Robert Reich providing up how unhealthy trump’s Massive Lovely Invoice is and the havoc it’ll trigger for low-income Individuals. One instance? The reversal of Biden’s subsidy enhance from 600% to 400% FPL by Trump. It’s going to value many households out of the healthcare market. There’s extra element right here “House Bill and Healthcare,” Offended Bear.
Robert is giving the political aspect of it with some element and pics. The opposite submit provides you with extra element plus graphs.
Trump Republicans need to take from the poor and dealing class and provides to the wealthy.
The large Trump Republican invoice now earlier than the Senate — Trump’s so-called “One Big Beautiful Bill” — cuts taxes for top earners and reduces advantages for the poor and dealing class.
This may make it extra regressive — harming low-income Individuals whereas benefiting high-income Individuals — than any main tax or entitlement legislation in lots of a long time, if not in historical past, based on new estimates by the Congressional Price range.
It might increase after-tax incomes of the highest-earning 10 % of American households on common by 2.3 % a yr over the following decade. It might ship its greatest advantages to the highest 0.1 of 1 % of households.
On the similar time, it will decrease incomes for the poorest tenth by 3.9 %, or by about $1,600 per yr per family — largely by slicing spending on well being care (Medicaid), meals help (meals stamps), and different applications that profit the poor and dealing class.
America has tried so-called “trickle-down” economics earlier than — below Reagan, George W. Bush, and the primary Trump administration — however nothing trickled down. The wealthy received richer, and nearly everybody else fell behind. In the meantime, the federal finances deficit and nationwide debt soared.
This invoice is even worse as a result of it funds a part of the tax cuts to the wealthy by decreasing advantages to lower-income Individuals. And it’s projected so as to add about $3 trillion to the federal deficit over the following decade (together with curiosity).
The Trump Republican “One Big Beautiful Bill” can be a shame below any circumstance. At a time when inequalities of earnings and wealth in America are wider than they’ve been in additional than 80 years — with the richest Individuals taking residence near-record quantities of each — and the deficit and nationwide debt already at document ranges, the invoice is totally shameful.
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