The Impact of Trump's Tax and Spending Bill
President Trump's tax and spending law has been reported by the Congressional Budget Office to benefit the wealthiest Americans. The poorest 10% face income loss due to restrictions on programs like Medicaid, while the top 10% gain from tax cuts. This disparity has sparked political debate.
- Country:
- United States
The Congressional Budget Office reports that President Trump's tax and spending legislation disproportionately benefits the wealthiest Americans, leaving the poorest 10% at a disadvantage. This stark contrast is due to program restrictions under the law.
American households, including more than 10 million without health insurance by 2034, face financial challenges as federal assistance recedes. The richest 10% benefit significantly from tax cuts, while low-income citizens face cuts to programs like Medicaid and food assistance.
Despite opposition from Democrats and public pushback, Republicans attempt to highlight economic growth and prosperity promised by the bill. President Trump and his allies have continued to champion the legislation as a major win for America.
(With inputs from agencies.)
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