Welcome to 'PLANET GREED'. Conservatives Just Passed A Massive Transfer of Wealth from Low-Income Americans to Top Earners.

It took intense lobbying from President Donald Trump, an all-nighter, and a vote on a bill for which many people did not yet have a clear grasp of the final changes, but House Republicans got it done this week. They passed their version of the “one big, beautiful bill,” a behemoth that pairs tax cuts with new provisions that will push people off Medicaid and food assistance.

 

Low-income Americans will feel the effect of changes to aid programs, while the wealthy will see most of the windfall from tax cuts, according to multiple assessments.

 

What the House passed is an opening bid as the process now shifts to the US Senate, which must pass its own version of a tax and spending bill.

 

Senators will be gauging the public reaction to the House bill and what critics have said is a reverse transfer of wealth, much of which will be put on the nation’s credit card in the form of deficit spending.

 

Here’s a look at how the “one big, beautiful bill” takes benefits from lower-income Americans in order to cut taxes, primarily for the wealthy.

 

CBO’s initial estimates found that the package’s tax measures would increase the deficit by $3.8 trillion over a decade, while other provisions would cut nearly $1 trillion in federal support for Medicaid and food stamps over that period.

 

Medicaid, which provides health insurance to low-income Americans, would face the largest cuts in the package, with CBO projecting a nearly $700 billion reduction in federal spending. Meanwhile, food stamps, formally known as the Supplemental Nutrition Assistance Program, or SNAP, would face a $267 billion cut in federal support.

 

The national debt is more than $37 trillion. How much would this bill add to that incredible figure?