Trump, J.D. Vance and Tax Break
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Range reports that Trump’s “Big Beautiful Bill” offers significant tax changes for high earners, including increased estate tax exemptions and expanded SALT deductions.
The move reveals both the power of philanthropic groups to sway legislators and a split in the administration’s coalition.
Donald Trump’s Social Security chief is under fire for spreading propaganda and fueling confusion after his agency said the president had ended taxation on Social Security for millions of Americans. Trump and the White House have repeatedly touted that Republicans’ “Big,
Key provisions in the president’s signature legislation will take effect at different times over several years.
Under the final iteration, the so-called Trump accounts are custodial individual retirement accounts for kids, with special rules until the year the child turns 18. For the next few years, they come with $1,000 of seed money from the Treasury Department for newborns. That money would grow tax-deferred, with income taxes due upon withdrawal.
The president’s signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.
Democrats are poised to contest the Republican talking points about the "big, beautiful bill" at every turn, emphasizing the cuts to Medicaid.
There are three federal tax provisions related to child care. Trump's new tax law recently expanded all of them through a reconciliation package.
"I think it's going to be a great incentive," Trump said when asked about a bill that could eliminate a tax on primary home sales.
Small solar companies in South Carolina are now on the brink of going out of business after the passage of President Donald Trump’s One Big Beautiful Bill.
Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually.