tax cut, One Big Beautiful Bill
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Soy Nómada on MSNOne, Big, Beautiful Bill does not eliminate Social Security taxes, instead proposes this alternativeThe Trump administration's 'One, Big, Beautiful Bill' promised to end Social Security taxes. However, it doesn't eliminate them but introduces new deductions for seniors, effectively reducing taxes for many.
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).
Republicans, including Senate Minority Leader John Braun, have cheered on the bill for offering tax breaks to middle-class residents.
The Democratic National Committee is showing where President Trump's bill could hurt people in the state, but the White House points to savings.
An analysis by a think tank found that annual household energy costs in the state will increase $110 by 2030 and $410 by 2035.
Big changes are coming to Iowans’ taxes, health care, nutrition assistance, energy generation and student loans. Here's what it all means for Iowans.