Trump Tax Cut Bill Passes US House..."Deficit Could Increase by $3.8 Trillion Over 10 Years"

Minseung Kang

Summary

The US House reported that the Trump tax cut bill, including reductions in personal and corporate income taxes, was passed.
The Congressional Budget Office projected that if the bill is finalized, the deficit could increase by $3.8 trillion over the next 10 years.
This bill extends the 2017 tax cut and reflects President Trump's campaign promises.

The large-scale tax cut bill promoted by US President Donald Trump passed the US House of Representatives on the 22nd (local time).

According to Reuters on the 22nd, the US House passed the tax cut bill, which includes reductions in personal and corporate income taxes and expanded tax credits, with 215 votes in favor and 214 against. Two Republican House members voted against it, and all Democratic members opposed the bill.

This bill includes provisions to extend key clauses of the 2017 tax cut, which are set to expire at the end of this year. It also reflects President Trump's campaign promises, such as tax exemptions for tips and overtime pay and new tax credits for interest on loans for purchasing American-made cars.

The Congressional Budget Office (CBO) projected that if the bill is finalized in the Senate, the US deficit could increase by $3.8 trillion over the next 10 years.

Meanwhile, the 2017 tax cut refers to a large-scale tax reform promoted by President Trump during his first term, which included overall reductions in corporate and personal income taxes.