Fading Beauty: How the One Big Beautiful Bill Could Widen Wealth Inequality
By Kimberly Goulart and Luc Schuster
October 9, 2025
On July 4, 2025, President Trump signed the “One Big Beautiful Bill” (OBBB), a sweeping law that extends tax cuts favoring the wealthy, scales back the social safety net, boosts border and defense spending, and adds an estimated $3.4 trillion to the federal deficit. This new report, produced through our Racial Wealth Equity Resource Center with generous support from the Barr Foundation, examines how OBBB’s changes to the tax code, Medicaid, SNAP, and student aid could erode families’ ability to save, invest, and build long-term stability. These provisions risk deepening not only income inequality today but also racial and generational wealth divides for years to come.
