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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
Passed the Senate on December 18, 2024 Signed into law by President Joe Biden on December 23, 2024 [ 1 ] The National Defense Authorization Act for Fiscal Year 2025 (NDAA 2025) is a United States federal law which specifies the budget, expenditures, and policies of the U.S. Department of Defense (DOD) for fiscal year 2025.
President Trump signed the Tax Cuts and Jobs Act into law in December 2017. CBO forecasts that the 2017 Tax Act will increase the sum of budget deficits (debt) by $2.289 trillion over the 2018-2027 decade, or $1.891 trillion after macro-economic feedback.
Under the TCJA, key changes were made to individual tax laws, including the near-doubling of the standard deduction and increasing the child tax credit to $2,000, from $1,000.
Pennsylvania has a 2024-25 spending plan, and in just under two weeks past the June 30 constitutional deadline.. Lawmakers in Harrisburg and Gov. Josh Shapiro on Thursday night signed off on a $47 ...
The Committee for a Responsible Federal Budget, a nonpartisan fiscal watchdog group, estimated eliminating taxes on tips could reduce federal revenues by $150 billion to $250 billion over the next ...
After both houses of Congress passed an identical tax cut bill, President Trump signed the Tax Cuts and Jobs Act of 2017 into law in December 2017. [37] Because of Byrd Rule restrictions, the individual tax cuts contained in the Tax Cuts and Jobs Act of 2017 will expire in 2026 barring further legislative action.
The cap on the deduction that taxpayers in high-tax states are able to take against their federal returns was set at $10,000 in the 2017 law and has been a concern for Republicans in high-tax ...