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In concert with tax cuts, the legislation proposes $1.5 trillion in spending reductions within social programs like Medicaid and other safety-net initiatives. These cuts have raised concerns about their impact on low-income Americans, sparking debate over the bill’s social implications.
Economic Stimulus and Job Creation
Supporters contend that the bill will stimulate economic growth by providing tax relief to individuals and businesses, leading to job creation, wage increases, and higher investment. For instance, the 20% deduction for small businesses is projected to generate around 1 million new jobs and contribute $150 billion to economic activity. However, these numbers are estimates, and actual outcomes remain uncertain.