The sweeping tax cuts championed by President Donald Trump and congressional Republicans have been “beautiful” indeed – but mostly for billionaires, a report says.
New Jersey’s seven richest residents have seen their wealth grow by $3.8 billion – or a staggering 16.3 percent – since Trump was re-elected, according to a new study from Americans For Tax Fairness.
Nationwide, the collective fortune of America’s billionaires has grown by $1.96 trillion, or 30.6 percent, researchers said.
Seven billionaires who live in New Jersey were listed in the study: John Overdeck, Catherine Commisso, Peter Kellogg, Brian Venturo, Larry Robbins, Duncan MacMillan, and Bruce Springsteen. The report also listed Rocco Commisso, who died earlier this year.
The full study – released on Tax Day 2026 – can be seen online here.
Researchers pointed to the controversial “One Big Beautiful Bill Act” as a major reason for the rise in their net worth:
“Last July, Trump and his fellow Republicans enacted H.R. 1, the One Big Beautiful Bill Act, a massive tax-and-spending law that, including added interest on the debt, will cost more than $4 trillion over the next decade. The bulk of that expense comes from $4.5 trillion in tax cuts that mostly benefit the wealthy. The highest-income 20% of American households will receive 70% of the tax cuts in 2026, and the top 1% – those with incomes of roughly a million dollars or more – will receive $1 trillion over the next decade. If temporary components of the law are eventually made permanent, the total cost would increase to $5.5 trillion.”
According to Americans For Tax Fairness, the tax cuts were partially paid for through cuts to vital human services, including Medicaid and loss of coverage under the Affordable Care Act, otherwise known as “Obamacare.”
The report got a thumbs-up from nonprofit advocacy group New Jersey Citizen Action (NJCA), which pointed out that all three of the Garden State’s Republican House members voted in favor of the One Big Beautiful Bill Act.
New Jersey’s nine Democratic House members each voted against the spending plan.
Laura Waddell, the NJCA health care program director, accused the state’s billionaires of profiting from the loss of their neighbors’ insurance coverage.
The combination of tax and service cuts – plus Trump’s controversial business tariffs – will saddle the lowest-income 80 percent of New Jersey residents with an average of $720 in higher costs this year, according to an ATF analysis of data from the Institute on Taxation and Economic Policy.
The same analysis shows the highest-income 1 percent will each enjoy on average a cumulative savings of $4,521 under Trump’s “Big Ugly Bill,” advocates said.
“While most Americans pay their fair share of taxes, the ultra-wealthy enjoy massive tax breaks,” Waddell said. “Meanwhile, many New Jerseyans struggle with health care premiums 400 or 500 percent greater than last year’s rate, and many others face the danger of having no health care at all.”
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NJ REPUBLICANS: ‘SORELY-NEEDED TAX RELIEF’
On the flip side of the coin, GOP leaders in New Jersey have been praising the tax cuts, claiming that they have also boosted average working families in the state.
According to the New Jersey Republican State Committee, the average tax refund is up by nearly 11 percent this year, while average refunds are the “largest on record” at nearly $3,600.
In addition, more than 5.2 million taxpayers benefited from “No Tax on Tips” and overtime provisions – resulting in working Americans seeing more money in their paychecks, the NJGOP reported.
“The Working Families Tax Cuts is providing sorely-needed tax relief to New Jersey families,” New Jersey Republican chair Christine Giordano Hanlon said.
Garden State residents have also been positively impacted by the 300 percent cap increase on state and local tax (SALT) deductions, which has “brought real relief” for taxpayers from skyrocketing state property taxes after nearly a decade of Democratic control, the NJGOP said.
Other tax reforms that have boosted Garden State residents include the child tax credit, which was raised based on rising inflation.
Republicans have also made raising a family more affordable by establishing new investment accounts for children and expanding 529 education savings accounts, the NJGOP added.
“This landmark legislation not only prevented looming tax hikes, but it also provided major tax relief, especially for working families in New Jersey,” Hanlon said.
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