The U.S. Congressional Budget Office (CBO) has released its latest forecast on the budgetary and income distribution impacts of the tax reform bill dubbed “The Great Beautiful Bill,” approved on 22 May in the House of Representatives under President Donald Trump.
According to the CBO analysis, if the bill is enacted, average disposable income for U.S. households is expected to increase over the 2026–2034 period. However, this increase will not be evenly distributed across all income groups. Households in the lowest income bracket are projected to see a decrease in resources, while those in the middle and higher income brackets will experience income growth.
The analysis shows that the lowest 10% income group is expected to face an average annual decline of $1,589 (about 3.9%), whereas the highest 10% income group is projected to see an annual increase of $12,044, equivalent to roughly a 2.3% rise.
The CBO noted that the loss of resources among poorer households mainly stems from cuts to Medicaid and food assistance programs, while tax cuts drive income gains in the higher-income groups.
In a separate report, the CBO also forecasted that the bill would increase the federal budget deficit by $2.4 trillion through 2034.
The bill was passed in the House by a narrow margin of just one vote. Introduced by Republicans to implement the tax cuts promised during Trump’s election campaign, the bill passed with 215 votes in favour and 214 against, and has now been sent to the Senate.
The bill includes provisions to increase state and local tax deductions, eliminate taxes on tips and overtime pay, and extend the duration of tax cuts enacted in 2017.
Israel’s military confirmed early Saturday that Iran launched a new wave of missiles toward the country, triggering sirens and explosions across multiple areas.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu speak by phone Friday as tensions escalate between Iran and Israel, according to a White House official.
Senior Azerbaijani official Hikmet Hajiyev has dismissed the claims that Azerbaijan is sending ethnic Azerbaijanis into Iran as agents for Israel.
Azerbaijani radiation experts have been sent to Astara to assess any potential impact from recent developments in Iran, according to the information obtained by APA.
Israel’s military confirmed early Saturday that Iran launched a new wave of missiles toward the country, triggering sirens and explosions across multiple areas.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu speak by phone Friday as tensions escalate between Iran and Israel, according to a White House official.
Senior Azerbaijani official Hikmet Hajiyev has dismissed the claims that Azerbaijan is sending ethnic Azerbaijanis into Iran as agents for Israel.
Azerbaijani radiation experts have been sent to Astara to assess any potential impact from recent developments in Iran, according to the information obtained by APA.
Start your day informed with AnewZ Morning Brief: here are the top news stories for June 8th, covering the latest developments you need to know.
Presidential candidate Miguel Uribe Turbay is in critical condition after being shot three times — including twice in the head — during a campaign event in Bogotá.
Pakistan will begin its first freight train service to Russia from Lahore on June 22. The route is part of the INSTC and aims to connect Pakistan's rail network with Central Asia, establishing a new trade corridor via Iran, Turkmenistan, and Kazakhstan.
Kazakhstan and the UK are strengthening defense ties with a new Military Cooperation Plan, focusing on peacekeeping and military education.
A 30-year-old woman was shot by police in Munich on Saturday evening after stabbing two people at Theresienwiese, a central park best known for hosting Oktoberfest.
Senior Azerbaijani official Hikmet Hajiyev has dismissed the claims that Azerbaijan is sending ethnic Azerbaijanis into Iran as agents for Israel.
What began as a shadow war has erupted into open conflict. Iran’s missile barrage on Israeli cities and Israel’s retaliatory strikes on Tehran mark a dangerous new phase, with rising casualties, nuclear sites hit, and diplomacy on the brink of collapse.
The crisis unfolding in Iran has prompted several countries to begin evacuating their citizens still present in the country.
Azerbaijan and Armenia have successfully concluded peace agreement negotiations and are now in consultations to sign the treaty, Armenian Prime Minister Nikol Pashinyan announced.
Tensions flared up in the Middle East as tensions between Iran and Israel have escalated to the point where the stakes cannot be any higher.
Israel’s military confirmed early Saturday that Iran launched a new wave of missiles toward the country, triggering sirens and explosions across multiple areas.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu speak by phone Friday as tensions escalate between Iran and Israel, according to a White House official.
Senior Azerbaijani official Hikmet Hajiyev has dismissed the claims that Azerbaijan is sending ethnic Azerbaijanis into Iran as agents for Israel.
Azerbaijani radiation experts have been sent to Astara to assess any potential impact from recent developments in Iran, according to the information obtained by APA.
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