Here’s one little detail:
$100 Billion for border security, of which $46.5 Billion is dedicated to more Border WALL.
It’s like shutting the barn door after the horses escaped. Estimates by long time Darien Gap watchers are around 30,000,000 invaders. No one knows how many came in through our open airports either.
$6,000 deduction for over 65. $12,000 deduction for both
This was in liu of No Tax on Social Security
Phaseout over $150 K income
$12,000 exclusion for Overtime Pay
$25,000 exclusion on Tip Income...
increasing the state and local tax (SALT) deduction cap to $40,000 for certain earners, and providing tax relief for families through an increased child tax credit.
Tax Provision
SALT Deduction Increases the cap on state and local tax deductions from $10,000 to $40,000 for incomes under $500,000.
Child Tax Credit Permanently raises the child tax credit to $2,200 per child, benefiting over 40 million families.
Qualified Small Business Stock Raises the threshold for qualifying small businesses from $50 million to $75 million, increasing capital gains tax exclusions.
Estate and Gift Tax Increases the estate and gift tax exemption to $15 million for individuals, indexed for inflation.
No Tax on Tips and Overtime Exempts tips and overtime pay from federal income taxes, fulfilling campaign promises.
Impact on Different Income Levels
Income Level Expected Benefit
High Earners ($1 million+) Average after-tax income increase of about $75,000 in 2026, with a 3% boost in after-tax income.
Middle-Class Families (<$100,000) Up to $10,900 in additional take-home pay, with a 12% tax cut compared to current rates.
Additional Provisions
Tax Relief for Seniors: Includes specific tax breaks aimed at older adults.
Business Tax Incentives: Restores immediate expensing for R&D and other business investments.
These provisions are designed to stimulate economic growth while providing substantial tax relief to various groups, particularly the wealthy and small business owners.