Tax Cuts for Billionaires

The nonpartisan Center on Budget and Policy Priorities notes that under Trump’s One Big Beautiful tax cut for billionaires, a family earning less than $50,000 a year would get less than $300 in tax cuts in 2027 while losing access to Medicaid and food assistance, while a filer earning more than $1 million would receive about $90,000 in tax breaks.

The nonpartisan Congressional Budget Office estimates that the 10% of Americans at the bottom of the economy will lose about $1,200 a year.

There were 927 American billionaires in 2020 and 1,135 in 2024. Together, they are worth about $5.7 trillion. Do they really need a tax cut?

The 100 richest of the billionaire class control more than $3.86 trillion.

Meanwhile, Trump’s tariffs have caused grocery prices to rise last month by about 0.7% — the biggest one-month jump since August 2022. All major grocery categories are now more expensive than they were a year ago, some substantially so. For example, c0ffeeis up 20.9% year over year. Steaks are up 16.6%.  Fruits and vegetables overall were up 2.3% year over year. Apples rose 9.6%, and bananas increased 6.6%.