In response to reports that President Trump will sign his regressive and harmful tax bill into law today, Oxfam America President and CEO Abby Maxman said:
“In a historic act of cruelty, President Trump has stripped tens of millions of their healthcare and critical support programs in order to shower the ultra-rich in tax handouts. This administration has already caused irreparable harm to marginalized communities around the world by slashing life-saving humanitarian and development aid. Now, in the U.S., over 10 million people must prepare to be kicked off Medicaid, and millions of families could be left without the food assistance they need. This is the price of oligarchy: a society that is sicker, hungrier, and poorer.
“Make no mistake, these cuts are deadly — estimates show the healthcare cuts alone could lead to over 50,000 deaths annually. People across the country have shown their fear and outrage over this bill, but it’s clear Congressional Republicans and President Trump are most concerned with catering to billionaires. As of this April, the 10 richest U.S. billionaires alone saw their wealth increase by $365 billion over the previous year, and now these tax giveaways will make them even richer while everyone else struggles to afford essentials like food, electricity, and healthcare.
“However, the fight against these harmful policies is not over. President Trump has chosen to mold his agenda to the whims of the ultra-wealthy, and we must continue to hold him and his allies in Congress accountable for the suffering this bill will undoubtedly cause. Every law can be repealed, and we shouldn’t let this catastrophe become the new normal. The work starts now to replace this destructive budget with one that taxes corporations and the ultra-rich and invests in ordinary workers and families.”
Notes to editors:
An analysis by the University of Pennsylvania’s Leonard Davis Institute of Health Economics estimated that the changes to healthcare programs in the House-passed reconciliation bill — which are substantially similar to the Senate bill — will lead to over 51,000 preventable deaths annually.
By cutting various programs that help low- and middle-income households make their energy use more efficient and shift to clean energy, this bill will likely lead to households using more electricity, leading to higher energy costs. The bill also cuts subsidies to wind and solar energy and battery storage, which together make up over 90% of planned new electricity generation. By disincentivizing new electricity generating capacity, the bill will lead to an increase in energy costs.
Oxfam found that the 10 richest U.S. billionaires saw their wealth increase by $365 billion between April 30, 2024 and April 30, 2025. A modest 3% tax on wealth over $1 billion would raise over $50 billion from the 10 richest U.S. billionaires alone. This is enough to cover a year of food assistance for 22.5 million people.
According to the Joint Committee on Taxation, the reconciliation bill gives those in the top 0.1 percent an average tax cut of $308,763. By contrast, the lowest-income households will actually see their average taxes increase.
Oxfam America supports an inequality-reducing tax code and calls on Congress to reject tax giveaways for the wealthiest individuals and large corporations.