Trump tax bill would cut $3.7T in taxes, add $2.4T to national debt, CBO says

The congress Budget Office (CBO) says that the “Grand and Beautiful Prime Minister’s Bill” for President Donald Trump will reduce taxes by $ 3.7 trillion with the addition of $ 2.4 trillion to national debt.

The Central Bank of Oman issued its report on the Trump bill on Wednesday. The report also estimates that it will create an additional 10.9 million people without health insurance under the draft law, including 1.4 million people in the country without legal status in the state -funded programs.

The Omani Central Bank analysis of the version passed to the house shows the impact of a greater deficit than the version brought by the Republicans in the House of Representatives initially to the ground, which was estimated to raise the deficit by $ 2.3 trillion over a decade.

Elon Musk criticizes the Republican Party tax bill on the impact of deficit: “disgust”

One of the noticeable changes in the tax reduction package was the maximum deduction of the local tax (SALT), which was increased by the Republican Party to help secure the passage of the bill in the tightly divided house. Through the review, the federal government is expected to achieve about $ 128 billion over 10 years of the original bill, which contributes to a budget deficit on a larger scale.

It is estimated that the reforms on Medicaid and other healthcare programs reduce an additional $ 97 billion spending over a decade of time in the bill passed at home compared to the initial proposal of the room, up to approximately $ 1.1 trillion.

The Trump administration and the Republicans in the Congress criticized the analysis of the Central Bank of Oman, on the pretext that the budget control reduced the growth of federal tax receipts stimulated by greater economic activity as a result of the tax discounts and jobs that were approved in 2017.

The House of Representatives passed the law of one beautiful law on May 22, on a tight vote 215-214, which went largely along the party lines. Only two members of the Republican Party voted against the bill, citing concerns about spending and deficit.

The Senate is working on the draft law, which may require the House of Representatives to vote on the package again. (Samuel Corome / Getty Emokires / Getty Emociz)

This is sent by the draft law to the Senate, which is considering revising the bill before the possible vote in the coming weeks.

Republicans maintain a narrow majority 53-47 in the upper room, which may be challenges to approval of the bill. Several Republican lawmakers, including SNS. Rand Paul, R-Ky. , And Ron Johnson, R.

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If the copy that was passed in the House of Representatives is revised from the draft law by the Senate, the draft law will have to return to the House of Representatives to vote for the other before it can go to the president’s office and become a law.