Core Points - The new tax bill proposed by President Trump significantly reduces income tax liabilities for many Americans, with approximately 40% of U.S. households projected to pay $0 in federal income tax by 2025, similar to the 40% in 2022 under the Biden administration [1][2] - The tax cuts specifically benefit certain demographics, including seniors, employees earning tips and overtime, and families with children [3] Group 1 - The One Big Beautiful Bill Act (OBBBA) introduces additional deductions that can help specific groups eliminate their tax bills [3] - For example, a couple earning $100,000 with two children can reduce their taxable income significantly through various deductions, ultimately resulting in a $0 tax bill after applying the child tax credit [4][6] - A retired couple with a combined income of $96,700 can also benefit from new deductions for seniors, reducing their taxable income to $50,000, which is subject to a 0% tax rate for capital gains and qualified dividends, allowing them to pay $0 in federal income taxes [7][8]

Market Overview & Key Topics - Fidelity's Market Sense discusses the passage of the tax and spending bill and ongoing tariff negotiations [1] - The discussion includes the latest happenings in the markets as the second half of 2025 begins [1] Fiscal Policy & Legislation - The program covers topics such as the "Big Beautiful Bill," tariffs, and tax cuts [1] - Specific legislation mentioned includes TCJA (Tax Cuts and Jobs Act) and SALT (State and Local Tax) [1] Social Programs & Benefits - Social Security and the Child Tax Credit are discussed [1] - HSA (Health Savings Account) and 529 plans are also covered [1] Economic Impact & Concerns - The potential impact of the Tax & Spending Law on the economy is analyzed [1] - The discussion includes the national debt [1]

As Republicans work to pass President Trump's mega bill in the House, our next guest has spoken out against it, calling it a quote nightmare for working families. Joining us right now is Democratic governor of Maryland, West Moore in the House at the table. Good morning to you, sir. Good morning.This thing seems like a fa plea. I mean, Hakeim Jeff is speaking. We'll see how long he can keep that going.Uh, but when he stops, it sounds like this is going to happen. Uh, you have been very critical of it. In so ...