InProgress

from the Center for American Progress

Hi there,

It seems the Trump administration is doing everything it can to avoid addressing the rising cost of living, from remodeling the “president’s golf course” to creating a gold-plated White House ballroom. While tens of millions of families enter the holiday season increasingly anxious about their finances, thanks to President Trump, one group can do so with peace of mind: the ultrawealthy. CAP recently released an analysis documenting “7 Ways the Big Beautiful Bill Cuts Taxes for the Rich.”

More than 70 percent of the deficit cost of the Big “Beautiful” Bill was from tax provisions where the Trump administration:

• Expanded loopholes for rich investors to get their income completely tax-free
• Permanently enacted a two-tier tax system so business owners can pay lower rates than their workers
• Gave $167 billion in tax cuts for big companies’ foreign profits, which encourages outsourcing and offshoring
• Snuck in billions in new tax breaks only available for certain favored industries, like spaceports, real estate investment trusts, and banks  
• And more

These are the provisions that nonpartisan scorers say will cut taxes for the wealthiest 10 percent of Americans by more than $14,700 per household per year and cut taxes for the richest 1 percent of Americans by more than $50,000 per year. While the Trump administration refuses to lift a finger to help prevent tens of millions of Americans from seeing their health care premium costs skyrocket, these provisions hand $2.3 trillion in tax breaks to the wealthiest Americans.

As the price of housing, groceries, and health care continues to climb, this Congress and the Trump administration have made their priorities clear: cut health care and food assistance to give tax cuts to the rich.

Sincerely,

Corey Husak
Director, Tax Policy
Center for American Progress

A New Economic Patriotism: A Conversation with Ro Khanna (D-CA)

Photo: Getty Images/Tom Williams

Rep. Ro Khanna (D-CA) has proved to be an effective leader and champion of the American people during his tenure in the House of Representatives. Just this past week, he was a key engineer of the vote to release the Epstein files, pushing for accountability for survivors.

Rep. Khanna’s leadership extends to the economy as well. He believes that we must give everyone a real shot at economic independence and security. From making child care and health care affordable to revitalizing America’s manufacturing industries and reshaping our education system to meet the economic needs of the present and the future, we need a policy agenda that focuses on communities and families left behind.

Please join the Center for American Progress on Wednesday, December 3 at 1 p.m. ET for a conversation with Rep. Khanna, moderated by CAP President and CEO Neera Tanden, where he will outline how all Americans must come together to embrace this new economic patriotism as our national purpose.

VIDEO: Former Sen. Jon Tester talks Citizens United with CAP’s Tom Moore

Former Montana Senator Jon Tester (D) explains the Supreme Court's Citizens United decision, and what Montana is doing to stop the flood of dark money into politics:

The truth of Trump’s “peace” plan for Russia and Ukraine

Photo: Getty Images/Andrew Harnik

The Trump administration’s 28-point plan for peace in Ukraine that leaked this week does not create a path out of the war; it merely repackages the Kremlin’s long-standing demands and presents them as a diplomatic breakthrough. 

The Russian proposal speaks for itself. It demands that Ukraine: 

• Surrender territory
• Accept limits on its armed forces
• Curb Western military assistance 

It punishes the victim and shields the aggressor from any cost—a dynamic that leads to more instability, not peace.

Peace remains the desired outcome. But real peace requires conditions Russia refuses to meet; that starts with withdrawal from occupied territory, durable security guarantees for Ukraine, and credible constraints on future Russian aggression. 

Until Moscow accepts those terms as the cost of ending the war, any plan that extracts concessions from Ukraine—while asking nothing of Russia—will not stabilize Europe. It will simply force the United States to stand by as Putin lays the groundwork for the next war.

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