Legislation, which includes approximately 940 pages, is an extensive compilation of tax cuts, reduce expenditure and various Republican priorities, including increased financing of national defense and immigration. It now falls to Congress to determine whether the flagship of US President Donald Trump will be enacted by the law.
Here is the first ten latest updates
1. Trump told Republicans who hold the majority power in the house and the Senate to skip the holidays and deliver an account within 4 July. The senators worked at the weekend to pass the bill and send it back to the house for the final vote. The Democrats are connected against it.
Also read: Voting US Senate about Donald Trump’s ‘One Big Beautiful Bill’ Act Live: Democrats criticize “dead at night”
2. Tax reduction is a priority: Republicans claim that the bill is essential, because after December there would be a massive increase in the tax, when tax relief would expire from the first period of Trump. The legislation contains approximately 3.8 trillion USD in tax cuts, reported AP.
3. Pursuant to the proposed bill of the law, existing tax rates and parentheses would be permanent. It would also introduce several temporary tax reliefs in accordance with President Trump’s campaign promises, such as removing taxes from tips, overtime and certain automobile loans. In addition, the Senate proposal includes a new $ 6,000 deduction for older adults earning $ 75,000 or less annually.
4. A child’s tax credit would also notice an increase below the Senate version and increased from $ 2,000 to $ 2,200. Caps for state and local deductions, called salt, would be four times at $ 40,000 for five years. It is important for New York and other high tax countries, although the house wanted to last 10 years, he informed etc.
5. The bill would provide $ 350 billion for Trump’s border and national security agenda, including $ 46 billion for the US border wall and $ 45 billion for $ 100,000 to retain migrants because they seek to fulfill their promise of the largest deportation operations in American history.
Also read: G-7 Country agrees with the tax agreement “side by side” for American companies: Here’s what it means
6. The money would go to hire 10,000 new immigration and customs officers, with $ 10,000 signature bonuses and an increase in border patrol officers. The aim is to deport about 1 million people a year. The Minister of Internal Security would have a new $ 10 billion fund for grants for states that help with federal recovery of immigration and deportation measures.
7. The Prosecutor General would have $ 3.5 billion for a similar fund, known as Bridging Immigration deficits that have experienced nationwide or biden referring to former democratic President Joe Biden. In order to help pay for it all, immigrants would face different new fees, including in search of asylum protection.
8. For the Pentagon, the bill would provide billions for boat construction, ammunition systems and quality of life for soldiers and women, as well as $ 25 billion to develop the Golden DOME missile defense system. The defense department would have $ 1 billion for border security.
Also, read: What challenges could Trump’s golden dome face to be functional until the end of his term of office?
9. To help to compensate for lost tax revenues and new expenditures, Republicans seek to limit some long -term government programs: Medicaid, food stamps, green energy incentives and more. Basically, the achievements of the last two democratic presidents, biden and Barack Obama will break down.
Also read: Trump says he knows who escaped the Pentagon report on US strikes in Iran: “He should be prosecuted”
Republicans say they are trying to legalize security networks programs.
10. The Republicans argue that they are trying to legalize the safety network programs for the population that were originally designed to serve, especially pregnant women, disabled and children, and to eradicate what they describe as waste, fraud and abuse. The package contains new working requirements of 80 hours per month for many adults who receive signs of Medicaid and food, including older people under 65 years.
According to the Congress Budget Office (CBO), it is assumed that the maintenance of the current tax relief in the introduction of new ones will cost approximately $ 3.8 trillion in the next decade according to the law. While the analysis of the Senate version is still waiting, CBO estimates that the package transported by the house would add approximately $ 2.4 trillion to the national deficit for the same period.
(Tagstotranslate) tax reduction
