Laurie Buckhout: The One Big Beautiful Bill Gave Billions In Tax Breaks To The Ultra-Wealthy At The Expense Of Working Families

Institute On Taxation And Economic Policy: The One Big Beautiful Bill Would Give The Richest 1% Of Americans $117 Billion In Net Tax Cuts In 2026

Institute On Taxation And Economic Policy: The House-Passed Reconciliation Bill Would Give The Richest 1% Of Americans $117 Billion In Net Tax Cuts In 2026. “The House of Representatives today narrowly passed a massive tax and spending reconciliation bill that now heads to President Trump’s desk. Please see below for a statement from ITEP and our latest updated analysis of how the bill’s tax provisions will affect families at different income levels nationally and in every state. […] The richest 1 percent of Americans would receive a total of $117 billion in net tax cuts in 2026. The middle 20 percent of taxpayers on the income scale, a group that has 20 times the number of taxpayers as the richest 1 percent, would receive less than half that much, $53 billion in net tax cuts that year.” [Institute on Taxation and Economic Policy, 7/3/24]

The One Big Beautiful Bill’s Biggest Tax Cuts Benefited The Wealthiest Giving Them Tax Cuts Three Times Greater Than For Working Americans

The One Big Beautiful Bill’s Biggest Tax Cuts Benefited The Wealthiest Americans. “The One Big Beautiful Bill includes the largest tax cuts in U.S. history. Whether it’s actually ‘beautiful’ is in the eye of the beholder. At every income level taxes should subside. That’s a big selling point from President Donald Trump and fellow Republicans who pushed the law through Congress with no Democratic support. It will benefit everyone. But the biggest cuts go to the wealthiest taxpayers – the ones who pay the lion’s share of taxes. For most families the savings will be miniscule in comparison, in raw dollars and as a share of income. And millions will lose subsidized health insurance and other benefits. Critics see a plan that widens income inequality and, worse, offsets tax cuts for the wealthy with draconian spending cuts that hit lower-income households.” [Cronkite News, 7/16/25]

The House-Passed Republican Reconciliation Bill Extended The Tax Cuts And Jobs Act Which Skewed In Favor Of The Wealthy By Providing Them Tax Cuts That Were Three Times Greater Than For Working Americans. “The tax provisions of the House Republican reconciliation bill double down on the failures of the 2017 tax law, which was skewed in favor of the richest people in the country, further eroded the nation’s revenue base, and didn’t produce the promised economic gains for working people.[1] Instead of changing course and prioritizing people with low and moderate incomes as House Republicans’ rhetoric about supporting hard-pressed working families would suggest, the House Republican tax bill only offers more of the same. The bill is heavily skewed to the wealthy: Under the bill, the top 1 percent of people would receive tax cuts three times the size of those for people with incomes in the bottom 60 percent, measured as a share of after-tax income. (See Figure 1.) The top 0.6 percent of people — the 1.2 million people with annual incomes above $1 million — would receive more total tax cuts than the 127 million people with incomes below $100,000. […] The bill extends and expands the 2017 tax law’s increase in the estate tax exemption, boosting the cut in estate taxes for the 1 in 1,000 wealthiest estates to $6.3 million.[3] Next year a couple could pass on an estate worth up to $30 million tax free, $1.7 million more than under a simple extension of the 2017 law.” [CBPP, 5/22/25]

CBS: “Like Penn Wharton, Other Researchers Have Said The Republican Bill Is Likely To Benefit Wealthy Americans At The Expense Of People Lower Down The Ladder.” “Like Penn Wharton, other researchers have said the Republican bill is likely to benefit wealthy Americans at the expense of people lower down the ladder. The measure would likely reduce the financial resources available to the lowest-earning 10% of U.S. households by $1,600 per year, or almost 4% of their annual income, according to a report published earlier this month by the nonpartisan Congressional Budget Office. White House officials have previously questioned the CBO's scoring of the bill. But the highest-earning 10% of households would see a gain of $12,000 per year in resources, while middle-income households would see a gain of $500 to $1,000, the CBO projected. Its analysis is based on the bill's tax breaks, as well as reductions for federal programs and reductions in state funds for safety net programs such as Medicaid and food stamps. In considering the impact of higher U.S. debt on future generations, the cost would come in the form of lower wages and higher costs, such as more expensive mortgages, Smetters said.” [CBS News, 6/26/25]

The Hill: “The Republicans’ ‘Big, Beautiful Bill’ Will Make The Poorest Americans Even Poorer, While Padding The Wallets Of The Highest Earners The Most, According To An Analysis Released Monday By Congress’s Budget Arm.” “The Republicans’ ‘big, beautiful bill’ will make the poorest Americans even poorer, while padding the wallets of the highest earners the most, according to an analysis released Monday by Congress’s budget arm. The assessment, conducted by the Congressional Budget Office (CBO) at the request of top Democrats, found that the top 10 percent of earners in the country will see an average boost of $13,600 per year over the next decade as a direct result of provisions in the law, while the bottom 10 percent will see an average annual decrease of $1,200. The report challenges the arguments made by President Trump and other Republicans that the massive domestic policy package would benefit workers at all levels of wealth and income. And it’s given fuel to the attacks from Democrats that the legislation was, all along, designed to help the wealthiest people at the expense of the working poor.” [The Hill, 8/11/25]

• HEADLINE: “Budget Office Says GOP’s ‘Big, Beautiful Bill’ Will Make Rich Richer, Poor Poorer.” [Hill, 8/11/25]