This is an example of media bias you're repeating. There are no "tax cuts for the rich" in the BBB! Tax rates for the wealthiest income earners actually increase under the BBB. The majority of the tax cuts are for folks with incomes below 400K. If you do your research, you will see that narrative is either a flat out lie from Leftist opponents of tax cuts for anyone, or simply poor reporting on the BBB's tax provisions.
An AI summary of my Google search:
Yes, the "One Big Beautiful Bill," in its current form, includes tax cuts for the wealthy, although it also provides tax relief for lower- and middle-income individuals and families. While the bill extends some tax cuts from the 2017 Tax Cuts and Jobs Act, it also makes some changes that disproportionately benefit higher earners.
Here's a breakdown:
- Tax Cuts for the Wealthy:
The bill extends provisions from the 2017 tax law, such as the 20% deduction for pass-through business income and the doubled estate and gift tax exemption, which primarily benefit the wealthy.
- Tax Cuts for Lower- and Middle-Income Individuals:
The bill also includes tax cuts for lower- and middle-income individuals and families, such as increased standard deductions, tax cuts for overtime pay, and no tax on tips.
- Potential for Increased Inequality:
Some provisions, like the extension of the pass-through deduction, are estimated to primarily benefit high-income earners, potentially exacerbating income inequality.
- Shifting Benefits:
While some tax cuts benefit lower-income individuals, some provisions that benefit them, like the tax exemption for tips and overtime pay, are temporary, while many benefits for high earners are made permanent.
In essence, the bill appears to be a mixed bag, with both benefits and drawbacks for different income groups.
