Donald Trump’s new tax bill will add $3.4tn to the national debt over the next decade, according to new analysis from the nonpartisan Congressional Budget Office (CBO) released Monday.
Major cuts to Medicaid and the national food stamps program are estimated to save the country $1.1tn – only a chunk of the $4.5tn in lost revenue that will come from the bill’s tax cuts.
The cuts will come through stricter work requirements and eligibility checks for both programs. The CBO estimates the bill will leave 10 million Americans without health insurance by 2034.
The bill also makes permanent tax cuts that were first introduced by Republicans in Trump’s 2017 tax bill. The cuts included a reduction in the corporate tax rate, from 35% to 21%, and an increase to the standard deduction. It also includes a tax dedication for workers receiving tips and overtime pay, and removes tax credits that support wind and solar power development, which…
