The House Republican tax bill mainly benefits the wealthy, with top earners gaining significantly while low-income households face cuts to social programs and potential income declines. It’s a skewed system that favors the rich over those who need help most.
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Overview:
• The House Republican tax bill primarily benefits the wealthiest Americans through tax cuts for business owners, investors, and high-tax-area homeowners, while low-income households face potential financial decline due to offsetting reductions in social safety net programs.
• According to estimates, low-income households would see their incomes decrease by about 2-4%, whereas the top 10% and top 1% would experience income gains of 4% and $63,000 respectively, highlighting the bill's skewed benefits toward the wealthy.
• Most of the tax cuts, including those related to business income, estate tax, and capital gains, disproportionately favor high earners, with 60% of the benefits going to the top 20% of households and over a third to households earning $460,000 or more.
• While many households would receive some tax relief, low earners rely heavily on federal safety net programs, which face significant cuts under the bill, making them worse off despite initial tax benefits.
• A notable portion of high earners, especially those earning at least $1.1 million annually, would see increased taxes due to limits on deductions and tax reforms, though overall, the bill largely favors the wealthy.

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