Trump ‘s Bill:  Tax cuts,  debt ceiling increases, handouts to the rich at the expense of the poor, public service cuts — what’s in the bill and what you need to know right now

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Donald Trump ‘s ‘Big Bill’ has been passed again by the House of Representatives officially sending the bill to Trump for his signature just ahead of the self-imposed GOP deadline to pass the monster bill.   The bill described as a ‘disaster in waiting’ for America is poised to be a shocking handout to the rich.

The Lowdown

So let’s take a look at the details and the other in Trump’s bill that they claim is a windfall for America.

Taxes

• Perm extension of almost all of the 2017 Tax Cuts and Jobs Act (previously passed by Trump in his first term.)
• Deduction for qualified tip wages is capped at $25k and overtime pay is capped at $12,500 for individuals for three years.
• Standard deduction gets increased by $750 for single filers to a total of $17,750.
• Child tax credit goes up to $2,200.
• Car loan interest deduction of up to $10k  for individuals making under $100k annually (couples up to $200k) who purchase U.S. vehicles.
• State and local tax deduction cap raised to $40k through 2029.

New expenses:

• Able-bodied people will now have to work 80 hours a month to keep their Medicaid. This applies to the able-bodied and adults with children 5 and older.

• Debt ceiling increases by $5T.
• $150B for border security funding, $46.5B to construct a wall along the U.S.-Mexico border,  and $30B to ICE to further their agenda.
• $154B in defense spending, $25B for Trump ‘s ‘Golden Space Dome’, and $29B to boost shipbuilding.
• $50B in funding for rural hospitals via Medicaid.
• Children born between 1 January 2024 and 31 December 2028 will receive a savings account provided by the government for their child. The account would have $1k seed money inside of it.

New rules and restrictions

• 80 hours a month for Medicaid enrollees. Able-bodied people and people with kids at least 15 years or older will have to clock that many hours to stay eligible.
• Millionaires are blocked from unemployment insurance.
• Restrictions on large-scale abortion providers from receiving Medicaid funding.
• Introducing new borrowing limits for student loans. According to the bill, the lifetime amount for such loans is $257,500. Borrowing for professional degrees is capped at $50k per year and $200k lifetime (grads), and unsubsidized loans are capped at $20,500 per year and $100k lifetime.