>>> House passes large reconciliation bill by a vote of 215-214 which includes e

House passes large reconciliation bill by a vote of 215-214 which includes extension of 2017 tax cuts for all income levels, spending cuts (Medicaid and green energy spending), deregulation, energy reform, immigration reform, and a debt ceiling increase of $4 trillion; bill now heads to the Senate where changes are expected

  • The bill extends 2017 tax cuts for all income levels with an increased standard deduction.
  • The bill eliminates taxes on tips and overtime.
  • The bill achieves "no tax on social security" by increasing deductions for seniors on the program.
  • The bill eliminates several green energy tax breaks beginning in 2028 and ends the EV tax credit early.
  • The bill starts Medicaid work requirements beginning in December of 2026 (Note: This was accelerated from 2029 to win the support of conservatives).
  • The bill makes auto loan interest tax deductible.
  • The bill raises the debt ceiling by $4 trillion.
  • The bill raises the State and Local Tax Deduction to $40,000 for people making $500K or less (Note: This was increased from $30K to win the support of New York Republicans).
  • The bill makes changes to the IRS free tax filing program, pending review by a task force.
  • The bill includes tax on college endowments and private foundations.
  • The bill includes reforms for how pharmacy benefit managers do business with the government.
  • The bill creates a new savings account for children, and $1000 of funding will be provided.
  • The bill provides new tax credits for nuclear energy.
  • The bill raises the child tax credit to $2500 from $2000.
  • The bill provides additional money for border security.


Deficit Impact: The Tax Foundation estimates that the bill will increase long-run GDP by 0.6% and add $3.3 trillion to deficits over the next 10 years.

Whats Next?: The bill now heads to the Senate, where changes are expected before it goes back to the House again for final passage. Republican leadership hopes to have the bill on President Trump's desk around July 4.

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