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CBO Report Shows Trump-GOP Bill Would Spur Unparalleled Wealth Transfer From Poor to Rich (www.commondreams.org)

submitted 1 day ago by [email protected] to c/[email protected]

3 comments fedilink

111

CBO Report Shows Trump-GOP Bill Would Spur Unparalleled Wealth Transfer From Poor to Rich (www.commondreams.org)

submitted 1 day ago by [email protected] to c/[email protected]

13 comments fedilink

102

CBO Report Shows Trump-GOP Bill Would Spur Unparalleled Wealth Transfer From Poor to Rich (www.commondreams.org)

submitted 1 day ago* (last edited 1 day ago) by pelespirit to c/politics

15 comments fedilink

The nonpartisan Congressional Budget Office said Tuesday that the Republican legislation speeding through the U.S. House of Representatives would cut household resources for the bottom 10% of Americans while delivering gains to the wealthiest in the form of tax breaks.

The CBO also said Tuesday that the Republican reconciliation package, which Trump has championed, would trigger automatic cuts to Medicare spending—reductions that the nonpartisan body did not factor into its distributional analysis.

The CBO's analysis also did not include the impact of a tentative deal to boost the cap on state and local tax deductions (SALT), a change that would primarily benefit wealthy households.