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Economy

Donald Trump doesn’t just love billionaires, he loves multimillionaires too

Economics | The Guardian · 1h ago · 🇺🇸 United States

Donald Trump doesn’t just love billionaires, he loves multimillionaires too

US tax policy deprives the government of revenue and overwhelmingly serves the interests of the rich After the House passed its version of Donald Trump ’s One Big Beautiful Bill Act (OBBBA) last year – the one that paired a $5tn-plus tax cut with $1tn-plus of cuts from food stamps and Medicaid – the House speaker, Mike Johnson , explained that “this is not giving tax cuts to the millionaires”. The beneficiaries, he said, were “small business owners” that “provide the jobs in every community in America”. Johnson was playing to the myth of the modest, sturdy Main Street job creator. It is an app

Read the full story at Economics | The Guardian →

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