Following up on yesterday’s festivities:

The ???????????? ???????????? ???????????????????????????????????? ???????????????? ???????????? (H.R.1, 119th Congress) was signed at 5pm Eastern by the President — and there’s quite a bit ???????? ????????????????????????????te.  A big one is the retention of the 2017 tax cuts – the lowest tax brackets ever – which keeps taxes lower for everybody. What follows is a synopsis of the major items passed.

  • ???????????? ???????????????? ???????????????? ????????????????????????????????????
    Extends 2017 Tax Cuts and Jobs Act rates, preventing tax hikes for 62% of taxpayers.
  • ???????? ???????????? ???????? ???????????????? & ????????????????????????????????
    Tips and overtime pay now exempt from federal income tax.
  • ???????????????? ???????????? ????????????????????????
    Deduction cap increased to $40K for incomes under $500K (reverts in 2029).
  • ???????????????????? ???????????? ???????????????????????? ????????????????????????????
    Permanently increases credit to $2,200 per child, indexed for inflation.
  • ???????????????????????? ???????????? ????????????????????????
    Exemption raised to $15 million — protects family farms and businesses.
  • ???????????????????????????????? ???????????????????????????????????? ????????????????????????????????????
    Raised to $16K (individuals) and $32K (joint); seniors under $75K get $6K extra.
  • ???????????????????? ???????????????????????????????? ???????????? ????????????????
    Makes 20% QBI deduction permanent, bumps to 23%, restores 100% bonus depreciation.
  • ???????????? ???????????? ???????????????????? ????????????????????????????
    $200 tax eliminated for suppressors, SBRs, SBSs, AOWs (effective Jan 2026).
  • ???????????????????????????????? ????????????????????????
    Work requirements for childless adults; tighter income/residency checks; saves $400B.
  • ???????????????? ????????????????????????????????????????????????????????
    States with high error rates must share costs starting 2028.
  • ???????????????????? ???????????????????????? ????????????????
    IRA tax credits phased out for EVs, chargers, solar/wind, and efficiency upgrades.
  • ???????????????????????? ???????????????????????????????? ????????????????????????????
    $12.5B for CBP, air traffic modernization, tech and manpower.
  • ???????????????????????????? ???????????????????????????????? ????????????????????????
    Funds lethal, readiness-focused military posture.
  • ???????????????????????? ????????????????????????????????????????????????
    Invests in oil, gas, biofuels — $285M/year for ag exports and energy.
  • ???????????????????????????? ???????????????????????????????????????? ????????????????????????????????
    Medicaid funds blocked for one year; redirected to other providers.
  • ???????????????? ???????????????????????????? ????????????????????????
    Limit lifted by $5T to support reforms and cuts.
  • ???????????????????? ???????????????????????????????????????? ????????????????????????????
    $50B over 5 years for rural hospitals (up from $25B in House version).
  • ???????????????????????????????? ???????????? ????????????????????????????????????
    State Medicaid provider tax cap lowered to 3.5% by 2031.
  • ???????????????? ???????????????? ????????????????????????????????????????????????
    $60M for 1890 Institutions scholarships; $175M for specialty crops in 2026.
  • ???????????????????????????????? ???????????????????????? ???????? ???????????????????????????????? ????????????????????????
    Funds statuary park + $150M for America’s 250th Anniversary (through 2028).
—
????????????????????????????: CBO, Congress.gov, Tax Foundation, PBS, White House, X (used for select line items)