On May 24th, COINOTAG News reported on a comprehensive legislative package approved by House Republicans, which highlights a significant dichotomy in financial repercussions for different income brackets. The “Beautiful Act” appears to disproportionately benefit affluent individuals, including business owners and homeowners in high-tax regions, while simultaneously disadvantaging low-income families. Analysts have raised concerns that the proposed tax reductions for wealthier Americans will be counterbalanced by cuts to critical social security programs, exacerbating economic inequality.
The nonpartisan Congressional Budget Office (CBO) has projected that the bottom decile of earners may experience a substantial income decline of 2% by 2027 and 4% by 2033. In stark contrast, the wealthiest households are anticipated to see their earnings rise by 4% in 2027 and maintain a 2% increase by 2033. This emerging landscape raises critical questions about fiscal policy and its implications for both economic recovery and social welfare. (Jinshi)