House Republican Bill: $4 Trillion in Tax Cuts, But Not Enough Spending Cuts

MARY CHASTAIN MAY 12, 2025 5:30 PM

Not enough.

The House Republicans dropped the 389 pages of “The One, Big, Beautiful Bill.”

Charles is correct:

But alas…House Republicans don’t have a spine.

Tax cuts mean nothing if the government doesn’t make drastic spending cuts. You do not spend more than what you bring in.

We were promised $2 trillion in cuts, but now the goal seems to be $1.5 trillion.

We are more than $36 trillion in debt. The bill raises the debt limit by $4 trillion.

But this is the government we’re talking about! Money machine go bbbbrrrrrrrrr!

There’s no millionaire tax hike. It reduces tax breaks for professional sports team owners.

A few spots:

• Increased child tax credit ($2,000 to $2,500)
• SALT deduction cap for single and married couples ($10,000 to $30,000)
• No tax on overtime
• No tax on tips
• Middle and low income seniors deduct an additional $4,000
• No tax on auto loan interest
• 2017 tax cuts become permanent
• Expands 529 Education savings accounts
• College endowment taxes as high as 21% (hit large schools like Harvard) if the ednowment is over $2 million
• End the electric vehicle tax credit early

MAGA accounts for children.

Otherwise known as “Money Account for Growth and Advancement,” the bill makes them available for children:

In the case of any taxpayer with respect to whom an eligible individual is a qualifying child, there shall be allowed a one-time credit of $1,000 with respect to each such eligible individual who is a qualifying child of such taxpayer which shall be payable by the Secretary only to the MAGA account with respect to which such eligible individual is the account beneficiary.

No, the Republicans did not slash Medicaid. It tightened the eligibility factors (most illegal aliens are ineligible).

It’s the same for Medicare. However, the GOP added the usage of AI to reduce and recoup improper payments under Medicare.

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