House Passes $3.9 Trillion Tax Cut Package Favoring Wealthy
A new analysis of the House-passed budget reconciliation bill, known as the One Big Beautiful Bill Act, shows it would cut federal taxes by an average of $2,900 per household in 2026, with 84% of taxpayers receiving some benefit. However, the tax relief would heavily favor high-income earners, with those making over $460,000 receiving the largest cuts—up to $21,000 on average—while low-income households would see modest savings or even slight losses due to reduced health insurance subsidies. The bill extends and expands many provisions from the 2017 Tax Cuts and Jobs Act and introduces new breaks like tax-free tips and auto loan interest deductions, while limiting benefits for immigrants, repealing green energy credits, and raising certain taxes on top earners. Estimated to reduce federal revenue by $3.9 trillion over the next decade, the measure now heads to the Senate, where revisions are expected.
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