Trump’s Big Beautiful Bill Explained: Cuts, Credits, and the Real Impact on Everyday Americans with Richard Rubin

In this episode of Passing Judgment, Jessica Levinson talks with Wall Street Journal tax reporter Richard Rubin to break down the GOP’s "big beautiful" tax bill. Richard explains what’s in the bill—from tax cuts and increases to spending shifts—and who will be most affected if it passes. They discuss how the bill squeaked through the House, the major sticking points, and what’s likely to change as it moves to the Senate. Join us for a clear, accessible look at what’s inside the bill and how it could impact Americans’ wallets and the federal deficit.

Here are three key takeaways you don't want to miss:

What’s Inside the GOP Tax Bill: The bill primarily extends the 2017 tax cuts, including a higher standard deduction, lower rates, and business relief, while adding temporary cuts like a boosted child tax credit and tip or overtime exemptions. To offset costs, it includes tax hikes, mainly on clean energy and high earners, major cuts to Medicaid and SNAP, and increased spending on border security and defense.

How “Typical” is This GOP Bill?: Richard describes it as a “mishmash”—there are conventional GOP elements (like tax cuts for the affluent), but also some Trump-specific provisions, like the “Trump account” (a new children’s savings account), faster write-offs for American factories, and anti-immigration measures.

The Path Forward in the Senate: Richard explains that the Senate will likely alter the House version, focusing on issues like Medicaid changes and clean energy tax credits.

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