However, the plan has drawn criticism, including from Elon Musk, Trump’s former efficiency czar, who said it would undo cost-cutting efforts. Funding comes in part from proposed Medicaid and SNAP cuts, sparking backlash from Democrats and some moderates.
Other parts of the bill include:
- No tax on tips for service workers
- Tax-free overtime
- Auto loan interest deductions (for U.S.-made cars)
- $200 silencer tax reduction
- Child tax credit increase to $2,500
Many provisions are temporary, set to expire by 2028 or 2029, except for the Trump accounts, which would be permanent once created.
Critics warn of market volatility and long-term costs, while supporters say the plan encourages investment and economic mobility. The bill faces a tough path in the Senate, where debate continues over its scope and impact.
