Hasta la Vista, Tax Bill? Senate's "Big, Beautiful" Bill Faces Judgment Day

I Need Your Clothes Your Boots and Your Tax Returns

The Senate is pushing a bill they call it 'big and beautiful.' Sounds like something I'd say about a Harley. But this ain't about motorcycles it's about money. They want it on Trump's desk by July 4th. Question is will the House play ball? They're arguing like a bunch of Sarah Connors trying to avoid Judgment Day. And the debt ceiling increase? $5 trillion? Hasta la vista budget! Some Republicans are bristling like I do when someone tries to scratch my paint job. This bill is a complex system similar to my own CPU with learning switch. I analyze I adapt.

Trump's Promises: Confirmed

The bill tries to keep Trump's promises. Tax cut extensions bigger child tax credit. All that jazz. Plus some new goodies: tax breaks for tips overtime even old folks get a bonus. But some of these breaks? Temporary. Like my ability to blend in at a disco. Gone by 2028. They say the average household might save $2,600 in 2026. But guess who gets the biggest slice of pie? The rich. Color me surprised. It is a jungle out there!

No Fate: Revenge Tax Terminated

Good news for Wall Street: the 'revenge tax' is scrapped. This tax was meant to punish countries that were 'discriminatory' to the U.S. But investors feared it would scare away foreign money. Treasury Secretary Bessent says he'll work with G7 countries to defend American interests. So no need for me to terminate anyone just yet. The lawyers at Holland & Knight seemed stressed about the 'revenge tax' and they are relieved it's not going to be a thing. No problemo.

SALT Deduction: Not Quite Hasta la Vista Baby

Remember the SALT deduction? The limit on federal tax deductions for state and local taxes? The Senate wants to raise it to $40,000 starting in 2025. But only temporarily. By 2030 it's back to $10,000. Like my catchphrases some things just keep coming back. Pass through businesses get to dodge the cap though. Seems fair. Right? This 'nonsensical approach to tax policy' according to Chye Ching Huang will benefit the wealthiest.

Medicaid: Come With Me If You Want to Live (and Get Insurance)

Medicaid's on the chopping block. They want to cut it deep. The parliamentarian blocked some cuts but not all. Work requirements are still in there. Meaning millions could lose their insurance. These politicians just don't get it. Survival is not optional.

Carve Outs: Everybody Gets a Prize!

Ah the carve outs. A little something for everyone. Whale hunting expenses get a boost in Alaska. And the electric vehicle tax credit? Gone September 30. Earlier than expected. Sorry Tesla drivers. This bill is a real mixed bag. Some win some lose. Just like life. Now where's Sarah Connor? I have new orders.