The tax bill, aimed to unleash trillions in tax cuts and slash spending, will also spike the US deficit by US$2.4 trillion ($3.07 trillion) over the next 10 years, this comes according to calculations by the nonpartisan Congressional Budget Office (CBO).
Dr Felix Brill, chief investment officer (CIO) at Liechtenstein-based private bank, VP Bank, notes that in a departure from US president Donald Trump’s habit of escalating developments, his upcoming ‘big beautiful bill’ will see no need for this, following approval by the US House of Representatives and the Senate.
“Most likely, the bill will slightly be revised in order to make all the Republican Senators happy. But as soon as it is passed, the floodgates will be open. There would be no need for de-escalation,” writes Brill.
