- Tax cuts are the priority. Existing tax rates and brackets would become permanent under the bill. It temporarily would add new tax breaks that Trump campaigned on. The wealthiest households would see a $12,000 increase in income from the legislation, which would cost the poorest people $1,600 a year, according to the nonpartisan Congressional Budget Office analysis of the House's version. Middle-income taxpayers would see a tax break of $500 to $1,500, the CBO said.
There were some last-minute changes to the bill. The Senate overwhelmingly revolted against a proposal meant to deter states from regulating artificial intelligence. Republican governors across the country asked for the moratorium to be removed and the Senate voted to do so with a resounding 99-1 vote. A provision was thrown in at the final hours that will provide $10 billion annually to rural hospitals for five years, or $50 billion in total. The amended bill also stripped out a new tax on wind and solar projects that use a certain percentage of components from China.
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