The House-passed version of President Donald Trump’s massive tax and spending bill would deliver a financial blow to the poorest Americans but be a boon for higher-income households, according to a new analysis from the Congressional Budget Office.

The bottom 10% of households would lose an average of about $1,600 in resources per year, amounting to a 3.9% cut in their income, according to the analysis released Thursday. Those decreases are largely attributable to cuts in the Medicaid health insurance program and food aid through the Supplemental Nutrition Assistance Program.

Households in the highest 10% of incomes would see an average $12,000 boost in resources, amounting to a 2.3% increase in their incomes. Those increases are mainly attributable to reductions in taxes owed, according to the report from the nonpartisan CBO.

Households in the middle of the income distribution would see an increase in resources of $500 to $1,000, or between 0.5% and 0.8% of their income. 

The projections are based on the version of the tax legislation that House Republicans passed last month, which includes much of Trump’s economic agenda. The bill would extend tax cuts passed under Trump in 2017 otherwise due to expire at the end of the year and create several new tax breaks. It also imposes new changes to the Medicaid and SNAP programs in an effort to cut spending.

Overall, the legislation would add $2.4 trillion to US deficits over the next 10 years, not accounting for dynamic effects, the CBO previously forecast.

The Senate is considering changes to the legislation including efforts by some Republican senators to scale back cuts to Medicaid.

The projected loss of safety-net resources for low-income families come against the backdrop of higher tariffs, which economists have warned would also disproportionately impact lower-income families. While recent inflation data has shown limited impact from the import duties so far, low-income families tend to spend a larger portion of their income on necessities, such as food, so price increases hit them harder.

The House-passed bill requires that able-bodied individuals without dependents document at least 80 hours of “community engagement” a month, including working a job or participating in an educational program to qualify for Medicaid. It also includes increased costs for health care for enrollees, among other provisions.

More older adults also would have to prove they are working to continue to receive SNAP benefits, also known as food stamps. The legislation helps pay for tax cuts by raising the age for which able bodied adults must work to receive benefits to 64, up from 54. Under the current law, some parents with dependent children under age 18 are exempt from work requirements, but the bill lowers the age for the exemption for dependent children to 7 years old. 

The legislation also shifts a portion of the cost for federal food aid onto state governments.

CBO previously estimated that the expanded work requirements on SNAP would reduce participation in the program by roughly 3.2 million people, and more could lose or face a reduction in benefits due to other changes to the program. A separate analysis from the organization found that 7.8 million people would lose health insurance because of the changes to Medicaid.

The New York State Legislature passed a bill on Thursday that establishes an additional pathway to CPA licensure, and it awaits Gov. Kathy Hochul’s signature.

Backed by the New York State Society of CPAs, the legislation creates a third pathway to licensure: 120 credit-hours (or what is equivalent to a bachelor’s degree), two years of experience and passing the CPA exam. It also ensures practice mobility so out-of-state accountants can serve clients in New York.

The bill passed unanimously in the Assembly and with two negative votes in the Senate.

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“Passing one piece of legislation is not an easy task, let alone passing two,” NYCPA CEO Calvin Harris said in a statement. “Furthermore, the Society with our partners in Albany introduced additional pathway legislation this year. I’ve been told that it is almost impossible and completely unprecedented to pass any form of legislation in just one legislative session, but with the help of nearly 40 members that participated in Lobby Day in May, our exceptional Government Relations Teams and our coalition partners, which includes our PAC and Legislative Task Force, we took the united voice of the profession to the halls of power and demonstrated why advocacy is one of the greatest member benefits.”

New York is one of more than a dozen states that have already passed changes to licensure requirements in an ongoing effort to address the profession’s talent shortage. Most recently, Illinois and Minnesota passed similar bills in May.

The New York State Legislature passed another NYCPA-backed bill on June 9, which would authorize the use of electronic signatures by a person granted Power of Attorney with respect to the submitted tax documents. The bill passed unanimously in the Assembly and with one negative vote in the Senate. It also awaits the signature of Gov. Hochul.

The Securities and Exchange Commission appointed Kurt Hohl, a former partner at Ernst & Young, as its new chief accountant, effective July 7.

Acting chief accountant Ryan Wolfe will be returning to his role as chief accountant in the Division of Enforcement. 

Hohl has close to 40 years of accounting and auditing experience. In 2023, he founded Corallium Advisors, which helps businesses with auditing, regulatory compliance, risk management, and initial public offerings. Previously, he spent 26 years as a partner at EY in various roles. His final role at the Big Four firm was as global deputy vice-chair of EY’s Global Assurance Professional Practice, where he was responsible for the operation and oversight of the technical, regulatory, risk, and quality oversight functions of EY’s global professional practice organization and its more than 1,400 professionals. 

He previously worked at the SEC from 1989 to 1997, rising to associate chief accountant in the Division of Corporation Finance. There he wrote what became the Financial Reporting Manual, a primary guide for the SEC accounting staff and practitioners in the application of the federal securities laws. He began his professional career at Deloitte Haskins & Sells. He received a B.B.S. in accounting from James Madison University and is a CPA in Virginia.

“Kurt is an experienced accountant with deeply technical knowledge and international experience, and we are lucky he has decided to return to the SEC,” said SEC chairman Paul S. Atkins in a statement Friday. “This is an important role. Given that I served with Kurt previously, I know firsthand that his integrity, along with his skills, will benefit our markets and investors.”

“I’m pleased to come back to the SEC along with Chairman Atkins,” said Hohl. “This is a pivotal time for our capital markets, and I look forward to working with the dedicated public servants in the Office of the Chief Accountant to advance accounting and auditing policies that reinforce investor confidence, enhance transparency, and support innovation.”

Wolfe has served as acting chief accountant since January 2025. He concurrently has been serving as chief accountant of the Division of Enforcement and has previously served as senior associate chief accountant in the Office of the Chief Accountant.

“I want to thank Ryan for his service as acting chief accountant and am pleased that he will continue serving in the Division of Enforcement,” said Atkins.