What’s in the latest version of Trump’s big bill moving through the Senate

WASHINGTON AP Republicans are inching closer to getting their tax and spending cut bill through Congress with a final Senate vote likely late Monday or early Tuesday At selected -pages the provision is a sprawling collection of tax breaks spending cuts and other Republican priorities including new money for national defense and deportations President Donald Trump has admonished Republicans who hold majority power in the House and Senate to skip their holiday vacations and deliver the bill by the Fourth of July Democrats are united against the law and were offering scores of amendments to alter it Monday as the Senate slogged through what is known as a vote-a-rama Senators can offer an unlimited number of amendments with each receiving a vote Once the bill clears the Senate it would have to pass the House before Trump can sign it into law Here s the latest on what s in the bill There could be changes as GOP lawmakers continue to negotiate Tax cuts are the priority Republicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trump s first term expire The bill contains about trillion in tax cuts The existing tax rates and brackets would become permanent under the bill It temporarily would add new tax breaks that Trump campaigned on no taxes on tips overtime pay the ability to deduct interest payments for a few automotive loans along with a deduction for older adults who earn no more than a year It would boost the child tax credit to Millions of families at lower income levels would not get the full credit A cap on state and local deductions called SALT would quadruple to for five years It s a provision significant to New York and other high tax states though the House wished it to last for years There are scores of business-related tax cuts including allowing businesses to forthwith write off of the cost of equipment and research The wealthiest households would see a increase from the decree which would cost the poorest people a year according to the nonpartisan Congressional Budget Office analysis of the House s version Middle-income taxpayers would see a tax break of to the CBO declared Money for deportations a confines wall and the Golden Dome The bill would provide chosen billion for Trump s limit and national protection agenda including billion for the U S -Mexico boundary wall and billion for migrant detention facility beds as he aims to fulfill his promise of the largest mass deportation operation in U S history Money would go for hiring new Immigration and Customs Enforcement officers with signing bonuses and a surge of Limit Patrol officers as well The goal is to deport certain million people per year The homeland guard secretary would have a new billion fund for grants for states that help with federal immigration enforcement and deportation actions To help pay for it immigrants would face various new fees including when seeking asylum protections For the Pentagon the bill would provide billions for ship building munitions systems and quality of life measures for servicemen and women as well as billion for the growth of the Golden Dome missile defense system The Defense Department would have billion for boundary shield How to pay for it Cuts to Medicaid and other programs To help partly offset the lost tax revenue and new spending Republicans aim to cut back on Medicaid and food assistance for the poor Republicans argue they are trying to rightsize the safety net programs for the population they were initially designed to serve mainly pregnant women the disabled and children and root out what they describe as waste fraud and abuse The package includes new -hour-a-month work requirements for numerous adults receiving Medicaid and food stamps including older people up to age Parents of children and older would have to meet the undertaking s work requirements There s also a proposed new co-payment that can be charged to patients using Medicaid services More than million people rely on Medicaid which expanded under Obama s Affordable Care Act and million use the Supplemental Nutritional Assistance Undertaking Largest part already work according to analysts The Congressional Budget Office estimates that million more Americans would become uninsured by if the bill became law and million more would not qualify for food stamps The Senate proposes a billion Rural Hospital Transformation Activity to help offset reduced Medicaid dollars It s a new addition intended to win over holdout GOP senators and a coalition of House Republicans warning that the proposed Medicaid provider tax cuts would hurt rural hospitals A death sentence for clean capacity Republicans are proposing to dramatically roll back tax breaks designed to boost clean potency projects fueled by renewable sources such as ability and wind The tax breaks were a central component of President Joe Biden s landmark bill focused on addressing surroundings change and lowering healthcare costs Democratic Oregon Sen Ron Wyden went so far as to call the GOP provisions a death sentence for America s wind and solar industries and an inevitable hike in utility bills Under the bill a tax credit that subsidizes the production of electricity would be eliminated for any wind and solar plant not plugged into the grid by the end of But Republicans aren t just looking to roll back the tax breaks Biden put into place they re also looking to add a tax for new wind and solar projects that use a certain percentage of components from China A tax break for people who buy new or used electric vehicles would expire on Sept of this year instead of at the end of under current law Meanwhile a tax credit for the production of critical materials will be expanded to include metallurgical coal used in steelmaking Trump savings accounts and so so much more A number of extra provisions reflect other GOP priorities The House and Senate both have a new children s savings campaign called Trump Accounts with a probable deposit from the Treasury The Senate provided million to establish Trump s long-sought National Garden of American Heroes There s a new excise tax on university endowments A tax on gun silencers and short-barreled rifles and shotguns was eliminated One provision bars money to family planning providers namely Planned Parenthood while million is earmarked for a pandemic response accountability committee Another section expands the Radiation Exposure Compensation Act a hard-fought provision from GOP Sen Josh Hawley of Missouri for those impacted by nuclear advancement and testing Billions would go for the Artemis moon mission and for exploration to Mars The bill would deter states from regulating artificial intelligence by linking certain federal AI infrastructure money to maintaining a freeze Seventeen Republican governors have inquired GOP leaders to drop the provision Additionally a provision would increase the nation s debt limit by trillion to allow continued borrowing to pay already accrued bills What s the final cost Altogether the Congressional Budget Office projects that the bill would increase federal deficits over the next years by nearly trillion from to Or not depending on how one does the math Senate Republicans are proposing a unique strategy of not counting the existing tax breaks as a new cost because those breaks are already current framework Republican senators say the Senate Budget Committee chairman has the authority to set the baseline for the preferred approach Under the alternative Senate GOP view the bill would reduce deficits by almost a half-trillion dollars over the coming decade the CBO mentioned Democrats say this is magic math that obscures the true costs of the tax breaks Specific nonpartisan groups worried about the country s fiscal trajectory are siding with Democrats in that take The Committee for a Responsible Federal Budget says Senate Republicans are employing an accounting gimmick that would make Enron executives blush Source