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Council of Economic Advisers @CEA47 - President Trump's tax bill (aka, the Big Beautiful Bill) wouldn't just avoid a catastrophic recession by extending the 2017 tax cuts, but will provide much needed tax relief for businesses & households.
CEA estimates a massive boon for growth, investment, and take-home pay 1/9
https://x.com/CEA47/status/1924575019738230959
Council of Economic Advisers @CEA47 - Preventing the TCJA from expiring + adding 100% expensing for equipment & factory construction, further business tax cuts, and no tax on tips/OT/social security, CEA estimates real GDP will be +4.2-5.2% higher over the next 4 years (and +2.9-3.5% higher in the long run)... 2/9
https://x.com/CEA47/status/1924575021202112599
Council of Economic Advisers @CEA47 - CEA also estimates that 6.6-7.4 million full-time equivalent jobs will be created or saved over the next 4 years (and 4.2 million in the long run).
Full expensing is expected to create an investment boom: +9.8-14.5% over next 4 years and +4.9-7.5% in the long run... 3/9
https://x.com/CEA47/status/1924575022598721931
Council of Economic Advisers @CEA47 - Consumers are still reeling from Bidenflation. CEA estimates the new tax bill would increase wages by $6,100-$11,600 per worker, and a typical family with 2 kids will see take-home pay rise by $7,800-$13,300... 4/9
https://x.com/CEA47/status/1924575024008085945
Council of Economic Advisers @CEA47 - Individual tax breaks will also aid Americans who have suffered unduly from real wage losses.
CEA estimates an additional short-term boost of $1,400-$1,750 for overtime workers, $1,675 for tipped workers & $400-$450 for seniors... 5/9
https://x.com/CEA47/status/1924575025648054547
Council of Economic Advisers @CEA47 - America's interest burden soared under the Biden admin. We now spend more on interest costs than defense.
By producing more in America, the bill will help sustainably lower inflation. Shrinking the interest expense could reduce the federal deficit by up to 1.1% of GDP... 6/9
https://x.com/CEA47/status/1924575027082547609
Council of Economic Advisers @CEA47 - Failing to preserve President Trump’s historic cuts would cause a $4 trillion tax hike that would lead to a GDP decline >4%. Unemployment would jump during a deep recession.
That’s exactly the recipe for a wider budget deficit & surging federal debt... 7/9
https://x.com/CEA47/status/1924575028529528932
Council of Economic Advisers @CEA47 - Budget scorers thought the 2017 TCJA would reduce government revenues by > $1 trillion. But revenues are 17.1% of GDP, the same as pre-TCJA. Real revenues were higher last year than where CBO expected they would be *pre-TCJA*... 8/9
https://x.com/CEA47/status/1924606035542548901
Council of Economic Advisers @CEA47 - CBO & others fail to include dynamic growth effects, tariff revenues, and savings from cuts to waste, fraud & abuse. Not to mention a smaller federal workforce. The Big Beautiful Bill will help put America on track for the new golden age... 9/END
Information & Resources – CEA – The White House
https://www.whitehouse.gov/cea/information-resources/
https://x.com/CEA47/status/1924606281848950979
CSPAN @cspan - .@SenWarren: "If you think 'follow the law' means you just get to make it up on the spot--then bud--you don't get to be the IRS Commissioner. The point here is to follow the law as it is written...Can the president of the United States legally tell the IRS to change someone's non-profit status?"
IRS Commissioner nominee Billy Long: "I'm not able to answer."
https://x.com/cspan/status/1924855858220974529
CSPAN @cspan - . @SpeakerJohnson : "I just got off the phone with president. He's on his way over. He's excited to talk with the House Republicans this morning and we're excited to have him...I think the president is going to encourage everyone this morning to get in line and get the votes done."
https://x.com/cspan/status/1924809304453869694
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