10 hours ago, vikas83 said:

I like the part where US consumers paying a 20% tax on imports, and Vietnamese consumers paying no tax on imports, is pitched as a win somehow.

It's been 6 months of him intentionally saying it backwards and 6 months this cult still doesn't get it. This is mass hypnosis.

Cringe

13 minutes ago, It Hurts said:

You are really making a case at being more gullible than any other cult member. 🤣🤣🤣

take from the poor & give to the rich! maga voted for bizzarro Robin Hood.

1 hour ago, Mike030270 said:

Wow Fitzpatrick voted no. I’ll give credit where credit is due.

I asked Gemini to give details on what's in the bill if you're interested to read

Spoiler

I. Tax Cuts and Extensions (Estimated $4.5 - $5 Trillion over 10 years)

The core of the bill involves making permanent and expanding many of the tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA), which were set to expire.

A. Individual Tax Provisions:

• Permanent Tax Rates and Brackets: The bill makes permanent the individual income tax rates and brackets established by the TCJA. This means the top individual rate remains at 37%.

• Standard Deduction Increase and Extension: The increased standard deduction amounts from the TCJA are made permanent. For example, in 2025, the standard deduction would be $15,750 for single filers, $31,500 for married filers, and $23,625 for heads of household.

• Repeal of Personal Exemptions: The bill permanently repeals personal exemptions, which were a feature of the tax code before the TCJA and were scheduled to return in 2026.

• Expanded Child Tax Credit (CTC): The bill permanently extends the $2,000 per child credit amount from TCJA and provides a temporary $500 per child boost (making it $2,500 per child) from 2025-2028. It also permanently extends the refundable amount of the CTC (currently $1,700 per child) and adjusts it for inflation. The phase-out thresholds remain at $200,000 for single taxpayers and $400,000 for married taxpayers.

• New Temporary Deductions (2025-2028):

  • No Tax on Tips: A deduction for qualified tip income, capped at $25,000, for all filers. It phases out for individuals with income over $150,000 ($300,000 for married filing jointly).

  • No Tax on Overtime: A deduction for eligible overtime pay, capped at $12,500 ($25,000 for joint returns). It phases out for individuals with income over $150,000 ($300,000 for married filing jointly).

  • Additional Deduction for Seniors: A $6,000 deduction for individuals aged 65 and older, phasing out at 6% of AGI over $75,000 ($150,000 for married filing jointly).

  • No Tax on Auto Loan Interest: A deduction for qualified passenger vehicle loan interest, capped at $10,000 per year, or 20% of AGI over $100,000 ($200,000 for married filing jointly), whichever is lower.

• State and Local Tax (SALT) Deduction Cap Increase: The cap on the SALT deduction is permanently raised to $40,000, with some limits on workarounds and for high-income taxpayers. The House version had proposed a 10-year extension.

• Enhanced Child and Dependent Care Tax Credit: Permanently increases the deductible share of expenses from 35% to 50% (subject to overall dollar caps) and modifies the phaseout formula starting in 2026.

• Charitable Deduction for Non-Itemizers: A permanent deduction for charitable contributions for non-itemizers, limited to $1,000 for single filers and $2,000 for married filers, starting in 2026.

• Floor on Charitable Deduction for Itemizers: Imposes a permanent 0.5% floor on itemized charitable deductions starting in 2026, meaning contributions below this threshold of income are ineligible.

• Mortgage Interest Deduction: Permanently extends the $750,000 limitation on mortgage interest indebtedness.

• Personal Casualty Losses: Permanently extends the TCJA's limits on personal casualty losses to only those in presidentially-declared disaster areas, and only to the extent net disaster losses exceed 10% of income.

B. Business Tax Provisions:

• 100% Bonus Depreciation: Reinstates 100% expensing of qualified assets in the year they are put into service, permanently, for property acquired beginning January 20, 2025. It also expands the scope of qualified assets to cover manufacturing buildings placed in service before January 1, 2031.

• Business Interest Deduction Limit (Section 163(j)): Restores the TCJA's original, more favorable EBITDA-type calculation for the business interest deduction limit for tax years beginning in 2025.

• Qualified Business Income (QBI) Deduction (Section 199A): Permanently extends the 20% deduction for pass-through business income and expands it to 23%, while also easing the rules that limit the deduction for high-income taxpayers.

• Global Intangible Low-Taxed Income (GILTI) and Foreign-Derived Intangible Income (FDII): These provisions are made permanent at their current rates (e.g., GILTI deduction permanently decreased to 40%, FDII deduction permanently decreased to 33.34%).

• Base Erosion and Anti-Abuse Tax (BEAT): Permanently changes the BEAT rate to 10.5% and maintains taxpayer-favorable status for certain credits (R&D, low-income housing, renewable electricity production) for BEAT taxpayers.

• Net Operating Losses (NOLs): Makes permanent the TCJA's limits on net operating losses for pass-through businesses.

• Corporate Charitable Contributions: Sets a 1% of taxable income floor for corporations seeking to deduct charitable contributions, in addition to the existing 10% ceiling.

C. Other Tax-Related Provisions:

• Clean Energy Tax Credits Rollback: The bill significantly scales back tax incentives for clean energy projects, including repealing EV tax credits and phasing out other energy investment, production, and manufacturing credits.

• Increased Excise Tax on Private University Endowments and Private Foundations: Replaces the current 1.4% excise tax with a tiered system for private university endowments based on student-adjusted endowment size (up to 21% for those over $2 million) and a tiered system for private foundations based on asset size.

II. Spending and Border Security (Approximately $350 Billion for National Security and Immigration)

This section reflects a significant investment in immigration enforcement and defense.

• Border Wall Construction: Approximately $46 billion is allocated for the U.S.-Mexico border wall.

• Migrant Detention Capacity: About $45 billion is provided to fund 100,000 beds in migrant detention centers, a significant expansion aimed at increasing daily detention capacity. The majority of this funding is expected to go to private companies.

• ICE Agents and Deportation Operations:

  • Funding for hiring an additional 10,000 Immigration and Customs Enforcement (ICE) agents by 2029, with $10,000 signing bonuses.

  • Significant funding for ICE's enforcement and deportation operations, representing a substantial increase to its annual budget (potentially 265% increase to ICE's detention budget).

  • Funding for transportation and removal operations, with the goal of deporting approximately 1 million people per year.

• State Border Security Reimbursement Fund: A new $10 billion fund for the Homeland Security Secretary to provide grants to states assisting with federal immigration enforcement and deportations.

• Increased Immigration Fees: New fees are imposed on immigrants seeking various protections and visas:

  • A $100 new application fee for asylum seekers.

  • A $550 fee for a first work authorization document.

  • A $100 annual fee for a pending asylum application.

  • A new $250 "visa bond" for all nonimmigrant visas, reimbursable only if the visa holder proves perfect compliance.

  • Increased cost for an appeal of an immigration judge's decision from $110 to $900.

  • A $250 fee for unaccompanied children seeking protected relief.

• Immigration Court Funding: While the Senate bill doesn't provide specific funding for the Executive Office for Immigration Review (EOIR), it includes EOIR funding as an allowable expense within a lump sum of $3.3 billion to the Department of Justice. It also limits the number of immigration judges to 800.

• Defense Spending: Billions are allocated for:

  • Shipbuilding and Munitions Systems: Significant investments in naval shipbuilding (e.g., $5.4 billion for two guided missile destroyers, $4.6 billion for an extra attack submarine, $3.7 billion for an amphibious assault ship) and munitions production.

  • Military Personnel Quality of Life: Measures to improve the quality of life for military personnel, including a 4.5% pay raise for active duty members and an additional pay raise for junior enlisted.

  • "Golden Dome" Missile Defense System: Approximately $25 billion for the development of this next-generation missile defense shield, including for Space Force satellites.

  • Air Force Priorities: Billions for nuclear modernization, aircraft sustainment, exercises in the Indo-Pacific, B-21 bomber acceleration, F-15EX fighter production, and Collaborative Combat Aircraft.

  • Border Security within DoD: $1 billion is allocated for border security within the Defense Department.

III. Social Safety Net Cuts (Approximately $1.2 Trillion in Cuts)

These cuts are a primary mechanism to offset the cost of tax reductions and increased spending.

• Medicaid: Significant cutbacks to Medicaid, estimated to be around $1 trillion, achieved through:

  • Work Requirements: Imposing new 80-hour-a-month work requirements for many adults receiving Medicaid.

  • Stricter Eligibility: Making sign-up eligibility more stringent.

  • Federal Reimbursement Changes: Altering federal reimbursements to states for Medicaid costs. The CBO estimates this could lead to 11.8 million more Americans without health insurance by 2034.

  • Provider Taxes: Freezing new or increased provider taxes and revising payment limits for certain state-directed payments.

  • Eligibility Redeterminations: Increasing the frequency of Medicaid eligibility redeterminations.

  • Nursing Home Staffing Standards: Repealing and freezing the nursing home staffing standards rule.

• Supplemental Nutrition Assistance Program (SNAP - Food Stamps): Cuts to food assistance programs, primarily by:

  • Expanded Work Requirements: Applying existing work requirements to more beneficiaries.

  • Increased State Share of Costs: Increasing the portion of costs states must bear for food benefits.

  • Eligibility Restrictions: Restricting eligibility for undocumented individuals.

IV. Other Provisions

• Debt Limit Increase: The bill includes a provision to raise the national debt ceiling by $5 trillion.

• Opportunity Zones: Reestablishing Opportunity Zones.

• Highway Trust Fund Fees: Imposing new Highway Trust Fund fees for electric vehicles.

• Oil and Gas Leasing: Generating revenue from onshore, offshore, and Alaskan oil and gas leasing.

• Environmental Review Fees: Imposing new fees for environmental reviews.

• Federal Share of Administrative Costs: Reducing the federal share of administrative costs for SNAP and other programs.

Giving billionaires tax cuts to add trillions to the deficit is dumb. Not to mention taking Medicaid away from people that need it. Meh

28 minutes ago, Dave Moss said:

Giving billionaires tax cuts to add trillions to the deficit is dumb. Not to mention taking Medicaid away from people that need it. Meh

But libtards tears make it worth it

And with the passage of this moronic bill, Trump will cement his legacy as by far the largest deficit adding president in history. Nothing like watching these so called conservatives cheering for $2 trillion annual deficits.

3 hours ago, Tnt4philly said:

You are really making a case at being more gullible than any other cult member. 🤣🤣🤣

You were saying

https://thenationaldesk.com/news/americas-news-now/american-born-employment-reaches-record-high-as-foreign-born-jobs-continue-to-decline

Remember when we were told "Trump is going to dismantle NATO"?

"Thanks to President Trump, NATO allies have made a historic 5% defense spending pledge"

13 minutes ago, lynched1 said:

Remember when we were told "Trump is going to dismantle NATO"?

"Thanks to President Trump, NATO allies have made a historic 5% defense spending pledge"

So much winning and the loonies are having major meltdowns

On 7/2/2025 at 6:53 PM, lynched1 said:

Fake.

If that guy meant that much he'd have been trying to walk him through the process.

0-2 myself but I tried. You can't force them.

You can walk through the process all day long becoming a citizen is very difficult especially if you entered the country illegally.

28 minutes ago, pisceschica said:

You can walk through the process all day long becoming a citizen is very difficult especially if you entered the country illegally.

The two I keep working on have visas.

2 hours ago, It Hurts said:

I like the rainbow.

Americans don't deserve health insurance. Let em die. The new Radical Right Evangelical Christian motto.

'DEVASTATING': Red state governor says 200,000 residents will lose health care because of bill

Gov. Andy Beshear, D-Ky., joins Morning Joe to discuss how the president's budget bill will impact the residents of his state.

Yahoo News

'DEVASTATING': Red state governor says 200,000 residents...

Gov. Andy Beshear, D-Ky., joins Morning Joe to discuss how the president's budget bill will impact the residents of his state.

Trump declares war on the Roses.

7 hours ago, jsdarkstar said:

Trump declares war on the Roses.

Coming to the Rose garden to celebrate 250yrs of independence.

13 hours ago, It Hurts said:

So much winning and the loonies are having major meltdowns

My 401k wishes it could agreed with you.

Pretty damn good first 6 months