According to a new analysis by the Congressional Budget Office (CBO), the recently passed Republican tax and spending bill disproportionately benefits the wealthiest Americans. While families in the top 10% of the income distribution could save around $12,000 annually, middle-income families see minor savings, and low-income families earning less than $55,000 are projected to face net losses due to cuts in government programs. CBO director Phillip Swagel noted that the distribution of these benefits is unbalanced, further widening the gap between income brackets.
The nation's highest-paid workers would be the biggest winners from a massive Republican tax and spending bill, while the lowest-income families would be worse off.
The CBO found that tax cuts deliver the biggest savings for top earners, while those making less than $55,000 see net losses due to reduced benefits.
CBO director Phillip Swagel highlighted that resources would decrease for lower-income households and increase for those in the middle and upper-income distributions.
Families in the top 10% would see significant tax savings of about $12,000, while lower-income families could lose an average of $1,600 annually.
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