U.S. House Republicans Pass Legislation Impacting Income Distribution

According to BlockBeats, a significant legislative package passed by House Republicans highlights contrasting impacts on high-income earners and low-income families. Experts note that the "Beautiful Act" primarily benefits the wealthiest Americans through tax cuts aimed at business owners, investors, and homeowners in high-tax areas, while low-income individuals face adverse effects. The disparity arises as Republicans offset these tax reductions by cutting social security programs. The nonpartisan Congressional Budget Office (CBO) estimates that due to adjustments in the bill, the income of the lowest 10% of households will decrease by 2% in 2027 and by 4% in 2033. In contrast, the income of the highest 10% of households is projected to increase by 4% in 2027 and by 2% in 2033.