CBO Analysis Shows Republican Budget Bill Sends Majority of Benefits to the Ultra-Rich

WASHINGTON, DC – Updated analysis from the nonpartisan Congressional Budget Office once again confirms that the Republican budget bill would overwhelmingly benefit the ultra-rich at the expense of working and middle-class Americans. This report, requested by Democratic Leader Hakeem Jeffries (NY-08) and Budget Committee Ranking Member Brendan F. Boyle (PA-02), shows that the Republican budget bill steals from working Americans just to give billionaires a massive tax break.

“CBO already confirmed that House Republicans are planning to strip health care from 16 million people — just to help pay for tax breaks for billionaires,” said Ranking Member Boyle. “Now the nonpartisan referee’s latest analysis shows this would be one of the largest transfers of wealth from working families to the ultra-rich in American history. It’s shameful.”

Background on CBO’s Updated Analysis:

• Families already struggling to make ends meet would lose the most. These households would lose about $1,600 every year, mostly due to deep cuts to Medicaid and food assistance. That amounts to nearly 4 percent of their total income, a devastating hit for people who can afford it the least.
• Middle-class families get next to nothing. Most would see an increase of not even 1 percent of their income each year, hardly enough to keep up with rising costs due to President Trump's reckless actions.
• The ultra-wealthy will get a windfall. Families making over $700,000 a year would see a $12,000 boost, almost entirely from tax breaks. That figure does not even include the massive estate tax giveaways for the rich.

The updated analysis from the Congressional Budget Office can be found HERE.

A fact sheet on this analysis from the Democratic Staff of the House Budget Committee can be found HERE.

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