Bill O'Reilly predicts Trump's megabill will boost Republicans in midterms
In an interview on NewsNation's 'Cuomo,' anchor Chris Cuomo asked O'Reilly what 'win' President Trump would get from passing the megabill, which is headed toward a final vote on Thursday, noting it is expected to add trillions to the deficit over the next decade.
'The win is that he gets an economy that will make Republicans win the midterms, so he can have three-and-a-half more years to do what he wants,' O'Reilly said. 'It's as simple as that.'
Republicans currently control both the House and the Senate, making it easier for the president to pass his legislative priorities through Congress without significant opposition. If Democrats were to win back control of both chambers in 2026, the president would face steeper battles on Capitol Hill during his final two years in office.
House Republicans voted overnight to advance the president's agenda-setting bill, which includes an extension of the 2017 tax law that cut many individual income tax rates but is slated to expire at the end of this year.
Under current law and moving up the income spectrum, marginal rates are set at 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The new GOP law would lock those rates in place.
If they were allowed to lapse, rates would change to 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent. Only the 10-percent and 35-percent rates were left untouched by the 2017 tax cuts legislation.
The extension of those rates would reduce federal revenue by $2.2 trillion through 2034, according to the Joint Committee on Taxation (JCT).
'The American consumer will have more money in his or her pockets if the bill is passed,' O'Reilly said. 'If it's not passed, then the tax hikes take effect at the end of this year, which is going to doom the economy.'
'Consumers drive the US economy. The more money consumers have, the better the economy will be. If you take more money from them through elevated taxation, you're dooming the economy,' he added.
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