I know what you mean. Infuriating, isn’t it? How hard would it be for Congress to do that?
You can read all 870 page here. Aren’t massive Omnibus bills great?
https://www.congress.gov/bill/119th-congress/house-bill/1/text
Is PBS unfunded??????
I thought they were in a first, separate, small recision bill?
The senate and house versions are supposed to be exactly the same. They are 940 and 870 pages respectively. I have no idea what accounts for the 70 page differnce.
The senate did pass one amenedment re: AI to the version presented to them. It is not likely to account for the 70 page differnce.
There is a sumary here of the May 22, 2025 version the House sent to the Senate
https://www.congress.gov/bill/119th-congress/house-bill/1
Here’s one little detail:
$100 Billion for border security, of which $46.5 Billion is dedicated to more Border WALL.
“Trump’s One “Big Beautiful” tax bill just got passed, scrapping a proposed excise tax on renewable energy projects and instantly sending solar stocks soaring.”
BBB summary:
https://fortune.com/2025/07/02/trump-big-beautiful-bill-summary-tax-cuts-national-debt-medicaid/
Trump added a massive new punchlist item he said yesterday they’re already working on the legislation for: Amnesty!
Ha ha. Fooled us. The uniparty wins again!
Here is a comprehensive summary. Just use the Senate version.
PBS/NPR is in the rescission package.....NOT part of the bill. The House has passed it. Senate...checking on it. Only needs simple majority.
The Senate bill provision increases the
charitable deduction for individuals who
do not elect to itemize to $1,000 for
single filers and $2,000 for married joint
filers.
The Senate bill would create a 0.5%
floor for the deductibility of charitable
contributions by individuals who elect to
itemize. This section would modify Section 170(b) to provide that any charitable contribution made by an
itemizer is deductible only if the
contribution exceeds 0.5% of the
individual’s contribution base for the
taxable year.
The Senate bill would establish a 1%
floor for the deductibility of corporate
charitable contributions. This section
would modify Section 170(b)(2)(A) to
provide that any charitable contribution
made by a corporation is deductible
only if the contribution exceeds 1% and
is not greater than 10% of the
corporation’s taxable income.
College Endowment Excise Tax (§ 4968)
The Senate bill provision significantly
reduces the endowment excise tax rates
on colleges and universities proposed in
the House, and the tax would only apply
to institutions with more than 3,000
students. The bill removed the definition
of “eligible student” found in the House
bill for purposes of calculating the student-adjusted endowment and it removes the exemption for qualified
religious institutions.
Endowment Excise Tax Rate
$500,000–$750,000 1.4%
$750,000– $2,000,000 4%
$2,000,000+ 8%
The bill also includes a provision to increase the federal government’s current $36.1 trillion statutory debt limit by $5 trillion.
Here is a PDF summary by PWC:
Proposed modifications include an additional year of inflation adjustments for the 10% and 12% tax brackets and an increase in the standard deduction for tax years
beginning after 2025 to $15,750 for a single filer, $23,625 for a head of household, and $31,500 for
married individuals filing jointly and adjusted for inflation thereafter.
Additional modifications of current TCJA individual provisions include permanently increasing the
nonrefundable child tax credit from $2,000 per child to $2,200 per child beginning in tax year 2025 and
permanently indexing the nonrefundable credit amount for inflation.
While providing a charitable deduction of up to $1,000 for single filers who do not itemize ($2,000 for
joint filers), the Senate-passed bill would add a new 0.5% floor on charitable contribution deductions for
individuals who elect to itemize, effective for tax years beginning after December 31, 2025
The Senate-passed bill includes several new individual tax relief provisions that address proposals
offered by President Trump, including:
• A deduction on certain qualified tip income of up to $25,000 received by an individual in an
occupation that customarily and regularly receives tips in a given tax year, effective for tax years
2025 through 2028.
• A deduction for certain qualified overtime compensation of up to $12,500 ($25,000 in the case of
a joint return) received by an individual during a given tax year, effective for tax years 2025
through 2028.
Observation: Industries that are labor intensive, such as retail, restaurants, and hospitality, should
consider the impact on administration and on their workforce strategy of the federal income tax
deduction for tips and overtime compensation.
A deduction of up to $10,000 for certain qualified passenger vehicle loan interest during a given
tax year, effective for tax years 2025 through 2028.
• New Trump savings account for eligible individuals under the age of eighteen for whom a social
security number has been issued. For US citizens born between January 1, 2024, and December
31, 2028, the federal government would contribute $1,000 per child to every eligible account.
Taxable entities may contribute up to $5,000 annually of after-tax dollars to a Trump account,
indexed for inflation. Certain contributions to Trump accounts from tax-exempt sources are not
subject to the $5,000 annual limit.
The Tax Foundation has an extensive anaylis of the bill
https://taxfoundation.org/research/all/federal/big-beautiful-bill-senate-gop-tax-plan/
But it does not look at the non tax related items like the Rescission of several programs (several environmental and highway building programs).
This from the Committee for a Responsible Federal Budget has a detailed breakdown of all of the parts of the bill as 06/23/2025.
https://www.crfb.org/blogs/breaking-down-one-big-beautiful-bill
If you click on the Ways in Means at the top of the chart, it will take you an excel spreadsheet you can download.
It seems to be missing parts of the bill and the spreadsheet does not match the bill. Title numbers specifically.
The BBB has been passed. Now the representatives can get busy with revisions which don’t need 60 votes to pass. It’s going to be a great 3 and 1/2 years.
We were told Social Security would not be taxed! We have paid tax on it once already, guess seniors did not have enough clout!
I do not think that means what you think it means.