House GOP Tax Package Benefits Wealthy

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CNBC

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Business

Business & Economics

House Republican tax bill favors the rich — how much they stand to gain, and why

Summary

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88% Informative

A tax and spending package passed Thursday by House Republicans funnels the bulk of its financial benefits to wealthy households, economists and tax experts say.

Lower earners would be worse off, on average, due to cuts to programs like Medicaid and SNAP (formerly known as food stamps) Lower-income households, which rely more on federal safety net programs, will be better off, they say.

The bill now heads to the Senate , where it may face further changes.

The top 10% of households pay about 70% of all federal taxes, a Penn Wharton analysis says.

Such households would get about 65% of the total value of the legislation.

A subset of the top 1% of high earners would actually pay more in tax, the Tax Policy Center says.

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formal

Language

English

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