax law. The Oxfam report, which is based on data from Forbes and the annual Credit Suisse Global Wealth datebook, blamed the wealth gap on tax evasion, corporations’ increasing influence on policy, erosion of workers’ rights, and cost cutting.

Source: Huffington Post January 22, 2018 12:45 UTC