&w=3840&q=100)
Trump's 'big beautiful bill' on tax cuts gets US House committee approval
US House Committee on Wednesday (local time) cleared President Donald Trump's sweeping tax cut and spending bill, Reuters reported.
The vote comes after days of internal fighting amongst the Republicans and has now set the stage for a floor vote in the full House on Thursday (local time).
Trump's One Big, Beautiful Bill
Trump's big beautiful bill is a 1,000-plus page legislation that calls for roughly $3.8 trillion in tax cuts, most of which would come by extending many of the tax cuts announced by Trump during his first presidency in 2017. To offset the lost revenue partially, Republicans have proposed phasing out or repealing the clean energy tax credits, passed during Joe Biden's presidency.
It includes a temporary boost in the standard deduction, a $1,000 increase for individuals, bringing it to $16,000 for individual filers, and a $2,000 benefit for joint filers, bringing it to $32,000. The report suggests that the deduction will help in reducing the amount of income that is subject to income tax.
The passing of this bill is crucial for Trump to further his agenda during the second term of his presidency, and would imply a big political victory for the US President. He further hopes to improve his approval rating, which currently stands at 47.3 per cent, the report added, citing polling data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
8 minutes ago
- Business Standard
India hunts for rare earth magnet alternatives as China tightens grip
China holds around 50% of the world's rare earth reserves, 70% of extraction capacity, and over 90% of processing capability Puja Das Delhi Listen to This Article India is exploring alternative sources to import rare earth magnets amid ongoing supply disruptions from China, as there are no temporary domestic options available, according to a senior government official. Following the escalating tariffs imposed by US President Donald Trump on China, Beijing enacted export restrictions on seven heavy and medium rare earth elements and magnets on April 4. These include samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, which are used in defence, energy, and automotive (auto) technologies. Chinese companies are now required to secure defence licences to export these resources. Despite India assuring that these magnets will only
Hindustan Times
12 minutes ago
- Hindustan Times
Migrants ‘are not criminals', says Mexico President after LA immigration raids
As the US Immigration and Customs Enforcement (ICE) carried out raids in Los Angeles, in which 35 Mexicans were reportedly detained, Mexico President Claudia Sheinbaum said that migrants "are not criminals". She defended the migrants living in America and said, "Mexicans living in the United States are good men and women, honest people who went to the United States to seek a better life for themselves and to support their families. They are not criminals! They are good men and women!" Sheinbaum said in a speech, a news agency AFP report cited. Armed and masked ICE agents on Friday carried out coordinated workplace raids across LA, sparking rage and protests. Soon after, protesters gathered outside federal buildings in downtown LA, including a detention center. Additional protests also erupted in Paramount, just south of the city, with protesters carrying and chanting slogans such as "ICE out of LA!" Meanwhile, federal agents resorted to tear gas and flash-bang grenades to disperse the crowd. Some demonstrators were also seen raising Mexican flags. According to Bloomberg, the federal immigration agency said it arrested an average of 2,000 undocumented immigrants per day nationwide this week, including 118 persons in the LA area. US President Donald Trump deployed National Guard troops in Los Angeles after the violent protests against immigration raids in the city. The US military said that 300 soldiers from the 79th Infantry Brigade Combat Team had been sent to three separate locations in the greater LA area, and were "conducting safety and protection of federal property and personnel". Troops wearing helmets, camouflage gear and carrying automatic weapons were seen in front of a federal complex in downtown LA. California Governor Gavin Newsom, on the other hand, deemed the deployment by Trump as "purposefully inflammatory". In a post on X on Sunday, Newsom wrote, "Trump is sending 2,000 National Guard troops into LA County -- not to meet an unmet need, but to manufacture a crisis." "He's hoping for chaos so he can justify more crackdowns, more fear, more control. Stay calm. Never use violence. Stay peaceful," he added.
Time of India
33 minutes ago
- Time of India
Putin's Fear Spooks NATO Leader? Germany Revamps Old Bunkers, Prepares For World War 3
Los Angeles 'BURNS': Trump's National Guards March After Anti-ICE Protesters Wreak Havoc | Watch After Los Angeles witnessed arson and looting during clashes between federal immigration authorities and protesters, the California National Guards have been deployed in the city to quell violence and ensure peace. The National Guard personnel were seen staging at the federal complex in downtown Los Angeles that includes the Metropolitan Detention Center. Tensions were high after a series of sweeps by immigration authorities, as the tally of immigrant arrests in the city surged past 100. 211 views | 1 hour ago
