Who benefits, and who gets hurt? How much does it really add to the debt? And what’s the deal with Alaska?The New York Times reports that President Trump’s domestic policy bill, which has passed the House and Senate and awaits the president’s signature, is being called a “megabill” due to its enormous size and scope. The bill includes $4.5 trillion in tax cuts over a decade, with most of them having no expiration date. It also includes $1.7 trillion in spending cuts, including a 12 percent reduction in Medicaid, and $450 billion in new spending, including a 150 percent increase in the Immigration and Customs Enforcement budget. The bill is estimated to add nearly $3.4 trillion to the federal debt, and $5.5 trillion if temporary provisions are extended. With 309 provisions, the bill has a wide range of impacts on individuals, depending on their circumstances. While most Americans will pay less in federal income taxes under this bill, those at the bottom of the income spectrum will see their benefits cut. The bill reduces spending on food assistance and Medicaid, which many poor Americans rely on.
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