Relief for the rich

Trump’s much-touted “one big, beautiful bill” — the 2026 U.S. House Reconciliation Bill — reveals a striking imbalance in the distribution of tax cuts. According to ITEP,  the wealthiest 20% of Americans are set to receive 67% of the total benefits, while the bottom 60% will share just 17%. This skewed allocation highlights how fiscal policy continues to favour top earners. Meanwhile, concerns over the national debt are mounting. With 30-year Treasury yields surpassing 5% and another credit rating downgrade last week, the message from markets is clear: tax cuts without offsets risk pushing U.S. sovereign debt toward unsustainable levels — projected to hit 134% of GDP within a decade.