The Daily Money: Will Trump's tax cuts hurt the poor?
Good morning! It’s Daniel de Visé with your Daily Money.
Who really benefits from President Trump's "Big, Beautiful Bill"?
Trump says his tax bill, which won approval from a key congressional committee on May 18, would lower taxes for all Americans.
It’s true that certain Americans will see after-tax income gains if the bill passes. But analyses from nonpartisan organizations suggest top earners stand to gain the most from these tax cuts, while some of the lowest earners may actually lose income.
American women stand to inherit $50 trillion
Much has been written about the Great Wealth Transfer, a historic passing of assets from the oldest Americans to younger generations over the next two decades. But the kids may have to wait.
Between 2024 and 2048, an estimated $54 trillion will pass from one spouse to another, rather than to children or grandchildren, in a wave of “horizontal” transfers that follow the death of a husband or wife.
And more than 95% of that wealth will go to women.
Get ready for an expensive summer
Skyrocketing prices might not be top of mind for many consumers this spring, especially in light of significantly lower gas prices at the pump right now. But many economists warn that consumers should get ready to pay more for some things this summer.
Maybe it isn't a bad idea to start thinking about back-to-school shopping even before summer vacation begins.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from Paste BN, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.