https://www.taxtmi.com/news?id=44406 The legislative package principally extends prior tax cuts while adding new tax provisions-raising the standard deduction, boosting the child tax credit, expanding the state and local tax deduction, and creating named children's savings accounts-paired with targeted exclusions from taxable income and substantial new defense and immigration-related spending. To offset revenue loss, it mandates spending reductions and a rollback of renewable energy tax incentives and imposes enhanced work requirements and eligibility changes for Medicaid and SNAP, with budget analyses indicating large net increases in federal deficits under the combined approach. en-us Thu, 22 May 2025 12:46:05 +0530 Thu, 22 May 2025 12:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=44406 The legislative package principally extends prior tax cuts while adding new tax provisions-raising the standard deduction, boosting the child tax credit, expanding the state and local tax deduction, and creating named children's savings accounts-paired with targeted exclusions from taxable income and substantial new defense and immigration-related spending. To offset revenue loss, it mandates spending reductions and a rollback of renewable energy tax incentives and imposes enhanced work requirements and eligibility changes for Medicaid and SNAP, with budget analyses indicating large net increases in federal deficits under the combined approach. News - Thu, 22 May 2025 12:46:05 +0530 https://www.taxtmi.com/news?id=44406