New CBO Analysis Confirms GOP Budget Bill Would Rob Working Americans to Reward the Ultra-Rich

WASHINGTON, DC — As House Republicans move to jam their budget bill through the Rules Committee in the dead of night, a new analysis from the nonpartisan Congressional Budget Office confirms what we’ve been saying all along: working Americans will foot the bill for massive tax breaks handed to the wealthiest few.

The report—requested by Democratic Leader Hakeem Jeffries (NY-08) and Budget Committee Ranking Member Brendan F. Boyle (PA-02)—reveals that the bottom 10 percent of Americans would see household resources reduced by 4 percent while the top 10 percent would see their resources increase by 2 percent.

“The nonpartisan Congressional Budget Office’s unprecedented analysis has confirmed what Democrats have known to be true — the GOP Tax Scam will hurt working families the most while delivering massive tax breaks for billionaires like Elon Musk,” said Democratic Leader Hakeem Jeffries. “Any claims otherwise are intentionally deceptive regarding the Republican plans to rip healthcare away from nearly 14 million Americans and take food out of the mouths of millions of people, including children and seniors. Republicans are attempting to quickly jam this unpopular legislation through the House because they know that the longer they wait, the more will come to light about this cruel and unconscionable bill. For a party that claims to be for the working class, this analysis indicates the opposite.”

“This is what Republicans are fighting for—lining the pockets of their billionaire donors while children go hungry and families get kicked off their health care,” said Ranking Member Brendan F. Boyle. “CBO’s nonpartisan analysis makes it crystal clear: Donald Trump and House Republicans are selling out the middle class to make the ultra-rich even richer. Every word out of Trump’s mouth about helping working Americans was a lie.”

Background on CBO’s New Analysis:

• Household resources decrease by 2 percent for the bottom 10 percent of the income distribution, growing to a 4 percent decrease by 2033 as Medicaid and SNAP cuts phase in.
• Meanwhile, the top 10 percent would experience a 4 percent increase in household resources in 2027, falling to a 2 percent increase by 2033. The top 10 percent mostly gain more due to decreased tax liability.
• The federal deficit increases by $3.8 trillion due to tax changes. Meanwhile, the Republican budget bill would result in $698 billion in cuts to Medicaid and $267 billion in cuts to SNAP.  

The letter from the Congressional Budget Office can be found here.

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