Sen. Elizabeth Warren (D-Mass.) is targeting President Donald Trump's “Big Beautiful Bill,” warning that corporations are set to reap a $67 billion windfall in retroactive research breaks while American families struggle with underfunded child care.
Warren Blasts Trump's ‘Big Beautiful Bill' For $67 Billion Corporate Handouts
In a post on X on Sunday, Warren blasted what she called Trump's "Big Beautiful Bill," saying it "will hand out $67 BILLION to companies next year to ‘incentivize' research these companies did YEARS ago."
She argued that “the federal government will spend five times more on these handouts than what it spends annually on child care.”
Study Shows Wealthiest Americans Benefited Most From Trump Tax Cuts
Her remarks came as Politico highlighted a new study from economists Emmanuel Saez, Gabriel Zucman, Danny Yagan and Akcan Balkir showing that the wealthiest Americans have seen their effective tax rates plummet under the 2017 Tax Cuts and Jobs Act.
According to the report, the richest 400 Americans paid just 24% on average after the law's enactment, compared with about 30% beforehand.
The 100 richest people paid even less, around 22%, while many top wage earners faced effective rates above 40%.
CBO Warned Of Rising Deficit And Cuts To Medicaid, SNAP
Earlier this year, after the Congressional Budget Office released its estimates on the One Big Beautiful Bill Act, economists raised concerns that the plan would balloon the federal deficit while favoring the wealthiest Americans.
The CBO projected the bill would add $3.8 trillion to the deficit, while reducing Medicaid subsidies by $698 billion and cutting $267 billion from the Supplemental Nutrition Assistance Program (SNAP).
The analysis showed households in the lowest income decile would lose up to 4% of resources by 2033, while the highest earners would see gains from tax cuts.
Economist Craig Shapiro said the proposal would "enrich the highest decile of Americans at the expense of the lowest decile."
Republican Leaders Warned Of Debt Downgrade And Inflation Risks
Sen. Bernie Sanders (I-Vt.) earlier denounced the bill as "the most dangerous piece of legislation in the modern history of our country," calling its provisions a "gift to the billionaire class."
The measure also faced pushback from some Republican lawmakers. Rep. Thomas Massie (R-Ky.) cautioned that its approval could result in U.S. debt being downgraded to BBB status, a sign of financial strain.
Similarly, GOP senators Ron Johnson (R-Wis.) and Rand Paul (R-Ky.) warned that the it risked driving up both deficits and inflation.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock/Sheila Fitzgerald
