Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Sen. Orrin Hatch, R-Utah, speaks to reporters following the weekly Republican policy luncheon on Capitol Hill. Photo: Susan Walsh / AP
The Congressional Budget Office's analysis of the Senate GOP tax plan shows it would hurt Americans earning less than $30,000, The Washington Post reports, and it would hurt them more than originally thought. Republicans like Senate Finance Committee Chairman Orrin Hatch say the bill helps everyone, regardless of income.
The cause: Those earners would be getting less government aid for health care since the bill would get rid of the individual mandate from the Affordable Care Act, per the CBO.
The CBO also reports:
- Those earning under $40,000 are all losing out with the tax bill.
- The bill would add $1.4 trillion to the deficit over the next decade, just under the $1.5 trillion limit.
- Health insurance premiums would rise, with 4 million Americans losing insurance by 2019, a number that spikes to 13 million by 2027.
- When the Joint Committee on Taxation only takes into account the tax impacts of the Senate bill, all income groups receive a tax cut, although in 2027, after the individual tax cuts expire, that benefit goes away.