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Tax & Revenue Changes
• Makes permanent the 2017 Trump-era individual tax cuts (formerly scheduled to expire end of 2025) .
• Raises SALT deduction cap to $40,000 for earners under $500,000, reverting to $10,000 after five years .
• Introduces new deductions and credits:
• Tips & overtime deduction (capped, expires 2028) .
• Auto loan interest deduction (up to $10,000/year for U.S.-built cars, income-restricted, through 2028) ().
• “Trump Accounts” — tax-advantaged savings for new parents ($1k at birth, up to $5k/year
Chat Gpt summary
Spending & Entitlement Cuts
• Deep cuts to Medicaid and Medicare—largest Medicaid reductions ever, along with work requirements and tighter eligibility .
• SNAP changes: work requirements, higher state error cost-sharing, and administrative burden shifts ().
• Caps student loan borrowing, limits subsidies, and restricts certain loan cancellations ().
• Additional rollbacks include:
• Defunding Planned Parenthood via Medicaid for one year.
• Canceling obesity prevention grants.
• Reducing funding to CFPB and clean energy programs.