Story perspectives

Trump Tax Cut Fuels Wealth Gap, Medicaid Cuts, Black Unemployment

5/12/2026

Summary

Story summary

U.S. President Donald Trump’s signature tax bill, passed in 2024, delivered benefits disproportionately to the wealthy and reduced Medicaid funding.
In late 2025, the top 1 percent of U.S. households held 31.7 percent of wealth, the highest share since the Federal Reserve (Fed) began tracking the figure in 1989.
Black unemployment is now twice white unemployment, with Black and Hispanic rates worsening while Asian and white rates stay stable or improve.

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Story summary

U.S. President Donald Trump’s signature tax bill, passed in 2024, delivered benefits disproportionately to the wealthy and reduced Medicaid funding.
In late 2025, the top 1 percent of U.S. households held 31.7 percent of wealth, the highest share since the Federal Reserve (Fed) began tracking the figure in 1989.
Black unemployment is now twice white unemployment, with Black and Hispanic rates worsening while Asian and white rates stay stable or improve.