Controversial Tax Bill Defies Criticism, Nears Passage Despite Fiscal Concerns
Elon Musk's 'disgusting abomination' label and Senator Rand Paul's warnings of economic calamity have failed to derail the Trump-era tax bill. Projected to balloon the U.S. deficit by $2.4 trillion over the next decade, the legislation persists through political necessity rather than popular appeal.
The bill's momentum stems from an uncomfortable truth: automatic tax hikes triggered by expiring 2017 cuts WOULD prove more damaging to lawmakers' reelection prospects than fiscal expansion. 'The alternative isn't a good one,' concedes Senate Majority Leader John Thune, encapsulating the political calculus driving the bill forward.
Wall Street's unease mirrors cryptocurrency investors' perennial balancing act—weighing short-term necessities against long-term systemic risks. The parallel isn't lost on markets watching how traditional finance grapples with its own version of 'code is law' inevitability.