Trump’s New Tax Cuts Officially Pass: Final Details Revealed

"You will now be able to deduct up to $10,000 in car loan interest annually. And this is going to apply from tax years 2025 to 2028."

"Tipped income will be taxfree up to $25,000. So this no tax on tips will be in effect from tax years 2025 to 2028."

"Overtime pay will be tax-free up to $12,500 per person. So this will be in effect from 2025 to 2028."

"Senior citizens ages 65 and up will receive a $6,000 tax deduction boost. So essentially, your standard deduction is going to be increased by $6,000. And this is going to run from 2025 to 2028."

"Now for tax year 2025, you're going to be able to deduct up to $40,000 instead of just 10. So you can claim this deduction if you make $500,000 or less. And this deduction amount, it's going to be slightly modified until 2029 until it reverts back to a $10,000 cap."

"The Senate version is the final one. Therefore, the child tax credit is going to increase from $2,000 to 2,200 per child, and that's permanently."

"Certain recipients ages 19 to 64 will need to either work, volunteer, or enroll in school or job training programs at least 80 hours a month to qualify. So, Medicaid eligibility will be it's also going to be restricted for certain immigrants and that includes refugees and states that offer health coverage to undocumented immigrants will be penalized."

"President Trump says that he wants this bill on his desk ready to sign, ready for him to just put into effect by July 4th, which is actually this week."

"It locks in and makes permanent the lower tax rates that were part of the tax cuts and jobs act."

"It allows for a permanent extension of the increased the expanded child tax credit."

"and it also uh makes permanent the increased standard deduction which 90% of the people in this country claim."