The Republican -controlled Senate of the United States on Tuesday, July 1, a closely advanced tax and expenditure law of Donald Trump, also known as “one big beautiful law” and will now be submitted before representatives of the House to become a law.
“One big beautiful account” increases border security, mass deportation and mowing Medicaid and food stamps. The Congress Budget Office or the Community Committee for taxation estimated that Donald Trump’s Tax Act would add $ 3.3 trillion to $ 36.2 trillion for $ $ 4.5 trillion, and reduced spending by $ 1.2 trillion.
Since the big beautiful account looks one step from cleaning an obstacle to become law, here are key ways from Megabill.
Individual cuts of taxes
After becoming president in 2017, Donald Trump signed a Danich law and jobs that reduced taxes and increased the standard deduction.
These tax reliefs will be expired this year, but the new “big beautiful account” would make them permanent and slightly increased the standard deduction until 2028.
The bill exempts taxes on overtime by 2029.
It also exempts taxes from a certain income by 2029.
Creates up to $ 6,000 for people aged 65 and older by 2029.
The bill extends the deduction limit for state and local tax (SALT) from $ 10,000 to $ 40,000 by 2029.
It also liberates up to $ 1,700 for contributions to scholarship funds for private schools.
Cuts Medicaid, other health programs
If “Big Beautiful Bill” Donald Trump passed the House of Representatives, Medicaid would now require adults who do not have children who do not have children to work voluntarily or are at least 80 hours a month since 2027.
It excludes some citizens from the program and penalizes states that use their own resources to ensure cover.
Blocks regulations that required a minimum level of staff in nursing homes and other long -term care facilities
It also prohibits financing the therapies of gender crossings for minors. Also read | Elon Musk, Donald Trump divided by a “big beautiful account”, unified conflicts: What happened in the last 24 hours
It blocks financing to major providers, such as planned parenthood, which focuses on controlling contraception, abortion and other reproductive health services.
Food aid programs
The new bill increases the work requirements for some of the 41 million participants in the food aid with supplementary nutrition (Snap).
It will move some costs from the federal government to the states to contribute more to food aid programs.
It also forbids some citizens from the benefits.
The change would begin in 2028.
Immigration and justice
The new “one big beautiful account” would provide money for the construction of border walls to block immigrants from illegally entering the country.
It finances tracking towers, drones and other border security equipment.
The bill increases the staffing of immigration, border control and immigration courts and also expands the capacity of the detention.
It increases the protection of the President’s right. It also adds funding for investigations of visa fraud and other immigration crimes.
War
It increases the expenditure of boat construction and adds additional funds to air and missile defense.
It allocates funds for ammunition and nuclear weapons and supports military operations that help with border security.
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