Tax Cut, Trump and budget bill
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The move reveals both the power of philanthropic groups to sway legislators and a split in the administration’s coalition.
Key provisions in the president’s signature legislation will take effect at different times over several years.
Under the final iteration, the so-called Trump accounts are custodial individual retirement accounts for kids, with special rules until the year the child turns 18. For the next few years, they come with $1,000 of seed money from the Treasury Department for newborns. That money would grow tax-deferred, with income taxes due upon withdrawal.
The president’s signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.
Sen. Josh Hawley introduced a bill to repeal some of the Medicaid cuts in Trump’s sweeping tax law, after Hawley voted to pass it earlier this month.
Democrats are poised to contest the Republican talking points about the "big, beautiful bill" at every turn, emphasizing the cuts to Medicaid.
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Money Talks News on MSNCongress Turns to Russia Sanctions and Spending Cuts After Passing Trump Tax PackageCongressional Republicans completed Trump's tax legislation and now tackle Russia sanctions, government funding, and spending cuts. The narrow House and Senate majorities create challenges for upcoming legislative priorities including defense authorization.
Colleges and universities will also take a hit, as will taxpayers who depend on Medicaid, food assistance and owe money on their student loans.
"I think it's going to be a great incentive," Trump said when asked about a bill that could eliminate a tax on primary home sales.
Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually.