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 JohnsonOvernight Cybersecurity: Panel pushes agencies on dropping Kaspersky software | NC county won't pay ransom to hackers | Lawmakers sound alarm over ISIS 'cyber caliphate' GOP chairman warns of ISIS's ‘cyber caliphate’ Overnight Finance: House approves motion to go to tax conference — with drama | GOP leaders to consider Dec. 30 spending bill | Justices skeptical of ban on sports betting | Mulvaney won't fire official who sued him MORE (Wis.) — meaning they can only afford to lose one more GOP senator and still pass the legislation.