The US Congress has passed the ‘One Big Beautiful Bill’ related to tax and expenditure of President Donald Trump. In American politics, it is seen as Trump’s victory. The House of Representatives passed the bill by 214 votes against 218. Earlier it was approved by the sanate to. The bill is proposed to deduct tax deduction and expenditure on social security schemes. Trump described it as the best gift.
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Bill tax deduction
Since the bill involves a tax deduction of $ 4.5 trillion, Republican says the bill is important as the taxes will increase drastically after December, when Trump’s first term will eliminate tax exemption. With this bill, the current tax rates sanctioned in the first term of Trump will become permanent. The bill increases the child tax credit from $ 2,000 to $ 2,200 to according to the pro -life stance of the Trump administration. It also starts cuts for older adults that do not earn more than $ 75,000 per year, which aims to eliminate taxes on social security benefits. In addition, several taxes related to business have been deducted with the aim of promoting economic growth.
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Providing funds for national security and exile
The bill provides for US $ 350 billion for national security. It also has a provision of 100,000 migrant detention centers beds, which will fulfill the Trump’s promise to build the largest collective exile in the US. Money will also be provided to appoint immigration and customs officers. To help pay these funds, immigrants will have to face new fees while demanding asylum and security.
Fee on sending money at home
The originally proposed 5 percent tax on the funds sent abroad from the US was reduced to only 1 percent in the final draft, which has now been passed. There are about 4.5 million or 45 million Indian citizens or people of Indian origin in the US, many of whom are earning big for their families in India. Ram Naik, co-founder and director of the Guardian Real Estate Advisory, told HT, the US bank and card-based funds are in exemption, but the NRIs with high-value or recurring transfer may require to rethink their financial plans. “This will be applicable from January 1, 2026.