Became Public Law No: 119-21.
This is a massive budget reconciliation bill that makes permanent most of the 2017 tax cuts, adds new tax breaks (no tax on tips, overtime, and car loan interest), cuts spending on food assistance and Medicaid, eliminates most clean energy tax credits, dramatically increases military and border security spending, raises the debt ceiling, tightens immigration enforcement through new fees, and rescinds billions in unspent climate and environmental funds. If this passes, most people would see their current tax rates stay the same or drop slightly, but millions on food stamps or Medicaid could lose benefits or face new requirements, clean energy investment would slow sharply, and the national debt limit would rise by $4 trillion.
This bill would lock in lower tax rates for most Americans and create new deductions for tips, overtime, and car loan interest , but it would also cut food assistance and health coverage for millions of low-income people, especially those on Medicaid and food stamps who face new work requirements and tighter eligibility rules.