Politics
A Complete List of Everything in the Republican Bill, and How Much It Would Cost or Save
Depreciation allowance for qualified production property
Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements
Business interest deduction
Change calculation of adjusted taxable income
Depreciation allowance for certain property
Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030
Expensing of certain depreciable business assets
Increase dollar limitations
Deduction of domestic research and experimental expenditures
Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030
Charitable contributions to organizations with scholarships
Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.
“MAGA accounts”
Create new savings accounts for children, with a government contribution of $1,000 per child born from 2024 to 2028
The name was changed to “Trump accounts”
Small manufacturing businesses
Change accounting rules
Low-income housing credit
Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas
Reporting threshold for payments
Increase thresholds for reporting payments to independent contractors and other payees
Employer payments of student loans
Make the exclusion from gross income permanent and index for inflation
Opportunity zones
Renew and make changes to the existing program
Adoption tax credit
Make credit partially refundable and change rules for tribal governments
Interactions between provisions
Firearm silencers
Eliminate transfer tax
A last-minute change would deregulate silencers and eliminate a manufacturer tax on them.
Loans secured by rural or agricultural real estate
Partially exclude interest on certain loans
Certain income earned in the U.S. Virgin Islands
Exempt income for the purposes of a “GILTI” deduction
Employer-provided child care credit
Permanently increase, add a new separate amount for small businesses, index for inflation
Repeal excise tax on indoor tanning
This provision was removed from the bill.
Sound recording productions
Increase ability to expense certain costs of producing sound recordings
529 savings plans
Expand allowed expenses
Disaster-related personal casualty losses
Extend rules
Certain purchases of employee-owned stock
Disregard for purposes of foundation tax on excess business holdings
Exclusion of research income from unrelated business taxable income
Limit to publicly available research
I.R.S. Direct File program
Replace program with a public-private partnership to offer free tax filing
Increase penalties for unauthorized disclosures of taxpayer information
Postpone tax deadlines for those wrongfully detained abroad
Restrict regulation of contingency fees
Terminate tax-exempt status of certain organizations
Organizations that “provided more than a minor amount of material support or resources to a listed terrorist organization”
Wagering losses
Permanently extend limit
Qualified bicycle commuting reimbursement
Permanently eliminate the exclusion
American opportunity and lifetime learning credits
Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns
Sports franchises
Limit amortization deductions for certain sports-related intangibles
Increase penalties connected to Covid-related employee retention credits
Unrelated business taxable income of a tax-exempt organization
Increase by amount of certain fringe benefit expenses for which deduction is disallowed
Name and logo royalties
Treat as unrelated business taxable income
Tax on excess compensation within tax-exempt organizations
Expand application of tax
Mortgage, casualty loss and other itemized deductions
Permanently lower the home mortgage interest deduction to the first $750,000 in debt, limit the casualty loss deduction to losses resulting from federally declared disasters and terminate miscellaneous itemized deductions
Investment income of certain private colleges and universities
Increase excise tax for wealthier institutions
Excise tax for tobacco products
Limit drawback of taxes paid with respect to substituted merchandise
Moving expenses exclusion and deduction
Permanently eliminate both, except for active-duty military
Earned income tax credit
Make changes to prevent duplicate claims and create a program integrity task force
Compensation paid to certain high-earning employees
Change deduction limitation rules
Investment income of tax-exempt private foundations
Increase excise tax rates
Charitable contributions made by corporations
Establish a floor of one percent of taxable income on deduction
Excise tax on on money sent abroad
Impose new excise tax on remittance transfers by those who are not U.S. citizens or U.S. nationals
Limitation on excess business losses by noncorporate taxpayers
Make permanent
De minimis entry privilege
Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free
New limitation on itemized deductions
Permanently change
Raise certain taxes to retaliate against “unfair foreign taxes”
State and local tax deduction
Permanently cap itemized deductions for state and local taxes at $30,000 per household. The current cap is set to expire next year, so any cap imposed would save the government money.
Late negotiations increased the SALT cap to $40,000. That change is not reflected in the savings shown here.
Politics
Trump jokes, rants, talks price of pens as Iran war enters fifth week
During his first Cabinet meeting since launching the U.S. war on Iran, President Trump spent 10 minutes talking about the price of ceremonial White House pens — which he claimed to have brought down, from $1,000 to $5, by switching to his favored Sharpie brand.
Trump was trying to make the point during the Thursday meeting that he’s a great money saver. He seemed chipper, joking with the other leaders of his administration at the table.
Late Thursday, when asked on “The Five” on Fox News about whether Iranian people have access to basic necessities such as drinking water and food, Trump complimented the looks of Dana Perino, the Fox host who’d asked the question, compared to when he’d met her years before.
“Now I’m not allowed to say this, it’s the end of my political career, but you may be even better looking, OK?” Trump said. “You’re not allowed to say a woman’s beautiful anymore.”
He then talked about Iranian authorities killing protesters, but said he’d been pleased with them more recently because they had given him a “present” by allowing oil ships through the Strait of Hormuz.
Through both discussions, Trump maintained a flippant, casual tone — the same he has maintained since the war began a month ago, and a vast departure from that of past wartime presidents.
For weeks, Trump has batted away criticisms of the war campaign and questions about why it was justified and how long it will last. He has derided reporters for asking questions about tactics and whether he’ll deploy boots on the ground as inappropriate and foolish, and repeatedly met concerns about the human toll of the war by shrugging them off or changing the subject.
Meanwhile, his war has cost the U.S. billions of dollars and depleted its global reserves of critical weapons systems such as Tomahawk missiles, which cost millions of dollars each and are needed to maintain U.S. security around the world, according to the Washington Post.
Entering its fifth week, the war has badly disrupted markets, with U.S. stocks falling Friday as Wall Street approached the end of its fifth straight losing week — the longest such streak in nearly four years — and oil prices rising again.
Markets have fluctuated based on Trump’s changing messages on an end to the war, planned and then postponed strikes on Iran’s power plants, strikes on oil and gas infrastructure across the Middle East and Iran’s stranglehold on the Strait of Hormuz, through which a quarter of global oil usually passes.
Trump has talked in recent days about an impending deal to end the war, but so far it has not materialized, with Iran downplaying the seriousness of the negotiations. Iran instead appeared to be formalizing its hold on the strait, including by creating what amounts to a toll on ships seeking passage through the channel from its Islamic Revolutionary Guard Corps.
The number of U.S. deaths in the conflict has held steady for days — at 13 — but the war continues to exact a daily, devastating toll in the Middle East. In Iran, thousands of targets continued being hit, with the death toll ticking toward 2,000.
Speaking by video during a Human Rights Council meeting in Geneva on Friday, Iranian Foreign Minister Abbas Araghchi accused the United States and Israel of harboring a “clear intent to commit genocide” in Iran, claiming that more than 600 schools had been damaged or demolished and more than 1,000 students and teachers “martyred or wounded.”
The discussion related in part to a Feb. 28 strike on an elementary school in Minab that killed more than 165 people, most of them children, which evidence reportedly suggests was the work of the U.S. and which the U.S. says is under investigation.
Casualties also continued in Gulf nations allied with the U.S., where Iran continues to strike U.S. military installations and other infrastructure, and in Lebanon, which Israel has invaded and bombed relentlessly in its own war with the Iranian-aligned Hezbollah force.
And yet, Trump has bounced between speaking engagements and more formal meetings with an apparent lightness — seeming unbothered by the weight of the conflict and acting as if U.S. victory were already at hand.
“We’ve already won the war. Militarily we’ve totally won the war,” he told “The Five” on Thursday.
After Trump’s exchange with Perino, fellow host Greg Gutfeld began to change the topic, saying, “I’m debating whether to be serious or not serious.”
“Do you think Biden would do this interview? Can you imagine? You think Biden — Sleepy Joe — he would do it?” Trump said.
He called the war a “little bit of a detour” from what he said were his otherwise winning economic policies, and asserted again — without providing evidence — that Iran was on the cusp of having a nuclear weapon and would have used it to cause devastation across the Middle East and to the U.S. if the U.S. hadn’t struck first, including when it bombed Iran’s nuclear sites last summer.
“You can’t let a madman or you can’t let a mad ideology have a nuclear weapon,” Trump said.
He repeated his long-pushed lie that he won the 2020 election, and suggested his support among his MAGA base remains at 100%.
An AP-NORC poll this week found that most Americans believe that the U.S. military campaign in Iran has gone too far — including about a quarter of Republicans — and that many are worried about gas prices.
During his Cabinet meeting Thursday, Trump seemed supremely confident, but also aware that the conflict was far from settled.
He said that the U.S. was “extremely — really a lot — ahead of schedule” in its war effort, and that “the Iranian regime is now admitting to itself that they have been decisively defeated.” But he also said that “even now, we don’t know if there are any mines” in the Strait of Hormuz, despite the U.S. having wiped out Iran’s “mine droppers,” and acknowledged that “if you think there may be a mine, that’s a bad thought and it stops things up.”
He said the U.S. has “decimated” about 99% of Iranian capabilities, but “the problem with the strait” is that the remaining 1% threat “is unacceptable, because 1% is a missile going into the hull of a ship that cost $1 billion.”
“If we do a 99% decimation, that’s no good,” he said.
During “The Five” interview, Trump was also asked if the CIA had told him that Supreme Leader Ayatollah Mojtaba Khamenei — who took on the Iranian leadership role after his father, Supreme Leader Ayatollah Ali Khamenei, was killed in initial strikes — is gay, which would be a crime under Iranian law.
“Well they did say that, but I don’t know if it was only them. I think a lot of people are saying that. Which puts him off to a bad start in that particular country, you know?” Trump said, in a stunning acknowledgment of a previously rumored intelligence briefing.
Politics
Video: Trump’s Signature to Appear on Dollar Bills
new video loaded: Trump’s Signature to Appear on Dollar Bills
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Politics
DHS shutdown breakthrough comes at cost for Republicans as funding fights nears end
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Congress is one step closer to ending the Homeland Security shutdown after the Senate advanced a new, last-minute deal, but it came at the price of Republicans ceding ground, temporarily, to Senate Minority Leader Chuck Schumer, D-N.Y.
The Senate unanimously advanced a deal to reopen most of the Department of Homeland Security (DHS) in the wee hours of Friday morning, 42 days into the shutdown that was spurred by the Trump administration’s immigration operations in Minnesota.
It was an agreement that largely gave Schumer and Senate Democrats what they wanted — no funding for Immigration and Customs Enforcement (ICE) and parts of Customs and Border Protection (CBP). But it lacked the stringent reforms they desired, like requiring judicial warrants or requiring agents to unmask.
SCHUMER, DEMS BLOCK DHS FUNDING AGAIN, TRUMP INTERVENES TO PAY TSA AGENTS
Senate Majority Leader John Thune, R-S.D., said that Republicans had made what was likely their “final” offer to Democrats to reopen DHS. (Stefani Reynolds/Bloomberg via Getty Images)
While the deal mirrors previous attempts by Democrats to pass similar legislation that carved out immigration funding, Thune argued that Democrats are still walking away empty-handed in the policy fight over immigration enforcement.
“We’ve been trying for weeks to fund the whole thing,” Thune said. “And, I mean, in the end, this is what they were willing to agree to. But again, it’s different that it has zero reforms in it. I mean, they got no reforms on DHS, which they could have had if they had been willing to work with us a little bit on that.”
Schumer said that if Republicans hadn’t blocked their initial attempts, “this could have been done three weeks ago.”
“This is exactly what we wanted,” Schumer said. “This is what we asked for, and I’m very proud of my caucus. My caucus held the line.”
The DHS funding deal now heads to the House, where Republicans aren’t enthusiastic about not funding key components of President Donald Trump’s immigration crackdown agenda.
The latest plan came after Senate Democrats blocked a seventh attempt to reopen DHS, after back-and-forth talks throughout the day on Thursday appeared to yield little progress toward a resolution. Trump also announced his intent to sign an order that would pay Transportation Security Administration (TSA) agents as major airports are rocked with staggering lines and eye-popping wait times amid the shutdown.
DEMS BLOCK DHS FUNDING AFTER GOP REJECTS THEIR COUNTER, THUNE SAYS SCHUMER ‘GOING IN CIRCLES’
Senate Minority Leader Chuck Schumer, D-N.Y., and Democrats rejected Republicans latest deal to reopen DHS, and have promised a counteroffer with reforms in return. (Alex Wong/Getty Images)
While a further concession to Democrats, in part, the underlying argument Republicans have made all along is that if Schumer and his caucus wanted reforms, they would have to agree to fund immigration enforcement.
And ICE and CBP are still flush with roughly $75 billion in cash from Trump’s “big, beautiful bill,” giving the agencies a buffer for a time.
“The good news is we anticipated this a year ago. I mean, one of the reasons we front loaded, pre-loaded up the ‘one big, beautiful bill’ with advanced funding for Homeland Security was because we anticipated this was likely going to happen, and it did,” Thune said. “I still think it’s unfortunate. The Dems wanted reforms. We tried to work with them on reforms. They ended up getting no reforms.”
The same process used to pass that colossal legislative package will likely be turned to again fund immigration enforcement.
DHS DEAL IN LIMBO AS DEMOCRATS DEMAND TOUGHER ICE CRACKDOWN DESPITE GOP COMPROMISE
A U.S. Immigration and Customs Enforcement officer’s badge and gear. (Michael Siluk/UCG/Universal Images Group via Getty Images)
Sen. Eric Schmitt, R-Mo., envisions funding ICE and CBP for several years.
“Democrats are trying to shut down ICE funding for the remainder of the fiscal year — ultimately they won’t be successful,” Schmitt said on X. “In response, I’ll be pushing to lock in funding for deportation operations and salaries for a decade.”
Doing so could be difficult, still, given that Republicans want to dump several other priorities into the mix, including portions of the Safeguarding American Voter Eligibility (SAVE) America Act and funding for the Iran war.
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And some Republicans are already couching expectations on what can and can’t be accomplished in the party-line process, given that anything in the bill has to pass muster with strict rules in the Senate.
“I think we have to set our sights a little bit lower on this reconciliation bill,” Sen. Roger Marshall, R-Kan., told Fox News Digital. “It’s got to be targeted to fund ICE for 10 years, I think that’s the number one thing to us.”
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