GOP Budget Bill: More Wealthy Handouts, Increased Burden for Americans

TL/DR –

The Republican House members have proposed a new tax bill, the “One Big, Beautiful Bill Act,” which provides tax breaks for the wealthy, effectively cutting taxes for individuals with large inheritances and doubling down on incentives for corporations to outsource jobs. This bill is also targeting middle-class families, with measures that would reduce their incomes, kick over 3 million people off food assistance, strip 15 million Americans of their health insurance, increase college costs, and cut programs like Medicaid and SNAP. This bill also threatens to increase energy costs for households by rolling back incentives provided by the Inflation Reduction Act, which would potentially increase gas prices and impose a new annual fee for electric vehicle owners.

House Republicans Push for Wealthy Tax Breaks with New Bill

The House Republicans’ move for tax breaks for the wealthy under the “One Big, Beautiful Bill Act” has raised concerns. This bill is founded on Trump’s controversial 2017 tax law which significantly reduced taxes for wealthy individuals and multinational corporations. The new legislation will offer nearly $400,000 next year to those in the upper 0.1% tier, cutting taxes for the rich and incentivizing corporations to move jobs abroad. Read more about the details of the bill.

Impact of the Bill on Middle-Class Families

Meanwhile, this bill will harm middle-class families, lowering their incomes and forcing more than 3 million people off food assistance programs. Additionally, it will deprive 15 million Americans of health insurance coverage, increase college costs, and slash essential programs like Medicaid and SNAP.

Inflation Reduction Act Programs Rollbacks

Concerns are rising with 73% of Americans expecting their utility bills to rise this year. The Republicans plan to rollback Inflation Reduction Act programs which help families make their homes more energy-efficient, thus potentially increasing the average household electricity bills by $83 per year.

Effect on Energy Costs and Gas Prices

Proposed plans also include hiking gas prices by up to 37 cents per gallon and imposing fees on electric vehicle owners on top of eliminating the $7,500 tax credit for new EVs.

Concerns over AI Regulations and Consumer Privacy

The new bill proposes to impede state governments from implementing new regulations on AI technology, thus enabling companies like Uber and DoorDash to set wages based on private information. In addition, it would permit Kroger to use customer data and facial recognition to charge differential prices, and UnitedHealthcare to automatically deny necessary health care.

Overall, the “One Big Beautiful Bill” seems to favor Trump’s wealthy allies and donors at the expense of working families, deepening economic inequality and compromising critical social welfare programs.

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