President Trump Signs the BBB

President Trump added pomp and circumstance to the signing of the Big Beautiful Bill.

• The current $2,000 child tax credit, which would return to a pre-2017 level of $1,000 in 2026, will permanently increase to $2,200. 
• The legislation includes tougher restrictions on Medicaid. The cuts only affect illegal aliens and able-bodied people.
• The bill would allow many tipped workers to deduct up to $25,000 of their tips and overtime from their taxes. That provision expires in 2028.
• The bill would make changes to the Supplemental Nutrition Assistance Program, or food stamps, expanding work requirements and requiring state governments with higher payment error rates to cover some of the program’s costs.
• The legislation also includes more than $46.5 billion for border wall construction and related expenses, $45 billion to expand detention capacity for immigrants in custody and about $30 billion in funding for hiring, training and other resources for U.S. Immigration and Customs Enforcement.
• The package also includes an increase to the cap on the state and local tax deduction, raising it from $10,000 to $40,000. After five years, it would return to $10,000.
• The bill would largely terminate numerous tax incentives from the 2022 Inflation Reduction Act for clean energy, electric vehicles and energy efficiency programs that benefited consumers. 
• The legislation would raise the debt ceiling by $5 trillion, going beyond the $4 trillion outlined in the initial House-passed bill. Congress faces a deadline to address the debt limit later this summer. 

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