Citations

While the bill will make life harder for millions of current Medicaid recipients and low-income families, a wide swath of corporate America came out as big winners. Here’s a look at the industries that won in the “One Big Beautiful Bill,” and one that didn’t quite get everything it wanted.

The budget reconciliation bill passed today by the Senate on a vote of 51-50, with Vice-President Vance casting the tie-breaking vote, will cause significant harm to millions of children and families, all for the sake of providing more tax breaks for the wealthy.

The exemption could reduce state revenues by around $600 million each year, according to the Institute on Taxation and Economic Policy, roughly equal to the cost of funding 11,000 public school teachers’ salaries. Read more. 

According to the Institute on Taxation and Economic Policy, this NC Senate proposal alone would deliver an additional average annual tax cut of $64,700 to millionaires in North Carolina, on top of their federal tax cuts and more than a decade of state cuts. This is more than 52 times the average amount received by non-millionaires, who would see roughly $1,200.

The COVID-19 pandemic spurred temporary expansions to existing anti-poverty programs, which had a profound impact on poverty rates…Key programs during this period included SNAP, the refundable Child Tax Credit, and increased funding for TANF. As federal pandemic relief has expired, several states have enacted state-level replacements. Read more. 

In this blogcast, Burnes Center for Social Change Senior Fellow Seth Harris is joined by Brendan Duke, the Senior Director for Federal Budget Policy at CBPP, and Amy Hanauer, the Executive Director at ITEP, to discuss Trump’s tax-and-spending bill and its impact on workers and worker power. Watch now to hear these tax experts dissect […]

According to the Institute on Taxation and Economic Policy, the highest-earning 20% of Americans will receive 69% of the bill’s tax cuts, and the highest-earning 1% of Americans will receive an average tax cut of about $70,000. Read more. 

In a country where higher education is one of the few remaining ladders to economic mobility, the latest House budget reconciliation bill sends a deeply troubling message: tax colleges and universities that educate our future workforce but let corporations and the ultra-wealthy continue to skate by. Read more.

Thank you for including me today and you can find research that I reference today on the website of the Institute on Taxation and Economic Policy at www.itep.org. The One Big Beautiful Bill Act (OBBBA) would cut services to poor and middle-class families, reduce revenue available for public needs, and provide large tax cuts primarily to the richest Americans, while also providing tax cuts to foreign investors.

Southern lawmakers have neglected basic worker protections and disinvested in social safety net programs while offering hefty subsidies to corporations, privatizing public goods, and giving the wealthy big tax breaks. Read more. 

Renters also have significantly less wealth than their home-owning peers, and nearly 1 in 4 senior renters in New Jersey report it is “very likely” they will lose their home to eviction. Read more.