Key Takeaways
- The Republicans' budget reconciliation bill, currently making its way through Congress, would help the finances of the top 10% of earners while hurting those of the bottom 10%.
- If passed, the "One, Big, Beautiful Bill" by 2033 would result in the lowest-income households in the U.S. being 4% financially worse off, with the highest earners gaining 2%, according to the nonpartisan Congressional Budget Office.
- Cuts to Medicaid and SNAP food aid would affect families earning low-income, while tax cuts included in the bill would benefit wealthier taxpayers.
The Republicans' "One, Big, Beautiful Bill" would hurt America's lowest-income households while enriching its wealthiest ones, a new analysis found.
The budget bill is currently making its way through Congress and is supported by President Donald Trump. An analysis by the government research agency, the Congressional Budget Office, found that it would shift resources away from the lowest-earning Americans and toward the wealthiest.
By 2033, the lowest 10% of households by income would see the financial resources available to them each year fall by 4%, while the top 10% would get an increase of 2%. The nonpartisan CBO analyzed the reconciliation bill at the request of Democratic lawmakers.
The analysis defined "resources" as cash, plus the cash value of assistance they receive from the government, such as food aid and medical care.
The CBO's analysis highlights how the tax code changes will impact the finances of lower-earning households who rely on the programs targeted for budget cuts in the bill. Lower-income families will be hit hardest by 澳洲幸运5官方开奖结果体彩网:funding cuts to Medicaid, the state and federal health insurance program, and SNAP, the food aid program. The analysis found that high earners would benefit from tax cuts.