What are the contents of Donald Trump's "big, beautiful" bill?
Asked 5 days ago
Answer
Donald Trump's "big, beautiful" bill includes large tax cuts for corporations and high-income households, increases in military and immigration enforcement spending, and significant cuts to social programs such as health insurance (Medicaid) and food assistance (SNAP). It introduces new work requirements for Medicaid, temporary tax exemptions on tips, overtime, and car loans, and new funding for immigration detention facilities. The bill is projected to add trillions to the national debt and result in millions losing health coverage and food assistance. Most benefits go to the top earners, while low-income groups face losses.
References
The bill is projected to cause 11 to 16 million people to lose health insurance and about 3 million to lose food assistance. The lowest income groups could lose an average of $1,600 per year, while the wealthiest 1% gain much larger benefits.
About 80 percent of the benefits go to the top 10 percent of earners. While almost everyone gets a tax cut, cuts to Medicaid and SNAP offset gains for lower-income groups. The bottom 20 percent could see a decrease in after-tax income, while the middle and upper income brackets see modest to significant gains.
The bill funds many of Trump's campaign promises, including extending tax cuts for middle and high-income households, expanding tax cuts for corporations, increases in military and immigration spending, and new funding for immigration detention facilities. It reverses previous border policies and makes a generational investment in border security.
The bill introduces no taxes on some tips, overtime, and car loans for certain years, allows deductions for auto loan interest, tips, and overtime for those under specific income thresholds, and introduces new work requirements for Medicaid. It also shifts some food assistance costs to states and raises the child tax credit and standard deduction for seniors.
The bill extends tax cuts from Trump's first term, adds money for border security, immigration operations, and the border wall, and increases military funding, including for the Golden Dome defense project. It is projected to add $3 trillion to the national debt and cause nearly 11 million people to lose health coverage.