What is in the Trump tax bill?
Asked 2 days ago
Answer
The Trump tax bill, often referred to as the 'big beautiful bill,' extends previous tax cuts, allocates funds for border security, immigration operations, and military projects, and introduces significant changes to Medicaid and food stamp funding. It eliminates green energy tax credits, imposes new requirements and taxes on clean energy projects, and is projected to add around $3 trillion to the national debt over ten years. Nearly 11 million people are expected to lose health coverage due to cuts in Medicaid and SNAP benefits. The bill also introduces a new tax on clean energy projects using components from China and changes the qualification criteria for clean energy tax credits.
References
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 the Golden Dome defense project. It is projected to add $3 trillion to the national debt over ten years and will result in almost 11 million people losing access to health care coverage.
The bill changes clean energy tax credits so projects must be placed in service by the end of 2027 to qualify, rather than just starting construction by that date. It also imposes a new tax on clean energy projects using components from China.
The bill entails $4 trillion in tax cuts mainly for the wealthy, $1.2 trillion in cuts to Medicaid and food stamps, and eliminates green energy tax credits. It is expected to deprive 11.8 million Americans of health coverage and add $3.3 trillion to the deficit over a decade.