https://www.taxtmi.com/news?id=48511 The legislation permanently maintains current individual tax rates and brackets and enacts extensive tax reductions and targeted credits alongside expanded business expensing and a higher state and local tax deduction cap, while allocating major funding for border security, immigration enforcement, and defense. To offset revenue effects, it imposes new Medicaid and SNAP work requirements, introduces state SNAP cost-sharing triggers and a proposed Medicaid copayment, and rescinds numerous clean-energy tax incentives. The package also creates children's savings accounts, new excise and remittance taxes, and raises the debt limit, with the CBO projecting large deficit effects absent alternative baseline accounting. en-us Sat, 05 Jul 2025 08:31:03 +0530 Sat, 05 Jul 2025 08:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=48511 The legislation permanently maintains current individual tax rates and brackets and enacts extensive tax reductions and targeted credits alongside expanded business expensing and a higher state and local tax deduction cap, while allocating major funding for border security, immigration enforcement, and defense. To offset revenue effects, it imposes new Medicaid and SNAP work requirements, introduces state SNAP cost-sharing triggers and a proposed Medicaid copayment, and rescinds numerous clean-energy tax incentives. The package also creates children's savings accounts, new excise and remittance taxes, and raises the debt limit, with the CBO projecting large deficit effects absent alternative baseline accounting. News - Sat, 05 Jul 2025 08:31:03 +0530 https://www.taxtmi.com/news?id=48511