House passes ‘big, beautiful bill’

The House Republicans narrowly passed President Donald Trump’s “one big, beautiful bill” on Thursday in a 215 to 214 vote after it underwent several changes.

The legislation cuts border funds, Medicaid, green energy credits and food stamps, and adds ~$4 trillion to the US debt.

SNAP and Medicaid
Medicaid will see the highest cut in spending by nearly $700 billion. It would likely cause 7.6 million Americans to lose healthcare. It also imposes work requirements for able-bodied Medicaid recipients without dependents.

SNAP would also face a $267 billion cut, with added work requirements for recipients aged 55 and 64.

Green energy tax credits
Several rollbacks to Biden-era green energy policies are also mentioned. The $7,500 tax credit for new EVs and leases and a $4,000 credit for used EVs met the chopping block. It allows up to $10,000 in auto loan tax deductions for cars assembled in the US.

Other details
The bill indicates a $500 bump to the child tax credit, raising it to $2,500 through 2028.

It would also temporarily boost standard deductions±—a $1,000 increase for individuals (bringing it to $16,000) and a $2,000 boost for joint filers (bringing it to $32,000). Seniors would receive a $4,000 increase to their standard deductions.

The estate tax exemption would rise to $15 million.

Another major part of the policy package is border security and defense funding. It aims to allocate $46.5 billion for the border wall, $4.1 billion for more Border Patrol agents, and $2 billion for their retention and bonuses. It also includes an additional $1,000 fee for US asylum seekers.

SALT
The legislation increases the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 for incomes up to $500,000.

What’s next?
The domestic policy bill now heads to the Senate. President Trump ideally wants it at his desk before July 4 for signing.