By coinnews 
00:00 Speaker A
The House passed President Trump’s quote big beautiful tax bill by just one vote, 215 to 214. The bill now heads to the Senate following a week of last minute changes and all night debates. House Speaker Mike Johnson says he wants to get the bill signed into law by July 4th. So what’s in it for you? First, the bill extends individual rates in the 2017 Tax Cuts and Jobs Act signed by the president, President Trump in his first term. That means the top tax rate for the highest earners stays at 37% while the lowest rate remains at 10%. A major change for taxpayers, the salt deduction. That’s the amount that you can deduct for state and local taxes on your federal return. The cap would increase to $40,000 from $10,000 for joint filers, but only for households making under $500,000. This is a big deal for taxpayers in high tax states like New York, New Jersey and California where local taxes can really add up. Critics say this benefits wealthier households and will add further to the national debt, but supporters say it brings back a level of fairness. The tax bill will also fulfill Trump’s campaign promises to eliminate taxes on tips, overtime, and loan interest on American-made cars, although those provisions would expire in 2029. And there’s some benefits for parents in the bill, the child tax credit would increase to $2,500 per kid, that’s up from the current $2,000. And parents of some newborns could get a $1,000 account invested in the market in the child’s behalf. Seniors would also get a boost including a new $4,000 bonus deduction for Americans 65 and up, but it phases out for individuals who earn more than $75,000 or couples making over $150,000. On the spending side, the bill tightens the rules for government benefits. Starting at the end of 2026, childless, able-bodied adults need to work 80 hours per month to qualify for Medicaid benefits. The Congressional Budget Office estimates these changes could lead to 7.6 million Americans losing health insurance over the next 10 years. Additionally, the bill’s changes to the Affordable Care Act are expected to cut coverage from several million additional adults. The legislation also cuts billions in federal funding for SNAP, the Supplemental Nutrition Assistance Program, putting the onus on states to cover more of the cost. More than 40 million Americans rely on this food assistance program.