New Research: The (In)accessibility of OBBB’s New Tax Cuts
Jack Landry, JFI’s Guaranteed Income lead, untangles the tax provisions of Trump’s One Big Beautiful Bill.
The bulk of OBBB simply extends unpopular and regressive tax cuts passed under Trump’s first term. On top of the TCJA extension, OBBB adds even more tax breaks for high-income households while making deep cuts to SNAP, Medicaid, and renewable energy tax credits. The new deductions are a minor and ineffective token of targeted support to the middle and working class in an unprecedentedly regressive law.
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