{"id":1053632,"date":"2025-06-18T16:38:00","date_gmt":"2025-06-18T20:38:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1053632"},"modified":"2025-06-19T14:38:51","modified_gmt":"2025-06-19T18:38:51","slug":"%f0%9f%9a%a8-new-report-under-trump-working-families-lose-money-while-the-ultra-wealthy-rake-it-in","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-new-report-under-trump-working-families-lose-money-while-the-ultra-wealthy-rake-it-in\/","title":{"rendered":"\ud83d\udea8 NEW REPORT: Under Trump, Working Families Lose Money While the Ultra-Wealthy Rake It In\u00a0"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"449\" width=\"1024\" src=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" alt=\"\" class=\"wp-image-1050776\" srcset=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png 1101w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=300,132 300w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=768,337 768w, https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?resize=1024,449 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>In response to the latest <\/em><a href=\"https:\/\/www.jec.senate.gov\/public\/_cache\/files\/606281e5-95d7-42df-8303-caa71f9e1cf2\/report-on-tax-and-tariff-impacts-by-occupation-and-income.pdf\"><em>report<\/em><\/a><em> from the Joint Economic Committee, <\/em><strong><em>DNC Chair Ken Martin released the following statement:<\/em><\/strong><\/p>\n\n\n\n<p>\u201cDonald Trump and his GOP allies are giving their billionaire backers another massive tax handout and forcing hardworking Americans \u2014 firefighters, teachers, and police officers \u2014 to foot the bill. While Trump lines the pockets of the ultra-wealthy, working families will be worse off. They\u2019ll have less food on the table, less money for rent, and less savings for college or a rainy day. Republicans are making it clear: Their billionaire donors are worth more to them than their constituents.\u201d&nbsp;<\/p>\n\n\n\n<p><strong>NEW REPORT: The Joint Economic Committee\u2019s latest report warns that Donald Trump\u2019s disastrous economic agenda will cost hardworking Americans hundreds while the top 0.1% will rake in nearly $350,000 in additional income.&nbsp;<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.jec.senate.gov\/public\/_cache\/files\/606281e5-95d7-42df-8303-caa71f9e1cf2\/report-on-tax-and-tariff-impacts-by-occupation-and-income.pdf\">Joint Economic Committee<\/a>: <strong>\u201cTax and Tariff Impacts by Occupation and Income\u201d&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cTop 1% Income Earner <\/strong>\u2026 Estimated Total Benefit in 2026 \u2026 <strong>$32,450 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cTop 0.1% Income Earner<\/strong> \u2026 Estimated Total Benefit in 2026 \u2026 <strong>$348,500 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cAssemblers and Fabricators<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$580 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cCounselors, Social Workers, and Other Community and Social Service Specialists<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$460 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cGrade School Teachers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$490 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cFirefighters<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$470 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cFood Processing Workers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$540 \u2026<\/strong><\/p>\n\n\n\n<p><strong>\u201cHome Health Aides and Related Health Workers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$720 \u2026<\/strong>&nbsp;<\/p>\n\n\n\n<p><strong>\u201cHeavy and Tractor-Trailer Truck Drivers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$470 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cMaids and Housekeeping Cleaners<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$710 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cPolice Officers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$250 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cRetail Sales Workers <\/strong>\u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$670 \u2026&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>\u201cSheet Metal Workers<\/strong> \u2026 Estimated Total Cost of Taxes and Tariffs in 2026 \u2026 <strong>-$500\u201d&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>At Trump\u2019s command, House Republicans passed their disastrous budget to rip away health care from 16 million Americans and make the largest cuts to food assistance in modern history \u2014 all to fund another round of tax breaks for the ultra-wealthy.&nbsp;<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.axios.com\/2025\/05\/12\/social-security-salt-tax-bill\">Axios<\/a>: <strong>\u201cThe draft legislation would extend the cuts in the 2017 tax bill, and it adds on some more breaks.<\/strong><\/p>\n\n\n\n<p><strong>\u201cSome will benefit the wealthiest, including a permanent increase to the deduction for pass-through income to 22% from 20%, plus a hike for the estate tax exemption<\/strong>, which would shield more inheritances from taxes.\u201d&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.politico.com\/live-updates\/2025\/05\/14\/congress\/e-c-republicans-pass-health-care-piece-of-gop-tax-bill-after-marathon-overnight-session-00350223\">Politico<\/a>: \u201cThe <strong>House Energy and Commerce Committee, in a 30-to-24 party-line vote, advanced<\/strong> the health care section of <strong>the GOP\u2019s sweeping tax bill that would slash Medicaid spending by hundreds of billions<\/strong> of dollars.\u201d&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.politico.com\/live-updates\/2025\/05\/14\/congress\/house-agriculture-committee-approves-300-billion-in-nutrition-spending-cuts-00350900\">Politico<\/a>: \u201cThe <strong>House Agriculture Committee voted 29-25 along party lines to <\/strong>advance legislation that would <strong>cut as much as $300 billion in food aid spending to pay for Republicans\u2019 domestic policy megabill.\u201d<\/strong>&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/x.com\/burgessev\/status\/1930330283276153123\">Burgess Everett, Semafor<\/a>: <strong>\u201cCBO finds that the [GOP] reconciliation bill (10.9 million) combined with the expiration of premium tax credits and new marketplace rule (5.1 million) would result in 16 million people fewer being insured\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/westvirginiawatch.com\/2025\/03\/31\/medicaid-cuts-could-hurt-older-adults-who-rely-on-home-care-nursing-homes\/\">West Virginia Watch<\/a>: <strong>\u201cMedicaid cuts could hurt older adults who rely on home care, nursing homes\u201d&nbsp;<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.propublica.org\/article\/the-trump-administration-cracked-down-on-medicaid-kids-lost-insurance\">ProPublica<\/a>: \u201cThe Trump Administration Cracked Down on Medicaid. Kids Lost Insurance.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/ccf.georgetown.edu\/2025\/01\/15\/cuts-to-medicaid-will-shift-costs-to-families-providers-and-will-be-especially-harmful-to-rural-communities\/\">Georgetown University Center for Children and Families<\/a>: <strong>\u201cCuts to Medicaid<\/strong> Will Shift Costs to Families, Providers and <strong>Will Be Especially Harmful to Rural Communities\u201d<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.politico.com\/live-updates\/2025\/05\/14\/congress\/house-agriculture-committee-approves-300-billion-in-nutrition-spending-cuts-00350900\">Politico<\/a>: <strong>\u201cThe GOP proposal would create the largest overhaul in decades to the Supplemental Nutrition Assistance Program, which helps more than 42 million people in the U.S. pay for food,<\/strong> by forcing states to share the cost of SNAP benefits.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cbpp.org\/research\/food-assistance\/millions-of-low-income-households-would-lose-food-aid-under-proposed-house\">Center on Budget and Policy Priorities<\/a>: <strong>\u201cMillions of Low-Income Households Would Lose Food Aid<\/strong> <strong>Under Proposed House Republican SNAP Cuts\u201d<\/strong><br><br>\u201cRegardless of how Republican lawmakers enact a cut of this magnitude, <strong>this would slash more than 20 percent from a program that helps more than 40 million people, including 1 in 5 children, afford groceries.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to the latest report from the Joint Economic Committee, DNC Chair Ken Martin released the following statement: \u201cDonald Trump and his GOP allies are giving their billionaire backers another massive tax handout and forcing hardworking Americans \u2014 firefighters, teachers, and police officers \u2014 to foot the bill. While Trump lines the pockets of [&hellip;]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1053632","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\ud83d\udea8 NEW REPORT: Under Trump, Working Families Lose Money While the Ultra-Wealthy Rake It In\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/\ud83d\udea8-new-report-under-trump-working-families-lose-money-while-the-ultra-wealthy-rake-it-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-18T20:38:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-19T18:38:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-new-report-under-trump-working-families-lose-money-while-the-ultra-wealthy-rake-it-in\/\",\"url\":\"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-new-report-under-trump-working-families-lose-money-while-the-ultra-wealthy-rake-it-in\/\",\"name\":\"\ud83d\udea8 NEW REPORT: Under Trump, Working Families Lose Money While the Ultra-Wealthy Rake It In\u00a0 - 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