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What's in latest version of Trump's big bill now before Senate
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....hat's in latest version of Trump's big bill now before Senate<BR>PTI News<BR>Dated:- 29-6-2025<BR>PTI<BR>Washington, Jun 29 (AP) At some 940-pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations. Now it's up to Congress to decide whether President Donald Trump's signature's domestic ....
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....policy package will become law. Trump told Republicans, who hold majority power in the House and Senate, to skip their holiday vacations and deliver the bill by July 4. Senators were working through the weekend to pass the bill and send it back to the House for a final vote. Democrats are united against it. Here's the latest on what's in the bill. There could be changes as lawmakers negotiate. ....
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.... Tax cuts are priority Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump's first term expire. The legislation contains roughly USD 3.8 trillion in tax cuts. The existing tax rates and brackets would become permanent under the bill. It temporarily would add new tax breaks that Trump campaigned on: no taxes on tips, overtim....
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....e pay or some automotive loans, along with a bigger USD 6,000 deduction in the Senate draft for older adults who earn no more than USD 75,000 a year. It would boost the USD 2,000 child tax credit to USD 2,200 under the Senate proposal. Families at lower income levels would not see the full amount. A cap on state and local deductions, called SALT, would quadruple to USD 40,000 for five years. It'....
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....s a provision important to New York and other high tax states, though the House wanted it to last for 10 years. There are scores of business-related tax cuts. The wealthiest households would see a USD 12,000 increase from the legislation, which would cost the poorest people USD 1,600 a year, according to the nonpartisan Congressional Budget Office analysis of the House's version. Middle-income ....
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....taxpayers would see a tax break of USD 500 to USD 1,500, the CBO said. Money for deportations, a border wall and the Golden Dome The bill would provide some USD 350 billion for Trump's border and national security agenda, including USD 46 billion for the US-Mexico border wall and USD 45 billion for 100,000 migrant detention facility beds, as he aims to fulfil his promise of the largest mass dep....
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....ortation operation in US history. Money would go for hiring 10,000 new Immigration and Customs Enforcement officers, with USD 10,000 signing bonuses and a surge of Border Patrol officers, as well. The goal is to deport some 1 million people per year. The homeland security secretary would have a new USD 10 billion fund for grants for states that help with federal immigration enforcement and depor....
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....tation actions. The attorney general would have USD 3.5 billion for a similar fund, known as Bridging Immigration-related Deficits Experienced Nationwide, or BIDEN, referring to former Democratic president Joe Biden. To help pay for it all, immigrants would face various new fees, including when seeking asylum protections. For the Pentagon, the bill would provide billions for ship building, muni....
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....tions systems, and quality of life measures for servicemen and women, as well as USD 25 billion for the development of the Golden Dome missile defence system. The Defence Department would have USD 1 billion for border security. How to pay for it? Cuts to Medicaid and other programmes To help partly offset the lost tax revenue and new spending, Republicans aim to cut back some long-running gover....
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....nment programmes: Medicaid, food stamps, green energy incentives and others. It's essentially unravelling the accomplishments of the past two Democratic presidents, Biden and Barack Obama. Republicans argue they are trying to rightsize the safety net programs for the population they were initially designed to serve, mainly pregnant women, the disabled and children, and root out what they describe....
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.... as waste, fraud and abuse. The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and food stamps, including older people up to age 65. Parents of children 14 and older would have to meet the programme's work requirements. There's also a proposed new USD 35 co-payment that can be charged to patients using Medicaid services. Some 80 million people rely on....
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.... Medicaid, which expanded under Obama's Affordable Care Act, and 40 million use the Supplemental Nutritional Assistance Programme. Most already work, according to analysts. What's the final cost? Altogether, keeping the existing tax breaks and adding the new ones is expected to cost USD 3.8 trillion over the decade, the CBO says in its analysis of the House bill. An analysis of the Senate draft....
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.... is pending. The CBO estimates the House-passed package would add USD 2.4 trillion to the nation's deficits over the decade. Or not, depending on how one does the math. Senate Republicans are proposing a unique strategy of not counting the existing tax breaks as a new cost because those breaks are already “current policy.” Senators say the Senate Budget Committee chairman has the authority....
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.... to set the baseline for the preferred approach. Under the Senate GOP view, the tax provisions cost USD 441 billion, according to the congressional Joint Committee on Taxation. Democrats and others say this is “magic math” that obscures the true costs of the GOP tax breaks. The Committee for a Responsible Federal Budget puts the Senate tally at USD 4.2 trillion over the decade. (AP) ARI<BR> ....
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....News - Press release - PIB....