Merkley: CBO Confirms “Big, Beautiful Bill” Benefits the Wealthy, Working Families Pay the Price
WASHINGTON, D.C. – Today, U.S. Senator Jeff Merkley (D-OR), Ranking Member of the Senate Budget Committee, released the below statement following analysis published by the Congressional Budget Office (CBO) showing that the House-passed “One Big, Beautiful Bill” will disproportionately benefit millionaires and billionaires while taking away services families rely on.
“Every day, we see more and more evidence that this bill is all part of the Republicans’ Great Betrayal of American families,” said Ranking Member Jeff Merkley. “CBO’s independent and nonpartisan analysis shows that this bill will overwhelmingly benefit millionaires and billionaires while hardworking middle-class families get cut off from health care and food assistance.”
“I don’t understand how Republicans can claim to be the party of working people while championing a bill that gives the top 10 percent about $12,000 more per year – while the least affluent 10 percent will lose $1,600 per year. This is families lose, and billionaires win.”
CBO estimates that, over the next decade, the Republican “One Big, Beautiful Bill” would make the least affluent 10 percent of American households worse off, due to cuts to programs such as Medicaid and SNAP and a small tax increase, on average. For the least affluent 30 percent of households, on average, cuts to essential services would outweigh the meager tax cuts that would benefit this group.
Meanwhile, the richest 10 percent of American households would see their wealth increase due to the Republican tax giveaways that are heavily tilted to the well off.
To read the full report, click HERE.
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