US EditionTrump tax cuts would add $3.8 trillion to debt: CBO
- Republican members of the House are aiming to hold a vote as early as Wednesday on a massive tax relief bill valued in the trillions, as they work to finalize support and advance President Donald Trump’s key legislative goal.
- This push follows last-minute deal-making to gain wavering GOP support amid concerns over adding to the $36 trillion national debt.
- The 1,000-page bill centers on extending Trump-era tax breaks, adds $350 billion in new spending including $150 billion for defense, and accelerates Medicaid work requirements.
- The Congressional Budget Office’s recent analysis projects that these tax changes will add $3.8 trillion to the federal deficit over the next ten years, even after accounting for $1 trillion in cuts to programs like Medicaid and food assistance. The report also indicates that lower-income Americans would experience a reduction in benefits, whereas wealthier individuals would see gains.
- If approved, the bill would proceed to the Senate, marking a make-or-break moment for Trump’s political capital amid economic uncertainty and unified Democratic opposition.
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139 Articles
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.
Behold the new tax plan: More complicated, less fair, totally unaffordable
There was much to dislike in the package of large and regressive tax cuts advanced by President Trump in his first term, but I’ll give it this: By expanding the standard deduction, it simplified the process of figuring out what you owe, and by cutting the corporate rate, it made American businesses more competitive. But why stand on precedent? The latest effort, which I can think of only as tax deform, is a tremendously expensive effort to make …
United States: Donald Trump's Big Budget Bill Passes a Milestone in Congress
In particular, the text should allow the U.S. President to extend, for example, the extension of the tax credits for his first term of office, which could increase the federal government's deficit from $2 trillion to $4 trillion over the next decade.
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