Texas Border Business
Texas Border Business
On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act,” a comprehensive tax and spending package championed by President Donald Trump. The bill passed with a vote of 215–214.
Key Provisions of the Bill
Tax Cuts and Extensions:
• Permanent extension of the 2017 Tax Cuts and Jobs Act, including reduced individual and corporate tax rates.
• Elimination of federal taxes on tips and overtime pay.
• Increase in the Child Tax Credit to $2,500 through 2028, reverting to $2,000 thereafter.
• Raise in the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 for married couples earning up to $500,000.
• Introduction of “MAGA” savings accounts, providing $1,000 for children born between 2024 and 2028.
• Temporary deductions for U.S.-made car loan interest and additional tax relief for seniors.
Spending Cuts and Program Reforms:
• Approximately $700 billion in Medicaid cuts over a decade, including new work requirements and increased eligibility verification.
• $267 billion reduction in Supplemental Nutrition Assistance Program (SNAP) funding, shifting more costs to states and imposing stricter work requirements.
• Overhaul of student loan programs, consolidating repayment plans and eliminating certain subsidies.
• Taxation of large university endowments and restrictions on tax-exempt status for nonprofits deemed to support terrorism.
Defense and Border Security:
• $150 billion increase in defense spending, including funding for missile defense systems and naval expansion.
• $46.5 billion allocated for border security, encompassing wall construction, increased Border Patrol staffing, and enhanced surveillance technologies.
Next Steps
The bill now moves to the Senate, where it is expected to face further debate and possible amendments. Republicans aim to pass the legislation before the July 4 recess.
SOURCES:
https://en.wikipedia.org/wiki/One_Big_Beautiful_Bill_Act?utm_source=chatgpt.com
