Latest news with #megabill
Yahoo
4 days ago
- Politics
- Yahoo
Sen. Ossoff: "I've never seen opposition energy like this before"
Democratic Sen. Jon Ossoff joined MSNBC's Jen Psaki to discuss growing opposition to Trump's megabill, as hundreds of thousands across the country continue to gather for political rallies in an off-year for federal elections. The Georgia senator says he's "never seen opposition energy like this before... and people are ready to take action."
Yahoo
7 days ago
- Business
- Yahoo
JD Vance urges Republican voters to 'talk to your friends' about the 'big, beautiful bill'
WEST PITTSTON, Pa. — Vice President JD Vance gave an early glimpse Wednesday of the argument Republicans will make ahead of the 2026 midterm elections while touting the megabill the White House pushed through Congress. In a 20-minute speech in northeast Pennsylvania, Vance urged the audience to become fellow evangelists for what he called the "big, beautiful bill" in conversations with family and friends. Vance supplied the talking points he wants them to use, describing how workers at the machine shop that hosted his appearance will no longer pay taxes on overtime pay. Vance was silent about less popular facets of what had been a nearly 900-page bill. He did not mention, for example, steep cuts to Medicaid, which provides health coverage to low-income people. A report published Wednesday in JAMA Health Forum found that the cuts could lead to 1,000 more deaths a year. And while Vance said President Donald Trump and congressional Republicans are getting 'Washington spending under control,' the nation's debt will increase by $3.3 trillion over the next decade under the legislation, according to the nonpartisan Congressional Budget Office. Vance invited the audience to do its own research but asked it to 'take what I said and ... go talk to your neighbors, go and talk to your friends about what this bill does for American citizens.' Without explicitly mentioning the midterm elections that will determine control of Congress, Vance said, 'We don't want to wake up in a year and a half and give the Democrats power back.' Both parties are in the opening phase of a battle to shape voter impressions of the new law ahead of the midterms. Trump's Cabinet members are expected to travel the country in the coming months to help sell the bill to voters. Introducing Vance was Kelly Loeffler, administrator of the Small Business Administration. She used her speech to promote the law, calling it 'rocket fuel for small business.' Republicans face some headwinds in selling the legislation. A recent Economist/YouGov survey taken after Trump signed the bill on July 4 found that 35% of adults supported it, compared with 53% who were opposed. The White House needs GOP voters to be enthusiastic about the law and motivated to vote next year if the party hopes to hang on to its majorities in the House and the Senate. 'The Trump voters are happy and complacent right now,' said John McLaughlin, a Trump pollster. 'And we have to get them fired up for next year. We have a lot of work to do. If President Trump is not on the ballot, it's harder to get them out.' Vance's appearance was also an investment of sorts in his own political future. Pennsylvania is a perennial battleground state. Trump lost it in 2020 when he lost to Joe Biden but won it back last year when he was elected to a new term. Vance is a likely GOP candidate in the next presidential race — a prospect that voters interviewed before his speech said they welcome. Dwayne McDavitt, 63, of the group Bikers for Trump, said: 'I love JD Vance. I hope he runs in 2028. He's a very intelligent man.' Vance said nothing about the ongoing furor that threatens to divide Trump voters: The Justice Department's finding that the Jeffrey Epstein files include no 'incriminating 'client list'' or evidence that would implicate third parties. Many hard-core Trump have balked at the claim, while Trump has called upon them to drop the subject and stop talking about Epstein. Before Vance's appearance, supporters waiting in line offered mixed views of whether they believe the Trump administration is suppressing damning information involving Epstein. Steven Taylor, a truck driver living across the street from the machine shop, said he was 'angered' when Trump said people should move on from the Epstein controversy. 'I think we're being lied to,' said Taylor, 52. 'And I don't appreciate it. This is supposed to be the era of transparency.' 'We put our trust in him [Trump],' he continued. 'I'm still going to support him, but with a slanted eye. We're the ones who put him where he is. It's totally disrespectful.' But Richard Geiersbach, 66, a contractor wearing a MAGA hat, echoed a point that Trump has been making in recent days: Epstein isn't worth discussing anymore. 'It's a waste of time, a waste of money,' he said. 'Let it go.' This article was originally published on
Fox News
06-07-2025
- Business
- Fox News
Johnson says megabill will be 'jet fuel' for economy; teases 2 future bills within next year
House Speaker Mike Johnson, R-La., said Sunday that President Donald Trump's megabill will be "jet fuel" for the economy despite Democrats' criticisms. Johnson, who ceremoniously handed Trump the gavel after the president signed his signature tax cuts and spending package into law Friday, teased two future bills to be passed within the next year. In an appearance on "Fox News Sunday," he said the "big, beautiful bill," which is "a huge leap forward for our priorities," is the first step in a three-tier strategy. Johnson expects a second reconciliation bill by fall and a third by spring before the end of the current Congress. "I think we can do that, and so you'll see more of us advancing these common-sense principles to deliver that American First agenda for the people," Johnson said. "That's what they elected us to do, and this was hugely forward." Johnson pushed back on a reported Democratic Congressional Campaign Committee (DCCC) memo claiming Republicans will lose the majority in 2026 as a result of the "big, beautiful bill." "Our Republicans are going to be out across the country telling the simple truth, and guess what? It will be demonstrated," Johnson said. "Everyone will have more take-home pay, they'll have more jobs and opportunity. The economy will be doing better, and we'll be able to point to that as the obvious result of what we did. So don't buy into those false talking points." The speaker dismissed criticisms from Rep. Ro Khanna, D-Calif., and DNC Chair Ken Martin in particular as "old, tired talking points" that are typically used against any Republican tax legislation. Johnson stressed that the bill permanently extends the 2017 Trump tax cuts, which the speaker claims targeted lower- and middle-income Americans. He said the bottom 20% of earners witnessed their lowest federal tax rates in 40 years because of those original cuts and said that the new megabill expands on that by cutting taxes on tips, overtime pay, and seniors – benefits that he says will help Republicans during the 2026 midterm elections. "We're giving everybody a tax cut," Johnson told "Fox News Sunday" host Shannon Bream. "And that's going to help the economy, it's going be jet fuel. Small business owners, entrepreneurs, risk-takers, the people that provide the jobs, manufacturers, farmers get assistance here, and that will lift the economy." Citing the Council of Joint Economic Advisers, Johnson said the megabill will spur 3% economic growth, create 4 million jobs and increase the average household's take-home pay by $13,000. "This is a great thing for people who go to work every day," Johnson said. "They're going to feel that. And we're excited about the upcoming election cycle in '26. Because people will be riding an economic high, just as we did after the first two years of the first Trump administration. This time it's on steroids." Johnson also responded to criticism from Rep. Glenn Ivey, D-Md., who argued that the megabill makes tax cuts for the wealthiest Americans permanent, while those for the working class "are time sensitive" and "expire in a couple of years." "Now, I don't think he read the bill, it's 940 pages, so I would give some grace on that," Johnson said in response to Ivey's claims. Bream noted that Ivey was listening while the bill text was read on the Senate floor last Sunday. "Yeah, you're right, for 19 hours or whatever it took," Johnson said. "If you make between $30,000 and $80,000 a year, you can have a 15% less federal tax rate. You're going to save more money, you're going to keep more of your hard-earned money, and that's not going away. So by making all these tax cuts permanent, it's the largest tax bill, the most important, most consequential tax bill that Congress has ever passed because of what it does for people who go out and work hard every day." Johnson said the bill pushes "pro-growth policies" and constitutes the "largest savings for the taxpayers in U.S. history." "In the bill, we're also going to secure the border permanently. We're going to return to American energy dominance again, which is going to also be jet fuel to the economy," Johnson said. "We're gonna take care of peace through strength because we're going to give important investments in our military industrial complex, which will help us in our competition with China. There is so much in this bill."
Yahoo
06-07-2025
- Business
- Yahoo
Will Trump's megabill cut your taxes? Check this number on your tax return for the answer.
The megabill that's bound for the president's desk contains tax breaks that could save some Americans — including tipped workers, employees working overtime, car buyers, seniors and certain homeowners — hundreds or potentially thousands of dollars. The tax and spending bill passed the House of Representatives on Thursday in a 218-214 vote after all-night negotiations, and President Donald Trump signed it into law Friday. That followed a marathon Senate session earlier this week. Now that the megabill has passed, expect a ton of short-term debt to be sold to finance the government's deficit 'I'm single': At 70, I have $500,000 in stocks and $220,000 in savings. How do I invest my $130,000 windfall? 'Today is my 61st birthday': I have my ex-spouse's Social Security benefits. Should I retire at 65 and travel? 'I do all the yard work, cooking and cleaning': I live with my daughter and her lazy boyfriend. She wants me to buy her house. Do I say yes? My wife and I are in our late 60s. Do I sell stocks to pay our $30,000 credit-card debt — or do it gradually over 3 years? Now it's time for taxpayers to take a beat and understand one key piece of tax jargon to see if they qualify for the bill's tax breaks. Trump's 'big, beautiful bill' is full of fine-print rules that let people claim new tax deductions — as long as they don't make too much money. For example, the $25,000 deduction for tipped workers would apply to individuals making up to $150,000, or married couples making up to $300,000. After that, the deduction's value gradually diminishes. The same income boundaries apply on the overtime deduction, which is $12,500 for individuals and $25,000 for married couples. Meanwhile, the $6,000 deduction for people age 65 and older, known as the 'senior bonus,' would be available to individuals making up to $75,000 or married couples making up to $150,000 before phaseouts occur. The deduction of up to $10,000 for American-assembled cars begins fading away after $100,000 for individuals and $200,000 for married couples. The hotly debated deduction on state and local taxes would be worth up to $40,000 this year under the legislation. It would rise slightly higher each year from 2026 to 2029. The maximum income for households claiming the full deduction would be $500,000 this year and incrementally move higher. In 2030, the deduction would fall to $10,000. The array of income rules underscore the complexities that are laying ahead for people, and coming at them fast. These provisions will begin to apply for 2025 taxes — as in, the tax returns people will submit to the IRS next winter and spring. Anyone planning to claim these tax breaks should know their yearly income amount, especially if they think they're just below or above the dividing line to claim the full deduction. They should also know how the Internal Revenue Service is going to count their income to determine whether they're eligible: The bill is using a measure called 'modified adjusted gross income,' or MAGI. Here's how to decode the jargon: What is MAGI? First, the bad news: This measure of income is 'used in a whole lot of different provisions of the law that exist currently, and it can mean very different things,' said Ed Zollars, partner at Thomas, Zollars & Lynch in Phoenix. 'Congress loves reusing the same terms with different meaning.' But the good news is that only a handful of people may need to decipher the full extent of that definition to see if they qualify for the new tax breaks — mostly those who had work abroad, Zollars noted. Everyone else just needs to find out their adjusted gross income to see if they qualify for the bill's breaks, said Andrew Belnap, an accounting professor at the McCombs School of Business at the University of Texas at Austin. A person's adjusted gross income is their total income — or their gross income — from all sources minus certain adjustments, the IRS explains. These adjustments include 'above-the-line' subtractions for alimony payments, unreimbursed teacher expenses, student-loan interest and contributions to health-savings accounts and retirement accounts, as well as certain IRA contributions. AGI is calculated before the standard deduction or itemized deductions reduce the number. Taxpayers can find their AGI on their income-tax return; for 2024 taxes filed this year, it's on line 11 of the 1040 tax form. Modified adjusted gross income, meanwhile, adds back some adjustments in order to determine tax-benefit eligibility — but the IRS acknowledges the measure is 'calculated differently for each benefit.' For the purposes of the bill, a person's MAGI is likely the same as their AGI, Belnap explained. It's rare that a handful of separate tax breaks could take someone's adjusted gross income and increase it, he said: 'For the vast majority of taxpayers, MAGI is the same as AGI.' But certain taxpayers would see a difference between the two amounts. MAGI, as defined in this bill, generally adds back three types of tax exclusions that could bump up a person's AGI, said Zollars. These are the exclusions of foreign-earned income, foreign housing expenses and income earned in U.S. territories including Puerto Rico. When Americans filed 161.3 million tax returns in 2022, fewer than 500,000 of those returns claimed the exclusions and deductions connected to income and housing abroad, IRS statistics show. The deductions on tip income, overtime pay and car-loan interest, as well as the senior deduction, are written to take effect this year. People whose earnings are just over the deductions' income limits may still have time to get them under. The simplest way to accomplish that is by putting more money into tax-advantaged retirement accounts, experts said. 'In most instances where you are actively trying to lower AGI, you are looking at making contributions to certain types of retirement accounts or health-savings accounts,' said Daniel Hauffe, senior manager for tax policy and advocacy at the American Institute of CPAs. People with health-savings accounts can take a deduction on contributions to these accounts intended to defray health costs. Contributions to 401(k)s and retirement plans for self-employed people, as well as certain IRA contributions, can also lower taxable income, Zollars noted. The IRS limits deductions on some or all of a contribution based on income, filing status and whether the person has access to retirement plans at work. Qualified charitable distributions from an IRA may also help older taxpayers lower their adjusted gross income, Zollars said. This year, individuals at least 70½ years old can donate up to $108,000 to qualified charities while also lowering their AGI. The trick, Zollars added, is to figure out which contributions would lower a taxpayer's AGI and see how that fits into the rest of their financial life. There's 'all those games you can play,' he said. What personal-finance issues would you like to see covered in MarketWatch? We would like to hear from readers about their financial decisions and money-related questions. You can fill out or write to us at . A reporter may be in touch to learn more. MarketWatch will not attribute your answers to you by name without your permission. My wife and I have $7,000 a month in pensions and Social Security, plus $140,000 cash. Can we afford to retire? 'Finance makes me break out in hives': I inherited $240K from my parents. Do I pay off my $258K mortgage and give up my job? The Dow and Russell 2000 are joining the stock market's party. Is it a game changer for the bulls? My job is offering me a payout. Should I take a $61,000 lump sum — or $355 a month for life? I'm a stay-at-home mom. Do I take a part-time job to spend more time with my kids — or get a job for six figures? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
05-07-2025
- Politics
- Wall Street Journal
Trump Signs Megabill Into Law on Fourth of July
Trump Signs Megabill Into Law on Fourth of July President Trump signs his 'one big, beautiful bill' into law in a splashy Fourth of July ceremony, with a B-2 stealth bomber and jet fighters flying over the White House. Photo: Bonnie Cash - Pool via CNP/Zuma Press
