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The GOP tax bill includes tax cuts, spending increases, spending reductions and some tax hikes. Here are some key proposals.

The Wall Street JournalTuesday, May 20, 2025 at 9:00:00 AM
The GOP tax bill includes tax cuts, spending increases, spending reductions and some tax hikes. Here are some key proposals.
The GOP's new tax bill is a mixed bag—it includes tax cuts for many, but also some tax hikes and spending tweaks. While the proposal leans toward reducing taxes and boosting certain spending areas, it also trims budgets for programs like Medicaid and food assistance (SNAP). The bottom line? Some pockets will feel lighter, but others might feel the pinch.
What This Means: Tax bills always have winners and losers, and this one’s no different. If passed, it could mean more cash for some households and businesses, but less support for safety-net programs. It’s a big deal because these changes could shape everything from paychecks to grocery budgets for millions of Americans.
— Curated via WP Now’s AI editorial system

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