ICYMI: New projection signals good news for families, workers in Trump’s ‘big, beautiful bill’
Whitehouse.gov ^ | May 19, 2025 | The White House
Posted on 05/21/2025 1:35:59 PM PDT by SoConPubbie
President Trump’s One, Big, Beautiful Bill will raise take-home pay by as much as $13,300 and wages by as much as $11,600, according to a new report from the Council of Economic Advisers.
“A key U.S. economic agency is projecting that President Donald Trump’s tax policy in his ‘one big, beautiful bill’ will lead to increased take-home pay for American families and higher wages for U.S. workers. The Council of Economic Advisers (CEA), which advises the White House on economic policy, released a report on Monday morning that said, ‘Taken as a whole, the CEA estimates that the tax cuts in the President’s proposals and the One Big Beautiful Bill will substantially boost investment and GDP relative to if expiring provisions from the [Tax Cuts and Jobs Act] are not extended.’ […] ‘For workers and families, the CEA forecasts that wages will be about $6,100 to $11,600 higher, with family take-home pay $7,800 to $13,300 higher because of the increase in wages and reduction in tax obligations,’ the new analysis said. The CEA said the added deduction for seniors, meanwhile, would increase the average take-home pay for qualifying seniors by approximately $400 to $450 per year. If passed, the policies would also boost U.S. investment in the long run from 4.9% to 7.5%, according to the projection, and could save or create as many as 4.2 million full-time equivalent jobs in the long run. It also estimated that Trump’s ‘no tax on tips’ proposal alone would increase tipped workers’ pay by an average $1,675 per year, while eliminating the tax on overtime wages ‘will cause overtime workers to increase their overtime hours by 4.7 percent, leading to a 0.2 percent increase in aggregate labor supply while the provision is in effect.’ ‘As a result, the level of GDP increases by 0.1 to 0.2 percent in the short run. The average overtime worker receives a tax cut of between $1,400 and $1,750 per year,’ the projection said.”
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TOPICS: Business/Economy; Constitution/Conservatism; News/Current Events; Politics/Elections
KEYWORDS: trump
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1 posted on 05/21/2025 1:35:59 PM PDT by SoConPubbie
To: SoConPubbie
“...increase the average take-home pay for qualifying seniors by approximately $400 to $450 per year.....”
Isn’t that a lot less than $13,000?
2 posted on 05/21/2025 1:37:51 PM PDT by Paladin2 (YMMV)
To: SoConPubbie
I’m uncomfortable with this message of how Republicans are promoting the Big Beautiful. They’re saying, “Hey look. Accept all that’s in the Big Beautiful or the Trump Tax Cuts will expire”.
3 posted on 05/21/2025 1:38:56 PM PDT by Tell It Right (1 Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
To: SoConPubbie
To: TornadoAlley3
3 democrats have died since Trump returned. Devine intervention or just devine?
5 posted on 05/21/2025 2:22:45 PM PDT by DIRTYSECRET
To: DIRTYSECRET
Did they all live in Devine Texas?
6 posted on 05/21/2025 2:32:34 PM PDT by BipolarBob (I worked at the circus as The Human Cannonball, until they fired me.)
To: DIRTYSECRET
7 posted on 05/21/2025 2:59:56 PM PDT by TornadoAlley3 ( I'm Proud To Be An Okie From Muskogee)
To: Paladin2
I think it is but with all the change I’m not sure any more.
What happened to no tax on Social Security? Oh, right, can’t be done. Never could.
Over promise, under deliver. Trump’s way.
8 posted on 05/21/2025 5:56:52 PM PDT by Sequoyah101 (Donald John Trump. First man to be Elected to the Presidency THREE times since FDR.)
To: SoConPubbie
There should be NO SALT deductions !
State And Local Taxes are a cost of living.
Federal deductions are a subsidy to S & L taxation.
9 posted on 05/21/2025 6:41:07 PM PDT by A strike (ICE ICE baby !)
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