Another day, another “bold” move from the GOP that puts big business first and working families last.

Senate Republicans just dropped their changes to President Donald Trump’s sweeping tax and spending bill, his so-called “One Big Beautiful Bill.” But let’s call it what it really is: a political time bomb dressed up as economic reform.

A Tax Cut for Whom, Exactly?

The Senate’s version of the bill keeps many of Trump’s 2017 tax cuts alive and makes some business tax breaks permanent, a win for corporate America. Meanwhile, they’ve scaled back deductions for state and local taxes, capped tax breaks on tips and overtime pay, and tossed a time bomb into Medicaid funding.

This means that if you’re a CEO or defense contractor, you’re smiling. If you’re a nurse in a rural hospital or a server making tips, good luck.

Tax Breaks for the Rich, Restrictions for the Rest

Remember when Trump promised tax relief for tipped workers during his 2024 campaign? The Senate now wants to limit those deductions, $25,000 max for tip income, phasing out at $150,000 for individuals.

Compare that to the House version, which was more generous. That’s not a win for working-class Americans, it is a walk-back dressed as fiscal prudence.

And that $10,000 cap on SALT (State and Local Tax) deductions? It stays, despite the House’s proposal to raise it to $40,000. Republicans from high-tax states like New York and California are furious, and they should be. This penalizes middle- and upper-middle-class professionals in blue-leaning states.

Medicaid Cuts: Cold and Calculated

Let’s talk about the real gut punch: Medicaid.

The Senate plan caps something called the provider tax, a fee that helps states fund Medicaid. By lowering the cap from 6% to 3.5% by 2031, it’s effectively defunding hospitals in rural and low-income areas, those same hospitals that are already teetering on the edge.

“This is going to defund rural hospitals, effectively,” warned Senator Josh Hawley, a Republican, no less.

And that’s not just political noise. The Congressional Budget Office says the bill could leave 4.8 million people uninsured.

Let that sink in. Four. Point. Eight. Million. People.

Another Knife Twist?

The Senate bill aggressively phases out subsidies for clean energy and electric vehicles, a move that sent solar stocks tumbling within hours.

So not only is the U.S. backtracking on climate goals, but we’re doing it during a geopolitical oil crisis with Iran. The irony writes itself.

A $5 Trillion Debt Ceiling Hike With No Real Reform

Yes, the bill includes a $5 trillion debt ceiling hike. That sounds massive, because it is. But while deficit hawks like Ron Johnson are yelling about it being “inadequate,” here’s what’s really frustrating:

They’re raising the ceiling without solving the structural issues.

At the same time, they’re rejecting calls to preserve the social safety net, undermining programs like Medicaid, while doubling down on military spending and border walls. It’s “America First,” unless you’re actually in America and poor.

A Party at War With Itself

If you’re wondering whether this bill will even pass, good question. With such narrow majorities in the House and Senate, and deep disagreements between factions, the GOP is eating itself alive trying to push this thing through by July 4.

Even Senate Republicans are bickering. Deficit hawks want deeper spending cuts. Social conservatives are defending Medicaid. House Republicans are furious about state tax caps being lowered.

And that’s all before it goes back to the House for another vote.