Trump's 'Big, Beautiful Bill': Who Wins, Who Loses?

Washington D.C. - President Donald Trump's proposed 'Big, Beautiful Bill Act' has sparked debate over its potential impact on different income groups. Analysis reveals that while high-income earners would see substantial tax cuts, lower-income families may experience significant reductions in essential programs like Medicaid and SNAP. The Tax Policy Center's analysis highlights that over two-thirds of the proposed tax cuts would go to individuals with annual incomes exceeding $217,000. Conversely, the Congressional Budget Office estimates that changes to Medicaid could result in 7.6 million Americans losing health insurance over the next decade. The bill also includes a $500 increase in the child tax credit, but only if both parents have Social Security numbers, and a $1000 credit for children under 8, earmarked for investments in a so-called "MAGA" savings account. The bill proposes cuts of $267 billion in federal spending for SNAP benefits, affecting roughly 42 million Americans. "This bill is a great bill for America," President Trump stated in a recent interview. However, critics argue that the bill disproportionately favors the wealthy, while neglecting the needs of low-income families.