🇺🇸 Donald Trump signed the "One Big Beautiful Bill" – the largest tax cut in the U.S. in decades.

Key provisions of the law:

For individuals:

• No longer required to pay tax on tips, overtime, and pensions (until 2028).

• The standard deduction has been increased – now 15,750$ for singles and 31,500$ for families.

• The child tax credit has risen to 2200$ per child (only for U.S. citizens).

• All children born from 2025 to 2028 will have a $1000 account opened for them.

• The limit on the deduction for state and local taxes (SALT) has increased to $40,000.

• The estate tax threshold has been raised to $15,000,000$ (or $30,000,000$ for families).

For businesses:

• The small business tax has been reduced.

• Full expensing of equipment and technology costs can be claimed again.

Less spending on social support:

• The Medicaid program (free healthcare for the poor) is being cut – must work a minimum of 80 hours per month.

• Funding for food stamps (SNAP) is being reduced – millions of people may lose them.

Security and military:

• Hiring an additional 20,000 staff for border security.

• Increasing the U.S. military budget.

❗️But all this comes at the expense of growing national debt:

• New benefits will cost the budget $4,500,000,000,000.

• National debt will increase by 4,000,000,000,000$ over 10 years.