The estimated revenue impact of the GOP tax plan has been estimated at about -$3.94 trillion, according to a document issued by the Joint Committee on Taxation (JCT). The JCT, a nonpartisan committee of the U.S. Congress, has highlighted that the tax plan would result in nearly $4 trillion in the negative over a decade. The document outlines that the net total estimated revenue effects are at -$3.939368 trillion for fiscal years 2025-2034. This projection has raised concerns about the financial implications of the proposal, with critics arguing that the methodology of the study is flawed.
The Office of Management and Budget (OMB) spokesperson has criticized the analysis, asserting that the study willfully ignores current tax policy. This has led to a debate about the validity of the JCT’s findings. Fox News Digital reached out to the JCT for comment, but no response was provided by the time of publication.
The GOP-controlled House of Representatives approved the One Big Beautiful Bill Act last week, despite the U.S. national debt surpassing $36 trillion. The measure cleared the chamber with zero Democrat votes, highlighting the stark partisan divide. Two House Republicans, Reps. Thomas Massie of Kentucky and Warren Davidson of Ohio, voted against it, indicating disagreement within the party. House Freedom Caucus Chair Rep. Andy Harris, R-Md., voted present, stating that he voted to move the bill along in the process for the President and emphasizing the need for further work on deficit reduction and reforming the Medicaid program.
Some Senate Republicans have indicated that they would not be willing to support the measure as it stands coming out of the House, raising doubts about its future viability. Elon Musk, the business tycoon, expressed disappointment with the bill, claiming it undermines the Department of Government Efficiency’s work. Despite his criticism, President Donald Trump has hailed the measure and called for Senate support, emphasizing its potential impact on the economy and public policy.
Stephen Miller, the White House Deputy Chief of Staff for Policy and Homeland Security, has also criticized the CBO’s assessment, accusing it of being a Democrat-collectivist argument. Miller’s comments have sparked a broader debate about the financial implications of the tax plan and the methodology used to estimate its effects. As the proposal moves toward potential Senate approval, it remains a contentious issue among policymakers and financial analysts.