GOP tax bill could cost low-income Americans $1,600 per year, CBO says
CBSN
The Republicans' "big beautiful" budget package is aimed at ushering in "a new golden age in America" through a combination of tax and spending cuts, according to House Speaker Mike Johnson. But a new analysis from the nonpartisan Congressional Budget Office finds that the bill may prove less golden for some Americans.
The lowest-earning 10% of U.S. households are likely to see their financial resources reduced by $1,600 per year, or almost 4% of their annual income, according to the June 12 CBO report.
The analysis, which tallies the impact of the bill's tax breaks, reductions in funding for federal programs and changes in matching state funds, notes that the proposed legislation would reduce resources for low-income Americans because of cuts to Medicaid and food stamps.
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