Virginia's top prosecutor targets drugs, crime — and Northern Va. schools
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Looking ahead to the race for Rhode Island attorney general
The campaign to replace term-limited Attorney General Peter Neronha will be one of the most-watched races in the state next year. Solve the daily Crossword
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I Asked ChatGPT How Trump's Tax Cuts Could Impact My Family Budget — Here's the Breakdown
President Donald Trump's One Big Beautiful Bill Act, which he signed on July 4, will impact millions of households, from their student loan repayments to their access to Medicaid and other social safety net programs. I, however, was most concerned with how the legislation's sweeping changes to U.S. tax law might impact my obligations to the IRS. Since my tax attorney charges by the quarter-hour for phone calls, I went with the next-best thing — ChatGPT. I asked the AI platform how Trump's tax cuts could impact my family budget. Here's what it told me. Find Out: Read Next: Many Households — Including Mine — Will Save Money The AI platform began with a bulleted list of benefits that will help many families lower their tax bill. It relied on sources such as the Bipartisan Policy Center and the Tax Policy Center to generate the section, which it titled, 'What You'll Likely Save.' This is its word-for-word synopsis of the potential savings for my family and others. Extended 2017 TCJA benefits — no major tax increases that were scheduled to take effect in 2026. Higher standard deduction — receives a $2,000 extra (married) or $1,000 (single) until 2028 on top of inflation adjustment. (CTC) — boosted to $2,500 per child through 2028, then reverts to $2,000. New tax benefits — exemption from federal tax on tips and overtime income (under $160K), a $40K state-and-local-tax (SALT) cap and a one-time $1K 'Trump account' per child. Learn More: Have a Little, Get a Little; Have a Lot, Get a Lot Next, my unofficial AI accountant used a Tax Policy Center analysis and a CBS News report to surmise that most families would see at least some benefit, with an average household tax bill reduction of $2,900 in 2026. However, it generated the following bulleted list, cited here verbatim, which showed that the 'haves' stand to gain more than the 'have-nots.' Bottom quintile households (≤ $35K income): ~$150 saved (~0.8% of income) Top quintile (≥ $217K income): ~$12,540 saved (~2.5%). Middle-income families fall in between, likely saving several hundred to a few thousand dollars annually. Taxes Aren't the Only Thing That Impact Family Budgets The platform then outlined how what it called the 'offsetting effects' of the tax cuts could shake up my family's — or anyone's — finances. This, too, is in ChatGPT's own words. Cuts to Medicaid, food stamps (SNAP) — billions in savings, but may reduce public benefits your family relies on. Reduced social safety nets — tougher work requirements; lower-income families could see net income decline despite tax cuts. Growing deficit — adds $3-$5 trillion to federal debt over 10 years, increasing future borrowing costs and potential for inflation/higher interest rates. Which Provisions Impact Which Families the Most? It included the following table to break down how different aspects of the legislation will impact different income groups. Income Level Estimated Annual Savings Key New Provisions Watch-Outs Low Income ~$150 Child Tax Credit, tip/overtime exemption Less SNAP/Medicaid Middle Income (~$50K-$100K) $500-$1,500 Standard SALT deduction bump, CTC, SALT cap Social cuts, inflation High Income (>$200K) $5K-$12K+ All above, plus SALT/ deduction benefits Future tax, interest pressure Make Your Situation as Big and Beautiful as Possible It concluded with a numbered list titled 'How To Maximize Benefits,' which outlined steps that my family and others can take to get the most out of the new changes. Use enhanced standard deduction — reduces taxable income directly. Claim full child tax credit if eligible — $2,500 per child. Take advantage of tip/overtime deductions — especially if you receive a lot of tips or extra hours. Monitor public benefits changes — if your household receives Medicaid or SNAP, check whether new work requirements or eligibility changes impact your budget. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Genius Things Warren Buffett Says To Do With Your Money 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on I Asked ChatGPT How Trump's Tax Cuts Could Impact My Family Budget — Here's the Breakdown
Fox News
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Fetterman cheers ICE arrests of illegal alien child sex offenders, Luna calls for death penalty
Sen. John Fetterman, D-Pa., expressed support for U.S. Immigration and Customs Enforcement's apprehension of illegal alien child sex offenders, while Rep. Anna Paulina Luna, R-Fla., advocated for the individuals to face the death penalty. ICE noted in a Monday press release that it "arrested 214 illegal aliens for immigration offenses in the Houston area in the past six months who have been charged or convicted of a sex offense involving a minor." "I don't support or agree with all of ICE's tactics or actions. I do fully support moves like these. This makes our nation more secure and all our children safer," Fetterman said in a post on X. Responding to the news about the ICE arrests, Luna said in a post on X, "Skip deportation. Go directly to the death penalty. Do not pass go. Do not collect $200." According to the ICE press release, one of the individuals arrested was "Jose Guadalupe Meza, a 40-year-old, four-time deported criminal alien from Mexico who was arrested June 24 and has been convicted of theft and sexual assault of a child. ICE removed Guadalupe Meza to Mexico June 25." The news comes amid the Trump administration's crackdown on border and immigration enforcement. Fetterman has previously expressed support for ICE's work, describing any calls for the abolition of the agency as "inappropriate" as well as "outrageous." "Bringing together the resources and expertise of the entire federal law enforcement community to confront the overwhelming surge of illegal immigration that we saw over the past four years has resulted in the arrest and removal of historic numbers of violent criminal aliens, transnational gang members and child sex offenders," ICE Enforcement and Removal Operations Houston acting field office director Paul McBride noted, according to the press release.
