President Donald Trump’s latest tax proposal, known as the “One Big Beautiful Bill,” is raising concerns among many Americans.
While it promises benefits like no taxes on tips and overtime, experts warn that the overall plan could be financially burdensome for most citizens.
The bill aims to extend the 2017 tax cuts, which primarily benefited the wealthy. Analysts estimate that making these cuts permanent could add between $3.8 trillion and $4.6 trillion to the national debt over the next decade.
To offset these costs, the proposal includes significant reductions in social programs like Medicaid and food assistance.
The Congressional Budget Office projects that up to 7.6 million Americans could lose Medicaid coverage due to these changes.
While the bill includes popular measures like eliminating federal income taxes on tips for workers earning under $160,000, critics argue that these benefits are limited and may not significantly help low-income workers.
The proposal has passed the House but faces challenges in the Senate, where some Republicans express concerns about the increasing national debt and potential negative impacts on working-class Americans.
In summary, while the “One Big Beautiful Bill” offers some immediate tax reliefs, the long-term implications suggest increased financial strain for many Americans, particularly those relying on social programs.