Poor Americans would lose billions of dollars worth of federal benefits under the Senate GOP tax bill, according to a new Congressional Budget Office report. Related: Senate tax cuts are permanent for businesses but temporary for youThe Senate legislation would make multiple changes to the tax code, but the vast majority of individual tax cuts would expire after 2025. These include changing the rates on individual tax brackets, nearly doubling the standard deduction, eliminating personal exemptions, expanding the child tax credit and repealing the state and local tax deduction. Only those earning more than $75,000 will see their federal tax levy drop. Related: How would the middle class fare under the Senate tax bill?

Source: CNN November 27, 2017 21:24 UTC