What's Really Inside Trump's Tax and Spending Plan?

When President Donald Trump put his signature on the so-called big, beautiful bill, everyone talked about the big changes. Tax cuts, cuts to Medicaid and food stamps, and more money for border security. But there's more to the story. The bill also includes some lesser-known items that might surprise you. First, let's talk about space. The space shuttle Discovery, which has been sitting at the Smithsonian National Air and Space Museum annex in Northern Virginia since 2011, is moving to Houston. The bill includes $85 million to cover the move and set up a new home for Discovery at the Johnson Space Center. This move was pushed by two Texas Republican senators, John Cornyn and Ted Cruz, who wanted to honor Houston's role in the space shuttle program. Next up, space flight companies like Elon Musk's SpaceX will have to pay fees for their launches and reentries. These fees will start at 25 cents per pound and go up to $1. 50 per pound by 2033. The money will help the Federal Aviation Administration keep up with the growing space industry. Now, let's talk about gambling. The bill changes how gamblers can deduct their losses. Right now, they can deduct all their losses before paying taxes on their winnings. But under the new bill, they can only deduct 90% of their losses. This could mean paying more in taxes than they actually win. The bill also includes $257 million for renovations at the Kennedy Center for Performing Arts. This is interesting because the Trump administration cut grants for arts and humanities programs nationwide. Trump also made changes to the Kennedy Center's board and attended a performance of "Les Misérables, " where he received a mix of cheers and boos. Gun owners will also see changes. The bill eliminates a $200 fee for buying silencers and short-barrel rifles, as well as registration and ownership requirements. These changes remove these items from the 1934 National Firearms Act, which was meant to crack down on gangland crime. Alaska Sen. Lisa Murkowski used her influence to get some benefits for her home state. One of these is an increase in a tax deduction for whaling-related expenses, from $10, 000 to $50, 000. Lastly, if you're planning to buy an American-made car between 2025 and 2028, you'll be able to write off up to $10, 000 of interest paid on your auto loan. However, the tax credit for electric vehicles, which was worth up to $7, 500, will be eliminated at the end of September. This credit was originally supposed to last through 2032.