US EditionTrump tax cuts would add $3.8 trillion to debt: CBO
- House Republicans are aiming to approve a tax relief plan worth several trillion dollars as early as Wednesday in Washington, D.C.
- The vote follows intensive last-minute deal-making aimed at securing wavering GOP support to fulfill President Trump's top legislative priority amid economic uncertainty.
- The sprawling 1,000-page bill extends 2017 tax breaks, adds new cuts from Trump's 2024 campaign, increases spending by $350 billion including $150 billion for the Pentagon, and imposes Medicaid work requirements.
- The Congressional Budget Office projects that the tax measures will add $3.8 trillion to the national deficit over ten years, while resulting in decreased support for the lowest-income families and increased benefits for those at the top income levels.
- If passed by the House and subsequently the Senate despite unified Democratic opposition, the package would mark a make-or-break moment for Trump and increase political and fiscal risks given the $36 trillion national debt.
149 Articles
149 Articles
One Thing Still Unites Republicans
It’s 1981. A Republican president and his allies in Congress are promising large, broad tax cuts that will benefit the middle class and strengthen the economy. It’s 2001. A Republican president is promising broad tax cuts that will benefit the middle class and strengthen the economy. It’s 2003. That same president is promising another round of broad tax cuts that will benefit the middle class and strengthen the economy. It’s 2017. Yet another Re…
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
Political Wire
The Debt Is About to Matter Again
Rogé Karma: “When interest rates outpace growth, very bad things can happen.”
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.
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