One Big Beautiful Bill Act

Key Points

• This policy makes the 2017 tax cuts permanent, ensuring most families keep their lower income tax rates and higher standard deductions. It also introduces new tax breaks by removing federal taxes on income from tips and overtime pay, and allows people to deduct the interest paid on car loans for American-made vehicles.
• The plan provides over $46 billion to build a wall along the U.S. border and hire thousands of new Border Patrol agents. It also invests heavily in the military, providing billions of dollars to improve housing and childcare for service members while increasing the production of Navy ships and missile defense systems.
• New rules for Medicaid will require many able-bodied adults to work, volunteer, or attend school to keep their health coverage. The policy also limits government health benefits for non-citizens and ends several environmental grant programs to reduce federal spending.
• Student loan rules are being changed to create a new repayment plan based on a borrower's income and family size. The policy also sets new limits on how much graduate students and parents can borrow from the government and expands Pell Grants to help pay for short-term job training programs.
• To keep the government running and avoid a default, this policy increases the national debt limit by $5 trillion. It also requires the government to speed up the leasing of federal lands for oil, gas, and coal production to increase domestic energy supplies.

News