President Trump's new tax bill, currently progressing through Congress, is projected by the CBO to reduce taxes by $3.75 trillion while increasing federal deficits by $2.4 trillion over the next decade. This legislation may result in an increase of 10.9 million uninsured individuals by 2034. According to the CBO, the package would also reduce federal spending by approximately $1.3 trillion over this timeframe. Despite this analysis, some Republicans and White House officials have criticized the CBO's credibility, claiming it has historically underestimated revenue predictions, especially following previous tax cuts.
In the words of Elon Musk, this bill is a 'disgusting abomination,' said Rep. Brendan Boyle of Pennsylvania, reviving the billionaire former Trump aide's criticism of the package.
The analysis comes at a crucial moment in the legislative process as Trump is pushing Congress to have the final product on his desk to sign into law by the Fourth of July.
White House press secretary Karoline Leavitt said the CBO has been 'historically wrong,' sowing doubt about the analysis of the tax cut package.
The congressional bill will cut taxes by $3.75 trillion while simultaneously increasing deficits by $2.4 trillion over the next decade, according to the CBO.
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