And among the bill's provisions is a temporary $500 increase in the child tax credit, bringing it to $2,500 through 2028. The package also includes a tax on remittances, imposing a tax on cash , And new work requirements for Medicaid. A focal point of the package is nearly $700 billion in reduced spending in the Medicaid program, according to CBO. To be eligible for Medicaid, there would be new “community engagement requirements” of at least 80 hours per month of work, education or service for able-bodied adults without dependents., The bill creates new deductions for taxes on tips, overtime pay and car loan interest — a priority of Trump’s that he campaigned on — but doesn’t make them fully deductible. Tips are , WASHINGTON, D.C. – The One, Big, Beautiful Bill fulfills President Trump’s promise to seniors and provides welcome tax relief after four years of inflation robbed their retirement under President Biden. Each senior will receive an additional bonus of $4,000 to the standard deduction, putting more money in the pocket of millions of low- and , If a new law isn’t enacted, the top rate would return to 39.6%. Itemized deduction limitation. The bill would make permanent the repeal of the Pease limitation on itemized deductions. But it would impose a new limitation on itemized deductions for taxpayers in the 37% income tax bracket that would go into effect after 2025. Standard deduction., .