The One Big Beautiful Bill signed into law affects millions of Americans through changes in tax rates, student loans, and the estate tax. It aims to counterbalance tax breaks by cutting social safety net programs such as Medicaid and nutritional benefits, while also anticipating an increase in the national debt by $3.1 to $3.5 trillion over ten years. The bill is predicted to disproportionately benefit wealthy Americans, with the lowest-income earners facing losses in income, alongside provisions targeting deportation efforts and establishing a two-tiered tax structure.
Various analyses of the bill's provisions find it will benefit wealthy Americans far more than lower-income earners. After-tax-transfer income for the lowest-earning 20% of Americans drops by an estimated $245 next year and increases to a loss of $1,385 annually by 2033.
"All future generations experience one-time welfare losses, ranging from -$22,000 for the lowest income quintile to -$5,700 for the highest. A middle-income child born today would see a $9,800 loss."
The Yale Budget Lab estimates changes to taxes and Medicaid and SNAP would lead to a $700 decrease in income for the lowest 20% of earners, while the top 1% would see a $30,000 increase.
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