In a massive legislative package passed by House Republicans on Thursday, the impact on high-income earners and low-income households stands in stark contrast. Experts point out that most of the financial benefits in the Beautiful Law, including tax cuts for business owners, investors, and high-tax district homeowners, will flow to the wealthiest Americans. The situation for low-income earners will worsen.

This is mainly because Republicans are partially offsetting these tax cuts by cutting social security programs. The nonpartisan 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 decline by 2% in 2027 and by 4% in 2033. In contrast, the income of the highest 10% of households will increase by 4% in 2027 and by 2% in 2033. (Jinshi)