Tina Smith Explains Exactly What The One Big Beautiful Bill With Cost American Taxpayers

Forbes Breaking News

During Wednesday’s Senate Democrats’ ‘Ask Me Anything’ Virtual Event, Sen. Tina Smith (D-MN) discussed how the One Big Beautiful Bill will affect all American families.

Transcript

00:01Hi, everyone. I'm Senator Tina Smith, and we are back with the questions, and I'm really

00:05excited to help answer these questions. So here is Tina. Thank you for being here. Hey, look,

00:11we got the leader here. We got the great Tina Smith. We know how much this bill is betraying

00:17America. We know how ugly it is, and we're going to let everybody know, right? That's right. That's

00:22right. So we're really grateful to have all of you asking these questions. And here's the first

00:27question that I'm going to answer. Give him hell. Thank you, Chuck. Thank you. Okay. Sawyer

00:32Hackett asked his audience what they'd like us to answer. And so here's the question that

00:38we have. The question is, have heard that the Republican tax bill will raise prices. If it

00:44is passed, how much will it cost me? So this is a great question, because what we know from

00:50bipartisan, nonpartisan experts is that what this bill will do is it will raise

00:56costs for pretty much most middle class and working class families. Your costs are going

01:02to go up. And what's going to happen is that the tax breaks are going to go primarily to the

01:09very wealthiest Americans and big corporations. So that is the gist of everything that's going

01:16to happen here. What does that mean in real time? Your health care premiums could go up if

01:21you buy your insurance on on the health care exchanges. Your energy costs are going to go up

01:29because they are repealing all of the tax credits that help bring renewable energy online, clean

01:34energy online. And that is boosting energy supply. And when they take that all away, everybody knows that

01:41your energy costs are going to go up. If you count on SNAP, which is the biggest anti-hunger program

01:49in this country, you are going to lose your ability to help pay for your groceries. So your grocery costs

01:54are going to go up. And by the way, this is not even counting what impact the Trump tariffs are having

02:00on raising costs of everything from from beer to food to pretty much everything that you buy. So long

02:08story short is that your costs are going to go up and your taxes are almost certainly not going to be

02:16improved by this bill if you're just a regular person.

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