A horrible flood strike Texas.
Donald Trump makes a big announcement concerning national parks.
And the Big Beautiful Bill is signed into law. Let’s talk about what is in the bill.
News
Here is some news:
- As of now, 70 people are dead with about a dozen missing during a storm in Texas that overflowed the Guadelupe River in Kerr country.
- The deluge was so swift, the flooding started 45 minutes after the rain started, giving little warning.
- One of the bigger disasters is the flood hitting a Christian summer camp. 21 kids, so far, have been confirmed dead.
- Two American contractors were injured in Gaza on Saturday after terrorists threw two grenades in their direction at the humanitarian aid distribution site where they were working.
- The United States-backed Gaza Humanitarian Foundation said that the two highly decorated American veterans employed at their site are receiving medical treatment and are in stable condition.
- According to GHF, following the successful distribution of food aid to Gazans, two assailants threw Iranian-made grenades packed with ball bearings at the contractors before running into the crowd of civilians. No civilians or Gazan workers were injured in the attack.
- Joey Chestnut stuffed himself with 70 ½ hot dogs in 10 minutes, marking the 41-year-old Indiana resident’s 17th “Mustard Belt” win in 20 tries – the most any competitor has won. Still, he fell short of his record of 76 hot dogs and buns from four years ago. He won his first Nathan’s competition in 2007, and an American has won the contest every year since.
- President Donald Trump announced on Thursday that his administration would begin charging foreign tourists more to enter America’s national parks than U.S. residents.
- The announcement at a rally in Iowa came as he signed two executive orders dealing with national parks, including one that directs Secretary of the Interior Doug Burgum to “appropriately” raise prices of entrance fees and recreation passes for non-residents.
- Elon Musk has announced the formation of a new political party called the America Party. This move comes after a public and significant fallout with President Donald Trump, particularly over disagreements regarding tax and spending legislation563. Musk declared the party’s creation on his social media platform X, positioning it as an alternative to the existing Republican and Democratic parties, which he criticized as a “one-party system” that fails to represent the people’s interests563.
https://www.dailywire.com/news/chestnut-devours-70-hotdogs-dominates-competition-in-annual-display-of-american-exceptionalism?author=Jeffrey+Cawood&category=undefined&elementPosition=11&row=3&rowHeadline=Latest+News&rowType=Vertical+Carousel&title=Chestnut+Devours+70%2B+Hotdogs%2C+Dominates+Competition+In+Annual+Display+Of+American+Exceptionalism
https://www.dailywire.com/news/trump-admin-to-adjust-national-park-fees-to-prioritize-american-families-over-foreign-tourists?author=Leif+Le+Mahieu&category=undefined&elementPosition=12&row=3&rowHeadline=Latest+News&rowType=Vertical+Carousel&title=Trump+Admin+To+Adjust+National+Park+Fees+To+Prioritize+American+Families+Over+Foreign+Tourists
https://www.dailywire.com/news/trump-admin-to-adjust-national-park-fees-to-prioritize-american-families-over-foreign-tourists?author=Leif+Le+Mahieu&category=undefined&elementPosition=12&row=3&rowHeadline=Latest+News&rowType=Vertical+Carousel&title=Trump+Admin+To+Adjust+National+Park+Fees+To+Prioritize+American+Families+Over+Foreign+Tourists
https://www.perplexity.ai/search/what-is-elon-musk-s-new-politi-kmts.91RRNehvIQljv9NwQ
Big Beautiful Bill Is Law
On July 4, Independence Day, Donald Trump signed the Big Beautiful Bill into law.
The Good
- Makes permanent the Trump tax cuts from his first term.
- Medicaid and SNAP cuts: The bill includes significant cuts to Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which the Congressional Budget Office estimates could leave millions without health insurance.
- Expanded health savings accounts: Families have greater ability to save for health expenses tax-free.
- Puts work requirements on Medicaid recipients.
- They only need to work, volunteer, or go to school.
- Work requirements are 20 hours a week.
- Anyone who has a disability or meets the age requirements will not have to worry about not qualifying.
- There seems to be a lot of conflation with the other entitlements. More an that when we get to the Dumbasses of the Day.
- It adds to the military.
- Border security funding: Over $46.5 billion is allocated for border wall construction, $45 billion to expand immigrant detention capacity, and $30 billion for ICE resources1.
- Asylum application fee: A new minimum $100 fee for asylum seekers is established, lower than the initially proposed $1,0001.
- There will not be tax on overtime or interest payment for cars.
- Increased standard deduction and child tax credit: The standard deduction rises to $31,500 for families, and the child tax credit is boosted to $2,200, benefiting over 40 million families.
- Expanded education and child care credits: 529 education savings accounts are expanded, and credits for child care, paid leave, and adoption are enhanced.
- Rollback of green energy credits: Many clean energy tax credits from the Inflation Reduction Act are repealed or restricted, particularly those for electric vehicles, residential energy efficiency, and solar/wind projects56.
- Support for traditional energy: New provisions support nuclear, hydropower, geothermal, and certain biofuels, while imposing restrictions on credits involving foreign entities of concern56.
- Incentives for US manufacturing: The bill provides tax incentives for companies that manufacture in the US and hire American workers2.
- Expansion of small business stock gain exclusion and other rural/small business incentives: Various provisions aim to boost rural economic growth and small businesses6.
- Air traffic control modernization: $12.5 billion is allocated for overhauling the US air traffic control system4.
- Credit union tax status preserved: The not-for-profit tax status of credit unions is maintained4.
- $150–$157 billion in new defense spending: This is a one-time surge, bringing the total defense budget for the next fiscal year to nearly $1 trillion—a record high123456.
- 13% increase in defense spending: The bill accelerates the timeline for reaching a $1 trillion annual defense budget, previously projected for 20264.
The Not So Great
- No tax on tips.
- New children’s savings accounts: The bill creates “Trump Accounts,” a new savings program for children, with potential initial deposits from the Treasury.
- Increased SALT cap: The deduction cap for state and local taxes is raised from $10,000 to $40,000 for five years, after which it returns to $10,000.
- Debt Ceiling Increase:
The bill raised the U.S. debt ceiling by $5 trillion, marking the largest single increase in U.S. history123. This move allows the federal government to continue borrowing to meet its existing obligations and fund the new spending and tax provisions included in the legislation. - The bill did not cut spending to 2019 levels.
The bill is projected to add $3.4 trillion to federal deficits over 10 years, according to the Congressional Budget Office, primarily due to the permanent tax cuts and increased spending1.
https://www.perplexity.ai/search/what-are-the-new-provisions-in-6UrqhySAT3Cldrk30ys8bg
https://www.perplexity.ai/search/what-are-the-new-provisions-in-6UrqhySAT3Cldrk30ys8bg#1
Dumbasses of the Day
- Shur -gur-a-quay?
- Capitalism is awesome.
- This is actually sad.