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THE TRUMP 2024 THREAD
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<blockquote data-quote="newfie" data-source="post: 6124731" data-attributes="member: 58700"><p>summary of the house version , subject to change in the senate </p><p></p><h3><strong>Revenue (Tax Cuts)</strong></h3> <ul> <li data-xf-list-type="ul"><strong>2017 TCJA Extension</strong>: Permanently extends income and estate tax cuts ($4T cost over 10 years).</li> <li data-xf-list-type="ul"><strong>No Tax on Tips</strong>: Deduction for tips (under $160,000 income, 2025–2028).</li> <li data-xf-list-type="ul"><strong>No Tax on Overtime</strong>: Deduction for overtime pay (2025–2028).</li> <li data-xf-list-type="ul"><strong>Auto Loan Interest Deduction</strong>: Up to $10,000 for U.S.-made vehicles (2025–2028).</li> <li data-xf-list-type="ul"><strong>SALT Deduction</strong>: Cap raised to $40,000, phases out at $500,000 income (permanent).</li> <li data-xf-list-type="ul"><strong>Standard Deduction</strong>: Increased by $1,000–$2,000 (2025–2028).</li> <li data-xf-list-type="ul"><strong>Child Tax Credit</strong>: Permanent at $2,000, $2,500 for 2025–2028.</li> <li data-xf-list-type="ul"><strong>Social Security Relief</strong>: Higher deduction for seniors (under $75,000/$150,000 income, 2025–2028).</li> <li data-xf-list-type="ul"><strong>Trump Accounts</strong>: $1,000 savings accounts for newborns (2025–2028).</li> <li data-xf-list-type="ul"><strong>Other</strong>: Enhanced childcare credits, family leave credits, 23% Section 199A deduction (permanent), restored itemized deductions.</li> </ul><p><strong>Impact</strong>: Adds $4.5–$5T to deficits; benefits wealthier households most.</p><p></p><h3><strong>Spending Cuts</strong></h3> <ul> <li data-xf-list-type="ul"><strong>Medicaid</strong>: $700–$880B cut via work requirements, eligibility checks, and ending benefits for undocumented immigrants (7.6–10M lose coverage).</li> <li data-xf-list-type="ul"><strong>SNAP</strong>: $300B cut with work requirements (~11M lose benefits).</li> <li data-xf-list-type="ul"><strong>Student Loans</strong>: $330B saved by replacing repayment plans, ending deferments.</li> <li data-xf-list-type="ul"><strong>Clean Energy Credits</strong>: Phased out (EV, wind/solar, home efficiency), saves tens of billions.</li> <li data-xf-list-type="ul"><strong>Other</strong>: Ends IRS Direct File, defunds Planned Parenthood.</li> </ul><p><strong>Impact</strong>: Saves $1.5–$1.7T but reduces social safety net.</p><p></p><h3><strong>New Spending</strong></h3> <ul> <li data-xf-list-type="ul"><strong>Defense</strong>: $150B for missile defense, naval expansion, and servicemember benefits.</li> <li data-xf-list-type="ul"><strong>Border Security</strong>: $100B+ for wall, ICE detention, deportation, and agents.</li> <li data-xf-list-type="ul"><strong>FAA Modernization</strong>: Funds air traffic control upgrades (cost unspecified).</li> </ul><h3><strong>Fiscal Impact</strong></h3> <ul> <li data-xf-list-type="ul"><strong>Debt Ceiling</strong>: Raised by $4T to cover deficits.</li> <li data-xf-list-type="ul"><strong>Deficit</strong>: Adds $3.3–$5.3T over 10 years (CBO/CRFB estimates).</li> <li data-xf-list-type="ul"><strong>Temporary Measures</strong>: Many tax cuts expire in 2028, creating fiscal cliffs.</li> </ul><h3><strong>Notes</strong></h3> <ul> <li data-xf-list-type="ul"><strong>Controversies</strong>: GOP split on SALT; Democrats oppose welfare cuts; fiscal hawks warn of debt.</li> <li data-xf-list-type="ul"><strong>Senate Outlook</strong>: Faces revisions; needs near-unanimous GOP support.</li> </ul></blockquote><p></p>
[QUOTE="newfie, post: 6124731, member: 58700"] summary of the house version , subject to change in the senate [HEADING=2][B]Revenue (Tax Cuts)[/B][/HEADING] [LIST] [*][B]2017 TCJA Extension[/B]: Permanently extends income and estate tax cuts ($4T cost over 10 years). [*][B]No Tax on Tips[/B]: Deduction for tips (under $160,000 income, 2025–2028). [*][B]No Tax on Overtime[/B]: Deduction for overtime pay (2025–2028). [*][B]Auto Loan Interest Deduction[/B]: Up to $10,000 for U.S.-made vehicles (2025–2028). [*][B]SALT Deduction[/B]: Cap raised to $40,000, phases out at $500,000 income (permanent). [*][B]Standard Deduction[/B]: Increased by $1,000–$2,000 (2025–2028). [*][B]Child Tax Credit[/B]: Permanent at $2,000, $2,500 for 2025–2028. [*][B]Social Security Relief[/B]: Higher deduction for seniors (under $75,000/$150,000 income, 2025–2028). [*][B]Trump Accounts[/B]: $1,000 savings accounts for newborns (2025–2028). [*][B]Other[/B]: Enhanced childcare credits, family leave credits, 23% Section 199A deduction (permanent), restored itemized deductions. [/LIST] [B]Impact[/B]: Adds $4.5–$5T to deficits; benefits wealthier households most. [HEADING=2][B]Spending Cuts[/B][/HEADING] [LIST] [*][B]Medicaid[/B]: $700–$880B cut via work requirements, eligibility checks, and ending benefits for undocumented immigrants (7.6–10M lose coverage). [*][B]SNAP[/B]: $300B cut with work requirements (~11M lose benefits). [*][B]Student Loans[/B]: $330B saved by replacing repayment plans, ending deferments. [*][B]Clean Energy Credits[/B]: Phased out (EV, wind/solar, home efficiency), saves tens of billions. [*][B]Other[/B]: Ends IRS Direct File, defunds Planned Parenthood. [/LIST] [B]Impact[/B]: Saves $1.5–$1.7T but reduces social safety net. [HEADING=2][B]New Spending[/B][/HEADING] [LIST] [*][B]Defense[/B]: $150B for missile defense, naval expansion, and servicemember benefits. [*][B]Border Security[/B]: $100B+ for wall, ICE detention, deportation, and agents. [*][B]FAA Modernization[/B]: Funds air traffic control upgrades (cost unspecified). [/LIST] [HEADING=2][B]Fiscal Impact[/B][/HEADING] [LIST] [*][B]Debt Ceiling[/B]: Raised by $4T to cover deficits. [*][B]Deficit[/B]: Adds $3.3–$5.3T over 10 years (CBO/CRFB estimates). [*][B]Temporary Measures[/B]: Many tax cuts expire in 2028, creating fiscal cliffs. [/LIST] [HEADING=2][B]Notes[/B][/HEADING] [LIST] [*][B]Controversies[/B]: GOP split on SALT; Democrats oppose welfare cuts; fiscal hawks warn of debt. [*][B]Senate Outlook[/B]: Faces revisions; needs near-unanimous GOP support. [/LIST] [/QUOTE]
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