CBO Report Contradicts GOP's Claims About Tax Bill
#cbo #tax bill #congressional budget office #national debt #economy #medicare #tax cuts #wealth inequality #2018 midterm elections
in 2026, according to a new analysis from the Congressional Budget Office (CBO). The CBO report also indicates that the bill would add $1.9 trillion to the national debt over the next decade, contradicting the GOP’s claim that the bill would pay for itself through economic growth. The bill, which was signed into law in December 2017, has been touted by Republicans as a way to stimulate the economy and create jobs. However, the CBO report suggests that the bill would have the opposite effect on the economy by adding to the already massive national debt. This could potentially lead to cuts in essential programs like Medicare, which provides healthcare for millions of elderly and disabled Americans. The report also projects that the bill would disproportionately benefit the wealthy, with the top 1% of earners receiving over 80% of the tax cut benefits. The CBO’s findings have sparked criticism and concern from Democrats, who argue that the bill favors the rich at the expense of middle and lower-income Americans. They also point out that the potential cuts to Medicare could have a devastating impact on the most vulnerable members of society. With the 2018 midterm elections approaching, this report is likely to become a major point of contention between the two political parties. As the bill continues to face backlash and scrutiny, its true impact on the economy and the American people remains to be seen."
