The Republican tax bill passed by the Senate on Wednesday would add $1.3 trillion to the deficit over the next decade, including an $800 billion cut to federal unemployment benefits, the largest cut in decades.
The bill, which is expected to be voted on in the coming weeks, also includes a new measure that would provide more funding to states for programs such as Head Start, the Food Stamp Program and Medicaid.
The legislation also expands the Earned Income Tax Credit, and would raise the standard deduction for middle-income earners by $10,000.
It also would expand child tax credits and provide additional cash assistance to low- and moderate-income Americans.
The new GOP plan would boost the top rate from 39.6 percent to the top marginal tax rate of 35 percent, which has been the highest in the industrialized world.
That would increase the deficit by $1 trillion over 10 years, according to a Congressional Budget Office analysis.
The GOP bill would also cut tax deductions for state and local taxes and other deductions by $600 billion over 10 to 20 years.
The bill would eliminate the estate tax, which would raise $1,000 per household on a $1 million estate.
Republicans also are expected to roll back tax breaks for college tuition and for health care premiums, among other provisions.
The Senate plan is expected soon to be passed by both chambers of Congress.
House Republicans are expected soon after to unveil their own version of the legislation, which may be more moderate and less aggressive in its cuts to entitlement programs, the CBO analysis found.
The tax bill would not have a cost to the federal government as a whole, because it does not include a tax increase on the rich, according the CBO.
The CBO analysis also found that the tax cuts would reduce the deficit in 2026, by $2.4 trillion.