New CBO Analysis Confirms Republicans’ Big Ugly Law Steals from the Poor, Gives to the Ultra-Rich

WASHINGTON, DC – A new report from the nonpartisan Congressional Budget Office (CBO) confirms that President Trump’s Big Ugly Law overwhelmingly benefits the ultra-rich, while working Americans pay the price. The report makes clear that the Big Ugly Law steals from working families to hand billionaires massive tax breaks.

This report was requested by House Democratic Leader Hakeem Jeffries (NY-08), House Budget Committee Ranking Member Brendan F. Boyle (PA-02), Senate Democratic Leader Chuck Schumer (NY), and Senate Budget Committee Ranking Member Jeff Merkley (OR).

“This latest analysis by the nonpartisan Congressional Budget Office confirms that the deeply unpopular One Big Ugly Law is also deeply unfair. It rips food and healthcare from children, veterans and seniors hurting the most vulnerable among us in order to enact massive tax breaks for billionaire donors,” said Leader Jeffries. “The American people deserve better than this cruel Republican budget scam.”

“Prices keep rising and American families are struggling. So what are President Trump’s Republicans doing to help? They passed a law that will make things worse by stealing from working families to give billionaires a tax break,” said Ranking Member Boyle. “This nonpartisan report confirms the GOP’s Big Ugly Law is a total betrayal of the middle class. I won’t let the American people forget who sold them out.”

“Once again the data makes it clear: Republicans’ Alice in Wonderland agenda rewards those at the very top and punishes American families trying to make ends meet,” said Leader Schumer. “Today, yet another non-partisan analysis of Trump and Republicans’ “Big, Ugly Betrayal” lays out the cold hard facts: while multi-millionaires get $300,000 per year in tax breaks, the least wealthy will lose $1,200 a year. The reality is Republicans knew this when they passed it. They just don’t care. They sold out American families all to line the pockets of their billionaire donors and special interests. Democrats have fought this “Big, Ugly Betrayal” tooth and nail and will continue to expose the Republicans’ agenda for the damage it is already doing.”

“Trump and Congressional Republicans continue to falsely claim that their Big, Ugly Betrayal of a bill is a windfall for working families. In reality, hardworking families pay the biggest price while billionaires reap the reward,” said Ranking Member Merkley. “It is truly unfathomable that Trump and Republicans in Congress are championing a bill that gives the top 10 percent $13,600 more per year – while the least affluent 10 percent will lose $1,200 per year. This is families lose, and billionaires win.”

Background on CBO’s Analysis:

• Under this plan, working families already stretched thin will take the biggest hit, losing about $1,200 a year, mostly from deep cuts to Medicaid and food assistance. That’s a 3 percent loss of their total income, a devastating blow for those who can afford it least.
• Middle-class families will get next to nothing in return. Most will see an increase of less than 1 percent of their income, hardly enough to keep pace with rising costs fueled by President Trump’s reckless policies.
• Meanwhile, the ultra-wealthy would receive a windfall. Households making more than $700,000 a year will pocket an extra $13,600 a year, almost entirely from tax breaks (and this figure does not include the massive estate tax giveaways showered on the richest few).

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

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