https://www.taxtmi.com/news?id=44262 The legislative package extends and expands major individual tax cuts while raising the standard deduction and child tax credit, exempts certain tip income and other items, and phases down renewable energy tax incentives. To offset revenue losses it imposes broad work and community-engagement requirements on Medicaid and SNAP recipients, expands eligibility triggers and tightens parental obligations, aiming to reduce program participation. Independent analyses project a multitrillion-dollar increase in the federal deficit over the coming decade, partly offset by cuts to safety-net programs and altered state and local tax deduction limits. en-us Wed, 21 May 2025 10:31:04 +0530 Wed, 21 May 2025 10:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=44262 The legislative package extends and expands major individual tax cuts while raising the standard deduction and child tax credit, exempts certain tip income and other items, and phases down renewable energy tax incentives. To offset revenue losses it imposes broad work and community-engagement requirements on Medicaid and SNAP recipients, expands eligibility triggers and tightens parental obligations, aiming to reduce program participation. Independent analyses project a multitrillion-dollar increase in the federal deficit over the coming decade, partly offset by cuts to safety-net programs and altered state and local tax deduction limits. News - Wed, 21 May 2025 10:31:04 +0530 https://www.taxtmi.com/news?id=44262