特朗普预算法案详解（上）：《美丽大法案》的内容和关注要点

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion revolves around the "Beautiful Act" proposed by the Trump administration, which focuses on tax reforms and budget modifications in the United States. Core Points and Arguments - The "Beautiful Act" aims to extend and upgrade existing tax reduction policies, including personal income tax rate reductions, standard deduction settings, and estate tax exemptions, with an expected fiscal expansion of approximately $4 trillion for residents. However, the permanent nature of the personal income tax rate could lead to a cumulative deficit of about $10.2 trillion over the next decade [1][2][3]. - The corporate tax rate remains unchanged at 21%, with only minor adjustments in areas such as capital investment expensing, depreciation calculations, and profit shifting to avoid excessive fiscal pressure [1][2]. - To ensure government funding, the "Beautiful Act" requires an increase of approximately $4 trillion in the debt ceiling, alongside spending cuts in areas like Medicaid, Affordable Care Act subsidies, food stamps, and student loans [1][3]. - The Senate review process for the "Beautiful Act" may involve modifications, as the Senate can amend provisions that violate budget rules. The final version must be agreed upon by both the House and Senate and signed by the President to take effect [4]. Important but Possibly Overlooked Content - There are internal divisions within the Republican Party regarding the "Beautiful Act," with some senators opposing the scale of the debt ceiling increase or the adequacy of spending cuts. The critical deadlines include a hard constraint period from late July to early August, with September 30 being the final deadline for budget resolution [5][6]. - If the "Beautiful Act" fails to pass on time, it could lead to a sovereign debt default for the U.S. government, increasing fiscal policy uncertainty and negatively impacting the economy, including decreased consumer confidence and worsened corporate profit expectations [2][7]. - The act includes new tax benefits for residents, such as deductions for tip income and overtime pay, and the establishment of Magma accounts for U.S.-born children to support education, entrepreneurship, or home purchases [3].