Derek Merrin: Center For American Progress: The One Big Beautiful Bill Was “The Largest Transfer Of Wealth From Working-Class Americans To The Ultrawealthy In The Nation’s History”

CNN: “Low-Income Americans Will Feel The Effect Of Changes To Aid Programs, While The Wealthy Will See Most Of The Windfall From Tax Cuts, According To Multiple Assessments.” “It took intense lobbying from President Donald Trump, an all-nighter, and a vote on a bill for which many people did not yet have a clear grasp of the final changes, but House Republicans got it done this week. They passed their version of the ‘one big, beautiful bill,’ a behemoth that pairs tax cuts with new provisions that will push people off Medicaid and food assistance. Low-income Americans will feel the effect of changes to aid programs, while the wealthy will see most of the windfall from tax cuts, according to multiple assessments. [...] Higher-income taxpayers would come out ahead, with 60% of the tax cuts going to the top 20%, who have incomes of at least $217,000, next year and more than a third going to the top 5%, or those who earn $460,000 or more, according to the center. The following numbers show how the rich would get the biggest boost in their after-tax income compared to others. Those in the top 20% would see an average tax cut of $12,660 next year, increasing their after-tax income by 3.4%. But again, that’s compared with current law, in which Trump’s first-term tax cuts are expiring. Middle-income earners, those making between about $67,000 and $119,000, would get a tax break of $1,840, bumping up their after-tax income by 2.4%, while those in the lowest bracket, who earn less than about $35,000, would get a tax cut of $160, nudging up their after-tax income by 0.8%.” [CNN, 5/24/25]

Center For American Progress: “The One Big Beautiful Bill Act Would Issue The Largest Transfer Of Wealth From Working-Class Americans To The Ultrawealthy In The Nation’s History.” “The One Big Beautiful Bill Act would issue the largest transfer of wealth from working-class Americans to the ultrawealthy in the nation’s history. To do so, House Republicans are proposing to cut programs that are essential to people, especially in states that voted for Trump in the last election, in order to pay for tax cuts for the wealthiest Americans. Under this proposal, millionaires would see a larger tax cut than the bottom half of Americans combined—with more than $1.5 trillion in tax cuts going to the top 5 percent. In total, households that make at least $1 million per year would receive roughly twice as much in tax breaks as the bottom 50 percent of the nation combined. Roughly 57 million households in the bottom 60 percent would see a tax increase or a negligible tax change ($100 in either direction) under the House Republican proposal. Not only does this proposal extend the 2017 Tax Cuts and Jobs Act’s tax breaks for the wealthy, but it also adds additional loopholes that skew the tax code even more in favor of the ultrawealthy. Polling demonstrates that Republican voters oppose the bill when they learn that the tax cuts overwhelmingly benefit those who are already rich.” [Center for American Progress, 6/13/25]