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Epoch Times
6 days ago
- Business
- Epoch Times
Big Beautiful Bill Provisions That Could Be Stripped Out in the Senate
With the 'One Big Beautiful Bill' pending before the Senate, several provisions may be stripped out in what is known as a 'Byrd Bath.' The Byrd Rule, named for the late Sen. Robert Byrd ( restricts reconciliation bills, like the one the congressional GOP is looking to pass, to deal with matters related to the budget.
Wall Street Journal
01-06-2025
- Business
- Wall Street Journal
The GOP Megabill Policies on the Senate Chopping Block
WASHINGTON—Contentious provisions related to judicial powers, artificial intelligence, gun suppressors and transgender care tucked inside House Republicans' tax and spending megabill could be struck by the GOP-led Senate after it returns to work next week. The final bill must comply with the Senate's Byrd Rule, named for the late West Virginia Democratic Sen. Robert Byrd, which prevents lawmakers from using the special budget reconciliation process to advance unrelated policies. Reconciliation allows Republicans to pass President Trump's 'big, beautiful' bill with just 51 votes—rather than the 60 usually required in the Senate—but only if their provisions all have a meaningful fiscal impact that aren't 'merely incidental.'
Newsweek
14-05-2025
- Business
- Newsweek
Is No Tax on Social Security in GOP House Bill? What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Social Security tax cuts have not been included in the latest draft of the Republican spending bill currently being considered by lawmakers. On Monday, the House Ways and Means Committee released draft legislation, a centerpiece of President Trump's domestic economic agenda. It proposes raising the nation's debt ceiling by $4 trillion, extends certain tax cuts from his first term, and adds new breaks on tips, overtime pay and auto loans. The end of Social Security taxes, as promised by the president, is not included in the bill. But instead, millions of seniors could benefit from a new bonus being considered by lawmakers as part of the Republican "big, beautiful" spending bill. Why It Matters President Trump vowed to nix taxes on Social Security income during his campaign for the 2024 election, and since his inauguration has repeatedly promised to see the pledge through. Currently, up to 85 percent of Social Security benefits can be subject to federal income tax, depending on total income. Some 40 percent of benefit recipients currently pay federal income taxes on retirement, spousal and disability benefits—not including Supplemental Security Income (SSI), according to the Social Security Administration (SSA). Stock image/file photo: A Social Security card with U.S. Dollars. Stock image/file photo: A Social Security card with U.S. Dollars. GETTY What To Know The deduction begins to phase out at a modified adjusted gross income of $75,000 for individuals and $150,000 for married couples filing jointly. Taxpayers aged 65 and older already receive a slightly higher standard deduction. Under the proposed bill, they would be eligible to claim both the standard deduction and this additional senior benefit. The new deduction would apply to tax years 2025 through 2028 and to qualify, the filer—and their spouse if filing jointly—must provide valid Social Security numbers. Why Haven't Social Security Taxes Been Cut? Under the Byrd Rule, lawmakers are prohibited from making any changes to Social Security in budget reconciliation legislation. It is named after its chief sponsor, the late Senator Robert Byrd of West Virginia. The Byrd Rule allows senators to remove provisions from reconciliation bills if they are deemed "extraneous" to the primary goal of budgetary reform. Without this safeguard, committees assigned reconciliation instructions could include numerous unrelated measures in their proposals—some of which might struggle to pass through standard legislative process. Social Security Solvency Experts have pointed out that ending Social Security income taxes could have a consequential impact on the trust funds that are used to pay beneficiaries. Social Security is on track to face major financial shortfalls within the next decade. If a solution is not found in the coming years, benefits could be cut by 17 percent in 2035, according to a 2024 report from the Social Security Administration's (SSA) Office of the Inspector General. Ending taxation on Social Security benefits would result in around $950 billion in revenue loss for the SSA, according to the The Committee for a Responsible Federal Budget (CRFB), a nonpartisan public policy think tank. What People Are Saying Andrew Biggs, a senior fellow at the right-leaning American Enterprise Institute think tank, told MarketWatch: "So, basically, it's a tax cut for seniors, which is intended to cushion the blow of not repealing income taxes on Social Security benefits. Eliminating benefit taxation was neither affordable nor necessary in the first place. But retirees looking forward to a big tax cut might be disappointed." House Speaker Mike Johnson, via X: "Our 'One, Big, Beautiful Bill' will deliver the America First Agenda. This has been a year in the making, and we will not rest until we get it done for the American people." What Happens Next The final draft of the bill could differ from what is currently being proposed as lawmakers. The bill needs to win over nearly every Republican on the floor of the narrowly divided House. If it passes, it will then be considered in the Senate.
Yahoo
10-05-2025
- Yahoo
3 dead after semi-truck crash in Houston County, coroner says
HOUSTON COUNTY, Ala (WDHN) — Several people died after a crash involving a semi-truck occurred in eastern Houston County. Houston County Coroner Robert Byrd tells WDHN that 3 people died on the scene of the crash on Highway 84, near Gordon. Alabama State Troopers say a semi-truck and an SUV crashed on the highway Saturday afternoon. According to officials, it appears the SUV was crossing the highway when the semi-truck hit it. Stay with WDHN for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
07-04-2025
- Business
- Yahoo
Senate Republicans' magic math could jeopardize Trump's 'one big, beautiful bill'
No one likes doing chores, but they don't magically go away by ignoring them. If you don't mow your lawn, the grass doesn't stop growing. It becomes jungle-like; a much bigger headache if you don't take care of it when you were supposed to. And, worst of all, even when you do your chores, you'll have to do them again soon, over and over again. Death, taxes, and chores. Wouldn't it be nice to instead live in a world where if you just did them once, you'd be set forever? Republicans in Congress are pretending they live in that world. But instead of skipping household chores, they want to skip the part of governing where they have to pay for their plans. Republicans are pushing tax cuts that would balloon America's debt by $4.6 trillion over the next decade in order to funnel money back to the wealthy. When you combine their proposed tax cuts with their cuts to social programs, and the poorest 20% of Americans would lose $1,125 per year while the top 0.1% would gain $180,910. They, of course, know this proposal that President Trump has branded 'one big, beautiful bill' is unpopular for many reasons, so they're trying to fudge the numbers. There are two pieces to this. Let's start with the first: the way Senate Republicans are trying to pass this law, a process known as 'budget reconciliation.' For legislation to get through the Senate, it normally needs 60 votes, otherwise, a single senator can block it with a filibuster. In 1974, though, Congress conjured up the budget reconciliation process, which allows the Senate to pass legislation that meets certain rules with only 51 votes—a simple majority. Today's congressional gridlock and partisanship make it rare for a bipartisan group of 60 senators to agree to anything, let alone a spending bill. That's why senators from both parties rely on budget reconciliation to pass major legislation, like the American Rescue Plan, the Inflation Reduction Act, and tax cuts. There are three key rules a bill needs to qualify for budget reconciliation. First, Congress can only use the budget reconciliation process once per fiscal year—you get one bite at the apple. Second, under the 'Byrd Rule' (named after former Senator Robert Byrd), legislation cannot increase the deficit after ten years. That's why Congress designs many of its policies to 'sunset,' or phase out over ten years. And, third, any policy passed through budget reconciliation must directly affect federal spending, revenue, or the debt limit. Historically, the nonpartisan Senate 'parliamentarian' has played a role in determining whether budget reconciliation bills stay within the rules. For example, much to the chagrin of many Democrats, the parliamentarian ruled during the Biden administration that raising the minimum wage and implementing certain immigration reforms did not qualify. This brings us to the next part: an accounting gimmick. A bit of background: President Trump's 2017 Tax Cuts and Jobs Act—passed via reconciliation—cut individuals' income tax rates, slashed the corporate tax rate from 35% to 21%, and doubled the standard deduction taxpayers can claim on their refunds. But to follow the strict rules of budget reconciliation, Congress had to let key provisions expire, most notably the reduction of individual income tax rates. Now, Republicans want to extend the Trump tax cuts, but they don't want to be held accountable for an expensive bill nor do they want to just pass another set of cuts that will sunset again. To bypass these challenges, they're trying to game how the bill is 'scored'—or how Congress estimates the cost of policies. The nonpartisan Congressional Budget Office scores bills using a 'current law baseline.' Essentially, it calculates what would happen to the country's deficit and debt if a law passes, compared to a world in which the law does not pass. It's a simple, intuitive, and fair method. The problem facing Republicans is that the nonpartisan Joint Committee on Taxation concluded that their bill would add $4.6 trillion to the debt. Fearing Americans will get a sticker shock, Republicans decided to change the scoring rules and use a 'current policy baseline' instead. Under this method, they could score their bill by pretending that none of today's laws—like the Trump tax cuts—will ever expire. By doing so, extending any of today's laws will appear free. What they're arguing is simple enough: they mowed their lawn once already, why do they have to do it again? It's a question many a child asks. Unfortunately, the stakes of this are far greater than a petulant child refusing to do their chores. That growing grass is our country's debt, and if they don't deal with it now, it'll be left a mess for future generations to clean up. What's more, by pulling this accounting trick, Republicans think they can also make the tax cuts permanent. You'll remember that the rules of budget reconciliation demand that legislation does not increase the deficit after ten years. By pretending that the 2017 tax cuts are already permanent, Republicans can further pretend that passing this new law won't change the deficit. Senator Lindsay Graham, the chairman of the Budget Committee, states it openly: 'I have determined that current policy will be the budget base line regarding taxation. This will allow the tax cuts to be permanent.' You might be asking, 'Didn't you say the parliamentarian makes those calls?' Historically, that has been the case. But over the weekend, Senate Republicans sidestepped the parliamentarian to jam through their budget blueprint, the first procedural step in passing the tax plan. They're threatening to keep her sidelined throughout the legislative process so that Senate Republicans can interpret Senate rules in whichever way they see fit. Now when you strip away the procedures and the calculations, it's clear what's happening: Senate Republicans are pushing through a tax cut for the wealthy that will blow up the country's debt. It's not too hard to see because it's part of a pattern. Since the turn of the century, tax cuts are responsible for 57% of the increase in the country's debt-to-GDP ratio, a measure economists rely upon to see if our debt burden is becoming unmanageable. What's more, if you strip out the one-time emergency spending Congress did to respond to the Great Recession and COVID-19, tax cuts are responsible for 90% of the increase in the debt-to-GDP ratio. The difference this time is that to pass these tax cuts, Senate Republicans took unprecedented steps to violate the Senate's own procedures. They think they have the political cover to do so because today's newscycle is dominated by President Trump's tariffs and their cataclysmic effects on markets rather than arcane topics like legislative processes and budget scoring. And they feel they have do it this way because they know how things are starting to look. They claim to be the party of fiscal conservatism and their leaders bemoan the national debt, but this plan blows up the debt. They ran on lowering costs, but the Trump tariffs reignite inflation. They have adopted the mantle of working class champions, but they've designed a plan to benefit the wealthy and hurt the poor. It's no surprise why they are trying to hide from their responsibilities.
