US House Passes President Trump’s Big Beautiful Tax and Spending Bill

The bill narrowly passed with a 215-214 vote It contains many provisions, from new tax breaks to defense and border security The Senate is next in line to review the bill Today, the US House of Representatives narrowly passed (215-214 vote) President Donald Trump’s comprehensive tax and spending legislation, known as the One Big Beautiful Bill Act. This now moves to the Senate, where it faces further deliberation. The bill contains many provisions as it seeks to make permanent the tax cuts introduced in 2017. It introduces exemptions for tips, overtime pay, and car loan interests, and raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for incomes under $500,000. It also increases the child tax credit to $2,500 through 2028, which then reverts to $2,000, and establishes $1,000 savings accounts for children born during Trump’s second term. The 5% tax on remittances is part of the package, too. The legislation tackled the defense and border security as well, allocating around $150 billion to defense, including a $20 billion missile defense system. The rest is going to border security, with $50 billion assigned for completing the so… The post US House Passes President Trump’s Big Beautiful Tax and Spending Bill appeared first on Coin Edition .

Source: Coin Edition