House GOP unveils plan to raise debt limit by $4 trillion

[Zincwarrior]

My understanding for those top 3 red policies is essentially less tax revenue coming in if they are enacted. But what would the result be if NOT enacted? Higher taxes paid by primarily by a lot more people in the bottom half of the income ladder. You realize that we ain't talking about new tax cuts on top of what we have now, this is just to extend the 2017 Trump tax cuts. So, what will happen if this bill fails and those tax cuts expire?

Higher taxes => less consumer spending => less economic growth. Throw in the Trump tariffs (essentially a higher tax) and the spectre of a recession or even a depression is not out of the question. If this bill doesn't pass in some form then we aren't talking about tax cuts but instead a tax hike. Tax rates will go back to what they used to be in 2016.

He is also decreasing corporate tax rates.

 

[task0778]

He is also decreasing corporate tax rates.

By how much? I've been looking but not yet found anything that says what the decrease is or how much revenue is lost.

You tell me: is it enough to warrant letting everybody's taxes go up to 2016 levels?

 

[80zephyr]

More debt is insanity.

 

[C_Clayton_Jones]

/----/ And vice versa.

Just another example of the right's hypocrisy.

 

[JWBooth]

House GOP unveils plan to raise debt limit by $4 trillion​

Only 4?

 

[Zincwarrior]

https://www.cnbc.com/2025/05/23/house-republican-big-beautiful-tax-bill-favors-the-rich.html

There’s a stark contrast between high-earners and low-income households in a sprawling legislative package House Republicans passed on Thursday.

The bulk of the financial benefits in the legislation — called the “One Big Beautiful Bill Act” — would flow to the wealthiest Americans, courtesy of tax-cutting measures like those for business owners, investors and homeowners in high-tax areas, experts said.


However, low earners would be worse off, they said. That’s largely because Republicans partially offset those tax cuts — estimated to cost about $4 trillion or more — with reductions to social safety net programs like Medicaid and the Supplemental Nutrition Assistance Program, or SNAP.

The tax and spending package now heads to the Senate, where it may face further changes.
The Congressional Budget Office, a nonpartisan federal scorekeeper, estimates income for the bottom tenth of households would fall by 2% in 2027 and by 4% in 2033 as a result of the bill’s changes.

By contrast, those in the top 10% would get an income boost from the legislation: 4% in 2027 and 2% in 2033, CBO found.

 

[Old Rocks]

My understanding for those top 3 red policies is essentially less tax revenue coming in if they are enacted. But what would the result be if NOT enacted? Higher taxes paid by primarily by a lot more people in the bottom half of the income ladder. You realize that we ain't talking about new tax cuts on top of what we have now, this is just to extend the 2017 Trump tax cuts. So, what will happen if this bill fails and those tax cuts expire?

Higher taxes => less consumer spending => less economic growth. Throw in the Trump tariffs (essentially a higher tax) and the spectre of a recession or even a depression is not out of the question. If this bill doesn't pass in some form then we aren't talking about tax cuts but instead a tax hike. Tax rates will go back to what they used to be in 2016.

Given the debt, I think going back to the tax structure of the 1950's would be more appropriate.

 

[Cellblock2429]

Given the debt, I think going back to the tax structure of the 1950's would be more appropriate.

/---/ Do we get the tax deductions back too? Credit card and car loan interest? Hows abouts 100% deductions for business lunches?