US EditionRepublican tax bill would add $3.7 trillion to the national deficit: JCT
- The Joint Committee on Taxation released an analysis on May 13, 2025, showing a Republican tax bill would add about $3.7 trillion to the U.S. Deficit through 2034.
- This bill largely reflects President Trump’s 2017 tax agenda and fits within a $4.5 trillion congressional budget limit, though amendments could raise the deficit further.
- Key elements include extending income tax cuts that reduce revenues by $2.2 trillion, expanding the child tax credit, enhanced business deductions, and cutting renewable energy incentives to save $2 trillion.
- Tax reliefs such as $124 billion for removing overtime taxes and $78 billion by ending the clean vehicle credit highlight significant fiscal impacts amid mixed GOP support and deficit concerns.
- The bill’s large deficit increase rekindles debate over fiscal responsibility and may intensify pressure for spending reforms or new revenue measures like a VAT in coming years.
18 Articles
18 Articles
GOP tax bill would make the rich even richer—at poor people's expense
President Donald Trump's " One Big Beautiful Bill " that House Republicans are trying to ram through the chamber would be the "largest transfer of wealth from the poor to the rich in a single law in ...
That "big, beautiful" tax bill could shock the bond market
Early estimates say the GOP’s tax bill will add $3.8 trillion in deficits over the next 10 years. (This, despite President Trump’s insistence on shrinking the national debt.) But amid economic instability caused by the trade war and federal spending cuts, will the bond market snap up all that government debt? Plus: What to look for in Thursday's producer price index, why moving manufacturing to the U.S. will be easier for some sectors than other…
U.S. House GOP Pushes $4 Trillion Tax and Debt Package Through Key Committee After All-Night Session
House Republicans narrowly advanced former President Donald Trump’s sweeping tax and budget package early Wednesday, following a 17-hour debate that exposed stark partisan divides and internal GOP tensions. The Ways and Means Committee approved the 389-page bill in a 26-19 party-line vote, teeing up one of the largest fiscal overhauls in decades. The legislation aims […]
House GOP Debates Trump’s $3.7T Tax Plan, Faces $4.5T Limit and SALT Changes
House Republican tax plan debate kicks off The House Republican debate over President Donald Trump’s tax agenda has kicked off. An early version of the House Ways and Means tax bill would cost about $3.7 trillion over 10 years, according to estimates from the Joint Committee on Taxation. With a $4.5 trillion limit, there could be significant changes, including for the cap on the deduction for state and local taxes, known as SALT, among other pro…
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