Overview

• The House passed a bill to make Trump-era individual tax cuts permanent and introduce new breaks for tips and overtime pay.
• Analyses predict the legislation would boost GDP modestly over decades but disproportionately benefit the top 10% of earners.
• The Committee for a Responsible Federal Budget warns the bill could increase the national debt by $3.3 trillion over 10 years.
• Moody's recently downgraded the U.S. credit rating, citing concerns over rising debt and fiscal sustainability.
• Critics, including Senator Elizabeth Warren, argue the bill exacerbates inequality, while proponents claim it restores economic prosperity.