good morning! It’s Daniel de Vis with your daily money.
The current law, the so-called “one big beautiful bill,” is nearly 900 pages long and is full of provisions that can boost the finances of everyday Americans. But who has time to read it all?
Below are some of the bill’s tax and expenditure highlights:
Childcare credits are coming
Sarah Foster, 35, quit her job in the summer of 2024 after the stress of raising a child and working full-time. She said she is constantly engaging in a parenting plan.
Foster’s husband is a doctor, and she describes her family as middle-to-upper class. Still, she was concerned about her ability to cover childcare for her two children without double income.
Several changes to the new tax and expenditure laws are aimed at parents such as Foster. They include the biggest increases to generational childcare tax programs.
Candidate for NYC Mayor: Tax the Rich
In her failed 2024 presidential election, Democratic candidate Kamala Harris pledged to maintain the majority of Donald Trump’s 2017 tax cuts, with at least one notable exception. She would have raised taxes on the wealthiest Americans.
Now, the Democratic candidate for New York City mayor is floating around similar proposals. Among other plans, Zohran Mamdani wants to raise the income tax of the wealthiest New Yorkers by 2%.
Taxing the rich to make money has worked before. Will it work now?
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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.
