June 12 (UPI) -- The House-passed budget reconciliation bill promoted by the Trump administration would benefit higher earners at the expense of lower-income Americans, the nonpartisan Congressional Budget Office reported Thursday.
The CBO's findings said between 2026 and 2034, after-tax federal benefits "would decrease for households toward the bottom of the income distribution, whereas resources would increase for households in the middle and top of the income distribution," the report said.
"If you are a hardworking American that is struggling to take care of your family, you are going to love this legislation," Republican House Speaker Mike Johnson said during an interview on Fox News last week.
But the CBO report indicates that the top 10% of earners would receive the highest tax cuts.
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