What's in latest version of Trump's big bill now before Senate

At some 940 pages the legislation is a sprawling collection of tax breaks spending cuts and other Republican priorities including new money for national defence and deportationsNow its up to Congress to decide whether President Donald Trumps signatures domestic policy package will become law Trump told Republicans who hold majority power in the House and Senate to skip their holiday vacations and deliver the bill by July 4Senators were working through the weekend to pass the bill and send it back to the House for a final vote Democrats are united against it Heres the latest on whats in the bill There could be changes as lawmakers negotiateTax cuts are priorityRepublicans say the bill is crucial because there would be a massive tax increase after December when tax breaks from Trumps first term expire The legislation contains roughly USD 38 trillion in tax cutsThe existing tax rates and brackets would become permanent under the bill It would temporarily add new tax breaks that Trump campaigned on no taxes on tips overtime pay or some automotive loans along with a bigger USD 6000 deduction in the Senate draft for older adults who earn no more than USD 75000 a yearIt would boost the USD 2000 child tax credit to USD 2200 under the Senate proposal Families at lower income levels would not see the full amount A cap on state and local deductions called SALT would quadruple to USD 40000 for five years Its a provision important to New York and other high tax states though the House wanted it to last for 10 yearsThere are scores of businessrelated tax cuts The wealthiest households would see a USD 12000 increase from the legislation which would cost the poorest people USD 1600 a year according to the nonpartisan Congressional Budget Office analysis of the Houses version Middleincome taxpayers would see a tax break of USD 500 to USD 1500 the CBO saidMoney for deportations a border wall and the Golden DomeThe bill would provide some USD 350 billion for Trumps border and national security agenda including USD 46 billion for the USMexico border wall and USD 45 billion for 100000 migrant detention facility beds as he aims to fulfil his promise of the largest mass deportation operation in US historyMoney would go for hiring 10000 new Immigration and Customs Enforcement officers with USD 10000 signing bonuses and a surge of Border Patrol officers as well The goal is to deport some 1 million people per yearThe homeland security secretary would have a new USD 10 billion fund for grants for states that help with federal immigration enforcement and deportation actionsThe attorney general would have USD 35 billion for a similar fund known as Bridging Immigrationrelated Deficits Experienced Nationwide or Biden referring to former Democratic president Joe BidenTo help pay for it all immigrants would face various new fees including when seeking asylum protections For the Pentagon the bill would provide billions for ship building munitions systems and quality of life measures for servicemen and women as well as USD 25 billion for the development of the Golden Dome missile defence system The Defence Department would have USD 1 billion for border securityHow to pay for it Cuts to Medicaid and other programmesTo help partly offset the lost tax revenue and new spending Republicans aim to cut back some longrunning government programmes Medicaid food stamps green energy incentives and others Its essentially unravelling the accomplishments of the past two Democratic presidents Biden and Barack ObamaRepublicans argue they are trying to rightsize the safety net programs for the population they were initially designed to serve mainly pregnant women the disabled and children and root out what they describe as waste fraud and abuseThe package includes new 80houramonth work requirements for many adults receiving Medicaid and food stamps including older people up to age 65 Parents of children 14 and older would have to meet the programmes work requirementsTheres also a proposed new USD 35 copayment that can be charged to patients using Medicaid services Some 80 million people rely on Medicaid which expanded under Obamas Affordable Care Act and 40 million use the Supplemental Nutritional Assistance Programme Most already work according to analystsWhats the final costAltogether keeping the existing tax breaks and adding the new ones is expected to cost USD 38 trillion over the decade the CBO says in its analysis of the House bill An analysis of the Senate draft is pendingThe CBO estimates the Housepassed package would add USD 24 trillion to the nations deficits over the decade Or not depending on how one does the mathSenate Republicans are proposing a unique strategy of not counting the existing tax breaks as a new cost because those breaks are already current policySenators say the Senate Budget Committee chairman has the authority to set the baseline for the preferred approach Under the Senate GOP view the tax provisions cost USD 441 billion according to the congressional Joint Committee on TaxationDemocrats and others say this is magic math that obscures the true costs of the GOP tax breaks The Committee for a Responsible Federal Budget puts the Senate tally at USD 42 trillion over the decadeThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever