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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNonpartisan budget office: Republicans' megabill will make the rich richer, poor poorer
Traditionally, elected officials have feared public backlash if they try to take from the poor to give to the rich. This year, Republicans did it anyway.
The day after Christmas 2024, the WaPo quoted a low-income Trump voter who said, âI think he knows itâs the poor people that got him elected, so I think Trump is going to do more to help us.â
— Steve Benen (@stevebenen.com) 2025-08-12T17:23:12.918Z
She came to mind after seeing the new CBO report on the Republican megabill. www.msnbc.com/rachel-maddo...
https://www.msnbc.com/rachel-maddow-show/maddowblog/nonpartisan-budget-office-republicans-megabill-will-make-rich-richer-p-rcna224520
The CBO estimates that the 10% of poorest Americans will lose roughly $1,200 a year as they experience restrictions on government programs like Medicaid and food assistance, while the richest 10% of Americans will see their income increase by $13,600 from tax cuts.
While its true that the CBO found that middle-income households are poised to get a little more from the Republican tax breaks, its also true that (a) the increases would amount to less than 1% of their annual income, which isnt enough to keep up with inflation; and (b) the largest beneficiaries of the Republicans law are the top 10% of earners.
There is no modern precedent for such a regressive redistribution of wealth. Traditionally, elected officials have feared a public backlash if they try to take from the poor to give to the rich, but shortly before the Fourth of July, Trump, House Speaker Mike Johnson, Senate Majority Leader John Thune and their GOP cohorts did it anyway......
The latest CBO findings come roughly a week after the budget office concluded the Republican megabill is on track to add roughly $5 trillion to future budget deficits over the next decade.
GOP policymakers couldve waited to pass their signature domestic policy legislation until they had these analyses in their hands, but Republicans decided not to bother
spanone
(140,922 posts)Johnny2X2X
(23,670 posts)The bottom 50% actually saw more income growth than the top 10% who saw real incomes fall under Joe Biden. Net Worth of the bottom 50% grew more than the top 10%. The bottom 20% saw the biggest income growth.
I truly think the above is why the oligarchy got freaked out and decided to install Trump to reverse it back. And more than that, they decided that they were sick of bleeding the working class and were going to take it all at once now.