New CBO Analysis: GOP Tax Bill Hurts The Poor While Helping The Rich Get Richer
A new analysis by the Congressional Budget Office (CBO) found that the Senate tax legislation if passed would hurt Americans in the lowest income brackets while helping wealthy Americans get even richer, The Washington Post reports.
The legislation would negatively impact individuals who make under $30,000 per year by the end of 2018, the report said, while most of those making under $75,000 would be negatively affected within the next five years.
The score comes as the Senate pushes its own version of tax reform legislation, which reportedly could see a vote as early as Thursday.
The House earlier this month passed its own version of the tax reform bill, which differs from the bill currently in the upper chamber.
Senate Republicans have only seen one defection in Sen. Ron Johnson (R-Wis.), meaning they can only afford one more defection to successful pass the legislation. However, six other Republican Senators have expressed deep concern about the bill and are inclined to vote against the legislation.