At a rally in St. Charles, Missouri, President Donald Trump boasts how he and other wealthy Americans will not benefit from the GOP tax bill.
“This is not good for me. Me, it’s not so, I had some very wealthy friends, not so happy with me, but that’s ok. You know I keep hearing Schumer this is for the wealthy. Well if it is, my friends don’t know about it.”
However, according to a report released Sunday by the non-partisan Congressional Budget Office, or CBO, the tax plan gives substantial tax cuts and benefits to Americans who earn more than $100,000 a year — while the nation’s poorest would be worse off.
According to this chart, the CBO determined that by as early as 2019 Americans earning less than 30,000 a year will be paying more taxes under the GOP bill, and that by 2027 — most people earning less than $75,000/year would be worse off.
However, millionaires and those earning $100,000 to $500,000 dollars a year will be paying significantly less in taxes.
The CBO says low income and some middle-class Americans do not benefit from the GOP tax bill because it slashes government aid for health care.
The bill will eliminate the Obama-era requirement for all Americans to purchase health insurance or pay a penalty. The CBO calculates this will force premiums up, and will result in four million Americans losing health insurance by 2019.
Without health insurance, they will no longer receive some tax credits and government subsidies.
Despite the CBO findings and push back, Senate Democrats pledge to continue to fight the GOP tax bill.
“How many hours have I sat here and have you sat there and we’ve seen all the charts and all the discussions about how terrible the deficit is what it means leaving this burden our kids and our grandchildren,” said Sen. Bernie Sanders. “We heard all of that rhetoric year after year, and now we have a bill that raises the deficit by $1.4 trillion.”