The big beautiful bill would have serious consequences for the American economy. It would extend lavish tax cuts, slash health care for the poor, boost defence spending—and add an estimated $4.5trn to the public debt https://t.co/8nPekT0Z4t ...

Tax Bill Impact - Approximately 80% of the tax bill's benefits accrue to the top 10% of earners [2] - The bottom 20% could see a decrease in after-tax income of $560 per year, a 2.3% decrease [3] - The middle 20% would see a slight gain of $760 per year, or 1.5% [3] - The top quintile receives a $6,000 cut, about 2.3% [4] - The top 1%, those making $650,000 or more, get a tax cut of about $32,000 a year, 2.1% [4] Tax Policy Details - Extending the standard deduction costs $1.4 trillion [4] - Child tax credit costs $800 billion [4] - Eliminating tax on tips and overtime costs over $120 billion [5] - Bonus depreciation allows businesses to deduct 100% of capital investments immediately, retroactive to January 2025 [8] Regional and Temporal Considerations - The extension of the salt deduction is a positive change for those in high tax blue states, up to $500,000 in income, phasing out in 5 years [6] - Many provisions of the tax bill are set to expire in approximately 5 years due to budgetary reasons [7]

When we see such a positive jobs report, 147,000 jobs and a lower unemployment level, what is this. What is driving this. Good morning.Thanks for having me. Look, you know, as you said a moment ago, you know, this report was better than 78 out of the 79 forecasts that came into into the Bloomberg consensus range, the Bloomberg forecast. And so what we see is an economy that continues to defy it, continues to defy expectations, continues to defy, you know, all the doom and gloom that's out there, whether it' ...

Tax Bill Overview - The House is expected to vote on President Trump's tax bill, likely resembling the Senate version [1][2] - Democrats argue the bill disproportionately benefits higher-income households [6] Income Group Impact - The bottom 20% could see a decrease in after-tax income of approximately $560 per year, equivalent to a 23% decline [3] - The middle 20% might experience a slight increase of about $760 annually, representing a 15% rise in after-tax income [3] - The top 20% could receive a tax cut of around $6000, approximately a 23% increase [4] - The top 1% may see a tax cut of about 21%, with benefits potentially declining at the very top due to income thresholds [4] Key Provisions & Costs - Extending the standard deduction is estimated to cost $14 trillion [5] - The child tax credit is valued at $800 billion [5] - Limiting taxes on tips and overtime amounts to over $120 billion [5] - Extending lower marginal tax rates is the most expensive component, exceeding $1 trillion [5] Beneficiaries - Approximately 80% of the benefits from the Senate bill are projected to go to the top 10% of earners [2][6] - The top 10% contribute 70% of the taxes [6] - The working and middle classes are expected to benefit from provisions like the standard deduction and child tax credit [7] Business Impact - Immediate expensing of R&D and capital investment is considered the most economically significant aspect for businesses [7]

Investors are watching the House of Representatives as it prepares to vote on President Trump's mega bill while also awaiting the June jobs report. Let's bring in Drew Mattis, head of the global economic and market strategy team at Metife Investment Management. Drew, great to have you with us.Um, first, because they're discussing it as we speak in Congress, the bill, how important is that to your overall market outlook for later this year in terms of getting those tax cuts extended. Well, without the tax cu ...

Legislative Process & Political Maneuvering - A procedural error by Republicans regarding "considering the previous question" paralyzed the House of Representatives for 11 hours [5][7][8] - Democrats strategically used the procedural error to propose amendments protecting Medicaid and SNAP, which were blocked by Republicans [12][13] - The report alleges President Trump used personal appeals to influence Republican lawmakers to support the bill [24][25] Healthcare & Social Programs Impact - The bill is projected to cause 17 million Americans to lose healthcare coverage [17][21] - 42 million people could lose nutritional assistance [22] - In one North Carolina district, 142,000 constituents could lose some or all of their SNAP benefits, and five rural hospitals are at risk of closure [14] Taxation & Economic Impact - The bill is criticized for increasing the national debt by $4 trillion [22] - The report highlights a tax cut for incomes over $10 million, maintaining a 37% rate instead of restoring it to 396% [30][31] - The report claims the bill benefits billionaires at the expense of the middle class and those relying on social safety nets [19][29]

Healthcare & Policy - The bill under discussion is projected to cut healthcare for millions of people, potentially leading to 17 million individuals losing their healthcare coverage [3][6][10] - The proposed legislation could result in \$1 trillion in cuts to healthcare, impacting working families across the country [6][10] - Rural hospitals and nursing homes may face shutdowns due to the bill's provisions [7][11] - Changes to Medicaid are being framed as "minutia" despite representing a significant cut to healthcare [6] Taxation & Economic Impact - The bill includes tax breaks primarily benefiting the wealthy and large corporations, with potential temporary benefits for working families [7][14] - The discussion includes maintaining the 2017 tax cuts, which could disproportionately favor higher-income individuals [12][14] Political Strategy & Midterm Elections - Democrats intend to hold Republicans accountable for the bill in the 2026 elections, framing it as a broken promise to lower costs [4] - Republicans are accused of prioritizing tax cuts for the wealthiest while undermining programs that support working families [7] - The Democratic Party emphasizes the importance of strong candidates who focus on issues relevant to their voters [21][22]

Legislative Process & Political Landscape - The bill faces challenges in the House due to disagreements among Republican factions, including hardline conservatives and moderate Republicans [3][4][8][9][10] - The House Freedom Caucus seeks significant cuts to the bill, while other Republicans prioritize different aspects like Medicaid and green energy tax credits [6][7][8][9] - Democrats are united in opposition, highlighting potential impacts on healthcare and food assistance, and are targeting vulnerable House Republicans [21][22] - The bill's progress is indicated by movement through procedural votes, suggesting a potential breakthrough [28] Economic Impact & Policy Concerns - Analysis suggests the bill includes tax cuts for the wealthy and service cuts for others, potentially costing $3 trillion over the next decade [11][12] - Concerns exist regarding the impact on rural hospitals due to potential Medicaid cuts [15] - Economists are analyzing the effects of increased deportations on the job market and overall economic growth [16] - Reduced immigration could lead to slower job market growth, impacting the economy and exacerbating existing social security challenges due to an aging population [17][18][19][20] Key Issues & Debates - The debate centers on the level of cuts to Medicaid and access to it, with hardline conservatives advocating for steeper reductions [26] - The bill includes funding for immigration enforcement, deportations, national security, and law enforcement [15] - The Senate bill added $750 billion to the federal deficit and debt, raising concerns [7]

After a nailbiter in the Senate, now Republicans in the House face their own pick your poison moment. At this hour, the House is at a standstill ahead of a final vote to pass Trump's sweeping domestic policy bill. Whether Republicans have the votes to pass it, that is an open question.Speaker Mike Johnson can only afford three Republican no votes given unified and unanimous Democratic opposition to that bill. Here's House Democratic Leader Hakee Jeff. That's what we are going to do.Show up today. Show up to ...

Let's bring in Democratic Congressman Brendan Bole from Pennsylvania, who you just saw in that shot. As a matter of fact, ranking member of the House Budget Committee. Uh, Congressman Norman seems to be arguing that if Republicans knew everything that was in this bill, they might not be so quick to vote yes.On the other hand, there is an argument to be made. It's almost impossible not to know if you're on Capitol Hill what the main points of contention are, right. At the very least.But is there, do you thin ...