#tax-legislation

#tax-legislation

Millions of people are expected to lose health insurance in the coming years as a result of the tax cut legislation Trump signed this month, leaving them with fewer protections from large bills if they get sick or suffer an accident.

The new tax legislation increases the state and local tax (SALT) deduction cap from $10,000 to $40,000, overwhelmingly benefiting wealthy taxpayers in high-tax states.

The Republican budget measure that U.S. President Donald Trump signed into law enables private jet owners to write off the full cost of their aircraft in the first year of purchase, significantly benefiting the ultra-rich.

In 2024, Social Security cost $1.485 trillion while revenues totaled $1.418 trillion, leading to a $67 billion deficit. The OASI trust fund could run out by 2033.

The proposed legislation includes several tax changes that could significantly impact the franchise industry, especially the extension of the 199A deduction for pass-through entities.

"Americans, including LGBTQ Americans, should have the freedom to start or expand a family without additional financial and systemic barriers that make it harder to afford reproductive health care services. This bill is crucial in correcting outdated tax laws in order to support LGBTQ individuals in family planning care," Schiff said in a press release.

The Yimby movement is supporting the AB 698 bill which would complicate local government efforts to raise real-estate transfer taxes vital for affordable housing funding.