It’s too late now. President Trump and his obedient Republicans just openly and shamelessly screwed middle- and low-income earners with their Big Beautiful Bill (the BBB) which includes $4.5 trillion in tax cuts that they will pay for. It’s like wiring money from their bank accounts directly to the very rich. They lied and you believed them.
But the bipartisan Congressional Budget Office (the CBO) and independent experts exposed their lies. Specifically:
- President Trump promised that middle- and low-income earners will gain “at least $13,000 a year.”
But his promise was based on his heavily inflated projections for economic growth. Trump and the Republicans already fooled us five times when they promised their tax cuts would generate enough economic growth to cover the lost tax revenues. They never did. And the nonpartisan Committee for a Responsible Federal Budget labeled those “fantasy growth assumptions,” projecting future economic growth from only 0.1% to 1.3% per year and much lower increases in take-home pay for middle- and low-income earners.
- Trump promised he wouldn’t cut Medicaid.
Another lie. The BBB cuts Medicaid by hundreds of billions of dollars, and the cuts would increase by another 3-5% by 2032. The bill also establishes tighter work requirements which the CBO estimates will kick off about 11.8 million people from its benefits by 2034. - The White House claimed the BBB would reduce the federal deficit by $1.4 trillion.
The CBO said it will add at least $3.3 trillion to the deficit.
Taxpayers for Common Sense criticized the Republicans of hiding trillions in costs from the American people. It’s the legislative equivalent of cooking the books,” a nonpartisan watchdog group said. - Trump promised “no taxes on Social Security.”
But under the BBB, millions of Americans will still have to pay the tax.
Although fewer seniors would pay those taxes, not everyone would be exempt. Low-income seniors won’t benefit at all. The biggest beneficiaries are upper-middle-class seniors with significant wealth.
- Trump threatened that if his bill didn’t pass, Americans would get a “whopping 68% Tax increase.”
The Joint Committee on Taxation projected it would be closer to 10.7%.
- The White House bragged that his bill “unleashes clean, American energy which will the cost of living for Americans nationwide.
But White House assumed gasoline prices would hit four-year lows for the Fourth of July holiday. It didn’t. and the bill is expected to increase average energy costs by $284 by 2035.
- Republicans claim the bill gives a tax cut for “working-and-middle class Americans.”
Although most taxpayers in each income category would see some tax relief, those with the highest incomes would receive the highest. Specifically, in 2034, those in the bottom 20% of earners – who earn the least — are expected to see only a 0.5% increase in after-tax income. Those with incomes who earn between $38,572 and $73,905 would see a 3.5% increase. The largest increase — 3.7% — would go to those in the top 20%.
But factoring in in the cuts to Medicaid and food assistance, those in the bottom income quintile suffer the largest losses. In contrast, those in the top income quintile gain more than $65,000 per year. In other words, the tax cuts do the most damage to the neediest.
The BBB outdoes Vladimir Putin in stealing from the neediest. It transfers money from working class bank accounts directly to the accounts of the richest Americans.
What’s most pathetic is that these heinous results are the results of Republican cowardice, flagrant lies and that the Democrats are still waiting for someone else to do something about it and all the other massive lies that have led to our American tragedy.
