![\"\"](\"https:\/\/youdigital.pk\/en\/assests\/2025\/05\/image_2025-05-23_201500606.png\")
<\/p>\nThe bill is expected to increase the federal deficit by nearly $3.8 trillion over the next ten years.<\/p>\n
The legislation expands the child tax credit to $2,500 per child through 2028, before reducing it to $2,000 afterward. It raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for taxpayers making less than $500,000, mainly benefiting residents of states with high taxes.<\/p>\n
The tax on remittances sent abroad is lowered from 5% to 3.5%, starting January 2026. Additionally, the bill introduces the “MAGA” savings account, providing $1,000 per child for newborns between 2025 and 2028.<\/p>\n
<\/p>\n
Corporate tax cuts from the prior Tax Cuts and Jobs Act are extended, maintaining the corporate tax rate at 21% and preserving bonus depreciation benefits.<\/p>\n
The deduction for qualified business income is increased from 20% to 22%, benefiting small business owners.<\/p>\n New taxes on private university endowments are also part of the bill, potentially impacting these institutions\u2019 finances.<\/p>\n The bill implements work requirements for Medicaid recipients, including those above the federal poverty line, and introduces stricter eligibility verification processes.<\/p>\n It shifts some funding responsibility for the Supplemental Nutrition Assistance Program (SNAP) to states, requiring them to cover 5% of benefit costs and 75% of administrative expenses, which could place additional strain on state budgets.<\/p>\n Many green energy incentives, such as tax credits for electric vehicles and renewable energy projects, are rolled back.<\/p>\n The bill allocates an additional $150 billion for defense spending, focusing on technologies like uncrewed drones, and designates $70 billion for enhanced border security.<\/p>\n The bill passed largely along party lines, with a slim one-vote margin. Representative Andrew Garbarino notably missed the vote after falling asleep during an overnight session, drawing criticism.<\/p>\n The legislation now moves to the Senate, where its future remains uncertain amid concerns about the rising federal deficit and impacts on vulnerable populations.<\/p>\n Experts estimate the bill could add $4.6 trillion to the deficit over the next decade if all provisions are enacted.<\/p>\n","protected":false},"excerpt":{"rendered":" Washington, D.C. : On May 22, 2025, the U.S. House of Representatives narrowly approved the One Big, Beautiful Bill Act (OBBBA), a comprehensive tax and spending package promoted by President Donald Trump. The bill is expected to increase the federal deficit by nearly $3.8 trillion over the next ten years. Key Changes for Taxpayers The …<\/p>\n","protected":false},"author":6,"featured_media":1089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[120,119,114,118,121,117,160,113,115,109,112,111,122,116,110,58],"class_list":["post-1088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","tag-andrew-garbarino","tag-border-security","tag-corporate-tax-cuts","tag-defense-spending","tag-federal-deficit","tag-green-energy-rollback","tag-headline","tag-maga-savings-account","tag-medicaid-work-requirements","tag-one-big-beautiful-bill","tag-remittance-tax","tag-salt-deduction","tag-senate-vote","tag-snap-funding","tag-tax-credit","tag-trump"],"_links":{"self":[{"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/posts\/1088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/comments?post=1088"}],"version-history":[{"count":1,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/posts\/1088\/revisions"}],"predecessor-version":[{"id":1094,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/posts\/1088\/revisions\/1094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/media\/1089"}],"wp:attachment":[{"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/media?parent=1088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/categories?post=1088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/youdigital.pk\/en\/wp-json\/wp\/v2\/tags?post=1088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"President](\"https:\/\/youdigital.pk\/en\/assests\/2025\/05\/President-Trump-and-Speaker-of-the-House-Mike-Johnson.webp\")
\nChanges to Healthcare and Social Programs<\/h2>\n
![\"House](\"https:\/\/youdigital.pk\/en\/assests\/2025\/05\/ASD.webp\")
\nEnvironmental and Security Measures<\/h2>\n
\nPolitical Context and Next Steps<\/h2>\n
![\"The](\"https:\/\/youdigital.pk\/en\/assests\/2025\/05\/The-House-Freedom-Caucus.webp\")