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Time of India
17 minutes ago
- Time of India
Car loan breaks, silencer fees axed: Some lesser-known items from Trump's 'Big Beautiful Bill'
Big beautiful bill passed (AP) As US President Donald Trump prepares to sign his much-touted 'big beautiful bill' into law on Friday, following its approval by the congress after a week of intense political drama and marathon debate on Capitol Hill, much of the spotlight remains on big-ticket agendas items, such as tax cuts, increased funding for border security and food assistance program, and major reductions in federal Medicaid spending. However, the sweeping tax and spending bill also includes a host of lesser-known provisions. Tax cuts for whaling captains As the focus remains on major tax cuts, another tax relief has been extended to the whalers in Alaska. After Senator Tillis decided to vote against the bill, Alaska's Republican senator Lisa Murkowski used her leverage as the Senate's deciding vote to draw concessions in the final bill for her home state. One of them was a fivefold increase in the tax deduction for whaling-related expenses, rising from $10,000 to $50,000. Loan interest relief for car buyers Between 2025 and 2028, Americans purchasing US-made vehicles will be eligible to deduct up to $10,000 in interest paid on their auto loans. While claiming the full deduction would typically require buying a vehicle priced in the six-figure range, most buyers could still save several hundred dollars per year for buying average cars, trucks, and SUVs. Meanwhile, people planning to buy electric vehicles will lose a tax credit of up to $7,500 at the end of September. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo The credit, which was introduced during former President Joe Biden's term, was originally meant to stay in place until 2032. Silencer and SBR charges dropped The bill also does away with the $200 fee gun owners must pay when buying silencers and short-barrel rifles, and also lifts the associated registration and ownership rules. These items will no longer fall under the 1934 National Firearms Act, a law passed during the prohibition era to combat gang violence. However, the act will still apply to machine guns and explosive devices. Space shuttle Discovery to be moved The space shuttle Discovery, which has been on display at the Smithsonian National Air and Space Museum's annexe in Northern Virginia since its retirement in 2011, will be moved to Houston. The bill allocates $85 million to cover the cost of relocating and housing the shuttle at the Johnson Space Center. This move follows efforts by Texas Republican senators John Cornyn and Ted Cruz, who emphasized Houston's key role in the space shuttle program and pushed for the shuttle's transfer. New fees for space missions The new bill makes the provision where the commercial spaceflight companies, including Elon Musk's SpaceX, will be required to pay fees for their launches and reentries. These fees will be gradually introduced over eight years to help the Federal Aviation Administration's Office of Commercial Space Transportation manage the industry's fast growth. Starting at 25 cents per pound with a maximum of $30,000 per launch, the fees will increase to $1.50 per pound, capped at $200,000 per launch by 2033. After that, the fees will rise based on the consumer price index. Kennedy Center overhaul The bill also allocates $257 million to support President Trump's frequently mentioned plans to renovate the Kennedy Center for the Performing Arts. This funding comes despite the Trump administration's earlier decision to cancel grants for arts and humanities programs across the country. Trump has reshaped the Kennedy Center's board by appointing political allies. Last month, he attended the center's opening night of 'Les Misérables,' where he received a mixed reaction from the audience, including both cheers and boos. New tax rules hit gamblers The poker industry, including professional players, as well as those playing online and in casinos, could face serious challenges due to a new provision that reduces gambling-related tax deductions. Currently, gamblers can deduct their losses fully before paying taxes on their winnings. Under the new bill, however, they will only be able to deduct 90% of their losses. For example, if you win $100,000 but lose $80,000, you would normally owe taxes on $20,000. With the new rule, you would owe taxes on $28,000.
Time of India
20 minutes ago
- Time of India
10 key takeaways from Donald Trump's Big Beautiful Bill summarised simply
US President Donald Trump is poised to enact the "Big Beautiful Bill," a sweeping package encompassing tax cuts, increased spending, and significant policy shifts. The bill makes Trump's tax cuts permanent, potentially benefiting the wealthy while adding to the national debt. Millions could lose Medicaid coverage due to new work requirements, and stricter food stamp rules are implemented. Tired of too many ads? Remove Ads 1. Trump's tax cuts become permanent 2. Millions could lose Medicaid coverage Tired of too many ads? Remove Ads 3. Stricter food stamp rules 4. Massive increase in border and immigration funding 5. Rollback of green energy programs 6. Temporary relief on SALT deduction 7. Debt ceiling raised by $5 trillion 8. Modest increase to child tax credit 9. Tax breaks for tipped and overtime workers Tired of too many ads? Remove Ads 10. Standard deduction increase made permanent FAQs Just in time for the American Independence Day, US president Donald Trump is expected to sign into law what he calls the 'Big Beautiful Bill,' a 887-page package of tax cuts, spending increases, and major policy changes, as per a report. The bill passed both chambers of Congress by the narrowest of margins, with vice president JD Vance breaking a tie in the Senate and the House approving it 218 to 214, according to CBS are 10 of the biggest changes in the bill, and what they could mean for bill cements most of the tax cuts from Trump's 2017 Tax Cuts and Jobs Act, which were set to expire at the end of this year, as per the report. Supporters say this will boost the economy, but critics warn it overwhelmingly benefits the wealthy and adds to the national debt, according to the CBS News READ: After Trump's deportation threat, Musk gets love from China, backs Tesla CEO's bold move to start his own party The bill imposes new work requirements for some adults on Medicaid and increases how often eligibility is reviewed, as reported by CBS News. According to the Congressional Budget Office, about 11.8 million people could lose health coverage under Medicaid over the next decade, as reported by CBS the food assistance program, will now require able-bodied adults up to age 64 to meet work requirements, according to the report. States with high error rates could also be forced to pay a portion of the program's cost, starting in 2028, as per CBS READ: Panic in the sky: American Airlines flight diverted after passenger triggers alarm — what we know The bill dedicates over $120 billion to immigration enforcement, including $46.5 billion for border wall construction, $45 billion for expanding detention space, and $30 billion for hiring and training more immigration officers, according to the CBS News report. It also adds a $100 fee for asylum seekers, as per the bill eliminates many clean energy tax credits introduced in the Inflation Reduction Act, including those for electric vehicles and energy-efficient home upgrades, and it also ends the Greenhouse Gas Reduction Fund, though current grants won't be cancelled, as reported by CBS cap on the state and local tax (SALT) deduction is raised to $40,000 from $10,000 for five years, but after five years, the cap returns to its previous level, according to the avoid a potential default later this summer, the bill includes a $5 trillion increase to the federal debt ceiling, as per the CBS News report. Treasury officials warned the US could miss payments by August without action, according to the child tax credit, which would have dropped from $2,000 to $1,000 in 2026, is instead increased to $2,200 permanently, as reported by CBS bill creates a federal income tax deduction for workers who earn tips and overtime pay, up to $25,000 and the break phases out for individuals earning more than $150,000 or couples earning more than $300,000, according to CBS standard deduction, which nearly doubled in 2017, was set to expire at the end of this year. This bill makes the higher deduction permanent, as per the you're on Medicaid and don't meet new work requirements or eligibility checks, you could lose coverage, as per the CBS News you're an able-bodied adult under 65, you may now need to meet work requirements to keep receiving SNAP benefits.
Time of India
36 minutes ago
- Time of India
Happy 4th of July: Best Independence Day deals from gadgets to fashion on Amazon, Homegoods and more
As Americans gather to celebrate the nation's 249th Independence Day, major retailers across the United States are marking the occasion with sweeping discounts. With price reductions reaching up to 75 percent, shoppers are seizing the opportunity to secure deals on fashion, home décor, kitchen essentials, beauty products, and electronics. The best Fourth of July deals are not just about savings—they're becoming a modern-day tradition that complements the parades and fireworks of the holiday weekend. Bargain Bonanza: Where to Find the Top Offers E-commerce giants like Amazon, Target, Wayfair, and Walmart are among the frontrunners in this year's Independence Day sales . From stylish apparel and beauty essentials to kitchen gadgets and home furnishings, their platforms are flooded with markdowns. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Científica argentina revela hallazgos sobre el magnesio Salud Esencial Leer más Undo Also Read| Happy Independence Day 2025: Images, wishes and quotes for the 4th of July to share on WhatsApp, Instagram and Facebook Among the most popular deals this year are: Live Events Apple AirPods Pro 2 at $199 (down from $249) Lululemon Everywhere Belt Bag for $29 (originally $38) Henckel's 14-piece Knife Block Set now available at $200 (originally $706) La Roche-Posay Micellar Water priced at $9 (down from $19) Many of these items are witnessing rapid sellouts, especially those with celebrity endorsements or trending utility. Home Deals That Spark Joy (and Savings) As families gather for backyard barbecues and summer reunions, home décor and furniture items are receiving significant attention. With discounts of up to 64 percent, popular items include: Joanna Gaines' Magnolia Brass and Wood Shelf, now at $85 Bay Isle Home Bamboo Laundry Hamper, reduced to $56 Costway 4-Person Patio Set, now available at $181 (previously $499) Retailers like Wayfair and Macy's are leading the home segment with decor upgrades and practical furnishings, helping Americans refresh their spaces without stretching their budgets. Also Read |Fourth Of July Parade: Complete guide on where you can celebrate the occasion in New York, Washington, Texas and other cities Kitchen Essentials: From Coffee Machines to Cookware Holiday entertaining has prompted a surge in demand for kitchen appliances and cookware, prompting retailers to roll out deep discounts. Highlights include: Nespresso Vertuo Coffee Machine, down to $131 with Prime Instant Pot Duo Plus 9-in-1 Multicooker, available for $70 Astercook 20-Piece Pots and Pans Set, marked down to $68 Staub Cast Iron Skillet, now at $100 Amazon, Target, and Nordstrom are offering limited-time deals on products that cater to both amateur cooks and seasoned hosts. Fashion Finds at Festive Prices Apparel and accessories are also getting a seasonal boost, with top brands like Free People, Gap, and Kate Spade rolling out offers tailored to summer wardrobes. Notable deals include: Drop-Waist Dress, available at $65 (originally $128) Gap Gauze Button-Down Shirt, down to $34 Kate Spade Crossbody, now at $47 Lee High-Rise Trouser Jeans, available for $26 with coupon Retail analysts say consumers are increasingly seeking versatile, comfort-oriented fashion that bridges function and style during warm months. Beauty Buys That Deliver Value This year's best Fourth of July deals are particularly generous in the beauty segment. With markdowns across skincare, haircare, and cosmetics, consumers are rushing to stock up on seasonal favorites. Key offers include: Laneige Lip Sleeping Mask for $10 Estée Lauder Night Repair Eye Cream, now $56 Saie Super Skin Tint, available at $28 Shark FlexStyle Hair Dryer, discounted to $249 Perricone MD Brightening Serum, marked down to $56 Products from L'Oréal Paris, It Cosmetics, and Biodance have also seen strong demand, aided by endorsements and product testing credentials. Consumer Sentiment and Retail Momentum Retail analysts say the Independence Day sales are now as much a part of July 4th traditions as fireworks and parades. With inflationary concerns still on consumers' minds, this year's heavy discounts are helping households manage costs while still participating in the holiday spirit. Data suggests a sharp uptick in online purchases beginning July 2, with electronics and fashion seeing the highest engagement. In-store traffic has also picked up, with footfalls at major retailers recovering from prior-year dips. Closing Note: Shop Smart, Celebrate Big Whether refreshing summer wardrobes, updating kitchen setups, or indulging in self-care essentials, the best Fourth of July deals present an unmissable opportunity for American consumers. Retailers are expected to maintain these offers through the weekend, with some extending into early next week. Shoppers are encouraged to act swiftly, as high-demand items may not last long. As Americans salute their nation's birth with fireworks and festive meals, the retail landscape adds its own celebratory sparkle — with savings that make Independence Day even more rewarding. FAQs Are there major Fourth of July sales in 2025? Yes, major retailers across the U.S. are offering deep discounts of up to 75% across categories including fashion, home décor, kitchen appliances, electronics, and beauty products. How long will the Fourth of July deals last? Most retailers will continue their deals through the holiday weekend, with some extending into early next week. However, popular items may sell out quickly, so shoppers are advised to act fast.
