By Matt Durr
mlive.com
(TNS)
WASHINGTON — As House Republicans continue to push for a vote on a multi-trillion dollar tax break package, an analysis of the bill claims it will add significantly to the deficit while cutting services for America’s poorest citizens.
According to the Associated Press, the Congressional Budget Office found that the tax provisions proposed in the newest plan will add an estimated $3.8 trillion to national deficit over the next decade. The provisions would extend tax cuts for the wealthy that President Donald Trump pushed for in 2017, during his first term in office. It would also add new tax provisions that he campaigned on in 2024.
The 2017 tax cuts are set to expire at the end of the year.
- Related article: AICPA is Not Pleased with GOP’s ‘Big, Beautiful’ Tax Bill
The CBO also found that cuts to social programs like Medicaid, food stamps and other services would save around $1 trillion. Those cuts are likely to negatively impact the lowest-income households in the U.S. while boosting resources for the wealthy, the CBO determined.
As a result, the CBO estimates 8.6 million fewer people would have health insurance thanks to proposed cuts to Medicaid and the Affordable Care Act. On top of that, 3 million fewer people each month would be eligible for food stamps through the Supplemental Nutritional Assistance Program (SNAP).
While the CBO estimates the bill will add $3.6 trillion to the deficit, the nonpartisan Committee for a Responsible Federal Budget projects the bill will add $3.3 trillion.
House Republicans are aiming to bring the bill to a vote as early as Wednesday.
Photo caption: With Speaker of the House Mike Johnson (R- Louisiana) by his side, President Donald Trump speaks to the press following a House Republican meeting at the U.S. Capitol on May 20, 2025, in Washington, D.C. (Kevin Dietsch/Getty Images/TNS)
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©2025 Advance Local Media LLC. Visit mlive.com. Distributed by Tribune Content Agency LLC.
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Tags: Congress, Legislation, Taxes, Trump tax cuts, Trump tax plan
Maria Gagne May 24 2025 at 10:10 am
I am very disappointed that you publish anything from CNN, the most twisted major projector of slanted journalism. You should read the bill yourself and watch some of the debates and what was actually passed. I take exception that it will hurt the poorest in the nation. It will hurt illegals and those too lazy to get a job. Safety nets have been built in for disabled, single mothers, students, and other such categories. I expect better. No. I demand better from an organization such as yours relaying information to CPAs