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Trump tax cuts would add $3.8 trillion to debt: CBO
- Republican members of the House plan to hold a vote as early as Wednesday on an extensive, multi-trillion-dollar tax relief package in Washington, D.C.
- The bill extends tax breaks from Trump's 2017 term and adds new cuts from his 2024 campaign, despite concerns about increasing the $36 trillion national debt.
- The key measures include increasing the standard tax deduction to $32,000 for married couples filing jointly, raising the child tax credit to $2,500, introducing Medicaid work requirements beginning in 2027, and allocating $350 billion in additional funding.
- The Congressional Budget Office estimates the tax changes would increase the deficit by $3.8 trillion over a decade while Medicaid and other cuts reduce spending by $1 trillion, hitting low-income households hardest.
- Should the House give its approval despite unanimous Democratic opposition, the proposal would advance to the Senate, serving as a pivotal moment for Trump's sway over the GOP and party cohesion amid economic challenges.
145 Articles
145 Articles
Trump's Tax Cut Will Lead To Fiscal Disaster
First off, let's drop the Republican claim that not extending Trump's 2017 tax cuts is a tax increase.Many of these tax cuts were purposely designed to expire and for a sneaky reason. Making them permanent would have hiked the bill's cost by more than $1.5 trillion over 10 years. Add to that the interest payments tied to the higher borrowing, and the number rises to $2 trillion.The ugly bottom line is this: Trump's "big, beautiful" tax and spend…
Will GOP Tax Cuts Pay for Themselves? Nonpartisan Analysis Says Not at All.
An analysis released Thursday by the nonpartisan Joint Committee on Taxation found that the tax cuts at the center of Republicans’ massive reconciliation package would do little to boost economic growth — and would not come anywhere close to paying for themselves. The JCT report, published hours after Republicans pushed the bill through the House, estimates that the tax cuts would boost the… Source
The Debt Is About to Matter Again
In 2019, Lawrence Summers and Jason Furman, two of America’s most influential economists, published an essay titled “Who’s Afraid of Budget Deficits?” In it, they argued that Washington’s long-standing worries about the national debt had been overblown. Other prominent experts, including the former head economist of the International Monetary Fund, an institution known for imposing harsh fiscal austerity on developing countries, came to similar …
Big Tax Cuts, Big Deficits: Wall Street Winners And Losers Emerge - Advance Auto Parts (NYSE:AAP), First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR)
Trump's $3 trillion tax bill clears the House, sparking sharp market moves: solar stocks crash, defense and retail sectors rally on spending shifts.
Trump's sweeping tax-cut bill, passed with tight 215-214 vote split, heads to Senate
The bill would fulfil many of President Donald Trump's populist campaign pledges, but also add about $3.8-trillion to the federal government's $36.2-trillion in debt over the next decade.
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