HIGHLIGHTS OF WHAT THE 'BIG, BEAUTIFUL BILL' ACTUALLY DO?
According to our various sources, the bill imposes work verification requirements of 20 hours a week "without young children" (which includes approved volunteering or school attendance) for able-bodied citizens without disabilities between the ages of 18 and 64.
There will continue to be some exemptions for parents -- and more frequent eligibility checks for everyone in general -- for them to be allowed to continue to receive federal funds, aka Medicaid.
The bill and its related new regulations have been suggested to likely result in the loss of Medicaid insurance coverage for an estimated 11.8 million Americans accordingly. This is suspected to especially affect non-naturalized citizens and undocumented workers. According to the White House, the bill "protects and strengthens Medicaid for those who rely on it -- pregnant women, children, seniors, people with disabilities, and low-income families -- while eliminating waste, fraud, and abuse." According to the White House, "those with disabilities receiving Medicaid will receive no loss or change in coverage." The bill specifically "removes illegal aliens, enforces work requirements, and protects Medicaid for the truly vulnerable."
According to the White House, "In the last 10 years...improper payments for Medicaid have exceeded half a trillion dollars. In...the past year, taxpayers spent $56 billion on benefits for able-bodied adults abusing the system...with over a million illegal aliens [who] are receiving free health care on the backs of taxpayers."
Also according to the White House and regarding concerns about rural hospitals which might find various amounts of their funding reduced
due to the trickle-down/concomitant coverage losses of their patients, the White House states that "Rural hospitals comprise just 7% of all hospital spending on Medicaid, illustrating that they have not benefited from the massive increase[s] in waste, fraud, and abuse [that has been alleged] under [and have been attributed to] the Biden administration. By strengthening Medicaid, we are making more resources available for vulnerable populations and safety net providers, like rural hospitals. We are expanding rural hospital protection, providing targeted funds for rural care, and giving states flexibility to support local providers."
The 'no tax on tips' part of the bill would create a restructered tax deduction for workers which would essentially eliminate federal income taxes specifically based on tips. Tipped workers would be able to deduct up to $25,000 of their annual tips from their federal taxable income, however, this deduction amount would be reduced for those whose income exceeds $150,000 or for couples filing jointly whose annual income exceeds $300,000. This deduction is currently set to expire after the 2028 tax year unless renewed by Congress.
Workers would still have to pay state and local income tax and payroll taxes as well as Social Security and Medicare taxes on these earnings.
Americans aged 65 and older will be able to deduct an additional $6,000 on their federal income taxes, beyond the current standard deduction of $2,000. For married couples, both spouses will be able to take this deduction if they are both over 65.
According to the White House, "The bill delivers bigger paychecks, expanding take-home pay by over [an estimated] $10,000 per year for a typical family."
NOTE: ConservativeNewswave.com does not warrant in any way, shape or form the accuracy of these interpretations gathered as of presstime. We also do not accept any blame, responsibility or
liability for the use, misuse or non-use of this information. If you have specific questions, be sure to contact an enrolled agent, CPA, or an attorney who specializes in tax law.
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