Are these the same Ivy League ‘experts’ who praised Biden’s big spending bills, and said inflation was going to be transitory? Are these the same experts who have been saying for 6 months that the stock market was going to crash, and unemployment and inflation were going to spike (so far 0-3)? The ‘experts’ both at the CBO and in the liberals in their Ivory towers have a history of being wrong. The CBO for instance bases their analysis off a paltry 1.8 GDP growth rate over 10 years, and doesn’t account for tariff revenue (which may well hit 300 billion this FY year alone).UNI88 wrote: ↑Mon Jul 07, 2025 10:16 am Will Trump's big tax bill help or hurt you? Why it could depend on your income
President Donald Trump’s tax bill could make future generations "worse off," no matter their income, according to a new report from the Penn Wharton Budget Model.
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A June analysis of the House bill by the Congressional Budget Office, for instance, found resources for the poorest would decrease by about $1,600 per year under the legislation, largely because of cuts to Medicaid and food aid ‒ which would be more aggressive under the Senate bill. Meanwhile, the wealthiest would gain about $12,000 on average.
Another June report from the Yale Budget Lab suggests the bottom fifth of earners would lose about $560 per year while the top 20% would gain $6,000.
But all future generations, no matter their income, would experience lifetime losses, according to the Penn Wharton Budget Model. High-income households are set to lose $5,700 under the Senate's bill, while low-income households would lose $22,000. The report points to a reduced Social Security net and lower wages as the main drivers.
Under the House bill, the Penn Wharton Budget Model projected lifetime losses ranging from $500 for high-income households to $15,800 for low-income households.
"The future generations, they're going to be worse off. It doesn't matter where on the income bracket they fall," Smetters said. "Ultimately, someone has to pay for (the tax bill), and we’re basically passing it on to the next generation."
There are no Medicaid cuts, even with inflation and population growth factored in, IF you go back to pre pandemic spending. That was before state govts ballooned the Medicaid rolls far beyond what was intended because the Fed foots most of the bill. And now the able bodied childless adult Freeloaders are going to have to work/train/get educated at least part time to get bennie’s, along with no more illegals getting Medicare.
Of course there has to be a reduced SS net. SS taxes are separate from income taxes, so the BBB keeping tax rates the same has as opposed to a massive increase, has nothing to do with that. And the fact is the Ponzi scheme of SS is now paying out more than it takes in in payroll taxes, and once the balance in the Social Security Trust Fund hits zero, the trust fund can’t run a deficit, and the cuts are automatic. Last I saw was 2034 with afterwards 81% payout. Anyone with half a brain has been able to see this for a long time.
