BALTIMORE — Maryland families would be the nation's fourth largest beneficiary of President Donald Trump's proposed "Big Beautiful Bill."
This according to a Wednesday release from the White House providing a state-by-state breakdown of how citizens throughout the country could be impacted if the bill were to pass Congress.
The White House cites analysis from the Council of Economic Advisers, finding a typical family in Maryland with two children would receive $8,900 to $15,500 more in annual take-home pay, after-taxes.
As for long-run wage increases, the White House estimates that number being between $7,200 and $13,800, after inflation adjustments.
If those projections are proven true, Maryland would enjoy the fifth highest increase among all states.
To reach their conclusion, the Council of Economic Advisers calculated how U.S. investment, GDP, and wages increases would respond to lower taxes, such as lower statutory rates, bigger deductions for pass-through businesses.
The Administration claims the same method was used to accurately forecast Trump's 2017 Tax Cuts, which are set to expire later this year if lawmakers don't extend them.
"President Donald J. Trump’s One Big Beautiful Bill will be an economic windfall for working and middle-class Americans, delivering the largest tax cut in history, higher wages, higher take-home pay, and much more — coupled with generational spending cuts and deficit reduction that will position the U.S. for real prosperity," says the White House.
Highlights of Trump's signature legislation include no tax on tips or overtime, and additional tax cuts for seniors.
The bill also bumps the child tax credit, and creates savings accounts for newborns.
Democrats have all opposed the bill, insisting it harms middle class families while helping millionaires.
Both parties have expressed concern over affects the legislation could have on government welfare programs like medicaid and food stamps.
While Democrats and some Republicans are convinced vulnerable Americans would lose entitlements, Trump and company argue the bill does the exact opposite.
"It protects Medicaid for Americans who truly need it. This bill eliminates waste, fraud, and abuse by ending benefits for at least 1.4 million illegal immigrants who are gaming the system," the White House explained. "It implements popular work requirements for able-bodied Americans receiving taxpayer-funded benefits."
Here in Maryland Social Security, veteran benefits, and other financial subsidy payments, total approximately $68.5 billion annually.
One more hurdle facing lawmakers is the federal deficit, which the Congressional Budget Office suspects would increase significantly.
Minutes after the White House released its figures Maryland's Comptroller issued a report on how the President's policies have impacted the state economy.
The report especially focused on Trump's efforts reducing the federal work force.
Currently, Maryland is home to approximately 229,000 federal employees, accounting for six percent of the state’s overall employment and 10 percent of overall wages, equating to $26.9 billion annually.
Additionally, 153,000 Maryland households earn an extra $8.8 billion in annual federal retirement income.
Another economic factor revolves around federal contracts and grants, which Trump continues to claw back on.
MORE: Federal government poised to cut Maryland funding by more than double
Each year the feds award somewhere around $46.2 billion in contracts for work in the state, representing 10 percent of its Gross Domestic Product (GDP).
Although much of Trump's terminations of federal employees and grants remain tied up in court, the changes have been widely felt.
For example of how Trump's changes have been felt across Maryland, Attorney General Anthony Brown recently told a judge that 813 federal workers filed for state unemployment between January 21 and March 3.
Meanwhile, Johns Hopkins University has been among the hardest hit, losing $800 million in USAID grants, just in January alone.
As result, they eliminated more than 2,000 jobs across 44 countries including 200 locally.
The full comptroller's report can be read below.