The Senate has put its stamp on the "One Big Beautiful Bill Act." Key 2017 tax provisions could become permanent under the Senate's plan. The Senate is making major changes to tax, Medicaid, and SNAP funding. #OBBBAUpdate. #TaxCutTalks. #BudgetReconciliation.
00:00The One Big Beautiful Bill Act, initially passed by the House, has undergone significant revisions in Senate committees addressing key areas like the debt ceiling, tax cuts, Medicaid, SNAP, and student loans.
00:15The Senate notably opted to raise the debt ceiling by an additional trillion dollars, bringing it to $5 trillion, and made permanent several key provisions of the 2017 Tax Cuts and Jobs Act, rather than a 10-year extension.
00:30These include the boosted standard deduction, across-the-board tax cuts, the 20% qualified business income deduction, and the child tax credit, though the latter's four-year boost was reduced.
00:43The Senate also introduced temporary tax breaks for tips and overtime, with new caps, and expanded charity deductions and senior tax cuts, requiring a Social Security number.
00:56To offset the increased cost of these permanent tax cuts, Senate committees sought deeper savings, particularly from further overhauls to Medicaid and the Supplemental Nutrition Assistance Program SNAP.
01:09The Senate version capped Medicaid provider taxes at 3.5% by 2031, soften work requirements, and increase the state administrative cost burden for SNAP.
01:22However, many of these provisions may still face challenges under the Senate's Byrd Rules, which limit budget reconciliation bills to fiscal matters.
