Ballin' on the Bill: Trump's Tax Plan Boosts US Debt by Trillions
- 🕒 ~1 min read
Research reveals Trump's tax reform to significantly escalate American public debt, reaching trillions of dollars. - Increased Government Debt Projected From Trump's Tax Proposal, Report Shows
Prepare to clutch your wallets, folks! President Donald Trump's proposed "Big Ballin' Bill" tax and spending plan could leave the US racking up a financial headache worth $2.8 trillion over the next ten years, according to the nonpartisan Congressional Budget Office (CBO). And here's the kicker: this estimate takes into account positive economic effects. Just two weeks ago, the CBO estimated an increase in debt would be around $2.4 trillion without these economic factors.
Bye, Bye Budget Surplus
This ballooning debt number stomps on Republicans' claims that the extensive package would revitalize the US economy so much that it'd shrink the public debt by generating higher revenues. Senate Majority Leader John Thune still ain't worried, stating, "We believe it'll lead to a stronger and more prosperous America."
The House of Reps nodded through the bill, known as the "One Big Ballin' Bill Act," back in May. The Senate Republicans are now kicking tires on a revised version. The bill's gotta be a unanimous decision between both chambers to become law, and then we've got ourselves a date with Trump.
The proposed plan extends Trump's first-term tax cuts from 2017 to 2021, which are set to expire at the end of the year. To cope with this, they're thinking of slashing the Medicaid healthcare program that mainly serves low-income and elderly people.
Put Your Wallet Away, Rich People!
- Tax Bill
- Donald Trump
- USA Budget
Extras:
- The bill ends $500 billion in Biden-era tax breaks and provides tax benefits to illegal immigrants, saves the rich big bucks, aims to spur investment in rural areas, and raises concerns about undermining judicial oversight and democratic norms.
- Wealthy elites gain key tax advantages while illegal immigrants get hit with penalties and restrictions. Sigh, the divide only deepens.
- It's all about benefits and perks for the wealthiest Americans, while the poorest Americans bear the brunt of the healthcare cuts. Sounds like a big ol' robbery to us.
- The bill blows a raspberry at fiscal responsibility, threatening to leave our great country in debt up to its eyeballs.
- The proposed tax bill, introduced by President Donald Trump, is expected to significantly increase the US debt by trillions of dollars, as highlighted in the report by the nonpartisan Congressional Budget Office (CBO), contradicting claims that it would boost the economy and reduce public debt.
- Amidst criticisms about undermining democratic norms, the tax bill aims to benefit the wealthiest Americans by extending the first-term tax cuts and potentially slashing the Medicaid healthcare program, while offering tax advantages to illegal immigrants and increasing financial strain on the poorest Americans.
