The Big Beautiful Bill shall became Law

Vambram · 2025-07-03T18:36:43-0500

https://www.newsmax.com/politics/what-is-republican-trump-tax-bill/2025/07/03/id/1217522/

Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump's first term expire. The legislation contains about $4.5 trillion in tax cuts.
The existing tax rates and brackets would become permanent under the bill, solidifying the tax cuts approved in Trump's first term. It temporarily would add new tax deductions on tip, overtime and auto loans. There's also a $6,000 deduction for older adults who earn no more than $75,000 a year, a nod to his pledge to end taxes on Social Security benefits. It would boost the $2,000 child tax credit to $2,200. Millions of families at lower income levels would not get the full credit.

A cap on state and local deductions, called SALT, would quadruple to $40,000 for five years. It's a provision important to New York and other high tax states, though the House wanted it to last for 10 years.

There are scores of business-related tax cuts, including allowing businesses to immediately write off 100% of the cost of equipment and research. Proponents say this will boost economic growth.

The bill would provide some $350 billion for Trump's border and national security agenda, including for the U.S.-Mexico border wall and for 100,000 migrant detention facility beds, as he aims to fulfill his promise of the largest mass deportation operation in U.S. history. Money would go for hiring 10,000 new Immigration and Customs Enforcement officers, with $10,000 signing bonuses and a surge of Border Patrol officers, as well. The goal is to deport some 1 million people per year. To help pay for it, immigrants would face various new fees, including when seeking asylum protections.

For the Pentagon, the bill would provide billions for ship building, munitions systems, and quality of life measures for servicemen and women, as well as $25 billion for the development of the Golden Dome missile defense system. The Defense Department would have $1 billion for border security.

Vambram · 2025-07-03T18:41:19-0500

The One Big Beautiful Bill Act cuts taxes by nearly $4.4 trillion over the next decade, according to analysis by the Congressional Budget Office and the Committee for a Responsible Federal Budget.

Much of that total comes from the extension of tax policies that were set to expire at the end of this year by the Tax Cuts and Jobs Act (TCJA), a key tax reform package Trump signed into law during his first term.

It would make the TCJA's lower tax rates permanent, which would reduce federal tax revenues by about $2.2 trillion – while the expanded standard deduction that the majority of taxpayers utilize would also be made permanent at a cost of $1.4 trillion in foregone tax revenue relative to what would be received if those policies were allowed to expire.

Congress often includes sunset clauses that set certain tax provisions to expire to reduce their longer-term deficit impact when legislation is scored to comply with budget reconciliation rules.

The One Big Beautiful Bill Act also includes provisions related to President Trump's campaign pledges for "no tax" on tips and overtime – though it stops short of eliminating all such taxes and the provisions are temporary, rather than permanent, under the bill.

The One Big Beautiful Bill Act creates a deduction of up to $25,000 for qualified tips received by tipped workers like restaurant servers, barbers and drivers. It also provides an above-the-line income deduction for overtime premium payments of up to $12,500 for hourly workers who work overtime. Those provisions would both be in effect through 2028, with CRFB estimating the tipped income deduction would lower tax revenues by $32 billion and the overtime provision reducing revenues by $90 billion over the next decade.

A distributional analysis by the Joint Committee on Taxation (JCT) found that the Senate's version of the bill would cut federal taxes for low- and middle-income workers.
JCT's analysis found that workers earning less than $15,000 would see their federal tax burden decline by 16.4% in the 2027 tax year under the One Big Beautiful Bill Act, reducing revenues by about $700 million given the already-low tax burden on such workers.
Workers whose incomes fall in the $15,000 to $30,000 range would see a 27.1% decrease in their federal tax burden, while those in the $30,000 to $40,000 range would see a 9.5% cut.
JCT's analysis shows other middle-income taxpayers would also see their federal tax burdens decline under the bill:

$40,000 to $50,000 income range would see a 7.2% decrease in 2027;
$50,000 to $60,000 tier would see a 5.6% reduction;
$60,000 to $80,000 range would see a 4.6% cut; and
$80,000 to $100,000 earners would see a 4.4% decline.

Higher-income taxpayers would also get relief, though the trend of higher income tiers receiving relatively smaller reductions in their tax burden would generally continue, per JCT:

$100,000 to $150,000 would have a 4.2% reduction;
$150,000 to $200,000 would receive a 4.1% reduction;
$200,000 to $500,000 would see a 3.5% reduction;
$500,000 to $1 million would see a 2.7% reduction; and
$1 million and above would see a 3.3% reduction in 2027.

Across income levels, the One Big Beautiful Bill Act would reduce federal taxes across income levels in 2027 by about $180 billion, or 3.8%. In later years, as some of the temporary provisions like those related to tips and overtime expire, that reduction gets smaller under the JCT analysis – declining to a 1.9% reduction in 2029, then to 0.5% in 2031 and 2033.

What's in the 'big, beautiful bill' for American workers?

Analysis shows Trump's tax bill would reduce federal tax burdens for all income levels, making TCJA's lower rates permanent while adding temporary deductions for tips and overtime.

www.foxbusiness.com

Maria Billingsley · 2025-07-03T18:55:34-0500

Vambram said:
The One Big Beautiful Bill Act cuts taxes by nearly $4.4 trillion over the next decade, according to analysis by the Congressional Budget Office and the Committee for a Responsible Federal Budget.

Much of that total comes from the extension of tax policies that were set to expire at the end of this year by the Tax Cuts and Jobs Act (TCJA), a key tax reform package Trump signed into law during his first term.

It would make the TCJA's lower tax rates permanent, which would reduce federal tax revenues by about $2.2 trillion – while the expanded standard deduction that the majority of taxpayers utilize would also be made permanent at a cost of $1.4 trillion in foregone tax revenue relative to what would be received if those policies were allowed to expire.

Congress often includes sunset clauses that set certain tax provisions to expire to reduce their longer-term deficit impact when legislation is scored to comply with budget reconciliation rules.

The One Big Beautiful Bill Act also includes provisions related to President Trump's campaign pledges for "no tax" on tips and overtime – though it stops short of eliminating all such taxes and the provisions are temporary, rather than permanent, under the bill.

The One Big Beautiful Bill Act creates a deduction of up to $25,000 for qualified tips received by tipped workers like restaurant servers, barbers and drivers. It also provides an above-the-line income deduction for overtime premium payments of up to $12,500 for hourly workers who work overtime. Those provisions would both be in effect through 2028, with CRFB estimating the tipped income deduction would lower tax revenues by $32 billion and the overtime provision reducing revenues by $90 billion over the next decade.

A distributional analysis by the Joint Committee on Taxation (JCT) found that the Senate's version of the bill would cut federal taxes for low- and middle-income workers.
JCT's analysis found that workers earning less than $15,000 would see their federal tax burden decline by 16.4% in the 2027 tax year under the One Big Beautiful Bill Act, reducing revenues by about $700 million given the already-low tax burden on such workers.
Workers whose incomes fall in the $15,000 to $30,000 range would see a 27.1% decrease in their federal tax burden, while those in the $30,000 to $40,000 range would see a 9.5% cut.
JCT's analysis shows other middle-income taxpayers would also see their federal tax burdens decline under the bill:

$40,000 to $50,000 income range would see a 7.2% decrease in 2027;

$50,000 to $60,000 tier would see a 5.6% reduction;

$60,000 to $80,000 range would see a 4.6% cut; and

$80,000 to $100,000 earners would see a 4.4% decline.

Higher-income taxpayers would also get relief, though the trend of higher income tiers receiving relatively smaller reductions in their tax burden would generally continue, per JCT:

$100,000 to $150,000 would have a 4.2% reduction;

$150,000 to $200,000 would receive a 4.1% reduction;

$200,000 to $500,000 would see a 3.5% reduction;

$500,000 to $1 million would see a 2.7% reduction; and

$1 million and above would see a 3.3% reduction in 2027.

Across income levels, the One Big Beautiful Bill Act would reduce federal taxes across income levels in 2027 by about $180 billion, or 3.8%. In later years, as some of the temporary provisions like those related to tips and overtime expire, that reduction gets smaller under the JCT analysis – declining to a 1.9% reduction in 2029, then to 0.5% in 2031 and 2033.

What's in the 'big, beautiful bill' for American workers?

Analysis shows Trump's tax bill would reduce federal tax burdens for all income levels, making TCJA's lower rates permanent while adding temporary deductions for tips and overtime.

www.foxbusiness.com

Well.....I guess if the goal is a sovereign default then this bill looks pretty good :clap:

.

It has already started and will get worse.

The US dollar has fallen by over 10% since the beginning of 2025, marking its worst first half of the year since 1973. This decline is largely attributed to President Trump's economic policies, including unpredictable trade actions and a new spending bill, which have fueled concerns about inflation, rising US debt, and a potential slowdown in economic growth.

Fantine · 2025-07-03T18:58:11-0500

The Affordable Care Act was not mentioned. Where did you read this horrific news?

Maria Billingsley · 2025-07-03T19:02:57-0500

Fantine said:
The Affordable Care Act was not mentioned. Where did you read this horrific news?

ACA works through Medicade.

Vambram · 2025-07-03T19:04:00-0500

Maria Billingsley said:
Well.....I guess if the goal is a sovereign default then this bill looks pretty good .

It has already started and will get worse.

The US dollar has fallen by over 10% since the beginning of 2025, marking its worst first half of the year since 1973. This decline is largely attributed to President Trump's economic policies, including unpredictable trade actions and a new spending bill, which have fueled concerns about inflation, rising US debt, and a potential slowdown in economic growth.

The USA economy is getting better and stronger while attempting to recover from the mess left to us during the Biden administration years.

CRAZY_CAT_WOMAN · 2025-07-03T19:10:44-0500

Yttrium said:
Yes, it will significantly increase the national debt, and it will bring Medicare and Social Security closer to collapse, but hey, they actually managed to pass a budget bill. How often does that happen these days?

That's what Trump is good at. Bankrupting his business. So, of course he will make the country worse.

Fantine · 2025-07-03T19:19:44-0500

Maria Billingsley said:
ACA works through Medicade.

There is "expanded Medicaid" but that is a small portion, and if those on expanded medicaid are working more than 20 hours a week they should not lose any benefits. For those who do not qualify for expanded medicaid they are enrolled in private insurance plans and they get a subsidy. They pay their premium every month and at the end of the year when they pay their income taxes, depending on what their income was they will either owe a little bit more in premiums or get a subsidy that is a little bigger IE a tax refund because they had overestimated their income.

Fantine · 2025-07-03T19:20:36-0500

Vambram said:
The USA economy is getting better and stronger while attempting to recover from the mess left to us during the Biden administration years.

What mess? Credible sources only, please.

Maria Billingsley · 2025-07-03T19:27:15-0500

Fantine said:
There is "expanded Medicaid" but that is a small portion, and if those on expanded medicaid are working more than 20 hours a week they should not lose any benefits. For those who do not qualify for expanded medicaid they are enrolled in private insurance plans and they get a subsidy. They pay their premium every month and at the end of the year when they pay their income taxes, depending on what their income was they will either owe a little bit more in premiums or get a subsidy that is a little bigger IE a tax refund because they had overestimated their income.

That is not what I experienced. But we'll see. There is a reason why so many will not qualify. I would have been one of them.

Vambram · 2025-07-03T20:19:24-0500

Fantine said:
What mess? Credible sources only, please.

The mess which the majority of voters in 31 states RECOGNIZED and understood when we voted against the Biden/Harris administration in November 2024 and voted in FAVOR of Donald Trump and the MAGA agenda.

Fantine · 2025-07-03T20:46:50-0500

Vambram said:
The mess which the majority of voters in 31 states RECOGNIZED and understood when we voted against the Biden/Harris administration in November 2024 and voted in FAVOR of Donald Trump and the MAGA agenda.

That doesn't answer my question.

Here's an objective view of the economy.

https://www.marketwatch.com/story/the-biden-economy-just-how-good-was-it-heres-the-highs-and-lows-of-the-46th-president-4d61e20e

Lots of good, and lower deficits each year than under the Trump years. There was 9.2% inflation for one year, but the Fed, free to act objectively without the interference of an over-controlling president, quickly brought inflation down to 3%. I don't blame Biden for inflation--handled better than other countries, due to pandemic and supply change issues.

The Fed had to bring down inflation with higher interest rates. This made home buying more expensive. In my 52 years of homeowning experience in four states it seems as if housing prices drop when interest rates go up, because houses don't sell as well.

I did not blame Trump for the pandemic, although I do blame him for his disastrous handling of it. I do not blame Biden for inflation, and by working with the Fed and the experts, it subsided quickly.

Of course, with someone blaring "mess" continually, some people were bound not to look any further and believe the big lie.

Akita Suggagaki · 2025-07-03T21:19:40-0500

No point in discussing or arguing. Minds are made up.

Vambram · 2025-07-03T21:32:24-0500

Fantine said:
That doesn't answer my question.

Here's an objective view of the economy.

https://www.marketwatch.com/story/the-biden-economy-just-how-good-was-it-heres-the-highs-and-lows-of-the-46th-president-4d61e20e

Lots of good, and lower deficits each year than under the Trump years. There was 9.2% inflation for one year, but the Fed, free to act objectively without the interference of an over-controlling president, quickly brought inflation down to 3%. I don't blame Biden for inflation--handled better than other countries, due to pandemic and supply change issues.

The Fed had to bring down inflation with higher interest rates. This made home buying more expensive. In my 52 years of homeowning experience in four states it seems as if housing prices drop when interest rates go up, because houses don't sell as well.

I did not blame Trump for the pandemic, although I do blame him for his disastrous handling of it. I do not blame Biden for inflation, and by working with the Fed and the experts, it subsided quickly.

Of course, with someone blaring "mess" continually, some people were bound not to look any further and believe the big lie.

If the economy under the Biden administration was good, then Kamala Harris would have won the election. I am not believing "the big lie."

Fantine · 2025-07-03T21:51:35-0500

Vambram said:
If the economy under the Biden administration was good, then Kamala Harris would have won the election. I am not believing "the big lie."

If people were astute and aware Harris would have won.

ozso · 2025-07-03T22:45:40-0500

Fantine said:
One man's Medicaid reform is another man's young child dying from lack of treatment. A member of the working poor, father of 7, whose life story would break the hearts of those who have hearts to break, just wrote on Facebook that Congress voted to give him and millions of other Americans an expiration date. He has become an itinerant worker, going north in the summer and south in the winter, living in a beat up old Winnebago. Sometimes when the family is at the end of their rope I send them a little money to help them out. I guess that's where the tax breaks of those who are kind-hearted will go.

Why has he become an itinerant worker, living in a beat up old Winnebago? Perhaps you should be heartbroken over him making poor lifestyle choices and pray that he goes for better stability.

Fantine · 2025-07-04T00:13:43-0500

ozso said:
Why has he become an itinerant worker, living in a beat up old Winnebago? Perhaps you should be heartbroken over him making poor lifestyle choices and pray that he goes for better stability.

When he was about 18, he set a barn in fire--accidentally--and ran. A felony that can't get expunged without paying damages. Despite a college degree and great work ethic, he can't get more than minimal jobs. Over 30 years crime free. Tragic.

ozso · 2025-07-04T01:41:07-0500

Fantine said:
When he was about 18, he set a barn in fire--accidentally--and ran. A felony that can't get expunged without paying damages. Despite a college degree and great work ethic, he can't get more than minimal jobs. Over 30 years crime free. Tragic.

I knew a guy from church who was a felon. He was a lot better off financially than me by doing landscaping work. I bet there's a lot of fellow common laborers who are felons who make more money than I ever have. Based on how they applied themselves.

JosephZ · 2025-07-04T02:28:51-0500

ozso said:
I knew a guy from church who was a felon. He was a lot better off financially than me by doing landscaping work. I bet there's a lot of fellow common laborers who are felons who make more money than I ever have. Based on how they applied themselves.

There are often things outside a person's control that prevent them from finding success in life regardless of how hard they apply themselves. It's not always about the choices they make. Once you realize this, you will begin to understand why most Americans don't support this bill becoming law.

ozso · 2025-07-04T02:56:54-0500

JosephZ said:
There are often things outside a person's control that prevent them from finding success in life regardless of how hard they apply themselves. It's not always about the choices they make. Once you realize this, you will begin to understand why most Americans don't support this bill becoming law.

Until I realize eh? I happen to be one of those people. I have autism, learning disability and motor dysfunction etc. Which has relegated me to 45 years of low end menial labor. How I have applied myself has played a major role in how well I've faired. And I'm talking about very basic applying.

I bet there's a lot of people in the same boat as me who feel the same way about welfare income and medicaid. I probably could have qualified for and gotten SSDI my whole life. But I won't even accept regular social security until I'm at least 67.

The Big Beautiful Bill shall became Law

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Born-again Christian; Constitutional conservative

My dad died 1/12/2023. I'm still devastated.

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Born-again Christian; Constitutional conservative

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