GOP tax bill would cost poor Americans $1,600 a year and boost highest earners by $12,000, CBO says
GOP tax bill would cost poor Americans $1,600 a year and boost highest earners by $12,000, CBO says
The Republican tax bill approved by the House 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.
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.
No, they care about every little drop of blood they can suck
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.
They aren't going to stop until it's just peasants and billionaires.
Aka the Middle Ages
They read Yanis Vourofakis's new book and thought technofeudalism was a manifesto.
Sounds just like Dark/Middle Ages
[The Dark Ages is] marked by economic, intellectual, and cultural decline
And the poorest will feel that $1600 painfully. The richest won't even notice the $12000.
I disagree. The richest are such greedy, vile scumbags that they'll notice it long enough to chortle with glee.
But then yeah, they'll promptly forget all about it.
I don't think this is anywhere close to describe the real effect of the trillions the big ugly bill gives in tax cuts to the rich.
Just a quick example: 2 trillion spread evenly on ALL Americans including pensioners and children, would give every American almost $7000 per year each!
Holy shit, someone's getting fired at the CBO! How dare they put out honest data.
All this and tariffs too!
Ahh... The old backwards Robin Hood maneuver.
And yet the poor GOP voters will still blame immigrants.