“For the last 75 years, the IRS has been by far the most abusive agency of government in terms of
trampling on your rights.” — Stephen Moore
savings account (HSA) access and flexibility. Impact: Telehealth and direct primary care will now be eligible for HSA coverage, along with bronze and catastrophic plans off ered under the Aff ordable Care Act.
The changes expand what
qualifies as HSA-eligible, giving consumers more flexibility in how they use their health savings accounts. American healthcare
consumers get more control over how they spend their health dollars, which represents a growing slice of the U.S. economic pie. For an in-depth analysis of this, see the story on Page 14.
5
RESTRICTIONS ON IRS
MEDDLING Provision: Cancels the requirement that
PayPal, Venmo, and others report all transactions over $600 to the IRS. Impact: Financial services firms will no longer serve as government watchdogs. Says Moore, “For the last 75 years, the IRS has been by far the most abusive agency of government in terms of trampling on your rights.” Private firms won’t have to share their customers’ data with Uncle Sam.
6
BOOSTING THE CHILD
TAX CREDIT Provision: Trump’s 2017
tax bill doubled the tax credit for children under 17 from $1,000 to $2,000 per child. Now instead of that increase disappearing later this year, the tax credit jumps to as much as $2,200. Perhaps more significantly,
the credit will be indexed to inflation beginning in 2026, giving parents and guardians much-needed budgetary relief. Impact: Caregivers can rest easier — and spend more — knowing they’ll at least get a break come tax time.
7
FEDERAL LANDS NOW
OPEN FOR BUSINESS
Provision: The OBBB opens up federal land holdings to unprecedented exploration and development, including oil and gas drilling and timber harvesting. It releases over 7 million
acres of federal lands to timber sales; reduces royalties due to the federal government; mandates 30 lease sales annually in the Gulf of Mexico; opens access to areas previously prohibited in Alaska; and repeals Biden-era restrictions on drilling and mining on federal lands. Impact: Along with the president’s other executive orders, it sets the stage for a renewed flow of natural resources to boost U.S. energy production, thereby putting downward pressure on energy costs. Or as Trump might simply say, “Drill, baby, drill!”
Nonpartisan, or Just Playing Politics?
T
he Congressional Budget Of ice (CBO) has found itself in a familiar place — back in the crosshairs. Once again economists are asking if the CBO, which
bills itself as nonpartisan, is an objective panel of experts working to fairly assess how taxes and spending aff ect the economy — or a “partisan and political” agency more accurately labeled the “Corrupt Budget Of ice,” as the White House and Trump press secretary Karoline Leavitt have recently stated? The CBO predicted that allowing citizens to keep more
of their own money under Trump’s tax cuts would be fiscally disastrous, raising the budget deficit by over $3.4 trillion in the next 10 years and leaving 11 million more Americans without healthcare coverage. Trump’s Council of Economic Advisers, by contrast,
off ers Americans a radically diff erent forecast. It projects a stunning GDP growth rate of between 4.6% to 4.9%, and a reduced deficit overall. One reason the CBO found itself under fire: Its
projection for Trump’s original Tax Cuts and Jobs Act, passed in 2017, underestimated its positive impact by $1.5 trillion in the first six years, according to Heritage Foundation economist Stephen Moore. That’s not a small miss, and the concern is the CBO has
once again “whiff ed” on accurately predicting the impact of pro-American policies. — D.P.
AUGUST 2025 | NEWSMAX 7
BUSINESS BY CREATIVE MAHIRA / BABY BY DIYAH FARIDA / OLD MAN BY DESIGNS BY MB / EV BY BNB STUDIO / MOBILE PAYMENT BY THAYS MALCHER LAND BY ICOGENIX / SAVINGS BY TOMAS KNOPP / ALL FROM
THENOUNPROJECT.COM
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