Everyone knows the recent tax bill, signed on July 4th, aims to reduce tax burdens for families and businesses, which is definitely something to celebrate. It also prevents a potential $4 trillion tax hike starting next year. That alone is a great reason for some good cheer.
However, what’s not so widely discussed is that this new legislation goes beyond just tax reforms. It includes various longstanding policy goals—what I like to refer to as “hidden gems.” Here’s a brief overview of some significant policy wins:
The law represents a substantial federal move toward school choice, enabling low-income parents to allocate education funds toward private, charter, or Catholic schools that may better fit their children’s needs.
The legislation also broadens access to personalized medical savings accounts instead of conventional insurance plans, allowing workers more control over their healthcare expenses.
This law encourages increased mining and excavation on federal land to enhance the supply of natural resources domestically, reducing reliance on countries like the Middle East, China, or Russia.
Additionally, it effectively ends the controversial Biden Student Loan Forgiveness Program, alleviating taxpayers from footing the bill for unpaid college loans.
The new law also removes the mandate for electric vehicles, supporting the idea that Americans should have the freedom to choose their preferred cars.
It expands opportunity zones and boosts tax benefits for investments in struggling urban and rural areas. It’s curious, though—didn’t Democrats claim to prioritize helping low-income communities?
The legislation levies nearly $1 trillion in taxes on excess university endowments at 8%. This feels like a sensible way to tax wealthier institutions, don’t you think?
Moreover, it enhances work requirements for Medicaid and food stamp recipients, as history shows that such measures can curb welfare dependency.
The law also permits the sale of a wider spectrum to strengthen rural broadband, which not only aims to secure America’s tech dominance but could also help reduce national debt by almost $100 billion.
There’s a lot to digest here, but these highlights from the so-called big, beautiful bill truly emphasize the push for freedom and prosperity in the U.S. I’m hopeful the economy can surpass 3% growth in the coming years. Could this be one of the most significant accomplishments in recent history? It just might be.
