Group 1: Economic Growth and Tax Policy - The "Big and Beautiful" Act significantly reduces corporate tax rates from 35% to 21%, allowing for immediate tax deductions on qualified production property and extending other tax incentives for business investments [2] - The Act aims to stimulate economic growth by increasing the actual GDP growth rate by 3% and creating over 7 million jobs, particularly benefiting small businesses and innovation [3][4] - However, the sustainability of economic growth from tax cuts is questionable, with potential diminishing returns and strict time limits on personal income tax reductions [4] Group 2: Fiscal Deficit and Government Spending - The Act plans to cut at least $1.5 trillion in spending over the next decade, primarily targeting social welfare programs to offset the increased fiscal deficit caused by tax cuts [5][6] - The projected increase in government deficit due to tax cuts is estimated at $4.5 trillion over the next ten years, raising concerns about the government's ability to manage its debt [6][7] - The Act raises the debt ceiling by $5 trillion, leading to an accelerated expansion of U.S. debt, with projections indicating a debt-to-GDP ratio increase from 122% to over 125% [7][8] Group 3: Social Welfare and Income Distribution - The Act proposes significant cuts to social welfare programs, including nearly $1 trillion from Medicaid, which may disproportionately affect low-income individuals while favoring wealthier taxpayers [10][11] - The changes in tax policy are expected to exacerbate income inequality, with lower-income groups facing net losses while higher-income groups benefit from substantial tax reductions [11][12] - The cancellation of renewable energy tax credits may lead to increased energy costs, further straining low-income households already affected by welfare cuts [12]