Depreciation allowance for qualified production property

Allow immediate deductibility of 100 percent of the cost of certain new factories and improvements

$148 bil.

Business interest deduction

Change calculation of adjusted taxable income

$40 bil.

Depreciation allowance for certain property

Allow immediate expensing of 100 percent of the cost of qualified property acquired from 2025 to 2030

$37 bil.

Expensing of certain depreciable business assets

Increase dollar limitations

$25 bil.

Deduction of domestic research and experimental expenditures

Allow immediate deductibility for expenditures paid or incurred from 2025 to 2030

$23 bil.

Charitable contributions to organizations with scholarships

Provide new tax credit for gifts to organizations that provide scholarships. For calendar years 2026-2029.

$20 bil.

“MAGA accounts”

Create new savings accounts for children, with a government contribution of $1,000 per child born from 2024 to 2028

$17 bil.

Small manufacturing businesses

Change accounting rules

$15 bil.

Low-income housing credit

Modifies credit allocations and bond-financing thresholds, and gives a basis boost to Indian and rural areas

$14 bil.

Reporting threshold for payments

Increase thresholds for reporting payments to independent contractors and other payees

$13 bil.

Employer payments of student loans

Make the exclusion from gross income permanent and index for inflation

$11 bil.

Opportunity zones

Renew and make changes to the existing program

$5.5 bil.

Adoption tax credit

Make credit partially refundable and change rules for tribal governments

$2.3 bil.

Interactions between provisions

$1.8 bil.

Firearm silencers

Eliminate transfer tax

$1.4 bil.

Loans secured by rural or agricultural real estate

Partially exclude interest on certain loans

$1.1 bil.

Certain income earned in the U.S. Virgin Islands

Exempt income for the purposes of a “GILTI” deduction

$0.9 bil.

Employer-provided child care credit

Permanently increase, add a new separate amount for small businesses, index for inflation

$0.7 bil.

Repeal excise tax on indoor tanning

$0.4 bil.

Sound recording productions

Increase ability to expense certain costs of producing sound recordings

$0.2 bil.

529 savings plans

Expand allowed expenses

$0.1 bil.

Disaster-related personal casualty losses

Extend rules

$0.1 bil.

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

–$0.2 bil.

American opportunity and lifetime learning credits

Require that students or taxpayers filing on behalf of students include their Social Security Numbers on tax returns

–$0.9 bil.

Sports franchises

Limit amortization deductions for certain sports-related intangibles

–$1.0 bil.

Increase penalties connected to Covid-related employee retention credits

–$1.6 bil.

Unrelated business taxable income of a tax-exempt organization

Increase by amount of certain fringe benefit expenses for which deduction is disallowed

–$2.7 bil.

Name and logo royalties

Treat as unrelated business taxable income

–$3.8 bil.

Tax on excess compensation within tax-exempt organizations

Expand application of tax

–$3.8 bil.

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

–$6.2 bil.

Investment income of certain private colleges and universities

Increase excise tax for wealthier institutions

–$6.7 bil.

Excise tax for tobacco products

Limit drawback of taxes paid with respect to substituted merchandise

–$12 bil.

Moving expenses exclusion and deduction

Permanently eliminate both, except for active-duty military

–$14 bil.

Earned income tax credit

Make changes to prevent duplicate claims and create a program integrity task force

–$15 bil.

Compensation paid to certain high-earning employees

Change deduction limitation rules

–$16 bil.

Investment income of tax-exempt private foundations

Increase excise tax rates

–$16 bil.

Charitable contributions made by corporations

Establish a floor of one percent of taxable income on deduction

–$17 bil.

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

–$22 bil.

Limitation on excess business losses by noncorporate taxpayers

Make permanent

–$27 bil.

De minimis entry privilege

Repeal the privilege, which currently allows shipments under $800 to enter the U.S. duty-free

–$39 bil.

New limitation on itemized deductions

Permanently change

–$41 bil.

Raise certain taxes to retaliate against “unfair foreign taxes”

–$116 bil.

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.

–$916 bil.

In a speech Thursday in North Carolina to soldiers of the 82nd Airborne Division, Secretary of Defense Pete Hegseth pledged to restore what he called the U.S. military’s “warrior ethos” and announced pay raises for paratroopers.

Speaking during All American Week at Fort Bragg, Hegseth laid out President Donald Trump’s vision focused on combat readiness, merit-based standards, and investment in the American warfighter.

“We’re going to bring it back to the basics,” Hegseth said. “We’re going to restore the warrior ethos… and we are across our formations, a standard that’s set here every single day.”

According to the Department of Defense, Hegseth used the occasion to announce an increase in hazardous duty incentive pay, known as jump pay. It will rise from $150 to $200 per month for paratroopers, and for the first time, jumpmasters will receive an additional $150 on top of their existing pay.

SECRETARY OF THE ARMY DAN DRISCOLL: ARMY UNVEILS MODERNIZATION PLAN BECAUSE, ‘NO LOBBYIST EVER WON A WAR’

“For the first time in 25 years… we are increasing jump pay,” Hegseth said. “Not only are we increasing jump pay, but… jumpmasters… are going to receive an additional $150 a month in incentive pay.”

He added: “Here’s to our paratroopers, our jumpmasters, who do the difficult things in difficult places that most Americans can never imagine.”

Hegseth told the crowd that troops remain the focus of every major Pentagon decision. 

“Inside the corridors of the Pentagon, you are on our minds, with the decisions we make in budgets, in planning, in deployments, in orders, in reorganizations. We have you and your families in mind.”

HEGSETH ORDERS REVIEW OF MILITARY FITNESS AND GROOMING STANDARDS: ‘OUR ADVERSARIES ARE NOT GROWING WEAKER’

Sen. Dan Sullivan, R-Alaska, right, speaks as Sen. Kevin Cramer, R-N.D., and Defense Secretary Pete Hegseth listen during an event with President Donald Trump in the Oval Office of the White House, Tuesday, in Washington, D.C. (AP Photo/Alex Brandon)

In his remarks, Hegseth shared a core defense strategy promoted by Trump: prioritize readiness, reject identity politics, and reassert American deterrence.

“We will focus on readiness, on training, on warfighting, on accountability, on standards. Black, white, male, female, doesn’t matter. We’re going to be colorblind and merit-based warfighters just like you are here in the 82nd.”

This return to fundamentals, Hegseth argued is necessary to rebuild the force and deter growing global threats. 

“President Trump is committed to historic investments inside our formations. Our promise to you is that when the 82nd Airborne is deployed… you will be equipped better than any other fighting force in the world.”

Defense Secretary Pete Hegseth speaks in the Oval Office of the White House, Tuesday. (AP Photo/Alex Brandon)

Drawing a contrast with prior administrations, Hegseth referenced global instability, including the war in Ukraine, the Oct. 7 terrorist attack on Israel, and the U.S. withdrawal from Afghanistan.

“Unfortunately, for a number of years, the world watched and wondered where American leadership and American strength was,” he said. “By putting America first, we will reestablish peace through strength.”

Hegseth closed by honoring the legacy and future of the 82nd. 

“Like those who came before you, you keep showing the world the stuff you’re made of. Because we know you are ready for the important work that lies ahead.”

The Army office of Public Affairs did not immediately return Fox News Digital’s request for comment.

WASHINGTON — The Supreme Court on Thursday upheld, for now, President Trump’s decision to fire two agency officials who had fixed terms that were set by Congress.

By a 6-3 vote, the justices set aside rulings that would have reinstated Gwynne Wilcox to the National Labor Relations Board and Cathy Harris to the Merit Systems Protection Board. Both were appointees of President Biden.

The decision is the latest in which the court’s conservative majority sided with the president’s power to fire agency officials in violation of long-standing laws.

“Because the Constitution vests the executive power in the President, he may remove without cause executive officers who exercise that power on his behalf,” the court said in an unsigned order.

But the justices were quick to add the Federal Reserve Board is not affected by this decision.

“The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,” the court said.

President Trump has threatened to fire Fed Chair Jerome Powell, whose term extends to next year.

At issue is a fundamental dispute over whether the Constitution gave the president or Congress the power to set the structure of the federal government.

In 1935, the court ruled unanimously that Congress can create independent and “nonpartisan” boards and commissions whose members are appointed by the president for a fixed term. The court then drew a distinction between “purely executive officers” who were under the president’s control and members of boards whose duties were more judicial or legislative.

But in recent years, conservatives have questioned that precedent and argued that the president has the executive power to hire and fire all officials of the government.

Shortly after taking office, Trump fired Wilcox and Harris even though their terms had not expired. They sued contending the firings were illegal and violated the law.

They won before a federal judge and the U.S. court of appeals.

Those judges cited the Supreme Court’s 1935 decision that upheld Congress’ authority to create independent boards whose members are appointed by the president to serve a fixed-term.

Trump’s lawyers say the Constitution gives the president full executive power, including control of agencies. And that in turns gives him the authority to fire officials who were appointed to a fixed term by another president, they said in Trump vs. Wilcox.

Justice Elena Kagan filed an eight-page dissent joined by Justices Sonia Sotomayor and Ketanji Brown Jackson.

“Today’s order favors the President over our precedent; and it does so unrestrained by the rules of briefing and argument—and the passage of time— needed to discipline our decision-making,” Kagan wrote. “I would deny the President’s application. I would do so based on the will of Congress, this Court’s seminal decision approving independent agencies’ for-cause protections, and the ensuing 90 years of this Nation’s history.”

The court said its decision was not final.

The NLRB was created by Congress in 1935 as a semi-independent agency tasked with enforcing the labor laws. Its general counsel serves as a prosecutor while the board‘s five members act as judges who review administrative decisions arising from unfair-labor claims brought by unions.

Under the law, the president appoints the general counsel who can be fired but board members have five-year terms. They may be fired for “neglect of duty or malfeasance in office,” but not simply because of political disagreements.

Trump could have controlled the board by appointing members to fill two vacancies. He chose instead to fire Wilcox, leaving the board without a quorum of three members.

Wilcox argued there was no reason to rush to change the law.

“Over the past two centuries, Congress has embedded modest for-cause removal restrictions in the structure of numerous multi-member agencies,” she said in response to the administration’s appeal. She noted that all past presidents — Republicans and Democrats — did not challenge those limits.

The Merit System Protections Board was created by Congress in 1978 as a part of a civil service reform law. Its three board members have seven-year terms, and they review complaints from federal civil servants who allege they were fired for partisan or other inappropriate reasons.

Trump’s decision to fire Harris also left the board without a quorum.