{"id":46007,"date":"2025-08-12T03:44:50","date_gmt":"2025-08-12T08:44:50","guid":{"rendered":"https:\/\/ustower.net\/?p=46007"},"modified":"2025-08-12T03:45:12","modified_gmt":"2025-08-12T08:45:12","slug":"trumps-tax-law-will-mostly-benefit-the-rich-while-leaving-poorer-americans-with-less-cbo-says","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=46007","title":{"rendered":"Trump’s tax law will mostly benefit the rich, while leaving poorer Americans with less, CBO says"},"content":{"rendered":"\n

WASHINGTON \u2014 President Donald Trump<\/a>\u2019s tax and spending law will result in less income for the poorest Americans while sending money to the richest, the nonpartisan Congressional Budget Office reported Monday.<\/p>\n\n\n\n

The CBO estimates that the 10% of poorest Americans will lose roughly $1,200 a year as they experience restrictions on government programs like Medicaid and food assistance, while the richest 10% of Americans will see their income increase by $13,600 from tax cuts. Overall, American households will see more income from the tax cuts in the legislation<\/a>, including middle income households, but the largest benefit will go to the top 10% of earners.<\/p>\n\n\n\n

The CBO\u2019s report comes as lawmakers are away from Washington<\/a>, many taking their messages about the bill to voters. Republicans muscled the legislation \u2014 deemed \u201cthe big, beautiful bill\u201d by Trump \u2014 through Congress in July. Democrats all vehemently opposed the legislation, warning that its tax cuts and spending priorities would come at the expense of vital government aid programs and a ballooning national debt<\/a>.<\/p>\n\n\n\n

\u201cThis really is a big, beautiful bill for billionaires, but for the poor and the working class in this country, you are actually poorer,\u201d said Rep. Brendan Boyle, the top Democrat on the House Budget Committee, in an MSNBC interview on Monday.<\/p>\n\n\n\n

Changes to eligibility for government food assistance<\/a> under the law will impact millions of Americans, the CBO found. Roughly 2.4 million people won\u2019t be eligible for the Supplemental Nutrition Assistance Program under new work requirements for many recipients. Low-income Americans could also see their income reduced through further restrictions on food aid and other types of assistance included in the law.<\/p>\n\n\n\n

Already, more than 10 million Americans<\/a> are expected to be without health insurance by 2034 due to changes to Medicaid under the law.<\/p>\n\n\n\n

Following release of the report, Rep. Jason Smith, the Republican chair of the House Ways and Means Committee, said he took issue with CBO\u2019s methodology, repeating criticism he has made in the past.<\/p>\n\n\n\n

\u201cCBO has a troubled track record of getting its estimates incorrect and, like Democrats, is biased in favor of more federal spending and higher taxes,\u201d Smith said on social media. \u201cDon\u2019t buy it.\u201d<\/p>\n\n\n\n

Republicans have been eager to sell the upsides of the legislation \u2014 arguing that the tax cuts will spur economic growth \u2014 while they are on a monthlong summer break from Washington. But those who have held townhalls in their home districts have often been greeted by an earful from voters and activists.<\/p>\n\n\n\n

\u201cTax the rich,\u201d the crowd in Lincoln, Neb. chanted last week<\/a> as Republican Rep. Michael Flood attempted to defend the bill.<\/p>\n\n\n\n

Still, Trump has been undeterred.<\/p>\n\n\n\n

\u201cPresident Trump\u2019s One Big Beautiful Bill is putting America First like never before, delivering huge savings for hardworking families, boosting our economy, and securing our borders,\u201d said White House deputy press secretary Abigail Jackson in a statement last week.<\/p>\n\n\n\n

Nbcnews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON \u2014 President Donald Trump\u2019s tax and spending law will result in less income for the poorest Americans while sending money to the richest, the nonpartisan Congressional Budget Office reported Monday. The CBO estimates that the 10% of poorest Americans will lose roughly $1,200 a year as they experience restrictions on government programs like Medicaid and […]<\/p>\n","protected":false},"author":7,"featured_media":46008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[5319,24537,31612,1230],"class_list":["post-46007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-congressional-budget-office","tag-revenue","tag-tax-law","tag-trump"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/46007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46007"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/46007\/revisions"}],"predecessor-version":[{"id":46009,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/46007\/revisions\/46009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/46008"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}