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The "Big, Beautiful Bill" and You

The House Republican budget bill, dubbed the “Big Beautiful Bill,” proposes sweeping changes to federal tax and spending policies that could significantly affect household finances. The bill seeks to make permanent the 2017 Trump tax cuts while introducing new tax breaks, including those for car loan interest, tip income, and expanded health savings account (HSA) contributions. It temporarily increases the child tax credit and introduces a new “Trump Account” savings plan for children. Seniors could see a $4,000 tax deduction, but plans to eliminate taxes on Social Security benefits were excluded. To offset these tax cuts, the bill imposes deep spending cuts—about $1 trillion—to programs like Medicaid and SNAP, potentially impacting millions of Americans. It also eliminates subsidized federal student loans and shortens clean energy tax credits, including those for electric vehicles. The legislation is likely to face revisions in the Senate before it can be enacted.

Read the full article and how the bill could affect your bottom line here.

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This communication is for information and educational purposes only. This is not a recommendation for the sale or investment in any product or strategy or to be perceived as individual advice. Information presented has been prepared from sources believed to be reliable but is not guaranteed and does not represent all available data necessary for making investment or tax decisions. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Forecasts do not consider the specific investment objectives, restrictions, tax and financial situation or other needs of an individual. Actual data will vary and may not be reflected here. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. The opinion expressed by this individual is based on facts and circumstances known at this time, is subject to change and does not reflect the opinions of all financial professionals of XML. Financial professionals do not provide specific tax/legal advice and the information presented at this  should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation.

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