Trump's megabill harms low-income Americans while benefiting the rich

In recent discussions surrounding Trump's controversial spending package, economic analyst Steve Rattner voiced strong opposition, characterizing the proposed legislation as unprecedented in its regressive nature. While the package promises immediate benefits, such as tax cuts and increased deductions for certain groups, it is projected that the most harmful aspects will not take effect until after the upcoming 2026 midterm elections. This strategic timing has raised eyebrows as many believe it aims to minimize immediate political backlash for the Republican Party. Rattner highlighted alarming statistics, indicating that the drastic cuts to Medicaid could potentially strip insurance from 11 million people over the next decade. Rattner's dissection of the bill revealed stark disparities in its impact across different socio-economic classes. The top 20% of earners in the country would receive significant benefits, averaging around $6,000 per person, while those in the lowest income bracket would actually end up worse off. The small tax relief they would experience is overshadowed by the loss of essential services, including Medicaid and food assistance, leading to an estimated financial loss of $560 for the most vulnerable populations. Such regressive policies are so troubling that Rattner remarked that in the history of U.S. social legislation, he has never encountered anything that so dramatically shifts wealth from the lower to upper classes. Speaker of the House, Mike Johnson provided insights in defense of the megabill during an appearance on