The richest man in the world and former Dog’s head, Elon Musk, recently triggered US President Donald Trump “Big Beautiful Bill” and claims to increase the budget deficit to $ 2.5 trillion.
He asked the senators to “kill an account”, said Musk, and said that “This huge level of excessive expenditure will bring America to debt slavery!”
What is Trump’s big beautiful account?
The “Big Beautiful Account” was approved by the House, which aims to expand the tax cuts starting during the first period of Trump in 2017, including $ 46.5 billion to the construction of barriers on the US-Mexico border.
It is estimated that in the next fiscal year it will increase the budget deficit by nearly $ 600 billion, according to the BBC report.
Also read | Why did Elon Musk turn against Donald Trump and his “one big beautiful account”
What does a big beautiful Trump account consist of?
Increase the ceiling of the debt
“Big Beautiful Account” suggested to increase the debt ceiling to $ 4 trillion. The indebted ceiling concerns the maximum amount of money that the government dares to borrow to settle its accounts. This would allow the government to increase the debt limit to pay for the programs approved by Congress.
Medicaid rules
Medicaid, a state supported by health care, will have further restrictions and requirements under the New Testament.
One such conditions was the new work requirements for childless adults without disabilities. Since December 2026, these adults will be obliged to work at least 80 hours per month.
Also read | “Excessive expenses will take us into debt slavery”: Elon Musk on the Tax Act
Salt tax
The new bill increases the limit of deduction of state and local taxes (salt). The current ceiling is $ 10,000, the amount of taxpayers can deduct what they owe in federal taxes. The “big beautiful account” increases the salt limit to $ 40,000 for married couples with income by up to $ 500,000.
Snap reform
The benefits of the supplementary nutritional assistance program (SNAP), a government initiative used by more than 40 million Americans with low income, have also been revised.
Under the New Testament, states will contribute more to Snap, a program partially financed by the Federal Government.
The new bill requires states to contribute more to a program that is also partially financed by the Federal Government.
Also read | “Kill the Account”: Elon Musk re -enters Donald Trump’s tax account
Interest on car loans
The “big beautiful account” will allow Americans to deduct interest on vehicles for vehicles produced only in the US.
Child tax credit
Tax credit for children is expected to increase to $ 2,500 out of $ 2,000 by 2028, only for Americans with social security numbers.
No Overtime or Tips Tax
The bill promises to terminate taxes from tips and overtime, reconnaissance promise during 2024 presidential campaign Donald Trump
Also read | Marijuana, Roaches, Graffiti & Chaos: What did Doga Elon Musk do
Concerns with a “big beautiful account”
It is expected to add a “big beautiful account” to the US budget deficit for ten years, according to an estimate published by the Congress Budget Office (CBO) on Wednesday.
According to estimates, the expected income will be reduced by $ 3.67 trillion and a decrease in expenditure by $ 1.25 trillion by 2034 with reference to basic projections. The score does not consider any potential economic support from a bill that could balance some income losses.
(Tagstotranslate) a large beautiful bill
