The One Big Beautiful Bill

[bèlla]

None of what you fear that is going to be cut will actually be cut. In fact, President Trump has indeed come out in support of raising taxes on millionaires and billionaires.

Do you understand the balance sheet and how increases in one area can be offset by deductions elsewhere? He’s lowering the corporate tax and capital gains and charging no tax on American cryptocurrencies. If he raises the standard tax the breaks will offset the increases and won’t impact them at all. They’ll make it up through crypto by pulling profits.

~bella

 

[Fantine]

None of what you fear that is going to be cut will actually be cut. In fact, President Trump has indeed come out in support of raising taxes on millionaires and billionaires.

That's what you said about Medicaid and the Cuts in the bill are the worst in Medicaid history. Believe facts not Trump propaganda

 

[Yarddog]

The One, Big, Beautiful Bill Delivers on President Trump’s Priorities to Restore and Expand Trump-Era Growth and Relief for Families, Workers, and Small Businesses.
May 12, 2025

WASHINGTON, D.C. – On Tuesday, the Ways and Means Committee will markup “The One, Big, Beautiful Bill,” delivering on President Trump’s economic agenda and supporting pro-family, pro-worker tax provisions. The legislation builds on the success of the 2017 Trump tax cuts and carries out the very policies that America voted for, making the economy stronger, expanding tax relief for middle class and low-income Americans, and ushering in a new golden age of prosperity to benefit workers, families, farmers, and small businesses.
“This bill delivers on what Americans voted for with President Trump’s promise to put America First – with tax policies that reward hard work, bring jobs back home, increase opportunity, and rebuild the economy for the working class. It puts the interests of low-income, working families ahead of the wealthy by expanding tax relief to those who need it the most – including the President’s priorities of no tax on tips and overtime pay and additional relief for America’s seniors. Small businesses and family farmers will benefit from the certainty provided so they can invest in their futures and grow jobs.
“Under the economic policies of President Biden and Washington Democrats, the wealthy and well-connected benefitted from taxpayer handouts. The Ways and Means Republican tax bill ends special interest giveaways and will hold the woke elite and entities that benefit from the tax code accountable. It will halt the flow of taxpayer dollars to illegal immigrants and China.
“We have an opportunity and a responsibility to secure a brighter future for America’s workers, families, farmers, and small businesses. The legislation that the Ways and Means Committee has brought forward meets this historic moment,” said Ways and Means Chairman Jason Smith (MO-08).

Delivering An Economy that Works for Working Families
Pro-growth, pro-worker, pro-family, pro-small business policies that will make America’s economy stronger, deliver additional tax relief for working families, farmers, and small businesses, and replace bad tax policy with good tax policy.

The One, Big, Beautiful Bill Delivers on President Trump’s Priorities to Restore and Expand Trump-Era Growth and Relief for Families, Workers, and Small Businesses – Ways and Means

waysandmeans.house.gov

From what has been reported this bill doesn't have what Trump promised workers. No taxes on tips, overtime, and Social Security were removed. But, tax cuts for the rich is still there .

This bill, coupled with the 2017 Tax bill will be devastating for the debt and the deficit.

 

[wing2000]

If you sat like I did tonight listening to a tornado dropping hail on my roof and practically knocking my trees down you would think twice about the price Americans will pay to have some from crumbs thrown at them while the rich get millions.
28 Kentuckians died during tornadoes last weekend because the Weather Service had had such severe budget cuts that normal notifications were not carried out.
Fortunately we had warnings but we are all aware that FEMA will not be there to repair any damage that has been done to our infrastructure or for the people whose homes may require significant repairs. And those are just two of the things that will be lost to finance tax cuts for billionaires. Even worse will be the cuts to Medicaid, which could drastically affect people in nursing home and result enclosures of rural hospitals.

The NWS has had cuts as well....which is already affecting the quality of forecasting.

 

[Vambram]

That's what you said about Medicaid and the Cuts in the bill are the worst in Medicaid history. Believe facts not Trump propaganda

I am believing the facts. Perhaps you are believing propaganda.

 

[Vambram]

Do you understand the balance sheet and how increases in one area can be offset by deductions elsewhere? He’s lowering the corporate tax and capital gains and charging no tax on American cryptocurrencies. If he raises the standard tax the breaks will offset the increases and won’t impact them at all. They’ll make it up through crypto by pulling profits.

~bella

When capital gains taxes and corporate taxes are lowered, then businesses grow, expand, and hire more employees at better wages.

 

[Bradskii]

When capital gains taxes and corporate taxes are lowered, then businesses grow, expand, and hire more employees at better wages.

How naive. From here: Revealed: top US corporations raising prices on Americans even as profits surge

'The analysis of Securities and Exchange Commission filings for 100 US corporations found net profits up by a median of 49%, and in one case by as much as 111,000%. Those increases came as companies saddled customers with higher prices and all but ten executed massive stock buyback programs or bumped dividends to enrich investors.'

When taxes are lowered, profit increases and shareholders reap the benefits.

 

[Fantine]

When capital gains taxes and corporate taxes are lowered, then businesses grow, expand, and hire more employees at better wages.

No. Sometimes they build a factory overseas. Or prop up their stock prices with buybacks or dividend increases. Or bigger bonuses for CEOs and executives.

When capital gains taxes and corporate taxes are lowered, then businesses grow, expand, and hire more employees at better wages.

 

[iluvatar5150]

28 Kentuckians died during tornadoes last weekend because the Weather Service had had such severe budget cuts that normal notifications were not carried out.

God I wish this would stop getting passed around Dem circles. It’s not true. That station in Kentucky is no longer staffed 24/7, but they knew the storm was coming, called everybody in to work OT, and issued the appropriate warnings.

My wages were increased and my employer paid all of us an unexpected bonus of $2,000.00.

How was that a result of the tax cuts?

 

[Say it aint so]

The Trump tax cuts in 2017 did indeed help create jobs. The deficit didn't really skyrocket until the COVID-19 global pandemic hit the world.

That is false. This is 2017 to 2020 US employment prior to the covid shutdown. Where is that spike of job creation?

That money did not create jobs, it "US companies’ tax windfall fuels record share buybacks"

 

[Say it aint so]

How naive. From here: Revealed: top US corporations raising prices on Americans even as profits surge

'The analysis of Securities and Exchange Commission filings for 100 US corporations found net profits up by a median of 49%, and in one case by as much as 111,000%. Those increases came as companies saddled customers with higher prices and all but ten executed massive stock buyback programs or bumped dividends to enrich investors.'

When taxes are lowered, profit increases and shareholders reap the benefits.

It's fascinating how exactly naive some folks are with these "in theory" ideas of how things will unfold, yet ignore historical reality.
Demand drives expansion and employment.
Industry flush with cash enact stock buybacks which are tied directly to board and CEO compensation.
The G.W.Bush tax holiday was touted with the same "in theory" ideas yet resulted in the same known higher debt and wealth redistribution.
Same with Trump's 2017 Tax Cut No Jobs Act.
It is nothing more than trickle down economics.

 

[mark46]

Tell me how much the deficit and debt will be reduced and I will consider whether it is worth the so-called short-term costs.

The reality is that our deficits and debt are just too high. Do we remember balanced budgets and the balanced budget amendment? We need plan the reduces the national debt. And, yes, reducing the national debt almost assuredly means that income tax rates should increase (not necessarily corporate tax rates). Trump can have his competitive 15% corporate tax rate if he will increase income tax rates, the AMT, and earned income credits.

There is exactly zero need for decreasing individual tax rates. In any case, the poor pay no income taxes.

 

[Hans Blaster]

Tell me how much the deficit and debt will be reduced and I will consider whether it is worth the so-called short-term costs.

The reality is that our deficits and debt are just too high. Do we remember balanced budgets and the balanced budget amendment? We need plan the reduces the national debt. And, yes, reducing the national debt almost assuredly means that income tax rates should increase (not necessarily corporate tax rates). Trump can have his competitive 15% corporate tax rate if he will increase income tax rates, the AMT, and earned income credits.

There is exactly zero need for decreasing individual tax rates. In any case, the poor pay no income taxes.

There won't be any cutting of the deficit or debt under this bill. Both will go up.

 

[Say it aint so]

Tell me how much the deficit and debt will be reduced and I will consider whether it is worth the so-called short-term costs.

The reality is that our deficits and debt are just too high. Do we remember balanced budgets and the balanced budget amendment? We need plan the reduces the national debt. And, yes, reducing the national debt almost assuredly means that income tax rates should increase (not necessarily corporate tax rates). Trump can have his competitive 15% corporate tax rate if he will increase income tax rates, the AMT, and earned income credits.

There is exactly zero need for decreasing individual tax rates. In any case, the poor pay no income taxes.

A statutory corporate tax rate of 15 percent given all the loopholes and depreciation write offs means come effective rates, tax payers will be paying them.

 

[essentialsaltes]

Distributional Effects of Selected Provisions of the House Reconciliation Bill​

1. Changes proposed by the House budget resolution would result in a decline of almost 4 percent (over $800) to income for the bottom quintile, but an increase of over 4 percent (nearly $70,000) for the top 1 percent. These estimates assume that states do not offset cuts to social safety net programs included in the resolution.
2. Even assuming that states make up some of the cuts, the bottom quintile would see an income loss of about 2 percent ($345 dollars). Note that this does not account for how states may finance these expenditures – if states do so through tax increases or through cuts to other spending, the overall distributional effect may be different.
3. Policymakers have said that they will partly pay for the spending in this legislative package through tariffs. As previous Budget Lab analysis has shown, assuming that tariffs remain in place, the overall impact on families would be even more regressive. [Because who pays for tariffs? We all do.]

 

[Belk]

Distributional Effects of Selected Provisions of the House Reconciliation Bill​

1. Changes proposed by the House budget resolution would result in a decline of almost 4 percent (over $800) to income for the bottom quintile, but an increase of over 4 percent (nearly $70,000) for the top 1 percent. These estimates assume that states do not offset cuts to social safety net programs included in the resolution.
2. Even assuming that states make up some of the cuts, the bottom quintile would see an income loss of about 2 percent ($345 dollars). Note that this does not account for how states may finance these expenditures – if states do so through tax increases or through cuts to other spending, the overall distributional effect may be different.
3. Policymakers have said that they will partly pay for the spending in this legislative package through tariffs. As previous Budget Lab analysis has shown, assuming that tariffs remain in place, the overall impact on families would be even more regressive. [Because who pays for tariffs? We all do.]

Hey, them poor people have had it too good for to long! Time for the gravy train to end!

 

[Vambram]

Make American Families & Workers Thrive Again
Makes the 2017 Trump tax cuts permanent – protecting the average taxpayer from a 22 percent tax hike.
Saves the average American family $1,700 – the equivalent of 9 weeks of groceries.
Increasing real annual take-home pay for a median-income household with two children by roughly $4,000 to $5,000.
Raising annual real wages by $2,100 to $3,300 per worker.
Delivers on President Trump’s priorities of no tax on tips, overtime pay, and car loan interest, and provides additional tax relief for seniors.
Locks in and boosts the doubled Child Tax Credit for more than 40 million families and provides additional tax relief for American families.
Preserves and increases the doubled guaranteed deduction for 91 percent of all taxpayers.
Expands 529 education savings accounts to empower American families and students to choose the education that best fits their needs, whether it is K-12 materials or obtaining a postsecondary trades credential.
Supports working families by expanding access to child care and making permanent the paid leave tax credit.
Puts American families in control of their health care by expanding health savings accounts and cementing into law a Trump Administration policy that offers more choice and flexibility for health coverage options.
Starts building financial security for America’s children at birth with the creation of new savings accounts.

Make Rural America & Main Street Grow Again
Expands and makes permanent the 199A small business deduction to 23% – creating over 1 million new Main Street small business jobs and generating $750 billion in economic growth at American small businesses.
Renews 100% immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses, and supports the expansion of new production factories and growing operations in America by allowing 100% expensing for new factories, improvements to existing factories, and other production facilities.
Stops the Democrats’ attack on the gig economy by repealing their 1099-K gig worker rule that would have required Venmo, PayPal, and gig transactions over $600 be reported to IRS.
Reduces paperwork burden for small businesses and workers by increasing the 1099-MISC threshold to $2,000.
Makes permanent and increases the doubled Death Tax Exemption for 2 million family-owned farms.
Renews Opportunity Zone program to spur over $100 billion in new investment over the coming decade with enhancements to target rural distressed communities.
Estimated to boost the level of short-run real gross domestic product (GDP) by 3.3 to 3.8 percent and long-run real GDP by 2.6 to 3.2 percent.
$284 billion of new economic growth from American manufacturers.
Secures 6 million jobs for American workers.

https://waysandmeans.house.gov/2025reconciliation/

 

[Vambram]

I disagree with your information from the globalists of apnews. Everyone knows that the unemployment and the employment rate was very good before the pandemic.

That is false. This is 2017 to 2020 US employment prior to the covid shutdown. Where is that spike of job creation?

View attachment 365294

That money did not create jobs, it "US companies’ tax windfall fuels record share buybacks"

 

[Vambram]

Immediate Tax Relief to Farmers, Ranchers, & Small Businesses in Rural America
• Permanent enhanced Death Tax Relief.
o Prevents the Death Tax from hitting over 2 million family-owned farms who would otherwise see their limitation cut in half. Ensures that family-owned farms and ranches can be passed down to the next generation.
• Permanent Small Business Deduction.
o 98% of farms in the U.S. are pass-throughs. Prevents the Small Business Deduction from ever expiring and increases to 23%.
• Extended 100% Immediate Expensing.
o Ensures farmers can expense today the tools that secure tomorrow’s harvests.
• Permanent Doubled Small Business Expensing.
o Increases section 179 Small Business Expensing threshold to $2.5M. Agricultural industry utilizes one-fifth of all Small Business Expensing deductions across the American economy.
• Immediate Expensing for NEW manufacturing/production structures in America.
o Enhances cost recovery for new agricultural and farm investments in Rural America.
• Renews Opportunity Zone (OZ) program to better target Rural America.
o Provides new OZ incentives to drive investments to rural and underserved areas

https://waysandmeans.house.gov/wp-content/uploads/2025/05/The-One-Big-Beautiful-Bill-Make-Rural-America-Great-Again.pdf

 

[essentialsaltes]

Make American Families & Workers Thrive Again
Makes the 2017 Trump tax cuts permanent

Makes the debt worse.

Delivers on President Trump’s priorities of no tax on tips,

Makes the debt worse.

overtime pay,

Makes the debt worse.

and car loan interest

Makes the debt worse.

Locks in and boosts the doubled Child Tax Credit

Makes the debt worse.

Renews 100% immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses

Makes the debt worse.

Stops the Democrats’ attack on the gig economy by repealing their 1099-K gig worker rule that would have required Venmo, PayPal, and gig transactions over $600 be reported to IRS.

Makes the debt worse.

I mean, I get it. These are the bribes on offer to We The People. But where are the savings? Or can we just drop the facade that this was ever about reducing deficits and the debt? We'll see what the deficit hawks in the GOP can achieve or if they will cave.