#OneBigBeautifulBill

The bill known as One Big Beautiful Bill (OBBBA) is a massive legislative package aimed at amending federal taxes and spending in the United States, and it was passed at a rapid pace just before the Fourth of July.

✅ What is its purpose? #wct

• Make the TCJA tax cuts of 2017 permanent, with an increase in the child tax credit to $2,200 $ annually .

• Raise and maintain the cap on the state and local tax (SALT) deduction at $40,000 $ for five years .

• Eliminate taxes on work tips and overtime to boost the income of low-wage workers ().

📉 Spending Cuts:

• Massive cuts to Medicaid and SNAP (food stamps), with an estimated 10.5 million individuals potentially losing their coverage by 2034 according to CBO estimates .

• Impose work requirements on able-bodied SNAP and Medicaid beneficiaries without children .

• Responsibility for funding some SNAP benefits is shifted to states with high error rates ().