Search This Blog
money saving tips for canadians, best saving tips for canadians of all ages. MoneySavings and Canadian news, financial news
Featured
article
- Get link
- X
- Other Apps
Trump’s ‘Beautiful’ Bill: Big Cuts, Big Promises, and a Big Price Tag
In a razor-thin 51–50 Senate vote, President Donald Trump’s sweeping tax and spending package—dubbed the “One Big Beautiful Bill”—cleared a major hurdle on its way to becoming law. But behind the glossy branding lies a complex mix of tax relief, social program cuts, and political controversy.
What’s in the Bill?
- Tax Cuts Galore: The bill makes permanent the 2017 Trump-era tax cuts, expands deductions for overtime and tipped income, and raises the SALT deduction cap from $10,000 to $40,000 for five years.
- Child Tax Credit Boost: The credit would increase from $2,000 to $2,200 per child, avoiding a scheduled drop to $1,000 in 2026.
- Made-in-America Incentives: Interest on loans for U.S.-made vehicles becomes deductible, and full expensing is allowed for new factories and equipment.
- Border and Defense Spending: $350 billion is earmarked for border security and military expansion, including hiring 10,000 new ICE agents.
- Cuts to Social Programs: Medicaid and food assistance programs face deep reductions—up to $1 trillion over the next decade. Work requirements and eligibility checks will tighten access.
Who Benefits—and Who Doesn’t?
While the White House touts average tax savings of up to $2,000 for working families, the nonpartisan Tax Policy Center estimates only 2% of U.S. households will see significant gains. Critics argue the bill disproportionately benefits higher earners while stripping support from low-income Americans.
The Price Tag
The Congressional Budget Office projects the bill will add $3.3 trillion to the national debt over the next 10 years. Even some Republicans have voiced concern over the fiscal impact.
What’s Next?
The bill now returns to the House of Representatives for final approval. Trump has urged lawmakers to deliver it to his desk by July 4th.
Popular Posts
Trump's Six Words: "I'm Going to Stop the Wars"
- Get link
- X
- Other Apps
Fiscal Challenges Ahead: U.S. Bonds Face Uncertainty Under Trump’s New Term
- Get link
- X
- Other Apps
Comments
Post a Comment