The hard truth in a nutshell: tax cuts to the rich cost $4T over 10 years; health care for the poor gets cut $1T (over 10 years); consumers get stuck with much of the tariff costs.The only winners in Trump's economic policies: the rich and the appearance of more income to the federal balance sheet. The losers: the poor and near-poor, and all American families who will pay more for what they buy.
Please do not call Trump a populist: this budget only takes away from people some popular programs relied upon by so many who are barely making it. In addition to financial deprivation, the Trump regime also subverts or destroys consumer protections from products, as well as protections from fraud, all to the benefit of business interests.MUFTIC FORUM BLOG: Donald Trump, unsafe at any speed updated 8/4/2025
Please do not cite current conditions of "how great his economy is". .These are forecasts; the stuff is just beginning to hit the fan. When Trump blows his horn, his economy is great now, the impact of his policies has not yet been felt, but will. Most cuts hurting the middle class will not take place until after 2026 midterms. MUFTIC FORUM BLOG: MAGA supporters cheer Trump's economy, but the stuff has not hit the fan yet
When Trump says his policies will be good for the economy, it will be great for him and his friends, but not for everyday Americans, who will get screwed, and so will the federal balance sheet: $3.4 trillion will be added to the deficit. Trump Tax Law to Add $3.4 Trillion to US Deficits, CBO Says (2)
Per a check with Google AI and their sources based on Congressional Budget Office figures (not the White House's) over the next 10 years, the amount cut from the federal programs serving the poor and near poor is $1 trillion dollars. Tax cuts to the rich will decrease income to the US treasury by $3 to $4 trillion dollars.
Trump tariffs could bring in about 2 trillion plus in ten years to the treasury, but it would cost a family in the US in higher prices $2400 per year since some of those costs are just passed on to consumers. It is a shift that is deceptive...consumers pay for the tariffs, but the federal balance sheet looks impressive.State of U.S. Tariffs: August 7, 2025 | The Budget Lab at Yale The bottom 60% of Americans will see $400 tax cut, however, but not enough to offset the tariff screw. Trump suggests a rebate to consumers to help offset the cost of tariffs on consumer goods, but Congress must approve, and the impact on the deficit will only make that balance sheet worse, making Congress approval unlikely. Nice BS, Trump; more empty promises about family affordability. So what about your health care insurance?
Per Google AI:
Permanently extending the expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) that largely favored high-income individuals and large corporations, often referred to as "Trump tax cuts," could cost the U.S. Treasury an estimated $4 trillion over the next decade, according to the Congressional Budget Office (CBO).
This potential revenue loss includes $3.4 trillion from extending expiring individual and estate tax provisions and $551 billion from extending business provisions.
It's important to note that extending these tax cuts would disproportionately benefit the wealthy. For example, households in the top 1% (making more than roughly $743,000 a year) would receive average tax cuts of $61,000 a year, while households in the bottom 60% (making roughly $96,000 or less) would only see about $400 a year.
Some estimates suggest the cost could be even higher. The Center on Budget and Policy Priorities states that extending the expiring tax cuts could cost $4.2 trillion over the decade 2026-2035, with approximately half of the benefits going to the top 5% of earners (making over roughly $320,000).
These figures highlight the significant financial implications and distributional effects of making permanent the tax cuts enacted in 2017.
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