Senate GOP Tax Bill Hurts the Poor More than Originally Thought, CBO Finds

Labor News

Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Senator Sherrod Brown (D-Ohio) had a tense exchange during a markup of the GOP tax bill on November 16. (Senate Finance Committee)

Reprinted from The Washington Post by Heather Long on November 26, 2017.

The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office.

Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans. The CBO also said the bill would add $1.4 trillion to the deficit over the next decade, a potential problem for Republican lawmakers worried about America’s growing debt.

Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families. …

Washington Post 11/26

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