Understanding the New Tax and Spending Bill

What is one of the key features of the new tax and spending bill introduced by President Trump and House Republicans?

• Universal basic income

• A $4,000 bonus deduction for seniors

• A new healthcare plan

• Free college education

What is the proposed change to the standard deduction for single filers in the new bill?

• $2,000 increase

• $1,000 increase

• $3,000 increase

• $500 increase

How much is the pass-through deduction for small businesses and freelancers increased to in the new bill?

• 23%

• 22%

• 21%

• 20%

Which income is proposed to be tax-free under the new bill for workers in tip professions?

• Base salary

• Tips

• Bonuses

• Commission

What is the additional standard deduction introduced for seniors aged 65 and older?

• $2,000

• $3,000

• $5,000

• $4,000

What is the maximum amount families can contribute annually to MAGA accounts tax-free?

• $6,000

• $5,000

• $4,000

• $3,000

What is the new proposed cap for the SALT deduction under the new bill?

• $40,000

• $30,000

• $10,000

• $20,000

What is the proposed tax rate on university endowment investment income in the new bill?

• 1.4%

• 10%

• 15%

• 21%

What is the proposed tax on remittances sent overseas?

• 4%

• 5%

• 6%

• 3%

How much is the debt ceiling proposed to be increased by in the new bill?

• $2 trillion

• $3 trillion

• $5 trillion

• $4 trillion