The average Coli breh would gain $3900-$376,000 under Trumps new tax plan.
- Thread starter Brolic
- Start date
Key Findings
- Extending the expiring 2017 Tax Cuts and Jobs Act (TCJA) would decrease federal tax revenue by $4.5 trillion from 2025 through 2034. Long-run GDP would be 1.1 percent higher, offsetting $710 billion, or 16 percent, of the revenue losses. Long-run GNP (a measure of American incomes) would only rise by 0.4 percent, as some of the benefits of the tax cuts and larger economy go to foreigners in the form of higher interest payments on the debt.
- President Trump has called for permanent extension of the 2017 tax cuts, additional policies— including no taxes on tips, overtime pay, and Social Security benefits for retirees—as well as creation of a deduction for auto loan interest for American made cars. He has also promised higher taxes on US imports through a series of new tariffs.
- Lawmakers will use the budget reconciliation process to enact new tax cuts. Reconciliation is a fast-track option that overcomes the Senate filibuster and can be used to enact tax, spending, and debt limit changes outlined in a budget resolution with specified targets or limits for deficit changes within the budget window.
- Separately from the reconciliation process in Congress, President Trump is imposing tariffs that will raise revenue and reduce economic output.
Budget Reconciliation: Tracking the 2025 Trump Tax Cuts
President Trump has called for permanent extension of the 2017 tax cuts, additional policies including no taxes on tips, overtime pay, and Social Security benefits for retirees, and has also promised higher taxes on US imports through a series of new tariffs.taxfoundation.org
Yea, there is no real way for the Democrats to stop this with the way the ratios are in both sides of Congress. The only hope would be to pull some Republicans and show them the harm this will do to the economy, but at the end of the day most Republicans or their constituents want this. I would say the best play for this is to seek to get their numbers up for the midterms as the Econmy continues to tank, and find a presidential candidate for 2028 who will run on the Economy needing to be fixed after Trump wrecked it.
Here’s What’s in the Big Domestic Policy Bill to Deliver Trump’s Agenda
Nothing Burger. Where are all the goodies?
O.T.I.S.
Veteran
So… is this a good thing Trump is doing?
What's out now is just a draft , things could change . I feel that SAlTS should be way higher
Lifetime gift tax should be unlimited or over $100 million . Why is the government trying to tell you what to do with your money. They raised the individual itemized deductions to 15k & married to 30k .
Filled with crap that expires after just a few years. Utter garbage.
House “One Big Beautiful Bill” Riddled with Temporary Tax Policy
As lawmakers continue to debate the “One Big Beautiful Bill,” they should abandon temporary and complex policy in favor of simplicity and stability.
taxfoundation.org
