The GOPs Big F-Ugly Bill! Will It Will Pass????

Hell-Yes!!!!

This legislation contains about $4.5 trillion in tax cuts.

The wealthiest households would see a $12,000 increase from the legislation, which would cost the poorest people $1,600 a year, according to the nonpartisan Congressional Budget Officeanalysis of the House’s version.

Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump’s first term expire.

The package includes new 80-hour-a-month work requirements for many adults receiving Medicaid and food stamps, including older people up to age 65. Parents of children 14 and older would have to meet the program’s work requirements.

There’s also a proposed new $35 co-payment that can be charged to patients using Medicaid services.

More than 71 million people rely on Medicaid, which expanded under Obama’s Affordable Care Act, and 40 million use the Supplemental Nutritional Assistance Program. Most already work, according to analysts.

The Congressional Budget Office estimatesthat 11.8 million more Americans would become uninsured by 2034 if the bill became law and 3 million more would not qualify for food stamps

Here are just a few of the items in the bill.

Medicare premiums

Cancel a rule making it easier for low-income Medicare beneficiaries to sign up for help paying premiums

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

Medicaid eligibility rule

Allow states to require more paperwork and more frequent eligibility checks for people in Medicaid

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

Nursing home staffing

Cancel a regulation that required minimum staffing ratios for nursing homes

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified.

Reduce federal funding for certain states

Require states that use their own funds to provide health insurance outside of Medicaid to undocumented immigrants to pay a higher share for Medicaid expansion beneficiaries

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

New co-payments

Require states to charge some Medicaid patients co-payments of up to $35 for medical services

Defund Planned Parenthood

Prevent Planned Parenthood or theoretical similar organizations from receiving Medicaid payments for one year

On Monday afternoon, the Senate parliamentarian said this provision could remain in the bill.

Obamacare subsidy penalties

Require people who estimate their income incorrectly to refund the government for more tax creditS

Internet expense restrictions

Forbid use of internet costs in setting SNAP allotments

Moving expenses exclusion and deduction

Permanently eliminate both, except for active-duty military and intelligence workers

Terminate personal exemptions and add temporary senior deduction

Make permanent the termination of personal exemptions (they were replaced by a larger standard deduction and child tax credit in the 2017 tax bill) and add an additional $6,000 deduction for seniors for tax years 2025-28

Estate and gift tax exemptions

Increase and permanently extend the estate and lifetime gift tax exemption

Itemized deductions

Make permanent the termination of most miscellaneous itemized deductions and impose a new limit on all itemized deductions

Qualified bicycle commuting reimbursement

Permanently eliminate the exclusion

Casualty loss deduction

Permanently limit to losses resulting from federally declared disasters

No tax on overtime

Allow workers to deduct overtime pay from taxable income for tax years 2025-2028. The deduction is capped at $12,500 and decreases for those making more than $150,000 a year. (For couples, the deduction is limited to $25,000 and the income cutoff is $300,000.)

No tax on tips

Allow workers to deduct tips from taxable income for tax years 2025-2028. The deduction is capped at $25,000 and decreases for those making more than $150,000 a year ($300,000 for couples).

Foreign tax credit

Changes to credit to compensate for taxes paid to both the U.S. and a foreign country on foreign source income

Private school scholarships

Tax credit for contributions made to organizations that provide money for children to attend private schools

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified

Farmland sales

Allow capital gains taxes to be paid in installments

Eliminate firearms tax

Eliminate $200 transfer and manufacturing taxes on fireams, with the exception of machine guns or “destructive devices”

Third party litigation funding tax

Increase taxes on court awards distributed to outside investors who finance lawsuits

The Senate parliamentarian determined that this provision does not comply with the chamber’s rules, and it may be removed or modified.

Lower home equity limit

Eliminate Medicaid coverage for long-term care for people whose home is worth more than $1 million

Eliminate student loans for certain programs

Stop allowing loans for college programs whose graduates don’t earn more than local high school graduates or graduate degree holders who don’t earn more than college degree holders

Student loan limits

Limit loans for graduate and professional students and parents; and eliminate graduate and professional PLUS loan program

Student loan repayment

Limit income-driven repayment options and allow payments made under a new program to count for people who currently use the public service loan forgiveness program

Clean vehicle credit

Terminate the $7,500 consumer rebate for electric vehicles 180 days after enactment

Qualified commercial clean vehicles credit

Terminate the credit for companies that buy electric cars or trucks, including businesses that lease the vehicles to consumers, 180 days after enactment

Neighborhood Access and Equity Grant Program rescission

Rescind Inflation Reduction Act funds for a grant program to improve walkability, safety and affordable transportation

Energy efficient credit for new homes

Terminate a tax credit for the construction of new homes that meet energy star standards 12 months after enactment

Previously owned clean vehicle credit

Terminate a tax credit for clean energy used car purchases 180 days after enactment

Clean electricity production and investment credit

Phase down tax credits for low-emissions electricity sources like wind, solar, nuclear and geothermal power. New restrictions on transferability and the use of components from China.

Public land sales

Mandatory sales of Bureau of Land Management land to allow for more housing

After opposition from some Republicans from western states, this provision is expected to be removed from the bill.

Oil and gas leasing in Alaska

Require new lease sales in the Arctic National Wildlife Refuge and National Petroleum Reserve-Alaska (NPR-A) and split revenue with the state

Coal leasing

Rescind moratorium on new coal leasing, mandate new lease sales and reduce royalties

Temporary Protected Status fee increase

Increase in application fee to $500 from $50. This status is made available to nationals from certain countries undergoing an armed conflict or disaster.

Immigration parole fee

A new minimum $1,000 fee for immigrants granted temporary entry on the grounds of “humanitarian or significant public interest”

Asylum fee

A new $100 minimum fee for anyone who applies for asylum, and an additional $100 per year while an application remains pending

What’s the final cost?

Altogether, the Congressional Budget Office (CBO)projects that the bill would increase federal deficits over the next 10 years by nearly $3.3 trillion from 2025 to 2034.

CellyBluea-I Do Know This!