The 'Big Beautiful Bill' includes a repeal of student loan forgiveness, an increased child tax credit, and significant changes to Medicaid and SNAP programs. It allocates $150 billion to enhance immigration enforcement and is expected to add at least $3.3 trillion to the US deficit. The bill extends President Trump's 2017 tax cuts and eliminates income taxes on tips and overtime wages. A $6,000 tax deduction is available for low-income seniors, with specific deductions adjusting based on income levels. The bill's implications could lead to higher interest rates in the future.
The 'Big Beautiful Bill' will repeal student loan forgiveness and increase the child tax credit, while adding significant changes to Medicaid and SNAP.
The legislation includes $150 billion for immigration enforcement and significantly modifies the tax system, including a repeal of taxes on tips and overtime wages.
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