NEW: Middle-class Workers Lose, Very Wealthiest Win Under Trump Tax and Tariff Plans
WASHINGTON – The Joint Economic Committee – Minority released a new report today finding that the combination of President Trump’s tariffs and the Republican budget bill will cost the typical firefighter, teacher, truck driver, and other middle class workers hundreds of dollars next year, while the wealthiest Americans will get massive windfalls.
Key findings from the Committee report include:
- $490 cost for teachers: Grade school teachers will lose nearly $500 in 2026 from the combined impact of Republican tax and tariff policies
- $470 cost for firefighters and truck drivers: Both firefighters and heavy truck drivers will lose about $470 next year under the Republican plans
- $250 cost for police officers: Police officers will lose about $250 next year under the Republican plans
- $350,000 windfall for top 0.1%: Meanwhile, the typical earner at the very top of the income ladder will receive a net tax break of $348,500 in 2026, even after accounting for tariff impacts
- Widespread impact on working families: The analysis shows that workers across essential middle-class jobs will all face higher costs under the Republican plans
“Families across the country were already struggling because of high prices, and President Trump is increasing costs even more while giving the very wealthiest more tax breaks,” said Senator Maggie Hassan (D-NH), Ranking Member of the Joint Economic Committee. “This new analysis shows the ways in which those who make up the backbone of our country – fire fighters, teachers, truck drivers, and others – will all face higher costs because of President Trump's plans, while the top 0.1% of earners get a massive windfall.”
Read the full Joint Economic Committee – Minority report here. The Committee data incorporates estimates from several nonpartisan analyses, including the Congressional Budget Office’s analysis on how the bill, as passed by House Republicans, impacts workers at different income levels.