A nonpartisan Congressional Budget Office (CBO) analysis projects that Donald Trump's proposed tax bill, which extends his 2017 tax cuts and includes deep spending reductions, would add $2.4 trillion to the US national debt over the next decade. The bill also faces criticism from Republicans, including Elon Musk, and is projected to leave 10.9 million more Americans uninsured by 2034.
Trump’s tax bill would add $2.4tn to US debt, says nonpartisan analysis
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TL;DR: Key points with love ❤️A nonpartisan Congressional Budget Office (CBO) analysis projects that Donald Trump's proposed tax bill, which extends his 2017 tax cuts and includes deep spending reductions, would add $2.4 trillion to the US national debt over the next decade. The bill also faces criticism from Republicans, including Elon Musk, and is projected to leave 10.9 million more Americans uninsured by 2034.
Trending- 1 2000: CBO staff donation history begins.
- 2 2017: Trump's original tax cuts enacted.
- 3 Last month: Trump's tax bill passed the House by a single vote.
- 4 Week prior (to Tuesday): Nebraska representative Mike Flood admitted glossing over part of the bill.
- 5 Tuesday: Elon Musk denounced the bill on X; Georgia Republican Marjorie Taylor-Greene admitted missing a section on AI.
- 6 Wednesday: Congressional Budget Office (CBO) released its analysis.
- 7 Coming weeks: Senate expected to consider modifying the legislation.
- 8 Early July: Republican leaders hope to pass a final version.
- 9 By 2034: Bill projected to add $2.4tn to debt and leave 10.9 million uninsured.
- Significant increase in national debt ($2.4 trillion over next decade)
- 10.9 million more Americans uninsured by 2034
- Internal Republican party divisions and criticism
- Potential for bill modification in the Senate
What: Donald Trump's proposed tax bill is projected by the Congressional Budget Office (CBO) to add $2.4 trillion to the US national debt over the next decade and leave 10.9 million more Americans uninsured by 2034. The bill, which passed the House by a single vote, faces internal Republican criticism, notably from Elon Musk, and is awaiting Senate consideration.
When: 2025-06-04 (article published); Wednesday (CBO analysis released); Tuesday (Elon Musk's denouncement, Marjorie Taylor-Greene's admission); last month (House passed the bill); week prior (Mike Flood's admission); 2034 (projection endpoint); 2017 (Trump's original tax cuts); 2000 (CBO staff donation history).
Where: United States (Washington D.C. implied for CBO, Congress).
Why: The bill aims to extend Trump's 2017 tax cuts and implement deep spending reductions. However, the CBO analysis indicates it will significantly increase national debt and reduce healthcare coverage, leading to criticism from various parties.
How: The CBO conducted an analysis of the bill's fiscal and social impacts. The bill passed the House by a single vote with no Democratic support and is now awaiting Senate consideration, where modifications are expected.