BlockBeats News, May 24th, in a sweeping legislative package passed by House Republicans on Thursday, the impact on high-income earners and low-income families formed a stark contrast. Experts pointed out that in the "Beautiful Act," most of the financial benefits, including tax cuts for business owners, investors, and high-tax zone homeowners, will flow to the wealthiest Americans. The situation for low-income earners will worsen.
This is mainly because Republicans are offsetting some of these tax cuts by cutting social security programs. The nonpartisan federal assessment agency, the Congressional Budget Office (CBO), estimates that due to the bill's adjustments, the income of the bottom 10% of households will decrease by 2% in 2027 and 4% in 2033. In contrast, the income of the top 10% of households will increase by 4% in 2027 and 2% in 2033. (Jinshi)
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