'Big beautiful bill' mostly benefits the rich, while low earners would suffer from Medicaid and SNAP cuts, Yale report finds
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... 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. ...
