Washington, D.C. – Today, the non-partisan Yale Budget Lab released a new report providing further proof of the billionaire-first priorities of the Republican tax plan. Republicans in Congress may try to hide the truth about their proposal, but the numbers don’t lie: 70% of the benefits go to the richest 5% while costs will go up for the bottom 40% of Americans. Yale’s analysis definitively proves that Republicans are trying to give trillions in tax breaks to the ultra-wealthy while everyone else pays the price.
Yale’s full analysis is available here.
See below for key highlights from the Washington Post’s reporting on the Budget Lab analysis:
- “Analysis shows Republican tax cuts and benefit reductions will cause loss of income for poorest taxpayers”
- “Combining an extension — which would concentrate benefits among the [wealthiest] — with cuts to safety net programs would actively transfer money from low-income people to high-income earners, the Yale researchers found.”
- “Researchers found that the lowest-income taxpayers would see a loss of $1,125, factoring in their tax rate and the lost value from leaner federal benefit programs. The richest 0.1 percent of taxpayers would see a more than $180,000 benefit from the lower tax rates and would not be affected by the benefit reductions. The median U.S. taxpayer, in the middle quintile of at least $38,065 of income, would see a net benefit of $365.”
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