US Edition'One Big Beautiful Bill' Faces Criticism over Foundation Excise Tax Hike Provision
- House Republicans passed the 1,037-page One Big Beautiful Bill Act in May, containing sweeping tax cuts and increased military and border spending.
- The bill aims primarily to make the 2017 Tax Cuts and Jobs Act permanent to prevent next year’s tax increases, but its Senate fate remains uncertain amid expected changes.
- The legislation faces criticism for controversial provisions, including a tiered excise tax hike on private foundations, repealing duty drawback harming North Carolina tobacco farmers, and restrictions on VA services.
- The excise tax hike would raise rates from 1.39% up to 10% based on assets, a move opposed by prominent GOP donors like Leon Cooperman who warn it will reduce philanthropy.
- If enacted, the bill could increase the national debt by $2.4 trillion over a decade and requires bipartisan Senate cooperation due to Democratic opposition and the filibuster rule.
35 Articles
35 Articles
The Advocate
NolaFacing criticism of the 'One Big, Beautiful Bill,' Republicans lean on benefits of tax breaks
WASHINGTON – Faced with criticism of President Donald Trump’s signature “One Big Beautiful Bill Act,” Republican leadership have focused their defense on how the tax breaks will boost the economy.
President Donald Trump's One, Big, Beautiful Bill Is Missing His "No Tax on Social Security" Promise -- and There's Likely a Good Reason Why @themotleyfool #stocks
In April, more than 52 million retired-worker beneficiaries brought home an average Social Security check totaling just shy of $2,000. Though this is a relatively modest monthly payout, a majority of retirees need it, in some capacity, to cover their expenses. For 23 consecutive years, pollster Gallup has been surveying retirees to determine how much they rely on their Social Security income. Consistently between 80% and 90% of respondents told …
NC Republicans under pressure call for 'big, beautiful bill changes
North Carolina Republicans in Congress are calling for the removal of what they say is a “hidden tax” on the state’s tobacco farmers tucked into President Donald Trump’s domestic policy bill, a position they’re staking out after being lobbied by the agriculture industry. The so-called One Big Beautiful Bill Act would repeal “duty drawback,” meaning tobacco farmers could no longer be refunded for certain tariffs paid on imported materials so long…
Coverage Details
Bias Distribution
- 43% of the sources lean Right
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
