Republican Tax Giveaways in House-Passed “One Big, Beautiful Bill” Will Cost $31 Trillion, According to CRFB

WASHINGTON, D.C. – Today, the Committee for a Responsible Federal Budget (CRFB), a centrist budget policy think tank, released analysis showing that if the temporary tax provisions in the House-passed “One Big, Beautiful Bill” are made permanent, it will add $31 trillion to the national debt over 30 years. The Republicans’ House-passed bill currently ends certain provisions, like no tax on tips and accelerated depreciation of business property, after four or five years making the cost of the bill less than if these provisions were permanent. If Republicans renew and make permanent these provisions, as the Senate Finance text does for the business tax giveaways, the cost of this bill will be much higher than officially estimated.

“Republicans are hell bent on using the current policy baseline gimmick in an effort to close their eyes and pretend this bill does not explode the debt to fund tax breaks for billionaires,” said Ranking Member Jeff Merkley. “In reality, if Republicans succeed in making these tax provisions permanent, it will add $31 trillion to the debt over the next 30 years, nearly as much as our country has run up in debt since we signed the Declaration of Independence in 1776. This bill and the Republicans’ tactics are egregiously irresponsible and will saddle our future generations with unsustainable debt – all to ensure billionaires pay less in taxes. This is families lose, billionaires win.”

According to the CRFB, after 30 years the “One Big, Beautiful Bill,” as passed by the House, will:

Increase debt by $31 trillion if made permanent.
Increase debt to 190 percent of GDP if made permanent.
Increase deficits to 9.6 percent of GDP if made permanent.
Increase interest costs to 6.6 percent of GDP if made permanent.

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