NEW YORK, June 12 (Xinhua) -- U.S. Republicans' tax bill would end up taking money out of the poorest Americans' pockets, while benefitting the wealthiest households the most, according to an analysis released on Thursday by the Congressional Budget Office (CBO).
Households toward the bottom of the income distribution would see their resources decrease by 1,600 U.S. dollars per year, whereas resources for middle income households would see their resources increase because of the bill by an annual average of 500 dollars and 1,000 dollars. The highest income households will see their income increase by 12,000 dollars, according to the CBO.
Republicans, including Treasury Secretary Scott Bessent, have criticized the CBO for their methodology and claim that if the tax bill is not passed, the United States could head toward economic catastrophe, reported The Associated Press. ■
