President Donald Trump and his allies are celebrating the passage of his sweeping tax and spending bill, which he signed into law on July 4 after a monthslong effort to shepherd it through Congress. Ultimately, just three Republicans in the Senate and two in the House voted against the legislation. The so-called Big, Beautiful Bill includes about $1 trillion in federal cuts to Medicaid and could kick 17 million people off their healthcare. It makes the largest-ever cuts to food assistance benefits, could cause the closure of nursing homes and rural hospitals across the country, raises housing and energy costs, and supercharges the Trump crackdown on immigrants — all while delivering massive tax benefits for the wealthiest people in the country. “This is the most massive transfer of wealth upward in American history,” says John Nichols, national affairs correspondent for The Nation.
This content originally appeared on Democracy Now! and was authored by Democracy Now!.
Democracy Now! | Radio Free (2025-07-07T12:26:11+00:00) “Most Massive Transfer of Wealth Upward in American History”: John Nichols on Trump’s Budget Law. Retrieved from https://www.radiofree.org/2025/07/07/most-massive-transfer-of-wealth-upward-in-american-history-john-nichols-on-trumps-budget-law/
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