Editor, Gazette-Journal:
The Big Beautiful Bill as it is called has a lot of details buried in it, but here are a few highlights:
—The main focus of the bill is keeping the tax rates where they are now. Without the bill, the current tax rates will expire at the end of this year and all rates would have gone up about 20 percent in 2026. That would include yours and mine. But now taxes remain where they are. This alone is a huge win for all taxpayers.
—Requires citizenship, work requirements (for some people), and database cleanup for Medicaid. It’s anticipated this will remove millions of ineligible recipients. Eligible recipients will not be affected.
—Federal income tax on tips and overtime is eliminated.
—Auto loan interest is deductible on U.S.-made cars.
—Additional deduction for seniors, lowering Social Security taxes.
—Supply chain and depreciation changes that help small businesses.
—Repeals requirement for third-party payment processors (Paypal, Venmo, etc.) to issue 1099-K for...