US Edition
'One Big Beautiful Bill' Faces Criticism over Foundation Excise Tax Hike Provision
- House Republicans passed the 1,037-page One Big Beautiful Bill Act in May, containing sweeping tax cuts and increased military and border spending.
- The bill aims primarily to make the 2017 Tax Cuts and Jobs Act permanent to prevent next year’s tax increases, but its Senate fate remains uncertain amid expected changes.
- The legislation faces criticism for controversial provisions, including a tiered excise tax hike on private foundations, repealing duty drawback harming North Carolina tobacco farmers, and restrictions on VA services.
- The excise tax hike would raise rates from 1.39% up to 10% based on assets, a move opposed by prominent GOP donors like Leon Cooperman who warn it will reduce philanthropy.
- If enacted, the bill could increase the national debt by $2.4 trillion over a decade and requires bipartisan Senate cooperation due to Democratic opposition and the filibuster rule.
38 Articles
38 Articles
'Not going to buckle': Republican warns Senate he'll tank Trump's bill over this provision
As the Republican-controlled U.S. Senate mulls changes to President Donald Trump's "One Big Beautiful Bill Act," one House Republican is warning his Senate counterparts against tweaking one particular section.During a Sunday interview with CNN congressional correspondent Manu Raju, Rep. Mike Lawler (R-N.Y.) cautioned Senate Republicans against making any changes to the state and local tax (SALT) deduction he and others negotiated with House Repu…
Elizabeth McGuigan: Extend Trump’s tax cuts. But don't hike taxes on charitable foundations
"Unfortunately, Congress’ long-awaited reconciliation bill includes a tax hike on private charitable foundations to foot the government’s spending bill," writes the senior vice president of Philanthropy Roundtable.
The Advocate
NolaFacing criticism of the 'One Big, Beautiful Bill,' Republicans lean on benefits of tax breaks
WASHINGTON – Faced with criticism of President Donald Trump’s signature “One Big Beautiful Bill Act,” Republican leadership have focused their defense on how the tax breaks will boost the economy.
President Donald Trump's One, Big, Beautiful Bill Is Missing His "No Tax on Social Security" Promise -- and There's Likely a Good Reason Why @themotleyfool #stocks
In April, more than 52 million retired-worker beneficiaries brought home an average Social Security check totaling just shy of $2,000. Though this is a relatively modest monthly payout, a majority of retirees need it, in some capacity, to cover their expenses. For 23 consecutive years, pollster Gallup has been surveying retirees to determine how much they rely on their Social Security income. Consistently between 80% and 90% of respondents told …
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- 39% of the sources are Center, 39% of the sources lean Right
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