Economist Justin Wolfers is not impressed with President Donald Trump's "One Big Beautiful Bill." His critique? The law gives workers and retirees some temporary tax breaks on tips, overtime, and Social Security—but makes tax cuts for the wealthy permanent.

On Sunday, Wolfers took to X to share a video from Platypus Economics where he laid out his case. "No tax on tips. No tax on overtime. No tax on Social Security. Except: all taxed with narrow carve-outs, and all of it expires end of 2028," he wrote. "The one part of the tax bill that doesn't expire? Tax cuts for the wealthy. Those are permanent. Populism with an asterisk."

In the video, Wolfers walked through how the bill falls short of Trump's campaign rhetoric. "You saw this in a whole bunch of other ways," he said. "The president went on the campaign trail and promised no tax on tips. It turns out you do tax tips." He explained that the relief only applies to workers in certain tip-heavy occupations, and even then, it's temporary—expiring at the end of 2028.

The same goes for overtime. Trump had proposed eliminating taxes on overtime wages in 2024, arguing it would encourage workers to take more hours and help businesses hire. But Wolfers says the reality is different: "He talked about no tax on overtime. It turns out he does tax overtime." If someone works extra hours and gets time-and-a-half pay, "it's only the extra half that's not taxable, only up to a limit, only for certain occupations."

Social Security benefits? Still taxable, according to Wolfers. Instead of eliminating the tax, the bill creates a separate benefit for older Americans. "You know, there's one thing that didn't run out at the end of 2028," he said. "The tax cuts for the rich are permanent."

Trump has been bullish on the bill's impact. Earlier, he predicted Americans would see the "largest tax refund season ever" this spring, crediting the legislation with delivering major changes. He said the bill combines 17 initiatives and projected average refunds could increase by up to $1,000 per filer due to provisions like "No Tax on Tips" and "No Tax on Overtime."

Wolfers isn't the only critic. Senator Elizabeth Warren has also slammed the bill, calling it a giveaway to the wealthy. But Wolfers' point is sharp: the parts that help workers are temporary and narrow, while the parts that help the rich are forever. As he put it, "Populism with an asterisk."