Trump’s “Big Beautiful Bill” Steals from the Poor, Gives to the Rich

<div class="elementor elementor-4472">
<div class="elementor-element elementor-element-5cb8cf1 e-con-full e-flex e-con e-parent">
<div class="elementor-element elementor-element-c1a2d50 elementor-widget elementor-widget-text-editor">
<div class="elementor-widget-container">
<p><strong><span style="font-size: 13.0pt; font-family: 'Arial',sans-serif; color: black;">Friends—</span></strong></p>
<p><strong><span style="font-size: 13.0pt; font-family: 'Arial',sans-serif; color: black;">The Congressional Budget Office (CBO)</span></strong><span style="font-size: 13.0pt; font-family: 'Arial',sans-serif; color: black;">—the nonpartisan entity that has scored legislation in Congress for both parties for decades—just released a <a href="https://apnews.com/article/trump-tax-cuts-food-stamps-6542e448a2f6ed7b93ab8f7fe84ac53a" rel="noopener external noreferrer" target="_blank">new analysis</a> detailing the impacts of Trump’s “Big Beautiful Bill,” which he signed into law on July 4. </span></p> </div>
</div>
<div class="elementor-element elementor-element-2cbeb3c elementor-widget elementor-widget-image">
<div class="elementor-widget-container">
<img alt="" class="attachment-large size-large wp-image-4474" height="298" src="https://clyburn.house.gov/wp-content/uploads/2025/09/newsletter-1.png" width="640" /> </div>
</div>
<div class="elementor-element elementor-element-655a1b2 elementor-widget elementor-widget-text-editor">
<div class="elementor-widget-container">
<p><a href="https://www.cbo.gov/system/files/2025-08/61367-Distributional-Effects.pdf" rel="noopener external noreferrer" target="_blank">The report concluded:</a> <em><strong>“In general, resources will decrease for households toward the bottom of the income distribution, whereas resources will increase for households in the middle and toward the top.”</strong></em></p>
<p>Yep, that’s right.</p>
<p><strong><em>Trump’s bill will make the poor poorer and the rich richer.</em></strong></p>
<p>But it’s not just the CBO saying this.</p>
<p><strong>Study after study shows</strong> that Trump’s bill makes everyday Americans worse off while giving massive tax breaks to the wealthy.</p>
<ul>
<li><strong><a href="https://budgetmodel.wharton.upenn.edu/p/2025-07-08-president-trump-signed-reconciliation-bill/#:~:text=On%20a%20conventional,all%20future%20generations." rel="noopener external noreferrer" target="_blank">The University of Pennsylvania</a></strong> (Trump’s alma mater) estimates that the top 10% of earners will receive <a href="https://budgetmodel.wharton.upenn.edu/p/2025-07-08-president-trump-signed-reconciliation-bill/#:~:text=On%20a%20conventional,all%20future%20generations." rel="noopener external noreferrer" target="_blank">80% of the benefits</a> of the legislation, while the bottom 40% will see their incomes decrease.</li>
<li><strong><a href="https://budgetlab.yale.edu/research/combined-distributional-effects-one-big-beautiful-bill-act-and-tariffs" rel="noopener external noreferrer" target="_blank">The Yale University Budget Lab</a></strong> says that when combined with Trump’s tariffs and cuts to programs like Medicaid and SNAP, the bill would reduce incomes on average for the bottom <a href="https://budgetlab.yale.edu/research/combined-distributional-effects-one-big-beautiful-bill-act-and-tariffs#:~:text=The%20combination%20of%202025%20tariff%20increases%20implemented%20as%20of%20June%201%20and%20the%20One%20Big%20Beautiful%20Bill%20Act%20passed%20by%20the%20House%20of%20Representatives%20would%20reduce%20after%2Dtax%2Dand%2Dtransfer%20incomes%20on%20average%20among%20the%20bottom%2080%20percent%20of%20U.S.%20households." rel="noopener external noreferrer" target="_blank">80% of U.S. households.</a></li>
</ul>
<p><a href="https://itep.org/analysis-of-tax-provisions-in-senate-reconciliation-bill/" rel="noopener external noreferrer" target="_blank"><strong>The Institute of Taxation and Economic Policy</strong></a> estimates that in 2026, South Carolina’s wealthiest 1%—those making over $782,500 a year—will receive an average <a href="https://itep.org/analysis-of-tax-provisions-in-senate-reconciliation-bill/" rel="noopener external noreferrer" target="_blank">tax cut of $68,260</a>, while the lowest-income residents, earning under $23,200, will face an <a href="https://itep.org/analysis-of-tax-provisions-in-senate-reconciliation-bill/" rel="noopener external noreferrer" target="_blank">average tax increase of $30</a>, in addition to steep cuts to Medicaid and SNAP.</p>
<p><strong>And if stealing from the poor and giving to the rich isn’t bad enough</strong>, Trump’s bill will add <a href="https://www.cbo.gov/publication/61570#:~:text=Some%20of%20those%20budgetary%20effects%20are%20associated%20with%20programs%20that%20are%20classified%20as%20off%2Dbudget.%20The%20increase%20in%20the%20on%2Dbudget%20deficit%20over%20that%20period%20is%20estimated%20at%20%243.4%20trillion." rel="noopener external noreferrer" target="_blank">$3.4 trillion to the debt over 10 years</a> and cost taxpayers <a href="https://www.crfb.org/blogs/senate-obbba-charts#:~:text=1.%20Senate%20OBBBA,deficit%20by%202034." rel="noopener external noreferrer" target="_blank">$700 billion</a> in additional interest payments on that debt over the next decade.</p>
<p><strong>That means not only more interest on the national debt</strong>, but also higher interest rates for <a href="https://www.politico.com/news/2025/08/04/congressional-budget-office-gop-megabill-to-cost-4-1t-drive-up-borrowing-costs-00492581#:~:text=In%20an%20analysis,cars%20to%20homes." rel="noopener external noreferrer" target="_blank">car loans and mortgages.</a></p>
<p>Trump’s <a href="https://www.nbcnews.com/politics/white-house/trump-signs-big-tax-cut-spending-bill-law-july-fourth-ceremony-rcna216753#:~:text=%E2%80%9CWe%20have%20officially%20made%20the%20Trump%20tax%20cuts%20permanent.%20That%E2%80%99s%20the%20largest%20tax%20cut%20in%20the%20history%20of%20our%20country%2C%E2%80%9D%20he%20continued.%20%E2%80%9CWe%E2%80%99re%20setting%20all%20sorts%20of%20economic%20records%20right%20now%2C%20and%20that%E2%80%99s%20before%20this%20kicks%20in.%20After%20this%20kicks%20in%2C%20our%20country%20is%20going%20to%20be%20a%20rocket%20ship%2C%20economically.%E2%80%9D" rel="noopener external noreferrer" target="_blank">claimed</a> you’ll get a historic tax cut from this bill. He’s <a href="https://www.whitehouse.gov/articles/2025/08/americans-are-winning-big-with-the-one-big-beautiful-bill/#:~:text=%E2%80%9CPresident%20Trump%E2%80%99s%20One,of%20everyday%20Americans." rel="noopener external noreferrer" target="_blank">claimed</a> this bill will “fuel prosperity” for all.</p>
<p><strong>But my fellow South Carolinians, the facts are the facts:</strong> <a href="https://apnews.com/article/trump-tax-cuts-food-stamps-6542e448a2f6ed7b93ab8f7fe84ac53a" rel="noopener external noreferrer" target="_blank">This law</a> makes America’s poor poorer, rich richer, and <a href="https://www.crfb.org/blogs/senate-obbba-charts" rel="noopener external noreferrer" target="_blank">saddles everyone</a>— even our children and grandchildren—with insurmountable debt and a higher cost of living.</p>
<p>Trump&#8217;s policies have done nothing but push the American dream further out of reach.</p>
<p>The Republican Party once claimed to be the party of &#8220;fiscal responsibility.&#8221;</p>
<p><strong>This bill is nothing but </strong><em><strong>fiscal irresponsibility</strong></em>, and we are all going to pay the price—<strong>especially Americans who have already been left behind.</strong></p>
<p><strong>All of my Democratic colleagues and I in Congress voted against this cruel bill</strong>, and we will do everything in our power to repeal its harmful policies.</p>
<p>Sincerely,</p>
<p>Jim</p> </div>
</div>
</div>
<div class="elementor-element elementor-element-0b24183 e-flex e-con-boxed e-con e-parent">
<div class="e-con-inner">
</div>
</div>
</div>