By coinnews 
00:00 Speaker A
Let’s turn now to another major piece of legislation before Congress right now, the Republican led tax bill, one that my sources tell me could add $4 trillion to the deficit over the next decade. What exactly is in this bill? Let’s break it down. So, the bill extends the Trump 1.0 era tax cuts, keeping the top income tax rate at 37% and adjusting brackets to boost take-home pay in 2026. The child tax credit, that’s going to stay the same at 2,000, but get bumped up to 2,500 from 2025 through to 2028 before going back down and getting indexed to inflation. Now, state and local tax deductions, known as salt, would be capped at $30,000 up from the current $10,000 and would phase it down for those making over $400,000. Another key focus here, EV credits, they are on the chopping block. Most would end after this year, though some new models could still qualify up to 2026. And Medicaid and food aid facing new restrictions as well. Medicaid recipients would have to work or volunteer, and states would face tighter rules on funding. As for SNAP, also known as food stamps to some, the bill raises the age for work requirements from 54 to 64 and adds stricter eligibility rules as well. The bill still facing hurdles in the Senate. Any final version is likely to look different from what I just laid out, but this is a clear window into House Republicans current fiscal priorities. My sources reminding me as much as this morning that it is really important to note that this is just an extent extension of tax cuts that are already been in place versus something that is going to necessarily be a huge tailwind to the market and to consumers wallets going forward.