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The Largest Upward Transfer of Wealth in American History
- The Republican-led House of Representatives voted 215 to 214 to advance the 'One Big Beautiful Bill Act' on May 23, 2025, in Washington, D.C.
- This legislation builds on President Donald Trump's tax agenda and aims to deliver major tax cuts alongside measures on border security and funding priorities.
- The bill offers no tax on tips or overtime, tax deductions for American-made vehicle purchases, raises pay for ICE and Border Patrol agents, but reduces Medicaid coverage for 14 million Americans and denies food assistance to millions more.
- Senator Brian Schatz called the bill 'the largest wealth transfer in American history' and said it will raise costs for many Americans while primarily benefiting the richest people, as President Trump urged quick Senate approval, emphasizing 'there is no time to waste.'
- The legislative outcome could shift economic resources upward and impact health and nutrition access for millions, while prompting calls for swift Senate action and presidential signature.
7 Articles
7 Articles
Washington and New York. The federal tax and spending bill passed this week by the House of Representatives, which now goes to the Senate, would involve the transfer of the largest wealth from the poor to the rich in U.S. history, increasing taxes on the poorest 10 percent of the population, taxing migrants' remittances and granting a tax reduction of nearly $400,000 to families with incomes of more than 4 million a year.
Political Wire
The AtlanticThe Largest Upward Transfer of Wealth in American History
Jonathan Chait: "House Republicans worked through the night to advance a massive piece of legislation that might, if enacted, carry out the largest upward transfer of wealth in American history.""That is not a side effect of the legislation, but its central purpose. The 'big, beautiful bill' would
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- 40% of the sources lean Left, 40% of the sources lean Right
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