Friends—
The Congressional Budget Office (CBO)—the nonpartisan entity that has scored legislation in Congress for both parties for decades—just released a new analysis detailing the impacts of Trump’s “Big Beautiful Bill,” which he signed into law on July 4.
The report concluded: “In general, resources will decrease for households toward the bottom of the income distribution, whereas resources will increase for households in the middle and toward the top.”
Yep, that’s right.
Trump’s bill will make the poor poorer and the rich richer.
But it’s not just the CBO saying this.
Study after study shows that Trump’s bill makes everyday Americans worse off while giving massive tax breaks to the wealthy.
- The University of Pennsylvania (Trump’s alma mater) estimates that the top 10% of earners will receive 80% of the benefits of the legislation, while the bottom 40% will see their incomes decrease.
- The Yale University Budget Lab says that when combined with Trump’s tariffs and cuts to programs like Medicaid and SNAP, the bill would reduce incomes on average for the bottom 80% of U.S. households.
The Institute of Taxation and Economic Policy estimates that in 2026, South Carolina’s wealthiest 1%—those making over $782,500 a year—will receive an average tax cut of $68,260, while the lowest-income residents, earning under $23,200, will face an average tax increase of $30, in addition to steep cuts to Medicaid and SNAP.
And if stealing from the poor and giving to the rich isn’t bad enough, Trump’s bill will add $3.4 trillion to the debt over 10 years and cost taxpayers $700 billion in additional interest payments on that debt over the next decade.
That means not only more interest on the national debt, but also higher interest rates for car loans and mortgages.
Trump’s claimed you’ll get a historic tax cut from this bill. He’s claimed this bill will “fuel prosperity” for all.
But my fellow South Carolinians, the facts are the facts: This law makes America’s poor poorer, rich richer, and saddles everyone— even our children and grandchildren—with insurmountable debt and a higher cost of living.
Trump’s policies have done nothing but push the American dream further out of reach.
The Republican Party once claimed to be the party of “fiscal responsibility.”
This bill is nothing but fiscal irresponsibility, and we are all going to pay the price—especially Americans who have already been left behind.
All of my Democratic colleagues and I in Congress voted against this cruel bill, and we will do everything in our power to repeal its harmful policies.
Sincerely,
Jim