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Tag: income inequality
Trump’s Tax Overhaul Clears House Committee Amid Budget Debates and Credit Downgrade Concerns
On May 18, 2025, President Donald Trump's Tax Overhaul, commonly referred to as the "One Big Beautiful Bill," advanced through the House Budget Committee after intense deliberations and intra-party negotiations. This legislative package aims to extend the 2017 Tax Cuts and Jobs Act (TCJA), introduce new tax exemptions, and implement significant spending adjustments. The bill's progression occurs against the backdrop of Moody's recent downgrade of the U.S. credit rating, citing escalating national debt and fiscal imbalances.
Wealth and Welfare: Analyzing the GOP Tax Reform and Its Socioeconomic Implications
In April 2025, the U.S. House of Representatives introduced a comprehensive tax reform bill, championed by President Donald Trump and House Speaker Mike Johnson. Dubbed the "Big, Beautiful Bill," this legislation aims to extend and expand upon the Tax Cuts and Jobs Act (TCJA) of 2017. Key provisions include increasing the standard deduction, adjusting the state and local tax (SALT) deduction cap, and proposing a higher top marginal tax rate for ultra-high earners .