(NewsNation) — Sen. Ted Cruz, R-Texas, has defended President Trump’s “big, beautiful bill,” arguing it will create jobs and economic growth.
The bill, which faces several hurdles before it could be enacted into law, would fundamentally affect every American, specifically altering how you do your taxes and what you pay, what you don’t pay and how the government interacts with the military.
“We’re going to have a big, bold, beautiful tax cut, as the president would say, but I think it will be a process to get there,” Cruz told “On Balance.”
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Various Democrats have critiqued the bill, suggesting the cuts will do serious damage.
Democratic House leader Hakeem Jeffries said Tuesday, “The overwhelming majority of the benefits will go to the wealthiest 1%.”
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Specifics of the bill are expected to be written and edited in real time in three House committees and involve $4.5 to $5 trillion in tax cuts, $1.5 trillion in spending cuts over 10 years and increased spending on border security and national defense.
Speaking to the proposed tax on tips, Cruz said, “That is going to make a real difference for waiters and waitresses and bartenders and everyone who relies on tips.”
He added that the working class would greatly benefit from the auctioning off of wireless spectrum, federal school choice and the “Invest America Act,” where each American baby is given a $1,000 seed investment from the government at birth.
“At age 18, they’ll have about $170,000, and at age 35, they’ll have $700,000. Now, you want to talk about transforming society. That is generational wealth accumulation, giving every child in America the benefit of compounded growth,” Cruz added.
