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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSenate GOP tax bill hurts the poor more than originally thought, CBO finds
The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nations poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office.
Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans. The CBO also said the bill would add $1.4 trillion to the deficit over the next decade, a potential problem for Republican lawmakers worried about Americas growing debt.
Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families.
By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBOs calculations. (In the CBO table below, negative signs mean people in those income brackets pay less in taxes).
Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans. The CBO also said the bill would add $1.4 trillion to the deficit over the next decade, a potential problem for Republican lawmakers worried about Americas growing debt.
Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families.
By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBOs calculations. (In the CBO table below, negative signs mean people in those income brackets pay less in taxes).
https://www.washingtonpost.com/news/wonk/wp/2017/11/26/senate-gop-tax-bill-hurts-the-poor-more-than-originally-thought-cbo-finds/?utm_term=.e7902196d253
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Senate GOP tax bill hurts the poor more than originally thought, CBO finds (Original Post)
spanone
Nov 2017
OP
Irish_Dem
(47,266 posts)1. I'm totally shocked I tell you. I am sure it is a mistake and the GOP will "fix" it later.
Not.
smirkymonkey
(63,221 posts)2. Is anyone really surprised?
We all knew this was going to be a shit sandwich for everyone but the 1%.
greatauntoftriplets
(175,748 posts)3. And in other news, water is still wet.
Achilleaze
(15,543 posts)4. Typical republican ream job of the American people
to enrich already rich republicans