Trump’s Tax Bill: A ‘Big, Beautiful’ Windfall for the Wealthy, a Burden for the Rest

Former President Donald Trump’s proposed tax legislation, dubbed the “One Big Beautiful Bill Act,” is advancing through Congress, aiming to make permanent the tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA). While supporters argue it will streamline government and benefit working families, critics contend that it disproportionately favors the wealthy and exacerbates fiscal irresponsibility.

The bill proposes extending significant tax breaks for high-income earners, including a 20% deduction for pass-through business income and an increase in the estate tax exemption to $11.2 million per person. However, these provisions primarily benefit the top earners, with the richest 1% projected to receive the largest share of tax cuts. In contrast, middle- and lower-income households would see minimal benefits, and some could even face tax increases due to the elimination of certain deductions and credits.

Economists warn that the bill’s projected $4.6 trillion cost over the next decade could lead to increased deficits and national debt. To offset this, the legislation proposes cuts to essential assistance programs like Medicaid and SNAP, which could adversely affect millions of low-income Americans. Additionally, the elimination of clean energy incentives is expected to result in job losses and higher energy costs for households.

In summary, while the “One Big Beautiful Bill Act” may offer short-term tax relief to the wealthy, it raises concerns about long-term fiscal stability and the well-being of lower-income Americans. As the bill progresses through Congress, it remains to be seen how lawmakers will address these disparities and balance economic growth with equitable policy