Trump's Big Beautiful Tax Bill
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Experts and advocates warn that it could have dire consequences for Alabama’s tenuous rural healthcare situation.
The One Big Beautiful Bill Act is temporarily raising the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra generous write-off, which is often referred to as the SALT deduction.
Under the bill, the SALT cap temporarily increases to $40,000 per year, so long as your annual income does not exceed $500,000.
Farm programs will receive an extra $66 billion over the next decade, making up for a delayed Farm Bill. Critics say it will increase consolidation.
The bill, ushered through Congress by Republican leadership and signed by Trump Friday, includes $4.5 trillion in tax cuts, slashes spending on Medicaid, and creates temporary tax deductions for overtime and tipped income. It includes $170 billion for immigrant detention and for new personnel for Immigration and Customs Enforcement.
Part of Trump's tax bill could give Big Tech a boost to earnings. The bill allows upfront expensing of R&D costs, enhancing cash flow for software firms. Microsoft, Oracle, and Salesforce are some of the biggest beneficiaries, Morgan Stanley said.
Republicans are counting on President Donald Trump’s “big, beautiful bill” to be a winner with voters, while Democrats hope to make the massive law politically toxic ahead of the 2026 midterm elections.
1don MSN
Tax incentives contained in the sweeping tax and budget bill Trump signed on July 4 could provide a fresh boost to AI chipmakers.
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