Is the President’s bill ‘Big and Beautiful” for you?

Decide for yourself if the bill signed in July is truly "Big and Beautiful". First, it is important to realize that it depends on your personal wealth and income. After the Big, Beautiful Bill was signed, many immediately began calling it the "Big Ugly Bill". The primary reason for the name change was because it became evident the bill was designed to benefit the rich and affluent rather than lower-income and working-class Americans. In Roxboro, we are concerned about our 75-year-old hospital permanently closing, declining health care coverage and food support for seniors, children and others in need.

What is in the bill known as the "Big, Beautiful Bill"?

The bill extends President Trump's 2017 tax cuts.$930 billion in cuts to Medicaid$285 billion in cuts to SNAP$157 billion to boost military spending$150 billion for immigration enforcement$488 billion in cuts to clean energy credits$10 billion for Mars missionNo tax on tips, overtime, car loans (read the fine print in the bill)Increase debt ceiling by $5 trillion

Criticism from N.C. political leaders:

N.C. Senator Thom Tillis voted against the "Big, Beautiful Bill". However, he voted for the $9 billion additional funding cuts. He made the statement, "I suspect there are some things that we're going to regret."

Tillis also said he warned President Trump about the "Big, Beautiful Bill". He then announced not to seek re-election after voting against the "Big, Beautiful Bill". This announcement occurred after President Trump denounced Senator Tillis on social media.

N.C. Democratic Party chair and Roxboro native Anderson Clayton further blasted Trump's bill stating, "as children go hungry, seniors are kicked out of their nursing home, rural hospitals are closed, and taxes and energy costs skyrocket — we can't forget that all of is cruelty was caused to cut for the richest of the rich and the largest corporations."

Medicaid and Food Assistance

Governor Stein further indicated that significant reductions in healthcare and other federal assistance programs are expected to increase the overall cost of living for all individuals. It is anticipated that the Medicaid cuts in the "Big, Beautiful Bill" will be passed on to paying healthcare patients. As a result of funding reductions, healthcare premiums are expected to increase for everyone. North Carolina will lose $39.9 million over 10 years. The state will have to raise taxes to cover the loss or implement reduction in services and benefits. One in 10 North Carolinians or 1.4 millions citizens depend on food stamps from the federal food assistance programs. Four hundred and fifty thousand jobs are threatened across the state. Sixty-seven billions dollars worth of economic activity because of the green energy industry funding cuts.

No taxes on tips

No taxes on tips are another part of the "Big, Beautiful Bill" vastly exaggerated with false claims. No taxes on tips and overtime apply to the first $25,000 earned annually. Unlike the tax cuts for the wealthy, the no taxes on tips and overtime expire in 2028. The tax reductions for the wealthy are in place permanently with no expiration date. For specific answers to your questions, consult your tax accountant.

The "Big, Beautiful Bill" favors the wealthy Americans. This is the analysis for the Tax Policy Center for who benefits from the "Big, Beautiful Bill".

Bottom 20% — 0.6%Middle 20% — 1.7%Top 20% — 3.7%Top 1% — 4.9%

An additional analysis proves that majority of the Medicaid recipients work full or part-time jobs. The analysis revealed:

Working full or part-time — 64%Caregiving or illness — 22%School attendance — 7%Can't find job/retired — 8%

Social security tax changes

Many social security recipients were misled when the "Big, Beautiful Bill" was initially discussed and passed. The Social Security Administration has a new leader appointed by President Trump. The new Social Security Administrator sent out a misleading email immediately after the passing of the new bill. He indicated there will be no taxes on social security. The email message was later corrected. The claim that the "Big, Beautiful Bill" eliminates federal taxes on social security, as stated by President Trump and others, is not accurate. Now that the bill has passed, let's look at the specifics.

The bill does not eliminate federal taxes on social security. To qualify, social security recipients must be at least 65-years-old. As the New York Times reported, "older single filers will get the extra $6,000 deduction ($12,000 for couples), if their incomes falls under a certain ceiling (below $75,000 for single filers or $150,000 for married joint filers). Above those income levels, the deduction begins to decrease, and it goes away once single taxpayers' income reaches $175,000 ($250,000 for couples)" and can receive a maximum $6,000 tax deduction if their income is $75,000 or less. Income over $75,000 is prorated up to $175,000. It is estimated no tax on social security will benefit fewer than half of older Americans and it expires in 2028. For specific answers to your questions, consult your tax accountant.

Since President Trump was elected, numerous events have occurred each day. Stay informed to avoid being influenced by inaccurate information when making decisions. I encourage everyone to dig deeper to find complete and accurate answers. Stay focused and don't be discouraged.

"Cast your cares on the Lord and he will sustain you; he will never let the righteous be shaken." Psalms 55:22 NIV.