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GOP Megabill Boosts Wealthy Households While Hurting Poor, CBO Says

Greenbeard

Greenbeard

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Sometimes it's worth remembering that in fundamental ways Trump is a very conventional Republican.

GOP Megabill Boosts Wealthy Households While Hurting Poor, CBO Says
WASHINGTON—Republicans’ tax-and-spending megabill would give more money to middle-income and high-income households while taking benefits away from low-income people, according to a Congressional Budget Office analysis released Thursday.

The study by Congress’s nonpartisan scorekeeper looks at the combined effects of many of the House bill’s tax reductions and its cuts to federal programs, including Medicaid and nutrition assistance. The Republican-controlled Senate is considering changes to the measure, which passed the House last month, as lawmakers try to meet a July 4 goal to get the measure to President Trump’s desk.

The bill’s benefits increase steadily with income. Households near the middle of the income distribution would see their resources increase because of the bill by an annual average of $500 to $1,000, providing a boost worth 0.5% to 0.8% of their income. The top 10% of households would see a gain of about $12,000, or about 2.3% of income, largely because of tax cuts. That is all compared with current law, a scenario in which Trump’s 2017 tax cuts expire as scheduled Dec. 31.

On average, according to CBO, the bottom 30% of households would come out worse off, losing household resources. Income groups above that get more resources than they would under current law, on average. The bottom 10% of households would lose about $1,600 because of benefit cuts, equal to about 3.9% of income.
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Or, as the NYT aptly summed it up:
Trump’s Big Bill Would Be More Regressive Than Any Major Law in Decades
The Republican megabill now before the Senate cuts taxes for high earners and reduces benefits for the poor. If it’s enacted, that combination would make it more regressive than any major tax or entitlement law in decades.

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What did they think was going to happen? And why aren't our democratic representatives screaming bloody murder?
 
Greenbeard said:
Sometimes it's worth remembering that in fundamental ways Trump is a very conventional Republican.

GOP Megabill Boosts Wealthy Households While Hurting Poor, CBO Says


Or, as the NYT aptly summed it up:
Trump’s Big Bill Would Be More Regressive Than Any Major Law in Decades
Click to expand...
I don't see the cuts, they are in place and have been for 7 years. Biden didn't try to end the cuts, he left them in place. Only now do they seem to care. The percentage of cuts go to the middle class. Yeah, if you make a million, you will save more than if you make $100,000. If the democrats were not assholes trying to keep the nation apart they would negotiate for a bill that slightly raises tax on the very wealthy but a stipulated amount. They always say "fair share" never, ever telling us exactly what that acutally is. Why, because they have more billionaires contributing to their party and don't want to piss them off so they just spew lies.
To have a successful economy, you have to have successful businesses and the democrats want to punish business while rewarding people who don't work, and who make no attempt to support themselves or move off government assistance. I a poor ass kid who made good, had a pretty nice life once I fought my way out of poverty. I have not sympathy for those too damn lazy to do the same. If you really need help and are helpless that's one thing but most are just F n lazy who think the government ought to take care of their lazy asses.
 
They're regressive Republicans. I'm not sure why anyone expected them to do anything else.
 
I think it is important that the most rich people will be able to afford 18 yachts instead of 17 while poor MAGAs struggle to pay their rent or mortgage. And their medical bills. And their kid's school.

Priorities.
 
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