But beyond the deficit, many Americans stand to bear the brunt of the bill. One group who stands to lose are teachers and their students.
The House Republicans' version of the bill eliminates a tax credit that allows teachers to deduct supplies they buy for their classrooms, up to $250. The Senate version of the bill, which hasn't yet been passed, doubles the credit to $500. Republicans are still debating the bill before it goes up for a vote, so it is unclear what will happen to the teacher credit.
However, what is clear is the significant amount of money teachers spend every year on their students and their classrooms. In a recent survey, teachers reported that they spent $600 out of their own pocket each year on supplies for their students.
"As educators spend more and more of their own funds each year to buy basic essentials, Republican leaders chose to ignore the sacrifice made by those who work in our nation's public schools to make sure students have adequate books, pencils, paper and art supplies," Lily Eskelsen García, president of the National Education Association, said in November.
Refinery29 spoke to three educators about the proposed plan and what it could mean for their classrooms, many of which are filled with children from lower-income homes.