<[link removed]>


Unless you’re a billionaire, Trump just raised your taxes




Donald Trump and his Republican allies have portrayed themselves as champions
of tax cutting for middle- and working-class Americans, but millions have seen
their taxes increase from a year ago—unless you’re a billionaire.

An analysis by the Institute on Taxation and Economic Policy found that, for
all income groups except the richest 5% of Americans, taxes have gone up. The
poorest Americans (those making between $0 and $27,000) had the largest average
increase at 3.1%, while the wealthiest people (those making over $916,000)
experienced a 0.4% cut.

The largest source of increased taxes is the tariffs Trump imposed on goods
imported into the United States.




 



No sugar-coating it: Daily Kos needs your help. Can you chip in $5 today?
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

Donate $5
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

 



Trump touted his tariffs as a weapon to pressure foreign governments to open
their markets up to U.S.-made goods, but in reality, the tariffs added a
premium on goods purchased by consumers. The conservative majority on the
Supreme Court also found that the mechanism Trump used to push his tariffs was
illegal, but Trump has kept most of the cost increases in place anyway.

Americans also saw a tax increase resulting from Republican opposition to
health care. A provision of the One Big Beautiful Bill passed by congressional
Republicans ended the Expanded Premium Tax Credit. The credit was put into law
by Democrats and former President Joe Biden as part of the American Rescue Plan
Act of 2021 and the Inflation Reduction Act of 2022. These credits allowed
millions of Americans to be eligible for lower health insurance premiums, but
under Republican rule that option has expired. Millions have lost care and now
have to pay more out of pocket.

The U.S. economy is also being hammered by Trump’s policies. Goods like
groceries and even video games have seen price hikes thanks to tariffs. More
recently, Trump’s decision to wage war against Iran has caused a serious spike
in gas prices, squeezing middle-class families already dealing with tariff
burdens.

Trump stacked his administration with an unusually high number of
millionaires and billionaires, both directly in his Cabinet and at the highest
levels of government power and influence. Figures like racist billionaire Elon
Musk, the richest man in the world, were given enormous leeway to run roughshod
over the government—cutting services and functions that served millions of
people while Trump and Republicans lowered his taxes.





 



No billionaire backers, no paywalls. Daily Kos news exists because of YOU, our
small-donor community. Now, we need your help. Please donate today.
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

Click here to donate
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>

 



Republicans cut access to health care even as Trump spent time and resources
to build himself a glitzy ballroom at the (taxpayer-owned) White House—which he
has also slathered with tacky gold ornaments.

Recent elections have been a disaster for Republicans. Voters are surging to
support Democrats and progressive causes to express their anger with how Trump
and his party have governed. Soaring costs for millions of Americans will
likely lead to massive future defeat for the GOP—and it can’t come soon enough.



Click here to check out this story on DailyKos.com.
<[link removed]>




 

We're not asking for much



The average donation to Daily Kos is just $9.44. These gifts may seem small,
but they’re a big deal to us—in fact, they’re our largest source of income. We
couldn’t keep going without them.Will you join thousands of other Daily Kos
readers and donate $9.44 right now to help us close our funding gap?

Donate $9.44
<[link removed]
On Record&addr1=&city=Cedar Knolls&state=District of Columbia&phone=>



 



You received this email because you signed up for newsletters from Daily Kos.
To stop receiving this newsletter, unsubscribe
<[link removed]>
ormanage
<[link removed]
On Record&city=Cedar Knolls&state=District of Columbia&country=United
States&metadataCustom=testunsub> which newsletters you receive.