President Donald Trump's One, Big, Beautiful Bill Comes With Over $5 Trillion in Tax Cuts -- and Possible Unintended Consequences
House Republicans recently unveiled a legislative package called The One, Big, Beautiful Bill, a phrase that President Donald Trump has used to describe what could end up being a landmark piece of legislation during his second term. Republicans will attempt to pass large parts of Trump's legislative agenda through one bill that proposes sweeping tax cuts and an increase in spending on border security, among many other initiatives.Along with the bill, House Republicans are also looking to implement initiatives to fund the ambitious slate. Perhaps most prominently, the bill proposes over $5 trillion of tax cuts. While these tax cuts could certainly put more money in the pockets of many Americans and businesses, they may also come with unintended consequences.The legislative package first and foremost will look to make the tax cuts in Trump's Tax Cuts and Job Act of 2017 permanent. This bill, one of the blockbusters passed in Trump's first term, lowered individual tax brackets anywhere from between 1% to 4%. It significantly lowered and set one single corporate tax rate at 21%, implemented a larger standard deduction, and phased in the child tax credit at a lower income bar, among many other tax cuts.Continue reading
House Republicans recently unveiled a legislative package called The One, Big, Beautiful Bill, a phrase that President Donald Trump has used to describe what could end up being a landmark piece of legislation during his second term. Republicans will attempt to pass large parts of Trump's legislative agenda through one bill that proposes sweeping tax cuts and an increase in spending on border security, among many other initiatives.
Along with the bill, House Republicans are also looking to implement initiatives to fund the ambitious slate. Perhaps most prominently, the bill proposes over $5 trillion of tax cuts. While these tax cuts could certainly put more money in the pockets of many Americans and businesses, they may also come with unintended consequences.
The legislative package first and foremost will look to make the tax cuts in Trump's Tax Cuts and Job Act of 2017 permanent. This bill, one of the blockbusters passed in Trump's first term, lowered individual tax brackets anywhere from between 1% to 4%. It significantly lowered and set one single corporate tax rate at 21%, implemented a larger standard deduction, and phased in the child tax credit at a lower income bar, among many other tax cuts.
