Speaker of the House Mike Johnson, R-La., meets with reporters to discuss work on President Donald Trump's bill of tax breaks and spending cuts, at the Capitol in Washington, Wednesday, June 4, 2025. (AP Photo/J. Scott Applewhite)

Americans might expect elected officials to pull an all-nighter and pass solutions to pressing issues, like the swelling cost of living crisis or raising the minimum wage. After all, Senate Democrats considered the Inflation Reduction Act for 27 continuous hours in August 2022 to lower health care and energy costs. Instead, Republicans in the House labored through the night a few weeks ago for the noble cause of tax breaks for the wealthy.

Building off of Trump’s failed 2017 tax law that massively cut taxes for wealthy individuals and large corporations, the so-called “One Big, Beautiful Bill Act” will deliver nearly $400,000 next year to those in the top 0.1%. As just a couple of examples of the fine print, the bill cuts taxes for wealthy individuals receiving large inheritances, increasing the estate tax exemption to $15 million, and doubles down on tax incentives for corporations to ship jobs and factories overseas.

At the same time, the bill will lower the incomes of middle-class families. It will kick more than 3 million people off of food assistance and take health insurance coverage away from 15 million Americans. It will dramatically increase the cost of college, driving up student loan payments and reducing eligibility for Pell Grants for part-time students, which help low-income students afford higher education while they are working. And in addition to cutting vital programs like Medicaid and SNAP, this bill will drive up costs for American families at a time when they are already struggling to afford the basic essentials.

Take utilities for example: 73% of Americans are concerned that their electric and gas bills will increase this year. Instead of lowering utility bills for families, Republicans in Congress are proposing massive rollbacks to Inflation Reduction Act programs that help families make their homes more energy efficient, lowering the cost of powering, heating, and cooling their home. Under current law, consumers can use tax credits to offset the costs of installing solar panels or electric heat pumps. In addition to helping them save roughly $5,000 on these investments, these upgrades can reduce energy costs by $2,000 each year. Other tax credits lower the cost of installing and operating new clean energy power sources. By rolling back these incentives, Republicans will increase households’ electricity bills by $83 per year.

Beyond raising household energy costs, Republicans’ plans would hike gas prices by up to 37 cents per gallon and make it more expensive to switch to an electric vehicle to save on gas prices. On top of eliminating the $7,500 tax credit for new EVs, they have proposed a new annual fee of $250 for EV owners.

On top of the hand-outs to wealthy corporations, Republicans in Congress want to make it easier for companies to rip off consumers and workers. The House bill proposes to prohibit state governments from passing new regulations on AI technology. This would allow companies like Uber and DoorDash to continue setting wages based on drivers’ private information through “black-box” algorithms with little transparency; enable Kroger to use facial recognition and personal customer data in combination with digital price tags to charge customers different prices; or let UnitedHealthcare get away with automatic denials for necessary health care.

The “One Big Beautiful Bill” is nothing more than a suite of handouts to Trump’s wealthy allies and donors that sticks working families with the bill. It deepens the economic inequality that plagues our country, draining billions from critical programs that ensure kids do not go hungry and families can access lifesaving healthcare. This bill makes it more clear than ever where President Trump and Republicans in Congress stand: on the side of their billionaire donors rather than working families.

Elizabeth Pancotti is the Managing Director of Policy and Advocacy at the Groundwork Collaborative. She’s on X @ENPancotti.