The estimated revenue impact of the GOP tax plan would be nearly $4 trillion in the negative over a decade, the Joint Committee on Taxation — a nonpartisan committee of the U.S. Congress — has indicated.
A document issued by the committee puts the net total estimated revenue effects at -$3.939368 trillion for fiscal years 2025-2034.
“The problem with all of these studies is they willfully ignore current tax policy. You can’t do that and be taken seriously,” an Office of Management and Budget spokesperson indicated.
Fox News Digital reached out to the Joint Committee on Taxation for comment, but no comment had been provided by the time of publication.
Speaker of the House Mike Johnson, R-La., right, accompanied by President Donald Trump, speaks to members of the media as they depart a House Republican meeting at the U.S. Capitol on May 20, 2025 in Washington, D.C. (Andrew Harnik/Getty Images)
The GOP-controlled House of Representatives passed the One Big Beautiful Bill Act last week, even with the U.S. national debt at more than $36 trillion.
The measure cleared the chamber with zero Democrat votes, and two House Republicans — Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio — voting against it.
House Freedom Caucus Chair Rep. Andy Harris, R-Md., voted present, explaining in a statement, “I voted to move the bill along in the process for the President. There is still a lot of work to be done in deficit reduction and ending waste, fraud, and abuse in the Medicaid program.”
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Some Senate Republicans have indicated that they would not be willing to support the measure as it stands coming out of the House.
Elon Musk is not happy with it either. The business tycoon said during an interview for “CBS Sunday Morning” that he was “disappointed to see the massive spending bill,” and that the measure undermines the Department of Government Efficiency team’s work.
“I’m not happy about certain aspects of it, but I’m thrilled by other aspects of it,” President Donald Trump said of the measure when asked about Musk’s comments.
Last week, Trump hailed the House’s passage of the proposal, calling for the Senate to pass it as well.
“Great job by Speaker Mike Johnson, and the House Leadership, and thank you to every Republican who voted YES on this Historic Bill! Now, it’s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!” the president declared in part of a Truth Social post last week.
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White House Deputy Chief of Staff for Policy and Homeland Security Advisor Stephen Miller asserted in a post on X, “I see some self-described libertarians siding with lefty bureaucrats at CBO who claim the Big Beautiful Bill will ‘explode the debt.’ This is based entirely on CBO claiming that extending the current tax rates (not raising them) will ‘cost’ the government $4 trillion in revenue.
“Since when have libertarians argued that NOT raising taxes ‘costs’ the government money? Private money yet to be earned does not “belong” to the government. This is a Democrat-collectivist argument and I’m shocked to see libertarians deploying it. Under this ludicrous theory, one could raise taxes to 90% on everyone and declare the deficit solved. BBB cuts taxes, cuts spending, reforms welfare and *ends mass migration*,” he declared.
