Regressive Bill? Yes, in All of History

Robert Reich offering up how bad trump’s Big Beautiful Bill is and the havoc it will cause for low-income Americans. One example? The reversal of Biden’s subsidy increase from 600% to 400% FPL by Trump. It will price many families out of the healthcare market. There is more detail here “House Bill and Healthcare,” Angry Bear.

Robert is giving the political side of it with some detail and pics. The other post will give you more detail plus graphs.

The Most Regressive Bill in, well, History, Robert Reich

Trump Republicans want to take from the poor and working class and give to the rich.

The giant Trump Republican bill now before the Senate — Trump’s so-called “One Big Beautiful Bill” — cuts taxes for high earners and reduces benefits for the poor and working class.

This would make it more regressive — harming low-income Americans while benefiting high-income Americans — than any major tax or entitlement law in many decades, if not in history, according to new estimates by the Congressional Budget.

It would raise after-tax incomes of the highest-earning 10 percent of American households on average by 2.3 percent a year over the next decade. It would deliver its biggest benefits to the top 0.1 of 1 percent of households.

At the same time, it would lower incomes for the poorest tenth by 3.9 percent, or by about $1,600 per year per household — mostly by cutting spending on health care (Medicaid), food assistance (food stamps), and other programs that benefit the poor and working class.

America has tried so-called “trickle-down” economics before — under Reagan, George W. Bush, and the first Trump administration — but nothing trickled down. The rich got richer, and almost everyone else fell behind. Meanwhile, the federal budget deficit and national debt soared.

This bill is even worse because it finances part of the tax cuts to the rich by reducing benefits to lower-income Americans. And it is projected to add about $3 trillion to the federal deficit over the next decade (including interest).

The Trump Republican “One Big Beautiful Bill” would be a disgrace under any circumstance. At a time when inequalities of income and wealth in America are wider than they have been in more than 80 years — with the richest Americans taking home near-record amounts of both — and the deficit and national debt already at record levels, the bill is utterly shameful.

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If you do not understand what Robert is saying in his last sentence. Copy and paste his commentary where ever you can.