A Daily Reid: MAGA's Big Billionaire Bill will leave you sicker and broker
Thom Tillis tells on his colleagues as they prepare to throw millions of Americans off of Medicaid to pay for Jeff Bezos, Trump, and the other billionaires to get a permanent tax cut

Call it the “Reverse Robin Hood.” Republicans have finally gotten enough Americans drunk on celebrity juju to force through their hundred years dream: to essentially absolve wealthy Americans from any responsibility to pay taxes, while forcing tens of millions of American men, women and children to bear the full cost of this nation’s expenses … while losing access to healthcare, food, and possibly housing in the process. And the billionaire class got 80 million Americans to vote affirmatively in favor of this by shoving a fat, orange, fascistic entertainer back onto the ballot after he committed an insurrection.
It’s all been a torturous entertainment. All to ensure that people like Jeff Bezos and his most recent wife can continue to dine on … whatever it is billionaires dine on … while the rest of you losers scrounge for whatever.

Hey, maybe on his next marriage, Amazon Jeff can party not just with Oprah, Gail, the Kardashians, Usher, Ivanka and other posh celebs, in an Italian city that didn’t want them there, they can wedding on the moon, so they can view our brand new Golden Dome from above. He and his richy rich pals can jet there on his penis shaped spacecraft. How fun is that!???





Everyone in the photo above is getting a massive, permanent tax cut. You on the other hand? Well, good luck without your Medicaid, food stamps and Meals on Wheels, grandma.
Biggest winners and losers
So who are the biggest winners and losers in this bill (which will pass, folks, and be delivered by Republicans to their “Daddy” by July 4th, as ordered.
Winners: Corporations
The legislation would make permanent trillions of dollars in corporate tax cuts enacted in 2017 during Trump’s first term and expand other tax breaks for businesses. That includes permanently lowering the corporate tax rate to 21% from the 35% level before the 2017 tax cuts. The bill would also extend or increase other tax breaks for business investments, like those on new machinery, equipment and research and development, which business groups have said would encourage business investments in the U.S. The bill would also extend through 2033 tax incentives enacted in 2017 for businesses that invest in disadvantaged areas, called Opportunity Zones.
Losers: Younger generations
The tax cuts would add around $3 trillion over the next decade to the national debt, according to an analysis by the Congressional Budget Office. That means the U.S. would have to borrow more money to cover its expenses, requiring it to pay an estimated $600 billion to $700 billion in additional interest payments, according to an analysis by the Center for a Responsible Federal Budget.
The amount of money Americans pay toward interest on the country’s debt is expected to increase sharply in the coming years, totaling $78 trillion over the next 30 years and accounting for 34% of federal revenues, according to the Congressional Budget Office.
Paying for that added interest will fall to future generations, likely in the form of higher taxes and less spending on other programs younger generations could benefit from, like early childhood education, more affordable housing or improved infrastructure. It will also give the U.S. less flexibility to borrow if there is a future crisis, such as a pandemic or war.
Winners: Higher-income households
The bill would greatly expand the amount of state and local taxes households are able to deduct from their federal taxes from the current cap of $10,000 to up to $40,000.
The biggest beneficiaries from the change would be households making $200,000 to $500,000 a year and those that own property, because they are likelier to pay higher property and income taxes, according to an analysis by the Committee for a Responsible Federal Budget. It would also disproportionately benefit households in higher-tax states, like New York, New Jersey and California.
Wealthy households and business owners would also benefit from a permanent reduction in the estate tax. Under the legislation, heirs of estates valued at less than $15 million would not have to pay a tax on their inheritance. That cap is set to drop to $7 million in 2026.
Losers: Lower-income households
Provisions in the latest version of the bill would cause nearly 12 million low-income people to lose their health insurance over the next decade by cutting around $1 trillion from Medicaid, the health insurance program for poor and disabled people, according to the CBO. The Senate bill includes steeper cuts to Medicaid than an earlier version passed by the House.
And even those who are designated as “winners?” need to take a closer look. More from NBC News:
Winners: Workers with income from tips and overtime
The legislation would carry through on a campaign promise by Trump to exempt income from tips and overtime from federal income taxes. Tipped workers make up about 2.5% of the workforce, and about 12% of hourly workers clock some overtime each year, according to an analysis by the Yale Budget Lab.
Both tax exemptions are structured as deductions that workers would claim when they filed their taxes the following year. The tax exemption would apply only to federal income tax, so workers would still have to pay Social Security and Medicare taxes on their income, along with any state or local taxes.
As many as 40% of tipped workers already don’t make enough money to have to pay federal income tax on any of their earnings, so the benefit would be relatively limited, the Yale Budget Lab found.
In short, this so-called “no tax on tips” won’t even kick in for the vast majority of tipped workers, since they don’t make enough money to file a 1099… the workers who will get this benefit? Investment bankers, who will now be able to shift their billing to rank their commissions … as tips.
Other losers and winners?
Loser: Health care workers
Less funding for Medicaid and fewer people with health insurance would mean a drop-off in doctor’s office visits, prescription refills and medical procedures — and, as a result, fewer workers needed to support those types of services. That could lead to the loss of nearly 500,000 health care jobs over the next decade, according to an analysis by George Washington University and the Commonwealth Fund.
The Senate bill would also prohibit Medicaid funding for entities that provide abortions, including Planned Parenthood, which could cause cuts backs or the closure of those health care centers.
The Senate legislation seeks to mitigate some of that pain for rural health care providers, who care for a disproportionately high number of Medicaid patients, with a $25 billion fund for rural hospitals.
Winners: Fossil fuel companies
Both the House and the Senate bill include wins for the fossil fuel industry, stripping away numerous provisions put in place during President Joe Biden's administration to shift energy consumption away from fossil fuels. Both bills would delay a fee on excess methane pollution by oil and gas companies, roll back Biden-era rules to curb vehicle emissions and include provisions intended to speed the development of new fossil fuel projects.
The Senate bill also includes a new tax workaround for oil drillers that would enable many of them to avoid having to pay a corporate alternative minimum tax of 15%.
Losers: Clean energy companies and workers
Clean energy companies say the bill could cripple their businesses by stripping away tax subsidies and funding made available during the Biden administration. The Senate bill would go further than the earlier version passed in the House by imposing new tax penalties on wind and solar farm projects started after 2027, unless they met certain requirements. That could jeopardize billions of dollars in investments in clean energy projects — along with the thousands of jobs that would come along with those projects, including in Republican-led states like Georgia and South Carolina.
Other provisions would reduce benefits for consumers buying electric vehicles, solar panels and appliances to make their homes more energy efficient.
A tale of two Senators
The Senate bill that passed is the single largest transfer of wealth from the middle and bottom to the very top of the economic pyramid in a generation. And Senators in the two parties reacted rather differently to that sobering fact.
TJRS Show Notes: What’s in the Big Billionaire Bustdown bill (free preview)
On the one hand, Alaska Republican Senator Lisa Murkowski tried to cut a special deal for her state, only to get slapped down by the parliamentarian. So like any good lickspittle, she voted for the bill anyway. She did have the gumption, however, to stare down a journalist who dared to ask her about it.
Wow … gutsy.
On the very other hand, here is Democratic Senator Chris Murphy of Connecticut, let forth the disgust that I think the minority of Americans who actually know about this Big Billionaire Bustdown feel in this moment.
Bottom line: a strong majority of those who know what’s in this wretched bill oppose it, and the more people learn about it, the more they want it gone. I mean, it’s not hard to see why. First of all, the name is idiotic, and speaks to the weakness of the men in the Republican Party, that they would title a bill in such a way as to please their self-described “daddy,” and not something that at least carries the normal dignity of a proposed law.
But the upside of the stupid name, is that Republicans have forced otherwise adult journalists, to repeat the name of the bill over and over again, as if they are describing its actual effect, and not just its name. So the naming is both weak-kneed, and wickedly clever.
Still, anyone who repeats the name sounds like an idiot or a sycophant.
On the right, the small number of opponents, like Senator Rand Paul of Kentucky and the House tea party extremists oppose its staggering cost, and the giant dump it will take on our deficit and debt.
Or, like Thom Tillis, they recognize the political peril of bouncing millions of white Americans off of Medicaid and forcing their rural hospitals and nursing homes to close.
By the way, I look forward to the Roy Cooper vs Lara Trump race for Tillis’ seat next year… because of course, mob boss Trump wants to cut his whole family in on the money action.
And when I say mob boss … I mean grimy threats like this one, which I actually kind of hope he carries out against Elon Musk:
For the brown folk … the cages
Meanwhile, Trump reunited with his old frenemy Ron DeSantis, to tour Florida’s sparkly new concentration camps, which Florida’s little Mussolini has labeled “Alligator Alcatraz.”
Apparently, Florida is ditching its reputation as a tourist hotspot known for Disneyland, beaches and cruises, and instead would like to be known as Little El Salvador. I wonder where they’re putting the “Arbeit macht frei” signs?
They’re going to need to translate the German into Cuban-inflected Spanish…
Something here to think about, Latino friends…
America, you had a good run. Good luck without the immigrants…
Excellent summary of our current horror show. I would like to point out that permanent tax law changes are only permanent until they aren't. That will take Democrats gaining control of the WH, the House and the Senate and then changing these tax laws. This brings me to another point. Why do corporations and businesses need so many tax credits and deductions? Isn't this socialism? Why can't they pull themselves up with their boot straps without help from the government?
Thank you, Joy.