Barb
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Reposted by Barb
Proponents of the megabill argue that these costs are overstated because they don't take into account economic growth. But all of the independent estimates of the bill's cost--including right-leaning ones--suggest it will cost trillions after accounting for growth.
February 3, 2026 at 3:05 PM
Proponents of the megabill argue that these costs are overstated because they don't take into account economic growth. But all of the independent estimates of the bill's cost--including right-leaning ones--suggest it will cost trillions after accounting for growth.
Reposted by Barb
An example of the poor choices in the megabill: they expanded the amount of state and local taxes affluent households can deduct from $10k to $40k.
This came at a cost of $140B--about 75 percent of the cut to SNAP that make low-income families pay more for groceries.
This came at a cost of $140B--about 75 percent of the cut to SNAP that make low-income families pay more for groceries.
![The new law increases the amount of state and local taxes (SALT) that households can deduct, from $10,000 under the 2017 law to $40,000 (including retroactively for tax year 2025).[44] This gives a married couple making $500,000 a $7,200 tax cut on top of the other tax cuts they will receive from the megabill, though the increase phases out for households over $500,000.
This is but one example of why the megabill’s cuts to health coverage and food assistance were an unnecessary policy choice. By simply extending the $10,000 SALT cap rather than increasing it, congressional Republicans would have reduced the megabill’s cost by $140 billion, or an amount equal to 75 percent of the cut to SNAP](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:xxh4y6blmzhgjxef3qsnjauz/bafkreidlgbbskovwvznbko4klpyqexns7la7bqht2t7weoghdjrph2gm7i@jpeg)
February 3, 2026 at 3:02 PM
An example of the poor choices in the megabill: they expanded the amount of state and local taxes affluent households can deduct from $10k to $40k.
This came at a cost of $140B--about 75 percent of the cut to SNAP that make low-income families pay more for groceries.
This came at a cost of $140B--about 75 percent of the cut to SNAP that make low-income families pay more for groceries.
Reposted by Barb
So why write a bill that will hurt so many Americans?
The answer is to partially finance tax cuts for the richest Americans including cuts to the estate tax, a deduction for business owners, corporate tax breaks, and more:
The answer is to partially finance tax cuts for the richest Americans including cuts to the estate tax, a deduction for business owners, corporate tax breaks, and more:
February 3, 2026 at 3:02 PM
So why write a bill that will hurt so many Americans?
The answer is to partially finance tax cuts for the richest Americans including cuts to the estate tax, a deduction for business owners, corporate tax breaks, and more:
The answer is to partially finance tax cuts for the richest Americans including cuts to the estate tax, a deduction for business owners, corporate tax breaks, and more:
Reposted by Barb
At a time when Americans are feeling squeezed by growing energy costs, the GOP megabill will raise energy costs by cutting investments expanding energy supply.
Estimates from @jessejenkins.bsky.social, Jamil Farbes and Ben Haley suggest that this will eventually raise HH energy bills 13%.
Estimates from @jessejenkins.bsky.social, Jamil Farbes and Ben Haley suggest that this will eventually raise HH energy bills 13%.
February 3, 2026 at 3:01 PM
At a time when Americans are feeling squeezed by growing energy costs, the GOP megabill will raise energy costs by cutting investments expanding energy supply.
Estimates from @jessejenkins.bsky.social, Jamil Farbes and Ben Haley suggest that this will eventually raise HH energy bills 13%.
Estimates from @jessejenkins.bsky.social, Jamil Farbes and Ben Haley suggest that this will eventually raise HH energy bills 13%.
Reposted by Barb
Part of the megabill receiving less attention is changes to student loan repayment for low-income borrowers (esp. folks who didn't finish degrees). For first time someone w/ earnings below poverty line will have to make payments, helping offset tax cuts tilted to the wealthy.
![The megabill also restructures student loan repayment plans in a manner that will spike millions of borrowers’ monthly payments, resulting in $270 billion in savings that help finance its tax cuts. In particular, it consolidates all income-based repayment plans for new borrowers — plans that help borrowers with lower incomes relative to their debt levels keep their payments manageable — into a single Repayment Assistance Plan (RAP) that requires far higher monthly payments than other income-based repayment plans.[39]
Most concerningly, the RAP abandons the “income protection” approach featured in all other income-based repayment plans, which shields a certain amount of a borrower’s income from being considered in calculating their payments. All previous income-based repayment plans only calculated the payments based on the borrower’s income above at least 100 percent of the federal poverty level (about $16,000 for an individual); the SAVE plan introduced by the Biden Administration based payments on income exceeding 225 percent of the federal poverty level.
Under the RAP, in contrast, even the lowest-income new borrowers will have to make payments. Abandoning income protection directly undermines the point of income-based repayment, where the monthly payments must actually be affordable.
The result of the new RAP formula is higher monthly payments across the board. For example, a single earner making $32,000 annually, who would have faced no monthly payment under the SAVE Plan, will owe $80 a month ($960 a year) under the RAP formula.](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:xxh4y6blmzhgjxef3qsnjauz/bafkreibroxungotzscdslhdrpom2awvhfaj3z4ghxiezyvijqsezmn5jya@jpeg)
February 3, 2026 at 3:00 PM
Part of the megabill receiving less attention is changes to student loan repayment for low-income borrowers (esp. folks who didn't finish degrees). For first time someone w/ earnings below poverty line will have to make payments, helping offset tax cuts tilted to the wealthy.
Reposted by Barb
The megabill also makes a 20%+ cut to SNAP by 2034 by forcing states to should the cost of SNAP for the first time, trapping families in red tape through work requirements, and more.
February 3, 2026 at 2:59 PM
The megabill also makes a 20%+ cut to SNAP by 2034 by forcing states to should the cost of SNAP for the first time, trapping families in red tape through work requirements, and more.
Reposted by Barb
Looking at the megabill's cuts to health care--which help finance its tax cuts--roughly 15 million people will lose health insurance because of its direct cuts or failure to extend the enhancements to the Affordable Care Act's premium tax credits.
February 3, 2026 at 2:58 PM
Looking at the megabill's cuts to health care--which help finance its tax cuts--roughly 15 million people will lose health insurance because of its direct cuts or failure to extend the enhancements to the Affordable Care Act's premium tax credits.
Reposted by Barb
Another view is taking seriously the Trump Admin's claim that regressive, economically destructive, and legally questionable tariffs offset the megabill's deficits.
When we include those in the distribution, the bottom 70% is worse off from the bill according to
@budgetlab.bsky.social:
When we include those in the distribution, the bottom 70% is worse off from the bill according to
@budgetlab.bsky.social:
February 3, 2026 at 2:57 PM
Another view is taking seriously the Trump Admin's claim that regressive, economically destructive, and legally questionable tariffs offset the megabill's deficits.
When we include those in the distribution, the bottom 70% is worse off from the bill according to
@budgetlab.bsky.social:
When we include those in the distribution, the bottom 70% is worse off from the bill according to
@budgetlab.bsky.social:
Reposted by Barb
A @budgetmodel.bsky.social analysis of the megabill's combination of tax cuts, cuts to programs, and higher deficits will make the bottom 80 percent of kids born today worse off in the long run.
February 3, 2026 at 2:56 PM
A @budgetmodel.bsky.social analysis of the megabill's combination of tax cuts, cuts to programs, and higher deficits will make the bottom 80 percent of kids born today worse off in the long run.