House Republicans' proposed bill aims to make significant tax adjustments, including extending 2017 tax cuts and initiating deep cuts to social programs such as Medicaid and SNAP. Analysts express concerns over the potential addition of trillions to national debt, and potential harm to millions reliant on assistance. The bill, if passed, raises the debt ceiling significantly and provides tax breaks poised to affect individuals' financial scenarios, including increases in deductions and child tax credits. A crucial committee vote is imminent before wider legislative consideration.
The nearly 400-page legislation proposes sweeping changes which include extending the 2017 tax cuts, slashing taxes for businesses and individuals, and enacting deep cuts to social programmes.
While Republicans tout the bill as a boon for economic growth and middle-class relief, nonpartisan analysts warn it could add trillions to the national debt and strip millions of Americans of medical and food assistance.
The tax bill would add at least an additional $2.5 trillion to the national deficit over the next 10 years and decrease federal tax revenue by roughly $4 trillion by 2034.
The bill increases standard deductions for all Americans and extends the child tax credit of $2,000, bumping it up by $500 per child for this tax year.
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