US EditionSpeaking Out: Tax and Spending Bill Is One Big Ugly Delusion
UNITED STATES, JUL 21 – The law makes permanent key tax cuts from 2017, modifies social programs, and provides $1,000 savings accounts for children born 2025-2028, affecting millions of taxpayers nationwide.
- On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill, enacting sweeping tax and social program changes.
- Using the reconciliation process, Congress passed the OBBBA, making permanent tax cuts from the 2017 Tax Cuts and Jobs Act.
- Beginning in 2026, the OBBBA introduces Trump Accounts, allowing families to save up to $5,000 per year for children with preferential tax treatment.
- The OBBBA imposes a cost-sharing requirement on states administering SNAP, mandating they cover 75% of administrative costs from fiscal year 2027.
- In 2030, the state and local tax deduction cap reverts to $10,000 for individual filers and $5,000 for separate filers.
24 Articles
24 Articles
Editorial: GOP spending bill is a mess, but region will welcome shipbuilding funds
Tucked into the Republican spending bill passed by Congress earlier this month is a provision that could be a huge boost to our region. The legislation includes billions for the shipbuilding industry, money that promises to be a boon to Hampton Roads. While that doesn’t salvage a law that will add trillions to the national debt, kick millions off Medicaid and exact deep cuts to vital food assistance programs, this investment in shipbuilding is n…
How Will the Trump Megabill Change Americans’ Taxes in 2026?
A current policy baseline analysis of the tax provisions of H.R. 1 Download national and state-by-state estimates In analyzing the impact of the tax and spending megabill signed into law by President Trump on July 4 there is a difference between the approach that makes the most sense for understanding the impact on the federal budget and another approach that might make more sense for individuals thinking about their own tax bills. As ITEP has …
Beware Widespread Misinformation About the New “Trump Accounts”
The One Big Beautiful Bill Act (OBBBA), which President Donald Trump signed into law on July 4, creates a new type of tax-favored savings account, which congressional Republicans obsequiously named after the president. The new Trump accounts are intended to promote asset accumulation in childhood. Unfortunately, widespread misinformation is circulating about the accounts. Many online sources that purport to describe the final version of OBBBA ac…
Colorado Springs Gazette
Trump hangs hopes for 2026 midterm elections on One Big Beautiful Bill Act
President Donald Trump is counting on the One Big Beautiful Bill Act helping Republicans protect their majorities in Congress next year, despite the Democratic Party traditionally outperforming its counterpart in midterm elections. However, Trump is contending with continued criticism of…
Congress passed the Republican tax and spending bill. Here’s how it could impact Brown.
Earlier this month, Congress passed the Republicans' landmark tax and spending bill, dubbed the "One Big Beautiful Bill." Along with cuts to health care, tax breaks and increased spending for border security, the legislation includes a reduction in financial aid programs - a provision that could change the way students at Brown receive financial aid.An increase on private schools' endowment tax was also included in the legislation, but Brown's s…
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