The Republican tax bill approved by the U.S. House of Representatives would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually, according to a new analysis released Thursday by the Congressional Budget Office.
Middle-income households would see a boost of roughly $500 to $1,000 per year under Republican President Donald Trump’s tax bill, the CBO found.
The cuts to the lowest-income households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and Assistance Program.
Surely we can boost the high earners more than that?! Are the poors really making enough sacrifices here?
$12K isn’t even enough for those high earners to even notice or care.
These numbers should be taken with a massive grain of salt.
The bill is far too expansive to give reliable estimates. Even those in similar income brackets will realize very different outcomes, depending on their individual circumstances. But yes, generally the poor and working class will suffer financially, and the wealthy will benefit. Those closest to either end of the wealth spectrum will see the greatest of these effects, which will be far beyond the figures predicted here.
No, they care about every little drop of blood they can suck