Joint Committee on Taxation estimates GOP tax plan impact around -$3.94 trillion
The GOP tax plan is facing scrutiny from the Joint Committee on Taxation, which has estimated that the plan would have a negative revenue impact of nearly $4 trillion over the span of a decade. The committee’s document indicates that the net total estimated revenue effects would be -$3.939368 trillion for fiscal years 2025-2034.
Critics of the tax plan, including an Office of Management and Budget spokesperson, argue that these estimates ignore current tax policy and cannot be taken seriously. Fox News Digital reached out to the Joint Committee on Taxation for comment, but no response was provided at the time of publication.
The GOP-controlled House of Representatives recently passed the One Big Beautiful Bill Act, despite the U.S. national debt exceeding $36 trillion. The bill passed without any Democrat votes, with only two House Republicans voting against it. House Freedom Caucus Chair Rep. Andy Harris voted present, emphasizing the need for deficit reduction and eliminating waste in the Medicaid program.
Senate Republicans have expressed reservations about supporting the bill in its current form, and even businessman Elon Musk has voiced his disappointment with the measure, citing concerns about government efficiency. President Donald Trump, however, has expressed mixed feelings about the bill, praising some aspects while acknowledging room for improvement.
In a recent statement, White House Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller criticized critics of the bill, particularly self-described libertarians who have aligned with the Congressional Budget Office’s concerns about the bill’s impact on the national debt. Miller argued that the bill includes tax cuts, spending reductions, welfare reforms, and measures to address immigration issues.
Overall, the GOP tax plan continues to face scrutiny and debate as it moves through Congress. It remains to be seen how the bill will fare in the Senate and whether any amendments or changes will be made to address concerns raised by critics.
