So you can see the impact on income levels here. So DPI is disposable personal income quarter quarter to quarter at an annualized rate. So without tax relief, Nancy and her team's estimate was that in the first quarter nominal disposable personal income, so that includes inflation was going to annualize in terms of growth at a 4% rate with tax relief.that will be a 10% annualized rate. And uh dropping down to the bottom line there, real disposable personal income. So that takes away inflation.What's the rea ...

Core Points - The One Big Beautiful Bill Act (OBBBA) introduces "Trump Accounts," a new tax-deferred account for minors, with a $1,000 seed contribution from the federal government for eligible children born between 2025 to 2028 [1] - Beneficiaries can withdraw funds at age 18 for higher education, small business startups, or home down payments [2][4] - Contributions can total up to $5,000 per year per child, with employers able to contribute an additional $2,500 [2] Contributions and Investments - Contributions can be made by parents, relatives, and employers, with a combined limit of $5,000 annually [2] - Account managers can invest in mutual funds or ETFs tracking qualified indices like the S&P 500, with fund fees capped at 0.1% of the balance [3] - Contributions are not tax-deductible, but the basis of contributions is not taxed upon withdrawal by the beneficiary [3][5] Withdrawals and Uses - Withdrawals are generally not allowed until the beneficiary turns 18, with penalty-free uses including education, business startup, and home down payments [4][7] - The account operates similarly to a traditional IRA, with a 10% penalty for early withdrawals before age 59.5 [5] - Specific uses for withdrawals include college tuition, small business expenses, home down payments (up to $10,000), disaster recovery (up to $22,000), and expenses related to childbirth or adoption (up to $5,000) [7] Attractiveness of Trump Accounts - The $1,000 government seed capital and potential employer matching contributions enhance the appeal of these accounts despite the tax on contributions [8]

The Treasury Department released its proposal regarding tax relief on tips, one of Trump’s key promises in the 2024 campaign, including new prohibitions against tips collected in connection with “illegal activity, prostitution services, or pornographic activity” https://t.co/PpVpn88Ji6 ...

Economic Agenda & Tax Cuts - The "One Big Beautiful Bill" (OBB) aims to benefit lower and middle-class earners in America, with Republicans positioning themselves as the working-class party [1] - The bill is projected to provide an average of $13,000 additional take-home pay for the typical American family annually [1] - 91% of Americans are expected to benefit from the increased child tax credit included in the bill [1] - The bill includes tax relief for seniors and eliminates taxes on tips and overtime pay [1] - The passage of the bill is anticipated to stimulate the US economy [1] Legislative Process & Political Landscape - The House and Senate each have a narrow three-vote margin, requiring careful negotiation and consensus-building [4] - Achieving 100% agreement on legislation is rare, necessitating compromise and deliberation [4][5] - The bill's success was attributed to extensive preparation and strategic planning over a year and a half [7] - The bill was delivered before the self-imposed deadline and signed by the President on Independence Day [8]