Trump's proposed legislation aims to revoke the following taxes:

Considers the fresh draft of The One Big Beautiful Act, now buzzing in the Senate:

This new legislation, if successful, will secure President Trump's 2017 tax cuts indefinitely and introduce various tax adjustments and spending enhancements for border security, defense, and more. This bill, though, has drawn criticism from fiscal hawks, as it is expected to surge the deficit by a hefty $2.4 trillion according to a recent Congressional Budget estimate.

Here's a tidy breakdown of the proposed alterations to the current bill:

Preserving Trump's Tax Cuts: Essentially, this bill extends the tax cuts in play since 2017. Typical taxpayers may not see any alterations unless these cuts expire in the future.

Exemption on Tips and Overtime Pay: Known as one of Trump's major campaign pledges, workers who gather tips will now be exempt from federal income tax, provided their annual earnings aren't above $160,000. Similarly, overtime pay exemptions apply to individuals meeting the same income threshold, with no cap on OT pay claims. Both exemptions vanish at the end of 2028 after Trump's term.

Trump Savings Accounts: The bill proposes forming "Trump Savings Accounts" for newborns, allowing parents to deposit up to $5,000 yearly. The government plans to add an initial $1,000 contribution for each newborn.

Raising SALT Cap: The bill intensifies the tax deduction limit for state and local taxes from $10,000 to $40,000 for joint filers making less than $500,000 per year. Each year, the cap will increase by 1%. California and New York representation encouraged the House GOP leadership to bump the cap even further, as fiscal hard-liners protested that this would widen the deficit. The Senate Majority Leader, John Thune, has hinted that the House's SALT cap may not survive in the Senate.

Removing Gun Silencer Tax: This bill abolishes the $200 excise tax imposed on the purchase or transfer of silencers and erases registration. The tax has been around since the National Firearms Act in 1934.

Repealing Indoor Tanning Tax: The legislation repeals the 10% tax on indoor tanning services, included in the Affordable Care Act since 2010.

Curbing Green Energy Incentives: The bill slashes several green energy tax credits and incentives established under President Joe Biden's Inflation Reduction Act. This includes terminating tax credits for homeowners purchasing solar panels, wind turbines, geothermal heat pumps, energy-efficient windows, and more. For instance, homeowners are typically eligible for a tax credit worth 30% of the associated costs.

The bill also scraps the tax credits allotted for purchasing new or used EVs (up to $4,000 for a used EV and $7,500 for new) and eliminates the incentive for installing EV charging stations. These perks and others would terminate by the end of the year if the bill is passed.

Education Programs: The bill significantly reduces student loan spending by $330 billion over the next ten years and introduces an income-based "Repayment Assistance Plan" as the new standard for student loans. The bill also modifies the Pell Grant program for low-income students by raising the required semester credit count.

This report highlights notable revisions to green energy incentives but does not specify adjustments to federal education programs or green energy education initiatives.

-John Parkinson, Allison Pecorin, Arthur Jones II, and Isabella Murray contributed to this report.

The One Big Beautiful Act, if passed, may indefinitely secure President Trump's 2017 tax cuts, which could potentially impact general-news discourse.
One of the bill's critical aspects is the creation of Trump Savings Accounts, allowing parents to deposit up to $5,000 yearly for their newborns, which may lead to discussions about finance and business.
The proposed legislation aims to raise the SALT cap, affecting state and local taxes, and could have political implications for those living in high-tax states such as California and New York.
The bill also plans to curb green energy incentives, which could spark debates about climate change, environmental issues, and the future of renewable energy in education and political forums.