Washington- The Republican Republican Party has changed several times on the law, which includes President Trump’s second agenda to overcome the opposition factions of GOP. And after the session overnight, there is a action titled “One Big and Beautiful Book.” Squeak With a single vote.
Now we will go to the Senate and leave its own mark in the bill. However, the contents of the law passed by home on Thursday are as follows.
Tax reduction and extension
At the center of the law (and the most expensive costs, there is a provision that extends Trump’s tax reduction and job law in 2017. As the end of the year is reduced at the end of the year, the extension of the Republican Republican and the White House and the new tax exemption were the main priorities.
In addition to tax reductions in 2017, the law includes several tax reductions that the president promoted on the campaign trail. This does not include taxes on tips for workers in the service industry, such as those who work in restaurants and bars and those who work in the beauty industry. However, it is a temporary exemption that expires at the end of 2028, which does not include taxes for overtime by 2028. The new legislation will allow a maximum $ 10,000 tax deduction for interest on car loans assembled in the United States, which will take effect by 2029.
The legislation will also remove $ 200 tax on the total noise in the book after the General Assembly passed the National Fire Act in 1934.
And in the provisions of the bill, the child tax deduction temporarily increases temporarily, increasing from $ 2,500 to 20 to 20 in 2028.
The package also includes taxes on remittances. I impose taxes Cash payments sent by Visit citizens to their families. The bill would have first suffered a 5% consumption tax on an individual, but the administrator’s amendment, which includes updates for the bill, has lowered taxes. 3.5%
Medicaid limit
The bill includes changes in Medicaid, a popular qualification program that provides the government’s health care for low -income Americans. Work requirements In the case of competent adults without children, federal funds are reduced to the state that provides medical insurance coverage to immigrants who are not documented by using the Medicaid Infrastructure more frequently and federal funds, and guarantees the transition service of children and adults.
This amendment is a change that hardlines are looking for by increasing the implementation of the work requirements from January 1, 2029 to December 31, 2026. Working requirements apply to a Medicaid recipient without disability between 18 and 65 years old and those who are under 7 years old.
State and local tax deductions or increase in salt
The package was also imposed by the Trump Tax Law in 2017 and currently includes an upper limit of $ 10,000 in state and local tax deductions.
Prior to governance, taxpayers were able to deduct all state and local taxes from the federal tax, and some policymakers said they mainly benefited from wealthy housing owners in high taxes such as New York and California. But advocates on the increase of CAPS argue that a $ 10,000 limit is increasingly affecting the middle -class homeowners living in areas where property taxes rise.
The package first included a $ 30,000 upper limit, but the Blue-State Republicans threatened to withhold their support, and ultimately signed a contract with leadership to increase the deduction to $ 40,000 per household for up to $ 500,000.
Border
Most of the funds allocated by the law proceeds with tax reductions, but also includes resources for border security and defense. Among the bills, the border walls are $ 46.5 billion, $ 4.1 billion in hiring border patrols and other people, and more than $ 2 billion in the signature and maintenance bonus of the border patrol personnel. It also includes an additional $ 1,000 fee for those who apply asylum in the United States.
The amendment to the bill added an additional $ 12 billion in costs related to border security.
$ 1,000 “Trump account” for children’s savings
The bill also generates $ 1,000 savings account for children titled “MAGA accounts”. The name has been updated to “Trump account”. Under this plan, the federal government will donate $ 1,000 to children born between 2024 and 2028. Parents can donate up to $ 5,000 per year. Funds that can begin to be distributed when children are 18 years old can be used for higher education, vocational training and the first housing purchase.
Income to accounts can be increased by tax, but as mentioned above, the distribution of qualified costs is taxed by long -term capital margin. The 529 account, which is another type of educational savings vehicle, can save and grow accounts based on tax induction, but can withdraw the amount for specific education -related costs.
Food stamp restriction
This package also raises the top age requirements that are not eligible for benefits according to the supplemental nutritional assistance program that competent adults without children are also called SNAP or food stamps. At present, in order to be qualified, competent adults between ages 18-54 must meet their work requirements. The House of Representatives will update age requirements to 18-64 and will mainly shift more costs.
Roll back the clean energy program
The bill will also roll back some of the clean energy tax deductions in accordance with the BIDEN era climate and health care laws, as in the previous stage of tax reduction on clean energy vehicles. Late added to this bill will increase the timeline to end tax deductions for new renewable energy power plants, and will begin construction within 60 days of enacting the bill by the end of 2028.This bills are under construction until the end of 2028 except for the nuclear power plant.
Debt limit resolution
As a major deadline to solve the debt limit of the horizon, the bill will increase the debt upper limit of $ 4 trillion.
Scott Bessent Finance Minister Congress urged In order to solve the debt limit by mid -July, the United States warns that it cannot be paid in August without action. Congress Republican Party added a debt upper limit to a larger budget package to bypass the Democratic Party on this issue because the budget bill can be developed in the Senate without supporting the passage.
