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Trump's Tax Law: Rich Gain $13,600, Poor Lose $1,200

8/12/2025

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Summary

Story summary

President Trump's tax law is set to widen the income gap, slashing $1,200 from the annual earnings of the poorest 10% while enriching the wealthiest 10% by $13,600. Additionally, looming changes to Medicaid and food assistance threaten to strip health insurance from over 10 million Americans by 2034, leaving many vulnerable and uncertain about their future.

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Story summary

President Trump's tax law is set to widen the income gap, slashing $1,200 from the annual earnings of the poorest 10% while enriching the wealthiest 10% by $13,600. Additionally, looming changes to Medicaid and food assistance threaten to strip health insurance from over 10 million Americans by 2034, leaving many vulnerable and uncertain about their future.