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Senate GOP Tax Bill Hurts Poor, Benefits Rich More, CBO Says

Senate GOP Tax Bill Hurts Poor, Benefits Rich More, CBO Says
Senate Finance Committee Chairman Orrin Hatch (AP Photo/ (J. Scott Applewhite/AP)

By    |   Monday, 27 November 2017 07:49 AM

The Senate GOP tax bill will hurt the poor more than expected, according to a CBO report released on Sunday, while those making more than $100,000 annually will receive substantial tax cuts, The Washington Post reported.

The Senate tax proposal also would add $1.4 trillion to the deficit over the next 10 years, the Congressional Budget Office said.

The CBO released its report as Republicans leaders were pushing for a vote as early as this week.

The Post reported that Americans earning less than $30,000 a year would be worse off under the Senate bill by 2019, the CBO determined. Americans earning $40,000 or less would be net losers in 2021, and by 2027, people earning less than $75,000 a year would be worse off.

Millionaires and Americans making $100,000 to $500,000 would be big beneficiaries, according to CBO calculations, per the Post. The poor's dilemma will be heightened by receiving less government aid for health care.

Senate Republican leadership wants to vote on their tax legislation as early as this week and then attempt to combine it with a different tax overhaul that passed the House of Representatives earlier this month, according to National Public Radio.

Some senators, though, are worried about the growing budget deficit under the plan. Arizona U.S. senators Jeff Flake and John McCain along with Tennessee Sen. Bob Corker have made their concerns about the budget deficit public, Politico reported.

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The Senate GOP tax bill will hurt the poor more than expected, according to a CBO report released on Sunday, while those making more than $100,000 annually will receive substantial tax cuts.
senate, gop, tax bill, poor, More, cbo
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2017-49-27
Monday, 27 November 2017 07:49 AM
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