The Republican-led House of Representatives has passed its “One, Big, Beautiful Bill,” but before you dig into the more than 1,000-word tomb, it’s probably better to wait until the Senate puts its imprint on it.

The basic outline is what most expected: the extension of most of the 2017 Tax Cut and Jobs Act (passed under the first Trump Administration), an increase of the state and local tax deduction (SALT) for some, elimination of taxes on tips and overtime pay, an enhanced child tax credit, among other goodies.

Before diving into the cost of these goodies — and the impact on the nation’s finances, we need two definitions:

DeficitThe deficit is the nation’s revenue (the amount of money that the government takes in), minus the amount of money that the government spends. For fiscal year

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