The President of the United States Donald Trump said his “big, beautiful” budget promising “biggest tax cuts” in the country’s history is coming to its completion because the Republican American Congress has accepted the budget and unlocking trillion dollars for its agenda Democrats claimed that the bill would be in favor of the rich.
“Great news!” A big, beautiful account ”comes really well. Republicans work nicely. The biggest tax cuts in the US history !!!
What does Trump’s account do?
The new budget resolution allows the US government to lend more $ 5 trillion – in a way by increasing the country’s debt.
Borrow $ 5 trillion why? To allow the US government to borrow more by $ 5 trillion, it would help expand the tax cuts that former President Trump introduced in 2017 – expired soon. These tax cuts would now continue until 2034.
Bill sets goals for total expenses and orders cuts of $ 4 billion.
The new tax reduction is the removal of taxes on the tip, social security revenues and other items – a step that could move the total cost of a plan to nearly $ 7 trillion over the next decade.
The proposal also includes $ 175 billion on the deportation deportation initiative
The Democrats feared that Donald Trump would break his promise of not affecting social security – a federal social care program for the elderly and the disabled, which is more than fifth federal.
What happens if tax cuts are prolonged? The White House explains
According to the White House, the “Economic Impact of the Extension of the Expansion of Tax Crushes and the jobs Act” quotes the “Economic Advisors’ Council, Wages will increase “up to $ 300/year” If tax cuts are prolonged.
“Household home reward will increase by up to $ 5,000 per year,” he says, adding: “The short -term real GDP will be increased by 3.3 to 3.8% and a long -term real GDP by 2.6 to 3.2%.”
The White House led by Trump said that tax cuts will also save “4.1 million jobs before destruction” and “desperate communities will see investments of up to $ 100 billion”.
(Tagstotranslate) Budget law
