One of my objectives in this daily letter is to equip you with the facts you need. As the Senate approaches a vote on President Donald Trump’s giant “big beautiful” tax and budget bill, I want to be as clear as possible about it.

First, it will cost a budget-busting $3.3 trillion. According to new estimates by the nonpartisan Congressional Budget Office (CBO), the Senate bill would add at least $3.3 trillion to the already out-of-control national debt over a decade. That’s nearly $1 trillion more than the House-passed version.

Second, it will cause 11.8 million Americans to lose their health coverage. The Senate version would result in even deeper cuts in federal support for health insurance, and more Americans losing coverage, than the House version. Federal spending on Medicaid, Medicare, and Obamacare would be reduced by more than $1.1 trillion over that period—with more than $1 trillion of those cuts coming from Medicaid alone.

All told, this will leave 11.8 million more Americans uninsured by 2034.

If the bill now being considered by the Senate is enacted, 11.8 million Americans will lose their health insurance, millions will fall into poverty, and the national debt will increase by $3.3 trillion, all to provide a major tax cut mainly to the rich and big corporations.

Third, it will cut food stamps and other nutrition assistance for lower-income Americans. According to the CBO, the legislation will not only cut Medicaid by about 18%, it will cut Supplemental Nutrition Assistance Program (food stamps) by roughly 20%. These cuts will constitute the most dramatic reductions in safety net spending in modern U.S. history.

Fourth, it will overwhelmingly benefit the rich and big corporations. The CBO projects that those in the bottom tenth of the income distribution will end up poorer, while the top tenth will be substantially richer.

The bill also makes permanent the business tax cuts from the 2017 legislation, further benefiting the largest corporations.

Finally, it will not help the economy. Trickle-down economics has proven to be a cruel hoax. Over the last 50 years, Congress has passed four major bills that cut taxes: the 1981 Reagan tax cuts; the 2001 and 2003 George W. Bush tax cuts; and the 2017 Trump tax cuts. Each time, the same three arguments were made in favor of the tax cuts: (1) They’d pay for themselves. (2) They’d supercharge economic growth. (3) They’d benefit everyone.

All have been proven wrong. Here’s what in fact happened:

(1) Did the........

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