US EditionTrump's Tax Law Will Mostly Benefit the Rich, While Leaving Poorer Americans with Less, CBO Says
UNITED STATES, AUG 11 – The Congressional Budget Office found the poorest 10% lose about $1,200 annually while the richest 10% gain $13,600 from the new tax law, reducing aid programs for low-income Americans.
- Trump's tax and spending law will reduce income for the poorest 10% of Americans by roughly $1,200 per year while increasing income for the richest 10% by $13,600 from tax cuts.
- The law will make about 2.4 million people ineligible for food assistance under new work requirements, and over 10 million are expected to be uninsured by 2034 due to changes to Medicaid.
- Republicans defend the law as putting 'America First' and boosting the economy, while Democrats criticize it as heavily favoring the rich over the poor and working class.
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57 Articles
2.4 million people expected to lose food stamps after Trump agenda law broadened work requirements, CBO says
By Tami Luhby, CNN (CNN) — Some 2.4 million fewer Americans, including families with children, are forecast to receive food stamps benefits in an average month after Republican lawmakers expanded work requirements to some parents, older enrollees and others as part of President Donald Trump’s agenda law, according to a Congressional Budget Office analysis released Monday. And other recipients are expected to see their monthly assistance shrink –…
Iowa Capital Dispatch
Florida PhoenixRepublican megalaw helps earners with high and middle incomes, hurts poorest, CBO says
A sign in an Indianapolis store shown on Aug. 1, 2023, says SNAP benefits are accepted. A new analysis by the Congressional Budget Office projects 2.4 million fewer people per month will participate in the program under Republicans’ tax cut and spending law. (Photo by Getty Images)About 10 million people, mostly Medicaid recipients, will lose access to health insurance and 2.4 million fewer people per month will participate in a federal food aid…
According to the U.S. budget office, the income of the poorest Americans will fall by around 1000 euros a year. For the wealthiest, 11,000 euros more will remain at the end of the year.
Associated Press News
Trump's tax law will mostly benefit the rich, while leaving poorer Americans with less, CBO says
President Donald Trump’s tax and spending law will result in less income for the poorest Americans while sending money to the riches, according to a new report from the nonpartisan Congressional Budget Office.
Trump Tax Law Squeezes Poor, Boosts Income for Wealthy, CBO Says
(Bloomberg) — President Donald Trump’s tax and spending law will deal a financial blow to the poorest Americans while boosting the income of wealthier households, according to a new analysis from the Congressional Budget Office.
Trump Tax Cuts Finances for Poor, Boosts Income for Wealthy
President Donald Trump’s tax and spending law will deal a financial blow to the poorest Americans while boosting the income of wealthier households, according to a new analysis from the Congressional Budget Office.
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