A newly signed $3.4 trillion legislative package introduces significant tax breaks, spending cuts, and increased funding for defense and immigration enforcement, despite concerns about an additional $4 trillion national debt over the next decade. A $6,000 tax deduction is available for middle-income seniors, while wealthier individuals benefit more substantially from the legislation. Cuts to Medicaid could negatively affect nursing homes, impacting long-term care for many seniors. The package also allows for tax-free gratuities, fulfilling a campaign promise by President Trump.
Middle-income seniors will receive a $6,000 deduction ($12,000 for couples) for earnings up to $75,000, with phase-outs for higher-income individuals.
Wealthy individuals stand to receive significant tax breaks, with 69 percent of tax cuts benefiting the top 20 percent of earners.
The legislation features deep cuts to Medicaid, which could lead to nursing home closures and reduced services for seniors relying on long-term care.
The tax bill excludes up to $25,000 of tip income per year, fulfilling a promise from President Trump's campaign.
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