WASHINGTON (AP) — Congressional analysts find that many low- and middle-income Americans would be left worse off by the Republican tax bill now before the Senate, while the wealthy would get big benefits.
The nonpartisan Congressional Budget Office says in a new report that people earning less than $30,000 a year would lose out by 2019 from the combination of tax cuts and reduced federal benefits. By 2027, those earning less than $75,000 would be worse off, according to the report.
The new report finds that Americans earning $100,000 to $500,000 annually would benefit significantly under the Senate bill.
The CBO previously projected that the Senate measure’s repeal of the requirement that everyone have health insurance would result in 13 million more uninsured people by 2027.
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