Trump Warns of 68% Tax Increase Without One Big Beautiful Bill, Largest Tax Cut for $30K-$80K Earners

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Updated May 21, 2025, 04:42 PM

President Donald Trump has emphasized the critical stakes surrounding the passage of the "One Big Beautiful Bill," framing it as a pivotal legislative effort that will result in either the largest tax cut or the largest tax increase in American history. Trump warned that failure to pass the bill would lead to a 68% tax increase, which he attributed to opposition from Democrats. The bill aims to provide substantial tax relief for working Americans, particularly those earning between $30,000 and $80,000, with proposed tax cuts of around 15% and wage increases estimated between $6,100 and $11,600 per worker. Congressional Republicans, including Representatives Nancy Mace and Nicole, have highlighted the potential tax hikes that would affect families and small businesses if existing Trump-era tax cuts expire.

For instance, the average taxpayer in South Carolina's Lowcountry could face a 21% tax increase, translating to nearly $2,000 more annually for a family of four earning $89,000. Small businesses could see tax rates rise to 43.4% if the 199A Small Business Deduction is not preserved. Supporters also assert that the bill protects Social Security, maintains Medicare funding, and preserves Medicaid reimbursement rates. Critics, including some Democrats, have labeled the bill a tax cut for the wealthy, a claim refuted by Republicans who emphasize its benefits for working-class Americans. The bill is positioned as essential for preventing substantial tax increases and supporting economic stability for millions of Americans and small businesses.

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#Donald Trump #One Big Beautiful Bill #American #Trump #Democrats #Americans #Congressional Republicans #Nancy Mace #Nicole #South Carolina #Lowcountry #199A Small Business Deduction #Social Security #Medicare #Medicaid #Republicans

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Sources

Rep. Nancy Mace

@RepNancyMace

Small Businesses in the Lowcountry would be hit with a 43.4% tax rate if the 199A Small Business Deduction expires. We have to pass President Trump’s Big, Beautiful Bill to protect the backbone of our South Carolina economy. 🇺🇸

Rep. Mike Haridopolos

@RepHaridopolos

Let me shed some truth on Democrats’ claim that the One Big Beautiful Bill is a “tax cut for the rich” This is a tax cut for WORKING AMERICANS! https://t.co/wzaPuM5NSA

Office of Rep. Nicole Malliotakis

@RepNicole

Democrats are peddling Big Ugly Lies about our One Big Beautiful Bill. Here are the FACTS: ✅It protects Social Security & eliminates income taxes many seniors pay on it ✅It does NOT cut Medicare ✅It preserves traditional Medicaid & reimbursement rates to states ✅It