Trump’s massive tax cut bill passes key US House committee vote
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Trump’s massive tax cut bill passes key US House committee vote
Nonpartisan analysts say bill would add $3-5tn to the nation’s $36.2tn debt over the next decade. Four hardline members of the committee’s 21 Republicans allowed the legislation to advance by voting “present” The bill passed in a 17-16 vote, with all Democrats voting against it.Hardliners want cuts to Medicaid, which some Republican senators have pushed back against, saying it would hurt the very voters who elected Trump in November, and whose support they will need in 2026 when control of Congress is again up for grabs. US Treasury Secretary Scott Bessent said in an interview with CNN that the bill would spur economic growth sufficient to offset any growth in the debt.
Source: Aljazeera.com | Read full article
Trump tax bill passes key panel to advance in US Congress
Four hardline conservatives on the House Budget Committee, who had blocked the legislation on Friday, allowed the bill to move forward. House Speaker Mike Johnson is pushing to get full House approval before the U.S. Memorial Day holiday on May 26. House Republicans are divided over how deeply to slash spending to offset the cost of the tax cuts. Nonpartisan analysts say the bill would add $3 trillion to $5 trillion to the nation’s $36.2 trillion in debt over the next decade.. Moody’s cited the rising debt, which it said was on track to reach 134% of GDP by 2035, for its decision on Friday to downgrade its U.s. credit rating. The measure would extend Trump’s 2017 tax cuts, his signature first-term legislative achievement, reduce taxes on some tips and overtime income – both campaign promises. It would also boost defense spending and provide more funds for his border and immigration crackdown, among other things. The bill would kick 8.6 million people off Medicaid, the joint federal-state program for low-income Americans.
Source: Reuters.com | Read full article
Trump’s massive tax cut bill passes key US House committee vote
The bill is expected to add $3-5trn to the $36.2trn national debt over the next decade. Republicans are still divided on how to offset the cost, with some seeking Medicaid cuts and the repeal of green energy tax credits.
Source: Theannapurnaexpress.com | Read full article
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Source: https://www.aljazeera.com/news/2025/5/19/trumps-massive-tax-cut-bill-passes-key-us-house-committee-vote