The Trump tax and spending plan results in significant income reductions for the lowest earners, with a 2.9% decrease projected by 2030 due to cuts in programs like Medicaid and SNAP. The middle class experiences mixed effects based on individual circumstances, leading to no major net changes by 2030. In contrast, high-income earners gain the most advantages from the legislation, highlighting a disparity in financial outcomes across different income levels.
The bottom 20 percent of households would see their income reduced by 2.9%, or about $885 in 2030, due to cuts and lack of tax savings.
Lower-income families are hit hard by cuts to Medicaid and SNAP, while high-income earners are significantly benefitting from the tax cuts.
Middle-class benefits depend on specific circumstances like reliance on tips or living in high tax states, resulting in no major net change by 2030.
High-income earners receive the largest benefits from the tax and spending plan, contrasting with lower-income households who face reductions.
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