A new economic forecast from President Donald Trump’s top economic adviser suggests American families could see their incomes rise by as much as $10,000 in the coming years if the Senate advances a tax bill currently facing resistance.
The projection, tied to the extension of Trump-era tax cuts, is being used to rally support among reluctant Republican senators and boost public enthusiasm for the legislation.
Kevin Hassett, director of the National Economic Council, said the bill, dubbed the “big, beautiful bill” by Trump, would result in a substantial economic windfall for middle-class families.
“Our own models said that we’d have that $4,000 increase in income,” Hassett explained. “They now say that we’re going to get $10,000 in income for the typical family over just a few years.”
The House passed the legislation last week, but its fate in the Senate is uncertain.
Republican lawmakers are grappling with concerns over potential increases in the federal deficit and Medicaid spending.
Wisconsin Sen. Ron Johnson warned that he would vote against the measure if it contributes to the national debt.
“I’m not going to vote for it if it actually increases the deficit,” Johnson said. “And right now it looks like it will.”
Still, Hassett warned that failure to act would have far-reaching consequences.
“If Republicans in the Senate don’t pass the big, beautiful bill, then we’re going to see the biggest tax hike as the previous tax cuts expire—the biggest tax hike that we’ve ever had in U.S. history,” he said in an interview with Just the News.
“If we have that tax hike, the Council of Economic Advisers has estimated that we’ll have a recession—a really deep recession with maybe a decline of 4% of GDP.”
Rep. Mark Harris (R-NC) emphasized the bill’s benefits to families, particularly the preservation of the child tax credit.
“If we had not passed this bill that extended or made permanent the Trump tax cuts, then every American family—from the poorest to the wealthiest—was going to see an increase [in taxes], because the tax brackets were going to automatically increase,” Harris said.
In addition to preserving Trump’s 2017 tax cuts, the bill includes popular provisions such as eliminating taxes on tips and increasing funding for border security.
Trump officials argue the plan will jumpstart job creation and attract new investments, spurring what they’re calling a “golden age” of American economic revival.
Hassett remains optimistic that the legislation will be passed by Independence Day.
“If you’re looking at the horizon, then you’re going to see a really golden age on the horizon, and it’ll be here, probably by the Fourth of July—certainly by recess,” he said.
As the debate continues, Hassett pointed to rising consumer confidence as a positive sign.
“In fact, there’s a race to participate in the golden age in America right now,” he said. “Firms are coming as fast as they can to build stuff in the U.S., to create jobs in the U.S., and to rebuild factories.”
Supporters argue that the bill represents more than tax reform—it’s a generational opportunity to revitalize the economy and restore prosperity for working families.
“We’re giving people an incentive to go to work,” Hassett said. “We’re giving businesses an incentive to create jobs here in the U.S. and to build buildings in the U.S.”
With a projected $10,000 income boost on the line for the average household, proponents are urging swift action.
Whether that promise becomes reality will now depend on what happens next in the Senate.
