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The Latest Breaking News from Tax Cuts

How high can US debt go before it triggers a financial crisis?

The tax cuts bill currently being debated by the US Senate will add another US$3 trillion (A$4.6 trillion) to US debt. President Donald Trump calls it the “big, beautiful bill”; his erstwhile policy adviser Elon Musk called it a “disgusting abomination”.

The Conversation

CBO: GOP budget bill would take from the poor, give to the rich - Roll Call

Analysis finds reconciliation bill would most benefit high earners and reduce financial resources available to the lowest-income households.

Roll Call

Extending the Trump Tax Cuts Is a Good Idea. But It Won't Deliver 'Big, Beautiful' Economic Growth.

The budget legislation is full of other expensive provisions that will add trillions to our sky-high national debt.

Reason

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Texas Property Tax Relief: How the New Law Cuts School Taxes by 'Almost 50%'

Texas residents are getting major relief from property taxes. Here's a breakdown of the property tax cuts for 2025.

Kiplinger

Democrats have a dirty secret - they actually like some of the tax cuts in Trump’s ‘big beautiful bill’

The massive tax and spending package still isn’t expected to garner any support from Democrats despite containing some popular provisions

The Independent UK

Explaining Trump’s claim of a ‘68 percent’ tax increase - Roll Call

One think tank estimates that, on average, Americans’ taxes would rise about 7.5 percent if the 2017 tax cuts are allowed to fully expire.

Roll Call

Liz Truss hits back at Tory shadow chancellor for mini-budget disavowal

Former PM accuses Mel Stride of being ‘creature of system’ after his formal repudiation of 2022 unfunded tax cuts

The Guardian - UK

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The 'Big Beautiful Bill' Will Add $2.4 Trillion to the Deficit

That total will rise to about $3 trillion once the interest costs of more borrowing are included.

Reason

Germany's new government launches a program to encourage investment and boost the economy

Germany’s new government has launched a package of tax breaks and eventual tax cuts for companies

The Independent UK

Voters will have final say on billions of tax cuts for Texas homeowners, businesses

Texas is slated to spend $51 billion on property tax cuts over the next two years. Some worry that’s unsustainable.

The Texas Tribune

Five ‘Big Beautiful Bill’ Tax Changes to Watch in the Senate

The House passed its version of Trump’s "One Big, Beautiful Bill." Here’s what to look for as Senate Republicans take up the mega legislation.

Kiplinger

Trump's Tax Plan in Turmoil: GOP Hawks Demand Spending Cuts Now

Republican Senator Ron Johnson takes a stand against Trump's mega-bill, warning it could add trillions to the US debt. Will fiscal hawks force a rethink, or will Trump's tax cuts prevail?

International Business Times UK

Video shows pastors arrested in Capitol Rotunda prayer-against-Trump encore

The Independent was there as several religious activists were hauled away Monday for demonstrating against potential GOP cuts to Medicaid in President Trump’s ‘One Big, Beautiful Bill’

The Independent UK

Checking the math on White House, GOP claims about ‘Big Beautiful Bill’ - Roll Call

Republicans say the 'big beautiful bill' will reduce the deficit, but economists say making the tax cuts permanent will do the opposite.

Roll Call

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International Business Times UK

Trump's Tax Reversal: Wealthy Face 39.6% Rate in Dramatic Policy Shift

Donald Trump proposes raising the top tax rate to 39.6% for Americans earning over $2.5 million, aiming to fund middle-class tax relief and reshape GOP tax policy.

Evening Standard

Starmer: Farage’s ‘fantasy’ economics will lead to Liz Truss-style meltdown

The Prime Minister is expected to urge the public to reject Reform UK’s calls to use ‘family finances’ as a gambling chip on ‘unfunded’ tax cuts

The Independent UK

Farage’s ‘fantasy’ economics will lead to Liz Truss-style meltdown, Starmer warns as Reform hits new poll high

The prime minister’s intervention came as a stunning new poll saw Reform’s lead over Labour grow to nine points in what a leading pollster describes as ‘an uncontrollable political earthquake’

Al Jazeera

Trump brushes aside Elon Musk’s criticisms of his signature budget bill

Dubbed the ‘One Big Beautiful Bill’, the bill would secure several of Trump’s priorities while raising the debt limit.

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news in one place.

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International Business Times

GOP Senator Insists Trump's 'Big, Beautiful Bill' Will 'Bankrupt American': 'It Has to Stop'

A Republican Senator recently established himself as a strong opponent to Donald Trump's "Big, Beautiful" spending bill, a comprehensive legislative Act which is inclusive of tax cuts, spending reforms, and policy changes.

Latin Times

GOP Senator Insists Trump's 'Big, Beautiful Bill' Will 'Mortgage Our Children's Future': 'It Has to Stop'

The Guardian - UK

Nigel Farage accused of ‘fantasy promises’ with expensive policy pledges

Reform UK leader unveils plans to reverse benefit cuts and bring in tax breaks without explaining how they would be funded

The Independent UK

Farage’s pledges to slash taxes don’t add up, top economists warn

Nigel Farage has pledged billions of pounds of tax cuts and painted Reform UK as the true ‘party of workers’

Fortune

Trump is going to get 'punched in the face' by markets if he pushes through spending bill without a plan for national debt and tariffs, says Wharton professor

Republicans argue that growth is the best way to rebalance America’s books, but economists fear that tax cuts may be the final nail in the coffin for national debt.

Fortune

U.S. economy will be growing faster than 3% this time next year, predicts Treasury’s Bessent

A combination of pro-growth trade policies, tax cuts, and deregulation will soon lead to a pickup in activity, according to the Trump administration, following a 0.3% annualized contraction in the first quarter.

The Guardian - US

‘Fiscally irresponsible’: Trump’s ‘big, beautiful bill’ benefits the rich at the expense of the poor

Bill will make permanent huge tax cuts to the wealthy and cost the government $4.6tn over the next 10 years

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