We rate the House-passed tax legislation as a good bill, not a great bill. We grade it a B and Steve Forbes rates it as: “needs improvement.”
That said, we cherry-picked some of our favorite, unheralded items from a White House document 50 Wins in the One Big Beautiful Bill that we suspect you aren’t aware of:
-
-
- Implements work requirements for able-bodied Americans receiving taxpayer-funded benefits.
- Reverses electric vehicle mandates set by radical climate activists.
- Opens federal lands and waters to oil, gas, coal, geothermal, and mineral leasing.
- Expands tax relief for small businesses by increasing the profits tax deduction to 23%.
- Renews and expands 100% immediate expensing for equipment and machinery.
- Increases the endowment tax on large universities.
- Cancels Biden’s illegal, unfair student loan bailouts.
- Requires states to pay a higher match for food stamps and strengthens work requirements.
- Expands health savings accounts to give Americans greater choice and flexibility in how they spend their money.
- Incentivizes school choice scholarships that empowers American families and students to choose the education that best fits their needs.
- Ends requirement that Venmo, PayPal, and others report transactions over $600 be reported to the IRS.
- Holds universities financially accountable to the government on defaulted federal student loans.
- Increases timber sales on federal lands.
- Authorizes the sale of expanded spectrum to strengthen rural broadband and secure America’s technological dominance.
-
That’s pretty big and beautiful. We’ll highlight what we like least in this 1000-page bill at a later date.