#12:
Businesses and higher-income households will be among the biggest beneficiaries from tax cuts that will be paid for, in part, with cuts to health insurance for lower-income households.
If Republicans manage to pass Trump's so-called "Big Beautiful Bill," millions of Americans will lose access to health care, food assistance, and other critical public support programs. Meanwhile, Senator John Fetterman's mind is on the beach.
-- Rolling Stone (@rollingstone.com) Jun 30, 2025 at 3:47 PM
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'Big beautiful bill' mostly benefits the rich, while low earners would suffer from Medicaid and SNAP cuts, Yale report finds
www.cnbc.com
... A massive legislative package Senate Republicans are trying to pass this week would hurt the lowest-earning Americans financially while boosting the incomes of wealthier households, according to a Yale Budget Lab analysis issued Monday.
The "One Big Beautiful Bill Act" would reduce income by 2.9% (about $700) per year for the bottom 20% of households, according to the Yale analysis. These households have an income of less than $13,350, it said.
The massive bill would raise income by 2.2% ($5,700) per year for the top 20%, who have incomes of more than roughly $120,000, the study found. ...
Bill sharply cuts' Medicaid, SNAP spending
The Yale findings are similar to other recent analyses that have found the GOP's policies would likely be regressive, on a net basis, if enacted.
That's mainly because the bill "sharply cuts" Medicaid and the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps, while a series of tax cuts in the legislation deliver a bigger financial benefit for wealthier households, Eppsteiner said. ...
The CBO found the bottom 10% of households would lose $1,600 a year (about 3.9% of income) between 2026 and 2034, on average. The top 10% would gain $12,000, or 2.3% of income, on average. ...
Johnson faces new GOP revolt on Trump's "big, beautiful bill"
www.axios.com
... House Speaker Mike Johnson (R-La.) is facing an explosion of internal anger among his members over the Senate's changes to President Trump's "big, beautiful bill."
Why it matters: The speaker has just days to pass the bill before Republicans' self-imposed July 4 deadline -- which will require flipping dozens of "no" votes and overcoming numerous procedural hurdles.
- - - "We knew the Senate would amend the House product. I encouraged them to amend it as lightly as possible. They went a little further than than many of us would have preferred," Johnson told reporters on Tuesday.
What they're saying: "Our bill has been completely changed ... It's a non-starter," Rep. Ralph Norman (R-S.C.) bemoaned to reporters on Tuesday,
- - - Rep. Andy Ogles (R-Tenn.) said in a post on social media that he will introduce an amendment to the Senate bill that would delete all its text and replace it with the version passed by the House in May.
- - - One House Republican, speaking on the condition of anonymity, told Axios there are "well over 20" GOP lawmakers threatening to vote against the bill.
State of play: The Senate voted 51-50 to pass their own version of the bill on Tuesday, with Vice President Vance serving as the tiebreaker. ...
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