The NPR Politics Podcast How President Trump's Tax & Spending Law Will Affect Americans' Wallets
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Jul 7, 2025 Scott Horsley, NPR's chief economics correspondent, brings his expertise to dissect President Trump's tax and spending law. He reveals how the legislation offers limited savings for middle-income families amidst growing federal debt. The discussion also highlights the political maneuvers surrounding tax cuts, including potential impacts on Social Security and Medicaid. Furthermore, Horsley addresses rising interest rates and how tariffs could counteract any tax relief. Tune in for a lively exploration of how these changes could shake up Americans' financial futures!
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Tax Breaks Favor the Wealthy
- Most tax savings from the new law go to the top 20% of earners, especially the wealthy.
- Lower-income individuals may be worse off due to cuts in safety net programs outweighing tax benefits.
Law May Not Boost Economy Much
- The new tax and spending law isn't expected to significantly boost the economy.
- It adds to the federal debt, which may lead to higher interest rates and slow growth.
Trump’s Firm Grip on GOP
- Politically, the bill is a strong win for President Trump and shows his firm control over the GOP.
- Many Republicans opposed it but eventually folded under Trump's influence, despite concerns about deficits and rural hospitals.