President Donald Trump's tax cut and spending package passed by the House of Representatives raises top-tier wealth, erodes healthcare for poorer people, and increases the deficit by $3 trillion. Named the One Big Beautiful Bill, it combines tax reductions and increased spending on defense while cutting social safety nets. The aim is to extend tax cuts from 2017, primarily benefiting higher-income earners, particularly the top 1 percent, who received average cuts of $61,090, while the middle 60 percent received minimal cuts. The bill also raises the State and Local Taxes deduction cap significantly.
The bill combines tax reductions, spending hikes on defense and border security, and cuts to social safety nets, impacting everyday Americans negatively.
Democratic Minority Leader Hakeem Jeffries warned the bill hurts everyday Americans and rewards billionaires with massive tax breaks, increasing inequality in the country.
The top 1 percent received average tax cuts of about $61,090 by 2025, whereas the middle 60 percent saw cuts between $380 to $1,800.
The new bill extends Trump's first-term tax cuts and raises the cap for State and Local Taxes deduction from $10,000 to $40,000 for five years.
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