U.S. President Donald Trump claims a 68% tax increase will occur if Congress does not pass his proposed tax and spending bill, the One Big Beautiful Bill Act. However, think tanks, including the Urban Institute-Brookings Institution Tax Policy Center, estimate a far lower increase of about 7.5% if the 2017 tax cuts expire. Contrasting opinions also emerged within the Republican party, with figures like Elon Musk criticizing the bill, illustrating growing divisions over tax policy. Meanwhile, Democrats are advocating for more measured tax extensions based on income thresholds.
Trump's repeated claim that failing to pass his tax bill would lead to a 68% tax increase is greatly exaggerated, with think tanks estimating a much lower rise.
Independent analyses suggest that if the 2017 tax cuts expire, taxes could rise by approximately 7.5%, not the astronomical 68% claimed by Trump.
Collection
[
|
...
]