![]() ![]() The size of the losses for lower incomes is dwarfed by the massive gains - up to $59,000 per tax filer - at the upper end of the income scale. A new report from the Congressional Budget Office (CBO) confirms that lawmakers’ anti-government, IRS funding-cuts zeal has increased the deficit. 3 Projecting Federal Tax Revenues and the Effect of Changes in Tax Law, Congressional Budget Office, December 1998. Highlighted in red, you can see lower-income groups face overall losses, per person or family, in this plan. At that time, CBO estimated that the tax act would increase the deficit by 1.9 trillion over the 20182028 period. The Congressional Budget Office regularly publishes reports. If current laws governing taxes and spending generally remain unchanged, CBO projects, in 2021, the federal budget deficit will total 2.3 trillion, federal debt will reach 102 percent of GDP, and real GDP will grow by 3.7 percent. So an individual could be one tax unit and a married couple filing jointly could be one.) The Budget and Economic Outlook: 2021 to 2031. (Note: A “tax unit” is one person or group filing one tax return. We started by looking at what the tax bill means for each person or family. How much each family or taxpayer gains or loses It also analyzes spending cuts the GOP tax plan would trigger, and how those cuts would affect the rich and poor.Īs you will see, our analysis of the new data shows the Senate Republicans’ bill would move resources away from lower-income Americans and toward upper and upper-middle class Americans. The CBO report, which came out Sunday, was unusual because it does not just look at the Senate bill’s impact on people’s taxes. ![]() In particular, we want to look at the latest numbers from the Congressional Budget Office. The Congressional Budget Offices (CBO) latest baseline spells out what the federal budget will look like under current law, but also estimates the cost of several policy alternatives. The nonpartisan Congressional Budget Office estimated in 2018 that the law would add more than 1.2 trillion to the debt through the 2022 fiscal year. Just in time for a potential full Senate vote, we now have significantly more data about what exactly the Senate tax overhaul would do, and whom it would affect.
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