good morning! It’s Daniel de Vis with your daily money. Today we analyze the “big and beautiful bill.”
President Donald Trump’s domestic spending and tax cuts bill, which clears the Senate, will enact a sudden cut in Medicaid, a national health insurance program for low-income households.
Details are here.
Tax reductions for heels often
The Trump bill, approved by the Senate, also makes major changes to the controversial salt cap, state and local tax breaks. The Senate raised its salt deduction cap. This is predicted to inflate the deficit and benefit mostly wealthy Americans.
This is the new mathematics.
Media companies settle “60 minutes” lawsuit
CBS parent company Paramount has settled a lawsuit filed by President Trump in an October “60 Minutes” interview. This is the latest concession to the president who targeted what media companies describe as false or misleading reports.
Paramount said it would pay $16 million to settle the lawsuit, and the money was allocated to Trump’s future presidential library. However, many people question whether there is any benefit to the lawsuit.
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About daily money
Every day, Daily Money will provide you with the best consumer and financial news from USA Today, breaking complex events, providing you with the TLDR version, and explaining how everything from the Fed rate to bankruptcy will affect you.
Daniel de Visé covers USA Today personal finance.
