Kentucky Center for Economic Policy: Program Cuts and Tariff Costs Will Leave Many Kentucky Families Worse Off, Even with Modest Tax Cuts

On Thursday, May 22^nd, the House of Representatives passed its major tax and spending legislation, which included last-minute revisions that made it even more favorable for the wealthy. The tax provisions discussed in our analysis of a prior version of the bill remain, but it now includes an additional increase in the deduction for State and Local Taxes (SALT), which will mostly benefit high-income, wealthy households. When combined with record-setting cuts to safety net programs and increased household costs due to tariffs, this bill ensures that those struggling to make ends meet will continue to do so.

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