CBO: Senate tax bill would hurt poor

CBO: Senate tax bill would hurt poor
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The Congressional Budget Office (CBO) found that the proposed Senate tax legislation would hurt Americans in the lowest income brackets if passed, The Washington Post reported late Sunday.

The bill would negatively impact individuals who make less than $30,000 per year by 2019, the CBO said, while most of those making under $75,000 would be negatively affected by 2027.

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The update from the nonpartisan CBO comes as the Senate pushes its version of tax-reform legislation, which reportedly could see a vote as early as Thursday.

The House earlier this month passed its own version of the tax-reform bill, which differs from the upper chamber's legislation.

Senate Republicans have seen one defection — Sen. Ron JohnsonRonald (Ron) Harold JohnsonOn The Money: Trump 'ready' for tariffs on all 0B in Chinese goods | Trump digs in on Fed criticism | Lawmakers drop plans to challenge Trump ZTE deal Juan Williams: Putin wins as GOP spins GOP senator: Harley-Davidson is right to move some production overseas MORE (Wis.) — meaning they can only afford to lose one more GOP senator and still pass the legislation.