Trump Tax Law to Add $3.4 Trillion to US Deficits, CBO Says

[Zorro]

President Donald Trump’s recently enacted tax and spending law will add $3.4 trillion to US deficits over a decade and leave millions without health care coverage, according to a new estimate from the nonpartisan Congressional Budget Office.

The CBO score for the law, released Monday, reflects a $4.5 trillion decrease in revenues and a $1.1 trillion decline in spending through 2034, relative to a current-law baseline. The new analysis doesn’t incorporate so-called dynamic effects, such as the impact on growth or interest rates over time that the legislation’s measures might have.

Trump signed the “One Big Beautiful Bill” into law on July 4 after months of negotiations with congressional Republicans. Encompassing much of Trump’s economic agenda, it permanently extends his 2017 income-tax cuts and some breaks for businesses, lifts the cap on federal deductions for state and local taxes and eliminates taxes on tips and overtime on a temporary basis, among other provisions.

Passage of the law triggered warnings from some economists and investors about a widening of America’s budget shortfall — already large by historical standards — that could push borrowing costs and inflation up. The Trump administration points to record collections from the tariffs he’s imposed on most US imports this year, saying that revenue will help fill the gap.

https://finance.yahoo.com/news/trump-tax-law-add-3-185551565.html

[BOSSHOG]

1. Never forget

The picture of him signing the bill surrounded by republicans laughing and patting each other on the back and applauding. Conservative values are cancerous when applied to Freedom and Liberty and Justice and Kindness.

[Lovie777]

2. GQP voted for it..............

[Johonny]

3. The CBO usually has a rosy picture too

So, I assume the reality will end up worse.

[UTUSN]

4. In his defense he wants names of sports teams changed, internment camps, sugar in colas...

and no time for intelligence briefings.

[GoodRaisin]

5. Reversing this rotten law should be at the very top of what Democrats campaign on in 2026

and 2028. And voters have got to know we need majorities in House and Senate in order to do it.