Trump, J.D. Vance and Tax Break
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The almost 900-page bill has plenty to say about taxes, and an array of changes, new credits and deductions are part of the new bill. But at its heart, the bill is about extending the tax provisions passed under the Tax Cuts and Jobs Act of 2017, during Trump’s first administration.
In a visit to Pennsylvania, Vice President JD Vance stressed tax cuts and savings accounts for newborns, with no mention of trims to Medicaid and nutritional assistance programs many Trump voters rely on.
The move reveals both the power of philanthropic groups to sway legislators and a split in the administration’s coalition.
Key provisions in the president’s signature legislation will take effect at different times over several years.
Under the final iteration, the so-called Trump accounts are custodial individual retirement accounts for kids, with special rules until the year the child turns 18. For the next few years, they come with $1,000 of seed money from the Treasury Department for newborns. That money would grow tax-deferred, with income taxes due upon withdrawal.
Trump's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire, imperiling a workplace perk popularized during Silicon Valley’s dot-com boom that is now an emblem of modern office culture.
Small solar companies in South Carolina are now on the brink of going out of business after the passage of President Donald Trump’s One Big Beautiful Bill.
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JD Vance Leaves Tip After Lunch: 'No Tax On This'While visiting Pittston, Pennsylvania, to highlight working-class tax cuts, Vice President JD Vance left an “extra tip” for restaurant staff after lunch, saying, “I gave you a tip on here, but we’ve got no taxes on tips in our newest piece of legislation,
For the last decade, these dual programs run by the nonprofit Children’s Aid have taught families how to eat healthier on a budget. But now, under President Donald Trump’s new spending bill, the long-standing initiatives and others like them across the state will shut down by October, unless they find a way to plug the funding gap.
(Reuters) -Clean energy companies are asking California leaders for help getting their projects going before changes to federal subsidies in President Donald Trump's sweeping new tax and spending law make them more expensive and difficult to build.