By Fight For the People Weekly — Your Weekly Intelligence Source | Listen free
This week marks one year since Donald Trump signed his so-called “One, Big, Beautiful Bill” into law — what critics have rightly called the largest wealth transfer from low-income Americans to the top 1% in history. One year later, the numbers tell a devastating story.
Last July, President Donald Trump signed the signature legislation of his second term – the One Big Beautiful Bill Act – a budget package loaded with lasting tax breaks for the wealthy and short-term benefits for working people. At a July 4, 2025 signing ceremony, Trump declared: “This is a triumph of democracy… the people are happy. They’re happy.”
A year later, the people are not happy.
Public opinion polling shows the economy, which was Trump’s strongest issue during his 2024 campaign, is now his greatest weakness. A Harris Poll found that 57% of Americans think the economy is getting worse, up from 46% in February. A YouGov poll in June found a record 63% of Americans disapprove of Trump’s handling of the economy.
Working Families Are Being Crushed
The AFL-CIO, marking the anniversary, detailed the damage the law has done to working families:
- One of the worst years for job growth in decades. The U.S. economy experienced almost zero job growth in 2025.
- Black workers have been hit the hardest, with an unemployment rate now more than double the rate for White workers. Black unemployment spiked to 7.2% in July — its highest rate since the COVID-19 pandemic.
- More than 4 million Americans lost food assistance through SNAP cuts, with participation dropping in every state — the steepest losses in Arizona, Florida, Louisiana, and Oklahoma.
- About 3 million people were forced off their health insurance, and premiums for those who get coverage through the Affordable Care Act marketplace rose by 58%.
- State Medicaid budgets were cut by nearly $679 billion.
- Trump’s bill cut $1 TRILLION from Medicaid — the single largest cut to healthcare in history.
All of this while working families deal with higher costs on everything from gas and groceries to electricity.
The Wealth Transfer
The math is stark — and it’s by design:
- Even after accounting for tariffs, the One Big Beautiful Bill gives the average member of the top 0.1% of earners an approximate $200,000 tax break for 2026.
- Trump’s bill gave more to the top 1% than the bottom 80% combined.
- The poorest households will end up with $1,200 less per year, while the wealthiest Americans gain nearly $14,000 yearly.
- For every dollar Trump’s bill cut from healthcare and food assistance programs, it delivered a dollar in tax breaks to the top 1%.
New data from the Joint Economic Committee shows what this means for specific workers: security guards will lose about $890, home health aides and nursing assistants will lose nearly $860, grade school teachers will lose about $280, and firefighters and truck drivers will lose about $270.
Meanwhile, Trump Cashes In
A new mandatory financial disclosure revealed that Trump has earned $2.2 billion during the first year back in the White House. About $1.4 billion came from his family’s cryptocurrency businesses.
The New York Times reported that Trump’s $2.2 billion in personal earnings “shattered the norm of US presidents avoiding financial conflicts of interest in the White House.”
As the Press Democrat put it: “The recent revelation that President Donald Trump has accumulated more than $2 billion in wealth since taking office was confirmation that leading Democrats and Republicans are living different worlds.”
The Bottom Line
AFL-CIO President Liz Shuler put it plainly: “It’s been one year since President Trump signed the worst job-killing bill in American history. It was made possible by every senator and representative who voted to sell out working people and pick their pockets to hand another payday to corporations and billions.”
This week, Republicans are trying to rebrand the legislation — now calling it the “Working Families Tax Cuts Act.” But working families aren’t buying it. By a more than two-to-one margin, voters believed Trump’s budget would leave their families worse off.
One year later, the “Big Bill” is exactly what we said it would be — a massive transfer of wealth from working families to the ultra-rich. And the American people appear to be paying the price.
Sources: USA Today, AFL-CIO, Democrats.org, Joint Economic Committee Democrats, New York Times, Press Democrat, NBC News, WNY Labor Today
Coming Up Tomorrow — DAY 2 (Thursday, July 9): The Assault on Voting Rights: 24 AGs Fight Back Against Postal Service Rule
Written, arranged and composed by AI.
The People's Weekly 
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