U.S. Facility Investment Tax Credit, 25%→35%…Electric Vehicle Tax Credit Abolished,
On the 3rd (local time), the display board at the U.S. House of Representatives in Washington, DC, shows the voting results for the tax cut bill ‘A Big Beautiful Law’ led by President Donald Trump and the Republican Party. ⓒAFP/NewsY, ‘[Daily News = Reporter Jung In-kyun] The tax cut bill ‘A Big Beautiful Law’ led by U.S. President Donald Trump and the Republican Party was approved by the federal Congress on the 3rd (local time).’,
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, ‘According to AP News, the U.S. Congress held a plenary session in the House of Representatives on the 3rd (local time) and passed the bill with 218 votes in favor and 214 against. Now, only the presidential signing procedure remains, and President Trump announced that he will hold a signing ceremony at the White House at 5 PM on the 4th, U.S. Independence Day.’,
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, ‘In the House vote, all 212 Democrats and Republican Representatives Thomas Massie (Kentucky) and Brian Fitzpatrick (Pennsylvania) cast opposing votes. Democratic House Leader Hakeem Jeffries (New York) notably resisted with an 8-hour-and-45-minute opposition speech but was unable to block the bill.’,
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, ‘The bill had already passed the House and Senate in January, but due to amendments made during the Senate’s deliberation process, it went through a re-approval process in the House. According to U.S. law, if the Senate amends provisions of a bill already passed in the House, it must be voted on again. Consequently, the House held the vote again, while the Senate did not.’,
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, ‘The bill includes significant components of President Trump’s major pledges such as tax cuts, blocking illegal immigration, and raising the debt ceiling. It exempts taxes on tips and overtime pay and introduces income deductions for auto loan interest. The social safety net budget (Medicaid and Supplemental Nutrition Assistance Program) was significantly cut, and energy-related tax credit benefits were abolished.’,
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, ‘The tax credit for U.S. domestic production facility investment, established during former President Biden’s term, has been expanded from 25% to 35%, while the system offering up to $7,500 (approximately 10 million won) in tax credits for electric vehicle purchases has been completely abolished.\n’]