White House launches calculator showing tax cuts from big beautiful bill
The White House has launched a new website where Americans can calculate how much they stand to save if the “big beautiful bill” is passed by lawmakers. This sweeping piece of legislation, known as the One Big Beautiful Bill Act, covers a range of issues including taxes, immigration, energy, defense, and the national debt. The House has already passed its version of the bill, and now the Senate is working on getting it through.
The website features a calculator that allows users to input their weekly base pay, tip amount, and overtime premium pay to determine the potential savings. For example, someone earning $665 in base pay, $260 in tips, and $100 in overtime premium pay could save $2,246 per year and $187 per month. Another individual earning $200 in base pay, $400 in tips, and $200 in overtime premium pay could save $2,954 per year and $246 per month. The bill aims to eliminate taxes on overtime and tips, which were key components of President Trump’s tax policies.
In addition to the calculator, the website highlights endorsements from over 1,000 American industries and organizations, including companies like Uber and DoorDash. President Trump has been vocal in his support for the bill, emphasizing that it will cut taxes for Americans in all income brackets and strengthen border security.
However, not all Republicans are on board with the legislation. Some, like Senator Rand Paul of Kentucky, have expressed concerns about the bill’s impact on the nation’s debt limit. Paul has argued that the bill will raise the debt ceiling by $5 trillion, potentially leading to further financial problems down the line.
Despite the opposition, other Republican senators are rallying behind the bill and are aiming to pass it by a self-imposed July 4 deadline. Senator Mike Rounds of South Dakota emphasized the importance of passing the bill to prevent American families from facing higher taxes.
Overall, the “big beautiful bill” is a significant piece of legislation that has the potential to impact many Americans’ finances. With support from the White House and key industries, the bill is making its way through Congress, with both supporters and detractors weighing in on its potential effects.
