in a massive 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 most of the financial benefits in the beautiful bill, including tax cuts for business owners, investors, and high-tax area homeowners, will flow to the wealthiest Americans. The situation for low-income earners will worsen.

This is mainly because Republicans are offsetting these tax cuts in part by cutting social security programs. The non-partisan federal assessment agency, the Congressional Budget Office (CBO), estimates that due to the adjustments in the bill, the income of the lowest 10% of households will decrease by 2% in 2027 and by 4% in 2033. In contrast, the income of the top 10% of households will increase by 4% in 2027 and by 2% in 2033.