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OBBBA: Tax Breaks for Rich, Strain on Low-Income Families

7/12/2025

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Summary

Story summary

The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2023, solidifies tax breaks for the affluent while jeopardizing lower-income families. With cuts to Medicaid and food assistance, alongside a tripling of ICE's budget, the Congressional Budget Office warns that this legislation could inflate the deficit by $3.4 trillion, deepening the divide in income inequality across America.

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Story summary

The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2023, solidifies tax breaks for the affluent while jeopardizing lower-income families. With cuts to Medicaid and food assistance, alongside a tripling of ICE's budget, the Congressional Budget Office warns that this legislation could inflate the deficit by $3.4 trillion, deepening the divide in income inequality across America.