What’s in the ONE BIG BEAUTIFUL BILL here’s the list
Everything That’s in the New Bill
ONE BIG BEAUTIFUL BILL ACT - May 22, 2025
TAX POLICY CHANGES
2017 Tax Cuts Made Permanent
• Keeps lower individual income tax rates and estate tax exemptions introduced under the 2017 Tax Cuts and Jobs Act.
Temporary Tax Breaks (2025–2028)
• Exempts income from tips, overtime pay, and interest on car loans.
• Increases the standard deduction by $1,000 (individual) / $2,000 (joint).
• Increases the Child Tax Credit to $2,500 per child.
State and Local Tax (SALT) Deduction Cap Reform
• Raises the cap to $40,000 for those earning under $500,000.
• Phases down at higher incomes, indexed to grow 1% annually for 10 years.
Business Tax Breaks
• Reinstates 100% expensing for domestic R&D and other assets.
• Keeps 23% pass-through deduction for small businesses.
Energy Tax Credit Repeal
• Sunsets clean energy incentives (electric vehicles, solar, home improvements) as of Dec 31, 2025.
SOCIAL PROGRAMS & HEALTHCARE
Medicaid Work Requirements
• Able-bodied adults without dependents must work, study, or volunteer 80 hours/month (starts 2026).
SNAP (Food Stamps) Tightening
• Expands work requirements up to age 64.
• Cuts certain parental exemptions.
• Projected $267B in reduced benefits over 10 years.
Planned Parenthood Funding Ban
• Blocks all federal Medicaid funding from being used by Planned Parenthood.
Gun Silencer Tax Repeal
• Removes the $200 tax on gun silencers established under the 1934 National Firearms Act.
FAMILY, EDUCATION & STUDENT AID
“Trump/MAGA” Savings Accounts
• Children born 2025–2028 receive a $1,000 starter savings account.
• Parents can contribute up to $5,000/year.
• Funds unlock at age 18 for education/home purchase; unrestricted by age 30.
Student Loan Overhaul
• Consolidates repayment plans into two options (standard + capped assistance).
• Eliminates forgiveness programs for defrauded students.
University Endowment Tax
• Adds up to 21% tax on large university endowments.
DEFENSE & NATIONAL SECURITY
Defense Spending Increases (approx. $150B total)
• $25B: Missile defense system (“Golden Dome”)
• $34B: Navy expansion
• $21B: Ammunition stockpiles
• $9B: Housing, healthcare, and bonuses for servicemembers
IMMIGRATION & BORDER POLICY
Border Wall & Enforcement
• $46.5B to resume border wall construction and fund deportations.
Immigration Staffing Adds:
• 3,000 Border Patrol agents
• 5,000 customs officers
• 10,000 ICE officers
New Asylum Application Fee
• Requires $1,000 fee for asylum seekers—first time in U.S. history.
Deportation & Detention Expansion
• Targets 1 million deportations annually.
• Expands detention to hold up to 100,000 individuals.
ENERGY & ENVIRONMENT
Public Land Leasing
• Opens more public lands to drilling, mining, and logging.
Royalty Rate Cuts
• Reduces royalties paid by oil, gas, and coal companies for resource extraction on public lands.
TECHNOLOGY & AI
Federal Preemption on AI Laws
• Blocks state/local AI regulation for the next 10 years, giving the federal government sole authority.
