President Trump’s chief economic adviser, Kevin Hassett, is excited about a major bill that’s moving through Congress. This “big, beautiful bill” could boost American families’ incomes by $10,000 over the next few years. Hassett emphasized the importance of this legislation during an interview, stressing the impact it could have on everyday Americans.
Hassett has been urging Senate Republicans to support the bill. He warned that if they don’t pass it, Americans could face the largest tax hike in U.S. history as previous tax cuts expire. Rejecting the bill, he noted, could lead to a severe recession with a potential 4% drop in GDP.
Passing the bill, however, promises significant benefits. Hassett pointed out that the bill would lead to substantial tax cuts, benefiting families nationwide. He compared the potential economic growth to what the country experienced in 2018 and 2019, predicting a $10,000 income boost for typical families over a few years.
Representative Mark Harris from North Carolina echoed Hassett’s optimism. On a recent television appearance, he highlighted the preservation of the child tax credit and the importance of making Trump’s tax cuts permanent. Harris emphasized that failing to pass the bill would mean automatic tax hikes for all Americans, regardless of income.
Despite the House passing the bill, some Senate Republicans remain skeptical. Concerns about Medicaid funding and the potential increase in debt and deficit have made them cautious. Wisconsin Senator Ron Johnson expressed his hesitation, stating he won’t support the bill if it adds to the deficit.
Johnson pointed out that, as it stands, the bill might indeed increase the deficit. This has led him to question its viability. However, the bill includes key priorities like no taxes on tips, increased border security funding, and extending the President’s 2017 tax cuts.
Hassett remains optimistic about the bill’s passage by July 4. He believes the country is on the brink of a “golden age” of economic prosperity. The administration’s strategy is to boost the economy by encouraging job creation and incentivizing businesses to invest in the U.S.
The plan, according to Hassett, is to provide incentives for people to work and for businesses to create jobs domestically. This strategy aims to spur economic growth and build infrastructure within the country. Hassett highlighted that consumer confidence has risen for the first time in years, signaling positive momentum.
He noted a rush among firms to participate in this anticipated “golden age” by investing in the U.S. Companies are eager to build and create jobs, which is a promising sign for the economy. This momentum, Hassett believes, is crucial for revitalizing American industry.
The idea is that with this bill, the U.S. can become a hub for business activity. By incentivizing domestic production, the administration aims to strengthen the economy from within. This approach, Hassett argues, will bring long-term benefits to American workers and families.
The economic strategy under Trump’s administration focuses on reducing barriers and creating opportunities for growth. Hassett’s confidence in the bill reflects a broader belief in these policies. By encouraging investment and job creation, the administration hopes to sustain economic prosperity.
Critics, however, remain concerned about the fiscal implications. The potential increase in the national deficit is a significant sticking point. Balancing economic growth with fiscal responsibility continues to be a challenge.
Hassett’s confidence is unwavering, and he believes the benefits will outweigh the potential downsides. He is hopeful that the Senate will recognize the bill’s value and pass it soon. The administration continues to push for its agenda, emphasizing the positive outcomes for American families.
Erica Carlin is an independent journalist, opinion writer and contributor to several news and opinion sources. She is based in Georgia.