The collective wealth of America’s top 10 richest people ballooned by $698 billion in the past year, supercharged by President Donald Trump’s tax giveaways to his fellow billionaires.

An Oxfam America report published Monday warns that Trump’s economic agenda is “driving inequality to new heights” and ushering in what it calls “the rise of a new American oligarchy.”

At the center of the boom is Trump’s “One Big Beautiful Bill,” passed by Congress in May—legislation Oxfam describes as “one of the single largest transfers of wealth upwards in decades.” The law slashes corporate tax rates and dramatically cuts the tax bills of the wealthiest Americans.

According to the report, the top 0.1 percent of earners will see their annual tax bills shrink by an estimated $311,000 by 2027, while low-

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