Posted 5/24/2025

The One Big Beautiful Bill Act aims to fulfill some of President Trump's campaign promises. According to a summary of the One Big Beautiful Bill Act, it increases the statutory debt limit and may or may not increase the deficit. There shouldn't be a need to increase the debt ceiling if there are no plans to increase debt, but the language divulges that intention. While many people may be excited about some aspects of the bill that could help the working class, the bill states that no taxes on tips and overtime will only last through 2028. Similarly, temporary increases to the child tax credit will expire that same year. There is also a plan to allow a $10,000 deduction of auto loan interest, but some found the math incalculable... Click Here.

Opponents of the bill argue that the tax cuts are disproportionate and favor wealthy individuals and corporations. Outlined in the bill is the plan to make the tax cuts of the 2017 Tax Cuts and Jobs Act (TCJA) permanent. Many of the individual income tax cuts will disappear in 2025. Cuts to Medicaid and SNAP have been a concern as well, and a portion of the bill seeks to impose more work requirements for recipients. Beyond its tax implications, the bill also addresses border security, with 50.6 billion dollars earmarked for bolstering it. This funding is intended to support the construction of the border wall and the hiring of additional border patrol agents. Those seeking asylum would face an additional $1000 fee for submitting an application. The bill lacks details on how Mexico will pay for the border wall, as Trump promised during his campaign. The bill allocates another 150 billion dollars for defense spending. However, it's unlikely the "Golden Dome" defense shield Trump imagines is included in that figure. Trump has selected a defense shield design, expected to cost 175 billion dollars, and he's selected a Space Force general to oversee the program... Click Here.

Some expect this bill to add trillions more to the deficit, 3.3 trillion dollars over 10 years, while reducing federal revenues by 3.8 trillion dollars. Critics argue that the underlying framework of the bill appears to align with an agenda that would exacerbate existing economic disparities, potentially widening the gap between the wealthy and the poor. Some even express concern that the bill's passage could lead to a more rigid social structure resembling a caste system, characterized by a fixed social hierarchy with limited opportunities for upward mobility. The bill is awaiting the approval of the Senate.