The “One Big Beautiful Bill Act” will cost the lowest-income households in the country roughly $1,600 per year, according to an analysis by the Congressional Budget Office (CBO) released on Thursday.
That total amounts to a nearly 4% reduction in federal resources for households in the bottom 10% of the income distribution. The loss is primarily due to cuts in Medicaid and SNAP benefits, according to the nonpartisan CBO’s analysis.
Conversely, resources for households in the top 10% would increase by an average of $12,000, which represents an estimated 2.3% growth. Households in the middle of the income distribution are expected to see a modest increase in federal resources. The increases for these groups come largely from tax cuts.
“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,” House Budget Committee Ranking Member Brendan Boyle, D-Pa, shared in a statement. “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.”
Boyle was one of the two Democratic lawmakers to request the report from the budget office. In an accompanying post on X, he wrote that “Trump is literally stealing from the poor to give to the ultra-rich.”
The legislation passed the House by a 215-214 vote in May, but has not yet been voted on in the Senate.
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