Trump's "weak tea" tax on the rich
Axios2 days
House Panel Releases Partial Tax Plan for Trump Agenda Bill
Above: Chairman Jason Smith (R-MO) speaks during a U.S. House Committee on Ways and Means in the Longworth House Office Building on April 30, 2024. Image copyright: Anna Moneymaker/Staff/Getty Images News via Getty Images
The Spin
Republican narrative
This legislation represents a pro-family, pro-worker approach that will usher in America's new golden age of prosperity. By making the Trump tax cuts permanent and adding new benefits like an increased child tax credit, the bill puts working families first while creating jobs, growing wages, and spurring economic investment.
Democratic narrative
This tax bill is fundamentally flawed and mathematically impossible to execute as it wants to cut taxes, reduce deficits, and maintain social programs. The proposed tax cuts would require massive borrowing or draconian cuts to essential programs like Medicaid, potentially leaving millions without healthcare coverage.