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GOP Tax Bill Would Cost Low-Income Americans $1,600 a Year and Boost Highest Earners by $12,000, CBO Says
- The nonpartisan Congressional Budget Office released an analysis on Thursday showing the Republican tax and spending bill benefits the wealthiest households while reducing resources for the poorest.
- The bill extends many 2017 tax cuts and cuts Medicaid and SNAP benefits, which mainly causes lower-income families to lose financial resources while middle and higher earners gain.
- Households in the top 10% earning about $692,000 annually would see average annual tax savings around $12,000, while middle-income families gain $500 to $1,000, and the lowest earners lose about $1,600 annually.
- Representative Brendan Boyle characterized the bill as causing a significant shift of wealth away from everyday working families toward the very richest Americans, while Treasury Secretary Scott Bessent cautioned that not approving the legislation could lead to severe economic consequences.
- The bill’s distributional impacts have caused opposition from Democrats, faith leaders, social advocates, and some Republicans, suggesting it faces a difficult path in the Senate with potential economic and social implications.
70 Articles
70 Articles
Trump's 'Big, Beautiful Bill' Pulls $1,600 From Poorest, Adds $12,000 For Richest Annually, Shows CBO Analysis
House-passed bill slashes income of poorest Americans by $1,600 & boosts wealthy by $12,000, middle-income families gain modestly, but low-income families lose due to Medicaid cuts & work requirements reveal new CBO analysis.
How H.R. 1, the One Big Beautiful Bill Act, Would Affect the Distribution of Resources Available to Households
CBO's interactive tool allows users to explore how H.R. 1, the One Big Beautiful Bill Act, as passed by the House of Representatives on May 22, 2025, would affect the economic resources available to households grouped by income.
'Really goes after poor people': How Trump's big bill punishes low-income Americans
A new analysis from the Congressional Budget Office (CBO) released Thursday reveals that the Republican tax-and-spending megabill, recently passed by the House and now under Senate consideration, would significantly increase after-tax incomes for the wealthiest Americans while reducing them for the poorest. Specifically, the top 10% of earners would see an average annual gain of $12,000, whereas the bottom 10% would experience a loss of approxim…
Top earners to receive lion’s share of income boost from GOP bill: CBO
The top one-tenth of the U.S. income spectrum is set to receive the biggest annual boost to its wealth as a result of the House-passed Republican tax cut and spending bill, according to a new analysis from the Congressional Budget Office (CBO), while the bottom three deciles are set to lose wealth and the fourth…
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- 66% of the sources are Center
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