All articles tagged with #trump legislation
The rural town of Churchville, Virginia, lost its local health clinic due to healthcare provisions in Trump's legislation, highlighting challenges in rural healthcare access and political divides, with residents and local leaders discussing the impact and potential solutions.
The article discusses the closure of rural health clinics in Virginia attributed to the effects of the legislation signed by President Trump, which significantly cuts Medicaid funding and introduces work requirements, disproportionately impacting rural communities. Politicians from both parties are responding to these closures, with Democrats criticizing the bill's impact on healthcare access and Republicans highlighting a new rural health fund as a solution. The closures exemplify the broader political and healthcare challenges faced by rural America amid ongoing legislative changes.
The article discusses how Trump's new legislation caps the SALT deduction at $40,000, but introduces a 'SALT torpedo' that could result in a 45.5% tax rate for high earners with modified adjusted gross income between $500,000 and $600,000. It offers strategies such as managing income, using ETFs, adjusting retirement contributions, and avoiding large gains to mitigate this impact.
A new tax provision in President Trump's recent legislation increases taxes on professional poker players and high-stakes gamblers, making losses only 90% deductible and potentially forcing many out of the industry, sparking widespread outrage among players and lawmakers.
A provision in the recent US tax and spending bill, altered during the legislative process to comply with reconciliation rules, reduces the gambling loss deduction from 100% to 90%, causing concern among professional gamblers and industry officials who argue it unfairly taxes 'phantom' winnings and could harm the gambling industry. Efforts are underway to reverse this change.
Senator Elizabeth Warren posted a video criticizing Senate Republicans' support for a bill that cuts social services and benefits a wealthy few, highlighting her disappointment and urging continued activism, while acknowledging some legislative improvements and the ongoing political battle.
President Trump's signature legislation could negatively impact rural hospitals in Minnesota due to Medicaid funding reductions, despite a rural hospital stabilization fund, while offering tax benefits to farmers and potential economic growth in rural areas. Support and opposition among Minnesota politicians vary, with concerns about healthcare and funding shortfalls.
U.S. House Republicans approved a bill that temporarily raises the SALT deduction limit to $40,000 starting in 2025, benefiting primarily high-income taxpayers in high-tax states, with the cap phasing out for those earning over $500,000 and reverting to $10,000 in 2030.
U.S. Senate Republicans introduced a comprehensive tax-cut and spending bill aimed at extending Trump's 2017 tax cuts, increasing military and border security spending, and raising the debt ceiling, with a vote expected soon amid partisan debates and concerns over the bill's impact on the deficit and social programs.
The White House dismissed Elon Musk's harsh criticism of Trump's sweeping legislation, with officials affirming Trump's commitment to the bill despite public opposition from Musk and others.
The US bond market is increasingly concerned about the country's rising debt and deficit, which could lead to higher interest rates and economic challenges, potentially influencing the fate of Trump's proposed legislation and broader fiscal policy.