What’s Happening with Trump’s Big Tax and Spending Bill?
Trump’s biggest tax and spending bill now has passed an essential hurdle and is going to be voted on by Congress. If passed, this bill has the capacity to alter the current format of tax system and government expenditures. In this article, I will explain what the tax and spend bill entails, how it is going to impact us and the future course of action in the matter.
What’s Inside the Bill?
The government is planning new expenditures alongside raising taxes, I will break all the components of the plan into easy-to-digest sections:
-
Lowering Taxes: The bill is aimed at reducing taxes for the public and private businesses. If implemented successfully, citizens will have more disposable income and increasing capital will help business expansion.
-
Increased Spending on Government Programs: Focal sectors such as military defense and infrastructure development like repairing roads and bridges will incur enhanced spending according to the program.
-
Providing Assistance: Some funding for people to help aid programs is provided according to the bill but not much is reached to a consensus on the amount of spending proposed.
What Comes Next?
With the bill passing a major checkpoint, it will now be put up for voting at the House of Representatives. Here’s what comes next:
| What Happens | Why It’s Important |
|---|---|
| House Vote | The members of the House will conduct a voting process for the bill. Their approval means it moves to the next stage. |
