Trump wants Congress to increase tax cuts in major policy bill
Musk, who is stepping back from his White House role, has said he's disappointed that the bill will increase the budget deficit. Increasing the tax cuts would add to the deficit unless they're offset with spending cuts.
The House passed legislation last week that would add an estimated $3.8 trillion to the national debt over the next 10 years, fueled by a permanent extension of the 2017 income tax cuts that Trump signed into law during his first term.
That bill also includes temporary tax breaks for tips, overtime, seniors and buyers of American-made cars. There is also a boosted child tax credit, among other benefits.
Next up is the U.S. Senate, which will begin its work on the legislation next week with several Republicans already openly pushing for changes to the House bill's approach to everything from Medicaid to green energy subsidies, and overall spending.GOP leaders in Congress, namely House Speaker Mike Johnson, have set a self-imposed deadline on July 4 to complete work on the bill and send it to Trump's desk for signature into law.
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- NBC News
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an hour ago
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The Independent
2 hours ago
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