In 1980 in Queens, New York City, young Jewish-American Paul Graff embarks on a journey that marks the beginning of sixth grade. On this significant day, he forges a friendship with a rebellious African-American classmate named Johnny Davis. Johnny, having repeated a year, faces tougher discipline from their teacher, a challenge that Paul is all too familiar with as he often drifts from his studies, preferring to express his creativity through drawing.
Living in a financially comfortable household, Paul enjoys a close relationship with his grandfather, Aaron Rabinowitz, who passionately supports his artistic dreams. In contrast, Paul's staunchly traditional parents, Esther and Irving Graff, harbor reservations about his aspirations. At night, Aaron captivates Paul with tales of their family's past, recounting how his own mother fled antisemitism in Ukraine and navigated a journey to the United States.
However, Paul's life takes a turn when he and Johnny are caught smoking a joint in the school restroom, leading to a furious reaction from Esther, who permits Irving to discipline Paul physically. With hopes of instilling discipline in their son, they forcibly transfer Paul to Forest Manor Prep, where his older brother Ted studies. In the interim, Johnny withdraws from public school following Paul’s expulsion.
Forest Manor, benefitted by affluent supporter Fred Trump, also witnesses a wave of Reagan supporters among its students. On the first day, Trump’s daughter Maryanne, a notable alumna, gives a lecture stressing the importance of working hard for success. While Paul recognizes the prestige of the school, he continues to feel isolated, exacerbated by the racist remarks he receives from peers when Johnny visits during recess. As tensions rise, Johnny ends up secretly residing in Paul's clubhouse, avoiding the foster care system that’s begun to search for him.
One weekend, while relaxing in the park, Paul confides in Aaron about the struggles he faces at school and his feelings of helplessness in confronting the racism around him. Aaron inspires Paul to challenge injustice, reminding him that despite the lingering antisemitism, they still benefit from their white privilege. Unfortunately, the family is soon overcome with grief when Aaron succumbs to bone cancer.
Overwhelmed by the insurmountable expectations from both family and school, and the unfairness surrounding Johnny, Paul devises a reckless plan to steal a computer from school in hopes of selling it for enough money to escape their painful realities. The plan seems successful until they are apprehended by the police while attempting to peddle the stolen item. In an act of loyalty, Paul confesses his intentions during interrogation to protect Johnny, but Johnny, feeling trapped, takes the fall, leaving Paul devastated. Their heartfelt goodbye is short-lived as Irving arrives to collect Paul, shielded from consequences by his connection with a police officer. In a moment of vulnerability, Irving opens up to Paul about understanding his frustrations with America’s racial disparities while emphasizing the necessity of survival for a prosperous future. They make a pact to keep what occurred from Esther, who is still reeling from her father's death.
Days later, after the defeat of their preferred candidate, emotions run high in the Graff household as they cope with President Reagan's victory. Yet amidst this turmoil, Paul tries to focus on his schoolwork. At a Thanksgiving dance, Fred Trump addresses the students, promising a brighter future for them, but a disillusioned Paul slips away, feeling increasingly alienated from the world around him.
