New York has a set of explanatory charts no the No Good, Horrible, Very Bad Bill.
You Tuber above walks thru them, I’ll post the ones relevant to this page, but go to the link if you want more.
Much like President Trump’s 2017 tax bill, it will add substantially to the deficit and the debt without providing any meaningful impetus to economic growth. But this time, it will be much worse. This legislation will pile about $3 trillion onto the deficit over the next 10 years, double the amount its predecessor was expected to generate. And it lacks provisions that could significantly boost economic growth.
The bill rolls back many of the clean energy tax incentives and investments created by the 2022 Inflation Reduction Act, throwing a major roadblock in the way of combating climate change. Since the passage of the act, the United States has been experiencing a boom in clean energy investments, with $321 billion spent and $522 billion more on the way. Many of these projects will very likely be abandoned. Most Republican legislators are supporting this despite the fact that a vast majority of these investments have taken place in Republican congressional districts, where permitting is generally easier and weather can be more conducive to solar and wind power generation.
The package adds to our national debt in a way that dwarfs any of the other packages passed in the eight years since Mr. Trump first took office. His signature 2017 tax cut added a relatively modest $1.5 trillion to the 10-year deficit projection, but it did so by scheduling some of its provisions to expire after eight years, thereby setting the stage for the current legislation, which makes those changes permanent. (The bill uses the same gimmick with some of its tax breaks to keep costs down.)
The resulting deficit puts our economy in a perilous place. Over the past 50 years, federal spending as a percentage of gross domestic product averaged 21.1 percent. But since ballooning during the Covid-19 pandemic, spending has remained stubbornly above this average. With tax increases politically off the table, this means larger deficits.
Worth reminding anyone that will listen – the graph above shows that the last time our budgets was in surplus, was during the Clinton administration, when a small upward adjustment to top tax rates on the wealthiest shot the economy into the economic rocket ride of the 90s, but ended with Bush’s 9-11, subsequent wars while cutting taxes for those same wealthy.