Trump tax bill will add $2.4 trillion to deficit and leave 10.9 million uninsured.
President Donald Trump’s big bill making its way through Congress will cut taxes by $3.75 trillion but also increase deficits by $2.4 trillion over the next decade, according to an analysis released Wednesday by the nonpartisan Congressional Budget Office.
The CBO also estimates an increase of 10.9 million people without health insurance under the bill by 2034, including 1.4 million who are in the country without legal status in state-funded programs.
The package would reduce federal outlays, or spending, by nearly $1.3 trillion over that period. 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 Fourth of July. The work of the CBO, which for decades has served as the official scorekeeper of legislation in Congress, will be weighed by lawmakers and others seeking to understand the budgetary impacts of the sprawling 1,000-page plus package.
The CBO last year said receipts were $1.5 trillion or 5.6% greater than predicted, in large part because of the “burst of inflation” during the COVID-19 pandemic in 2021.
Source: Finance.yahoo