Derek Merrin: The One Big Beautiful Bill Gave More Than $1.5 Trillion In Tax Cuts To The Wealthiest Americans

Center For American Progress: “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.” “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]