Remko Waal / EPA
After a long lawsuit in Congress and several behind-the-scenes negotiations, the “Great and Beautiful Law” of US President Donald Trump was approved Thursday. The multimillionaire celebrates to double this July 4th.
On the eve of July 4th, Independence USA, Trump and his tax reform won.
Donald Trump’s promises for the second term, as Tax cuts and combat illegal immigrationTrump’s “great and beautiful law” was approved this Thursday.
Here are some essential points made by Lusa, about the measures of the budget bill, criticized by the CUTS IN HEALTH CARE AND FOODthat Trump will promulgate on Friday, Independence Day in the United States.
Tax cuts
This is the core of the nearly 900 -page bill: perpetuating large -scale tax cuts for individuals and businesses, initially implemented in 2017 during Trump’s first term, which expire at the end of the year.
Another campaign promise presented by the Republican President included is the exemption of tips and overtime until 2028.
O ceiling for state and local tax deductions will be quadrupled for five years.
Cuts in social spending
Part of the financing for these massive spending depends on cuts in medicaid, the public health insurance on which millions of Americans depend on With low income, as well as food assistance, and new restrictions and formalities are introduced for the qualification to these programs.
For example, the reinscription in services is mandatory every six months, instead of once a year, and a minimum of 80 hours of monthly work for adults up to 65 is required, with some exceptions.
According to the Congress Budget Office (CBO), responsible for evaluating the impact of public finance bills independently, almost 12 million people can lose their health plan by 2034, and 3 million may lose access to the country’s main food assistance program (SNAP).
More than 71 million Americans depend on Medicaid, and 40 million receive this food assistance.
To partially compensate for these cuts, a $ 50 billion fund was created over five years for rural hospitals.
A disposition too Cut federal financing for family planning centers that offer abortions.
Fighting illegal immigration
Hundreds of millions of dollars were attributed to the fight against illegal immigration, which Trump made one of the main priorities of his second term.
In detail, $ 46.5 billion is intended for the continuity of the construction of the Wall on the border with Mexico45 billion dollars to create 100 thousand vacancies in migrant detention centers and about $ 30 billion to the recruitment of 10,000 additional agents for the Federal Immigration Agency (ICE) and reinforcement of the border police.
Pentagon, in particular, will receive $ 25 billion to develop the “Golden Summit”Antim Suissile Defense Shield with which Trump wants to protect the American territory.
The internal security department will have a new $ 10 billion fund to grant subsidies to states that contribute to the implementation of immigration policy and deportation operations of the Trump Executive.
Inversion of ‘green’
The Bill reverses numerous tax incentives for renewable energy and energy efficiency solutions adopted in 2022 during Joe Biden’s previous term, especially wind energy.
The federal aid for wind and solar projects is eliminated in the event that its construction does not start within twelve months from the adoption of the law or if they do not go into operation before 2028.
A $ 7,500 tax credit ends to buy an electric vehicle from the end of September instead of 2032.
On the other hand, the coal used in steel production now benefits a favorable tax system.
Credits for nuclear, geothermal and carbon capture are kept.
Crescent deficit
A provision of the law provides for a Increased US debt limit in 5 billion dollars.
The CBO estimates that the “Great and Beautiful Law” will increase the federal deficit accumulated in over 3.3 billion dollars in the next decade.
