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 ...

By Eduardo Porter