No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, October 3, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Senate tax bill would add $3.3 trillion to U.S. deficits, CBO says

by TheAdviserMagazine
3 months ago
in Business
Reading Time: 2 mins read
A A
Senate tax bill would add .3 trillion to U.S. deficits, CBO says
Share on FacebookShare on TwitterShare on LInkedIn



The Senate version of President Donald Trump’s tax and spending measure would add nearly $3.3 trillion to US deficits over a decade, according to a new estimate from the nonpartisan Congressional Budget Office.

The CBO score for the so-called One Big Beautiful Bill reflects a $4.5 trillion decrease in revenues and a $1.2 trillion decrease in spending through 2034, relative to a current law baseline.

The Senate bill, by Republican request, was also scored as costing $507.6 billion over a decade relative to a current policy baseline. The party’s lawmakers have sought to use the accounting maneuver to permanently extend President Donald Trump’s 2017 income-tax cuts, and score them as costing nothing. 

The bill includes $4.5 trillion worth of tax cuts, according to a Saturday estimate from the Joint Committee on Taxation.

Use of the current policy baseline is unprecedented for the reconciliation process the Republicans are using to approve the massive legislation with a simple majority. The cost of a bill is normally measured according to what effect it would have on the federal budget under current law. But the Republicans want to revise the process by assuming that current policies remain in place indefinitely. 

The bill’s cost has been a big problem for fiscal conservatives. It has faced several obstacles in the Senate as lawmakers have demanded conflicting changes. Then a number of spending cuts included in the package were changed as they did not comply with Senate rules for the reconciliation process. 

Earlier: Trump Speeds Up Tax Bill Deadline as Tentative SALT Deal Reached

Democrats and some economists have argued use of the current policy baseline allows GOP lawmakers to circumvent rules that would otherwise limit the bill’s fiscal effects. That, they say, imperils the nation’s fiscal trajectory.

The cost of the Senate bill is higher than the CBO’s $2.8 trillion projected cost of the version passed by the House last month, which also accounts for economic effects and higher interest rates spurred by larger debt loads.

The legislation encompasses much of Trump’s economic agenda. In addition to the 2017 tax break extension, it would make make various spending cuts to safety net programs, including Medicaid and the Supplemental Nutrition Assistance Program, or food stamps. 

The Senate version made three business tax breaks permanent, limits deductions on new tax breaks on workers’ tips and overtime and includes changes to some of the Medicaid provisions.

House and Senate Republicans have also reached a deal to alter the cap on federal deductions for state and local taxes. That limit will remain at the $40,000 limit set in the House bill, but it will be limited to a five-year period, rather than 10 years.

Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America. Explore this year’s list.



Source link

Tags: AddbillCBOdeficitsSenatetaxTrillionU.S
ShareTweetShare
Previous Post

Landa Digital Printing seeks court protection

Next Post

Lazarus Group Launders $1.95M in Stolen Ethereum via Tornado Cash

Related Posts

edit post
Japan’s next leader may be its first woman or youngest in modern era

Japan’s next leader may be its first woman or youngest in modern era

by TheAdviserMagazine
October 2, 2025
0

Japan stands a good chance of having its first woman prime minister or its youngest leader in the modern era...

edit post
Upcoming LG India IPO nears valuation of South Korea parent

Upcoming LG India IPO nears valuation of South Korea parent

by TheAdviserMagazine
October 2, 2025
0

Mumbai: LG Electronics India's market value, as per the pricing of its upcoming initial public offering (IPO), is nearly on...

edit post
‘I don’t know why I need to go to college’: Ford CEO says his Gen Z son worked as a mechanic and wondered if the 4-year degree was still worth it

‘I don’t know why I need to go to college’: Ford CEO says his Gen Z son worked as a mechanic and wondered if the 4-year degree was still worth it

by TheAdviserMagazine
October 2, 2025
0

Ford CEO Jim Farley gathered a host of experts this week to discuss what he calls “the essential economy,” the...

edit post
Elon Musk’s big week, from spurring a Netflix cancelation wave to blowing out Tesla sales estimates

Elon Musk’s big week, from spurring a Netflix cancelation wave to blowing out Tesla sales estimates

by TheAdviserMagazine
October 2, 2025
0

Months after Elon Musk left the Trump administration to the relief of Tesla investors worried about boycotts, the world’s richest...

edit post
The NFL is launching professional flag football leagues for both men and women, Commissioner Roger Goodell says

The NFL is launching professional flag football leagues for both men and women, Commissioner Roger Goodell says

by TheAdviserMagazine
October 2, 2025
0

The NFL is set to launch professional flag football leagues for both men and women within the next couple of...

edit post
Nuclear fusion was always 30 years away—now it’s a matter of when, not if, fusion comes online to power AI

Nuclear fusion was always 30 years away—now it’s a matter of when, not if, fusion comes online to power AI

by TheAdviserMagazine
October 2, 2025
0

The breakthrough scientific moment for fusion power—and the potential for nearly limitless electricity from a so-called star in a jar—came...

Next Post
edit post
Lazarus Group Launders .95M in Stolen Ethereum via Tornado Cash

Lazarus Group Launders $1.95M in Stolen Ethereum via Tornado Cash

edit post
UBS Reaffirms Buy on Elevance Despite Adjusted 2025 Earnings Outlook

UBS Reaffirms Buy on Elevance Despite Adjusted 2025 Earnings Outlook

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
How to Create a Legacy Plan for Real Estate Investors |

How to Create a Legacy Plan for Real Estate Investors |

0
edit post
Agency Capitalism in Private Markets: Who Watches the Agents?

Agency Capitalism in Private Markets: Who Watches the Agents?

0
edit post
5 Things to Know About the Rakuten Credit Card

5 Things to Know About the Rakuten Credit Card

0
edit post
Kevin Hart’s VC firm leads €29.8M investment in London’s Simple Life

Kevin Hart’s VC firm leads €29.8M investment in London’s Simple Life

0
edit post
Agentic Commerce Automates Retail’s Next Frontier

Agentic Commerce Automates Retail’s Next Frontier

0
edit post
Hamachi.ai includes AI-powered compliance checks for advisors

Hamachi.ai includes AI-powered compliance checks for advisors

0
edit post
Japan’s next leader may be its first woman or youngest in modern era

Japan’s next leader may be its first woman or youngest in modern era

October 2, 2025
edit post
Justin Sun Featured in Inaugural Crypto Roast and Delivers Keynote as TRON DAO Serves as Title Sponsor at TOKEN2049

Justin Sun Featured in Inaugural Crypto Roast and Delivers Keynote as TRON DAO Serves as Title Sponsor at TOKEN2049

October 2, 2025
edit post
Upcoming LG India IPO nears valuation of South Korea parent

Upcoming LG India IPO nears valuation of South Korea parent

October 2, 2025
edit post
New Shows and Movies Coming to Prime Video in October

New Shows and Movies Coming to Prime Video in October

October 2, 2025
edit post
What the government shutdown means for the SEC

What the government shutdown means for the SEC

October 2, 2025
edit post
‘I don’t know why I need to go to college’: Ford CEO says his Gen Z son worked as a mechanic and wondered if the 4-year degree was still worth it

‘I don’t know why I need to go to college’: Ford CEO says his Gen Z son worked as a mechanic and wondered if the 4-year degree was still worth it

October 2, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Japan’s next leader may be its first woman or youngest in modern era
  • Justin Sun Featured in Inaugural Crypto Roast and Delivers Keynote as TRON DAO Serves as Title Sponsor at TOKEN2049
  • Upcoming LG India IPO nears valuation of South Korea parent
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.